<SEC-DOCUMENT>0001558370-25-002500.txt : 20250307
<SEC-HEADER>0001558370-25-002500.hdr.sgml : 20250307
<ACCEPTANCE-DATETIME>20250307160609
ACCESSION NUMBER:		0001558370-25-002500
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		122
CONFORMED PERIOD OF REPORT:	20241231
FILED AS OF DATE:		20250307
DATE AS OF CHANGE:		20250307

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ardmore Shipping Corp
		CENTRAL INDEX KEY:			0001577437
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36028
		FILM NUMBER:		25720037

	BUSINESS ADDRESS:	
		STREET 1:		69 PITTS BAY ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM08
		BUSINESS PHONE:		441-405-7800

	MAIL ADDRESS:	
		STREET 1:		69 PITTS BAY ROAD
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM08
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
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<DESCRIPTION>20-F
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style="vertical-align:top;width:9.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:3pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:90.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:3pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:top;width:9.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:7pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:90.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:7pt;">Commission file number: </span><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:EntityFileNumber" id="Narr_4fXPtZcosECYEYooNxIBnA"><span style="font-size:7pt;">001-36028</span></ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;text-align:center;margin:0pt;"><span style="-sec-ix-hidden:Hidden_UZmmh0vW6U6qfsmGlQa_Hw;"><b style="font-family:'Times New Roman','Times','serif';font-size:11pt;font-style:normal;font-weight:bold;">ARDMORE SHIPPING CORPORATION</b></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:center;margin:0pt;">(Exact name of Registrant as specified in its charter)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric format="ixt-sec:edgarprovcountryen" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:EntityIncorporationStateCountryCode" id="Narr_xSOcc2Bh60aLm2WK2JpjiQ"><b style="font-size:7pt;font-weight:bold;">Republic of the Marshall Islands</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:center;margin:0pt;">(Jurisdiction of incorporation or organization)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:EntityAddressAddressLine1" id="Narr_s5jh2d2xYUqj-RnW3Ucfvw"><b style="font-size:7pt;font-weight:bold;">Dorchester House, 7 Church Street,</b></ix:nonNumeric><b style="font-size:7pt;font-weight:bold;"> </b><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:EntityAddressCityOrTown" id="Narr_HyjHBvDYw0On1UlNHK0a6A"><b style="font-size:7pt;font-weight:bold;">Hamilton</b></ix:nonNumeric><b style="font-size:7pt;font-weight:bold;">, </b><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:EntityAddressPostalZipCode" id="Narr_CrmZXJ4LckiLOJSn7Lnkfg"><b style="font-size:7pt;font-weight:bold;">HM11</b></ix:nonNumeric><b style="font-size:7pt;font-weight:bold;">, </b><ix:nonNumeric format="ixt-sec:countrynameen" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:EntityAddressCountry" id="Narr_uC_Mhmcwv0aXwKBCTD0eYw"><b style="font-size:7pt;font-weight:bold;">Bermuda</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:center;margin:0pt;">(Address of principal executive offices)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember_ds9t081hv0eoM-LWFc1qTw" name="dei:ContactPersonnelName" id="Narr_qblbnIGYt0mYs21z8RLAxw"><b style="font-size:7pt;font-weight:bold;">Mr. Gernot Ruppelt</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember_ds9t081hv0eoM-LWFc1qTw" name="dei:EntityAddressAddressLine1" id="Narr_ODv8OyTET0KjgkcXpup8Rg"><b style="font-size:7pt;font-weight:bold;">Dorchester House, 7 Church Street</b></ix:nonNumeric><b style="font-size:7pt;font-weight:bold;">, </b><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember_ds9t081hv0eoM-LWFc1qTw" name="dei:EntityAddressCityOrTown" id="Narr_c_zFbEK1XkamUks7G90xjA"><b style="font-size:7pt;font-weight:bold;">Hamilton</b></ix:nonNumeric><b style="font-size:7pt;font-weight:bold;">, </b><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember_ds9t081hv0eoM-LWFc1qTw" name="dei:EntityAddressPostalZipCode" id="Narr_tbXuLwogXUWp4hr7mtlQjQ"><b style="font-size:7pt;font-weight:bold;">HM11</b></ix:nonNumeric><b style="font-size:7pt;font-weight:bold;">, </b><ix:nonNumeric format="ixt-sec:countrynameen" contextRef="Duration_1_1_2024_To_12_31_2024_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember_ds9t081hv0eoM-LWFc1qTw" name="dei:EntityAddressCountry" id="Narr_WGuSK1t3KUyvEm498JvTsA"><b style="font-size:7pt;font-weight:bold;">Bermuda</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:7pt;font-weight:bold;">+ 1 </b><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember_ds9t081hv0eoM-LWFc1qTw" name="dei:CityAreaCode" id="Narr_CTgNYG9ZeESPkOFl2E7lIA"><b style="font-size:7pt;font-weight:bold;">441</b></ix:nonNumeric><b style="font-size:7pt;font-weight:bold;"> </b><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember_ds9t081hv0eoM-LWFc1qTw" name="dei:LocalPhoneNumber" id="Narr_zV9MB7_bwk2U-UnG2xkjLg"><b style="font-size:7pt;font-weight:bold;">292-9332</b></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_dei_EntityAddressesAddressTypeAxis_dei_BusinessContactMember_ds9t081hv0eoM-LWFc1qTw" name="dei:ContactPersonnelEmailAddress" id="Narr_fgLyWgSVFUi_bt9ho7cAQw"><b style="font-size:7pt;font-weight:bold;">info@ardmoreshipping.com</b></ix:nonNumeric></p><p 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style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:31.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:top;width:2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:31.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:center;margin:0pt;">Title of each class</p></td><td style="vertical-align:top;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:center;margin:0pt;">Ticker Symbol</p></td><td style="vertical-align:top;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:center;margin:0pt;">Name of each exchange on which registered</p></td></tr><tr><td style="vertical-align:bottom;width:31.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:Security12bTitle" id="Narr_yr4KYpBlkkC7pH4rY-cUOQ"><b style="font-size:7pt;font-weight:bold;">Common stock</b></ix:nonNumeric><b style="font-size:7pt;font-weight:bold;">, par value $0.01 per share</b></p></td><td style="vertical-align:top;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:7pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:TradingSymbol" id="Tc_ItcAkyB2XUiR4YEnUE7ZVQ_2_2"><b style="font-size:7pt;font-weight:bold;">ASC</b></ix:nonNumeric></p></td><td style="vertical-align:top;width:2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:7pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric format="ixt-sec:exchnameen" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:SecurityExchangeName" id="Tc_USBOYCadrUWvGUYgYJUYXA_2_4"><b style="font-size:7pt;font-weight:bold;">New York Stock Exchange</b></ix:nonNumeric></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;margin:0pt;">Securities registered or to be registered pursuant to section 12(g)&#160;of the Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:3pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">NONE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:4pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:center;margin:0pt;">(Title of class)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:4pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;margin:0pt;">Securities for which there is a reporting obligation pursuant to Section&#160;15(d)&#160;of the Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:4pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">NONE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:4pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:center;margin:0pt;">(Title of class)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:4pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt;">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the annual report.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">As of December&#160;31,&#160;2024, there were </b><b style="font-weight:bold;"><ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" format="ixt:num-dot-decimal" scale="0" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="INF" name="dei:EntityCommonStockSharesOutstanding" id="Narr_njgBK5BwIUmZKj9r1AZTWQ">40,455,240</ix:nonFraction></b><b style="font-weight:bold;"> shares of common stock outstanding, par value $0.01 per share.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt;">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&#160;405 of the Securities Act. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:7pt;">Yes </span><span style="font-family:'Segoe UI Symbol';font-size:7pt;">&#9744;</span><span style="font-size:7pt;">&#160;&#160;&#160;&#160; </span><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:EntityWellKnownSeasonedIssuer" id="Narr_K5Iec4qID0Cz1g0fE6BTmw"><span style="font-size:7pt;">No</span></ix:nonNumeric><span style="font-size:7pt;"> </span><span style="font-family:'Segoe UI Symbol';font-size:7pt;">&#9746;</span><span style="font-size:7pt;">&#160;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt;">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section&#160;13 or 15(d)&#160;of the Securities Exchange Act of 1934.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:7pt;">Yes </span><span style="font-family:'Segoe UI Symbol';font-size:7pt;">&#9744;</span><span style="font-size:7pt;">&#160;&#160;&#160;&#160; </span><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:EntityVoluntaryFilers" id="Narr_cUASZpQmyEO_V0mx6taTlw"><span style="font-size:7pt;">No</span></ix:nonNumeric><span style="font-size:7pt;"> </span><span style="font-family:'Segoe UI Symbol';font-size:7pt;">&#9746;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt;">Indicate by check mark whether the registrant (1)&#160;has filed all reports required to be filed by Section&#160;13 or 15(d)&#160;of the Securities Exchange Act of 1934 during the preceding 12&#160;months (or for such shorter period that the registrant was required to file such reports), and (2)&#160;has been subject to such filing requirements for the past 90&#160;days. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:EntityCurrentReportingStatus" id="Narr_nDdwMZ6cOUG0huPyKVZ7hg"><span style="font-size:7pt;">Yes</span></ix:nonNumeric><span style="font-size:7pt;"> </span><span style="font-family:'Segoe UI Symbol';font-size:7pt;">&#9746;</span><span style="font-family:'Segoe UI Symbol';">&#160;</span><span style="font-family:'Segoe UI Symbol';">&#160;</span><span style="font-family:'Segoe UI Symbol';">&#160;</span><span style="font-family:'Segoe UI Symbol';">&#160;</span><span style="font-family:'Segoe UI Symbol';">&#160;</span><span style="font-size:7pt;">No </span><span style="font-family:'Segoe UI Symbol';font-size:7pt;">&#9744;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt;">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule&#160;405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12&#160;months (or for such shorter period that the registrant was required to submit such files).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:EntityInteractiveDataCurrent" id="Narr_h6FJJoWQMUS7g-00qP-mIw"><span style="font-size:7pt;">Yes</span></ix:nonNumeric><span style="font-size:7pt;"> </span><span style="font-family:'Segoe UI Symbol';font-size:7pt;">&#9746;</span><span style="font-family:'Segoe UI Symbol';">&#160;</span><span style="font-family:'Segoe UI Symbol';">&#160;</span><span style="font-family:'Segoe UI Symbol';">&#160;</span><span style="font-family:'Segoe UI Symbol';">&#160;</span><span style="font-size:7pt;"> No </span><span style="font-family:'Segoe UI Symbol';font-size:7pt;">&#9744;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer or a non-accelerated filer. See the definitions of &#8220;large accelerated filer&#8221;, &#8220;accelerated filer&#8221;, and &#8220;emerging growth company&#8221; in Rule&#160;12b-2 of the Exchange Act. (Check one):</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:bottom;width:29.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;margin:0pt;">Large accelerated filer <span style="font-family:'Segoe UI Symbol';">&#9744;</span></p></td><td style="vertical-align:bottom;width:19.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="-sec-ix-hidden:Hidden_9kjeIIncQEeTyAYpKril0A;"><span style="font-family:'Times New Roman','Times','serif';font-size:7pt;font-style:normal;font-weight:normal;">Accelerated filer</span></span><span style="font-size:7pt;"> </span><span style="font-family:'Segoe 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issued its audit report. </span><span style="display:inline-block;width:17.91pt;"></span><ix:nonNumeric format="ixt:fixed-true" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:IcfrAuditorAttestationFlag" id="Narr_WWRl3xsN5ES6a8EMdsgnOQ"><span style="font-family:'Segoe UI Symbol';font-size:7pt;">&#9746;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:3pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:7pt;">If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. </span><ix:nonNumeric format="ixt:fixed-false" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:DocumentFinStmtErrorCorrectionFlag" id="Narr_3vVmsU9G9k68S-Wq6D3R-A"><span style="font-family:'Segoe UI Symbol';font-size:7pt;">&#9744;</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt;">Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). <span style="font-family:'Segoe UI Symbol';">&#9744;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt;">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 16pt;"><span style="font-family:'Segoe UI Symbol';font-size:7pt;">&#9746;</span><span style="font-size:7pt;">&#160;&#160;&#160;</span><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:DocumentAccountingStandard" id="Narr_TON4uBItfEyMG8E9z9ydRw"><span style="font-size:7pt;">U.S. GAAP</span></ix:nonNumeric></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt 0pt 0pt 16pt;"><span style="font-family:'Segoe UI Symbol';">&#9744;</span>&#160;&#160;&#160;International Financial Reporting Standards as issued by the international Accounting Standards Board</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt 0pt 0pt 16pt;"><span style="font-family:'Segoe UI Symbol';">&#9744;</span>&#160;&#160;&#160;Other</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt;">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow: <span style="font-family:'Segoe UI Symbol';">&#9744;</span> Item&#160;17&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span style="font-family:'Segoe UI Symbol';">&#9744;</span> Item&#160;18</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:justify;margin:0pt;">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule&#160;12b-2 of the Exchange Act).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:7pt;">Yes </span><ix:nonNumeric format="ixt-sec:boolballotbox" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:EntityShellCompany" id="Narr_ZtkpsdITjkW1dbWAvPAe3g"><span style="font-family:'Segoe UI Symbol';font-size:7pt;">&#9744;</span></ix:nonNumeric><span style="font-family:'Segoe UI Symbol';">&#160;</span><span style="font-family:'Segoe UI Symbol';">&#160;</span><span style="font-family:'Segoe UI Symbol';">&#160;</span><span style="font-family:'Segoe UI Symbol';">&#160;</span><span style="font-size:7pt;"> No </span><span style="font-family:'Segoe UI Symbol';font-size:7pt;">&#9746;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:3pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;padding-top:1pt;text-align:justify;border-bottom:3.0pt solid #000000;border-top:1.0pt solid #000000;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="display:none;line-height:0pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:91.06%;border:0;margin:30pt 4.47% 30pt 4.47%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="TOC"></a><a id="_0abbdaf5_17bd_41c9_a017_eaf1bba15603"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TABLE OF CONTENTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:94.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a href="#PARTI_670604"><span style="font-style:normal;font-weight:normal;">PART I</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">4</p></td></tr><tr><td style="vertical-align:bottom;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item1IdentityofDirectorsSeniorManagement"><span style="font-style:normal;font-weight:normal;">Item 1. Identity of Directors, Senior Management and Advisors</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">4</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item2OfferStatisticsandExpectedTimetable"><span style="font-style:normal;font-weight:normal;">Item 2. Offer Statistics and Expected Timetable</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">4</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item3KeyInformation_562491"><span style="font-style:normal;font-weight:normal;">Item 3. Key Information</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">5</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item4InformationontheCompany_608526"><span style="font-style:normal;font-weight:normal;">Item 4. Information on the Company</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">32</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item4AUnresolvedStaffComments_586793"><span style="font-style:normal;font-weight:normal;">Item 4.A. Unresolved Staff Comments</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">68</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item5OperatingandFinancialReviewandProsp"><span style="font-style:normal;font-weight:normal;">Item 5. Operating and Financial Review and Prospects</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">69</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item6DirectorsSeniorManagementandEmploye"><span style="font-style:normal;font-weight:normal;">Item 6. Directors, Senior Management and Employees</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">82</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item7MajorShareholdersandRelatedPartyTra"><span style="font-style:normal;font-weight:normal;">Item 7. Major Common Shareholders and Related Party Transactions</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">87</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item8FinancialInformation_215019"><span style="font-style:normal;font-weight:normal;">Item 8. Financial Information</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">89</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item9TheOfferandListing_448306"><span style="font-style:normal;font-weight:normal;">Item 9. The Offer and Listing</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">90</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item10AdditionalInformation_185379"><span style="font-style:normal;font-weight:normal;">Item 10. Additional Information</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">90</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item11QuantitativeandQualitativeDisclosu"><span style="font-style:normal;font-weight:normal;">Item 11. Quantitative and Qualitative Disclosures about Market Risks</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">99</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item12DescriptionofSecuritiesOtherthanEq"><span style="font-style:normal;font-weight:normal;">Item 12. Description of Securities Other than Equity Securities</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">101</p></td></tr><tr><td style="vertical-align:bottom;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:top;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a href="#PARTII_947526"><span style="font-style:normal;font-weight:normal;">PART II</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">101</p></td></tr><tr><td style="vertical-align:bottom;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item13DefaultsDividendArrearagesandDelin"><span style="font-style:normal;font-weight:normal;">Item 13. Defaults, Dividend Arrearages and Delinquencies</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">101</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item14MaterialModificationstotheRightsof"><span style="font-style:normal;font-weight:normal;">Item 14. Material Modifications to the Rights of Shareholders and Use of Proceeds</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">101</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item15ControlsandProcedures_315376"><span style="font-style:normal;font-weight:normal;">Item 15. Controls and Procedures</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">101</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item16Reserved_374742"><span style="font-style:normal;font-weight:normal;">Item 16. Reserved</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">102</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item16AAuditCommitteeFinancialExpert_685"><span style="font-style:normal;font-weight:normal;">Item 16.A. Audit Committee Financial Expert</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">102</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item16BCodeofEthics_688732"><span style="font-style:normal;font-weight:normal;">Item 16.B. Code of Ethics</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">102</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item16CPrincipalAccountantFeesandService"><span style="font-style:normal;font-weight:normal;">Item 16.C. Principal Accountant Fees and Services</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">102</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item16DExemptionsfromtheListingStandards"><span style="font-style:normal;font-weight:normal;">Item 16.D. Exemptions from the Listing Standards for Audit Committees</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">103</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item16EPurchasesofEquitySecuritiesbytheI"><span style="font-style:normal;font-weight:normal;">Item 16.E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">103</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item16FChangeinRegistrantsCertifyingAcco"><span style="font-style:normal;font-weight:normal;">Item 16.F. Change in Registrant&#8217;s Certifying Accountant</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">103</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item16GCorporateGovernance_673318"><span style="font-style:normal;font-weight:normal;">Item 16.G. Corporate Governance</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">103</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item16HMineSafetyDisclosures_247147"><span style="font-style:normal;font-weight:normal;">Item 16.H. Mine Safety Disclosures</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">104</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item_16I"><span style="font-style:normal;font-weight:normal;">Item 16.I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">104</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item16JInsiderTradingPolicies"><span style="font-style:normal;font-weight:normal;">Item 16.J. Insider Trading Policies</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">104</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item16KCybersecurity"><span style="font-style:normal;font-weight:normal;">Item 16.K. Cybersecurity</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">104</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a href="#PART_III"><span style="font-style:normal;font-weight:normal;">PART III</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">105</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item17FinancialStatements_454660"><span style="font-style:normal;font-weight:normal;">Item 17. Financial Statements</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">105</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item18FinancialStatements_38939"><span style="font-style:normal;font-weight:normal;">Item 18. Financial Statements</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">105</p></td></tr><tr><td style="vertical-align:middle;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><a href="#Item19Exhibits_746795"><span style="font-style:normal;font-weight:normal;">Item 19. Exhibits</span></a></p></td><td style="vertical-align:middle;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">106</p></td></tr><tr><td style="vertical-align:bottom;width:94.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a href="#INDEXTOCONSOLIDATEDFINANCIALSTATEMENTSOF"><span style="font-style:normal;font-weight:normal;">INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF ARDMORE SHIPPING CORPORATION</span></a></p></td><td style="vertical-align:bottom;width:5.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">F-1</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_a93a6a7d_89c1_460c_96a0_9306880a6f53"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FORWARD-LOOKING STATEMENTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection with such safe harbor legislation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">This annual report on Form 20-F (&#8220;Annual Report&#8221;) and any other written or oral statements made by us or on our behalf may include forward-looking statements which reflect our current views and assumptions with respect to future events and financial performance and are subject to risks and uncertainties. Forward-looking statements include statements concerning plans, objectives, goals, expectations, projections, strategies, beliefs about future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. In some cases, words such as &#8220;believe&#8221;, &#8220;anticipate&#8221;, &#8220;intends&#8221;, &#8220;estimate&#8221;, &#8220;forecast&#8221;, &#8220;project&#8221;, &#8220;plan&#8221;, &#8220;potential&#8221;, &#8220;will&#8221;, &#8220;may&#8221;, &#8220;should&#8221;, &#8220;expect&#8221; and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Forward-looking statements in this Annual Report include, among others, such matters as:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our future operating or financial results;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">global and regional economic and political conditions;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the strength of national economies and currencies;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">general market conditions;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our business and growth strategies and our Energy Transition Plan (&#8220;ETP&#8221;) and other plans, and related potential benefits and opportunities; </span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">fleet expansion and vessel and business acquisitions, vessels and upgrades and expected capital spending or operating expenses, including bunker prices, drydocking and insurance costs;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">competition in the tanker industry;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">shipping market trends and general market conditions, including fluctuations in charter rates and vessel values and changes in demand for and the supply of tanker vessel capacity;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">business disruptions due to natural disasters or other disasters or events outside of our control;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the effect of Russia&#8217;s ongoing invasion of Ukraine, the Hamas-Israel war and attacks against merchant vessels in the Red Sea area on, among other things, oil demand, our business, our results of operations and financial condition;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">charter counterparty performance;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">changes in governmental rules and regulations or actions taken by regulatory authorities;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our intended installation and use of carbon capture ready exhaust gas scrubbers on additional vessels, and the expected benefits of scrubbers;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our financial condition and liquidity, including estimates of our liquidity needs for 2025 and for the longer term and our ability to obtain financing in the future and the sources of financing to fund capital expenditures, acquisitions, refinancing of existing indebtedness and other general liquidity needs and corporate activities;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our ability to comply with covenants in financing arrangements;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our capital structure and how it supports our spot employment strategy and enhances financial and strategic flexibility to pursue acquisition opportunities;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our exposure to inflation;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">vessel breakdowns and instances of off hire;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">future dividends;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our ability to enter into fixed-rate charters in the future and our ability to earn income in the spot market;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our ability to comply with, and the effects of, regulatory requirements or maritime self-regulatory organizations&#8217; requirements and the cost of such compliance</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">growth opportunities for Element 1 Corp. in which we hold an equity investment;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our status relative to PFIC regulations and our intention to conduct our affairs in a manner to avoid being classified as a PFIC with respect to any taxable year; and</span></td></tr></table></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our expectations of the availability of vessels or businesses to purchase, the time it may take to construct new vessels, and vessels&#8217; useful lives.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Many of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are subject to risks and uncertainties that are described more fully under the &#8220;Risk Factors&#8221; section of this Annual Report. Any of these factors or a combination of these factors could materially affect our business, results of operations and financial condition and the ultimate accuracy of the forward-looking statements. Factors that might cause future results to differ include, among others, the following:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">changes in demand for and the supply of tanker vessel capacity;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">fluctuations in oil prices;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">changes in the markets in which we operate;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">availability of financing and refinancing;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">changes in general domestic and international political and trade conditions, including tariffs;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">changes in governmental or maritime self-regulatory organizations&#8217; rules and regulations or actions taken by regulatory authorities;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the impact of any pandemics, epidemics or other public health crises;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">geopolitical conflicts and developments, including, among others, the outcome and impact of the Russia-Ukraine war and the Hamas-Israel war;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">potential disruption of shipping routes due to regional conflicts, accidents, piracy or political events;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">potential liability from future litigation and potential costs due to environmental damage and vessel collisions;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the length and number of off-hire periods and dependence on third-party managers;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">changes in our cash flows, capital expenditures and expenses;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">developments at Element 1 Corp. and in its industry and competitive position; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">other factors discussed under the &#8220;Risk Factors&#8221; section of this Annual Report.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">You should not place undue reliance on forward-looking statements contained in this Annual Report, because they are statements about events that are not certain to occur as described or at all. All forward-looking statements in this Annual Report are qualified in their entirety by the cautionary statements contained in this Annual Report. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Except to the extent required by applicable law or regulation, we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date of this Annual Report or to reflect the occurrence of unanticipated events.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p><a id="_6e2bc754_1db6_4b77_819c_33828c41e47c"></a><a id="PARTI_670604"></a><a id="_506049"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">PART I</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="Item1IdentityofDirectorsSeniorManagement"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 1. Identity of Directors, Senior Management and Advisors</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.6pt;"><span style="font-size:9pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="font-size:9pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><a id="_bb33ed5d_e8eb_4bbd_9835_16fe89f47289"></a><a id="Item2OfferStatisticsandExpectedTimetable"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 2. Offer Statistics and Expected Timetable</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.6pt;"><span style="font-size:9pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="font-size:9pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">4</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_40474a28_adfc_4fe6_845b_8fdb37bd8913"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><a id="Item3KeyInformation_98156"></a><a id="Item3KeyInformation_562491"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 3. Key Information</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.6pt;"><span style="font-size:9pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Unless the context otherwise requires, when used in this Annual Report, the terms &#8220;Ardmore&#8221;, &#8220;Ardmore Shipping&#8221;, the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;our&#8221;, and &#8220;us&#8221; refer to Ardmore Shipping Corporation and our consolidated subsidiaries, except that those terms, when used in this Annual Report in connection with our common shares, shall mean specifically Ardmore Shipping Corporation. The financial information included in this Annual Report represents our financial information and the operations of our vessel-owning subsidiaries and wholly owned management company. Unless otherwise indicated, all references to &#8220;dollars&#8221;, &#8220;U.S. dollars&#8221; and &#8220;$&#8221; in this Annual Report are to the lawful currency of the United States. Our consolidated financial statements are prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP"). We use the term deadweight tons, or dwt, expressed in metric tons, each of which is equivalent to 1,000 kilograms, in describing the size of tankers.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="font-size:9pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">A. Reserved</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.6pt;"><span style="font-size:6pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.6pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">B. Capitalization and Indebtedness</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt;"><b style="font-weight:bold;">C. Reasons for the Offer and Use of Proceeds</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">D. Risk Factors</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Some of the risks summarized below and discussed in greater detail in the following pages relate principally to the industry in which we operate and to our business in general. Other risks relate principally to the securities market and to ownership of our securities. The occurrence of any of the events described in this section could significantly and negatively affect our business, financial condition, operating results and ability to pay dividends on our shares of common stock, or the trading price of our shares of common stock.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">5</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Risk Factor Summary</b></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">The tanker industry is cyclical and volatile in terms of charter rates and profitability.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Political instability, terrorist or other attacks, war or international hostilities can affect the tanker industry.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Failure to protect our information systems against cyberattacks, security breaches or system failure could adversely affect our business and results of operations.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We are subject to certain risks with respect to our counterparties on contracts.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">The state of global financial markets and economic conditions may adversely impact our ability to obtain additional financing or to refinance existing financing or otherwise negatively impact our business.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Our insurance may not be adequate to cover our losses that may result from our operations.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Weak spot charter markets may adversely affect our results of operations.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Declines in oil prices may adversely affect our growth prospects and results of operations.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Volatility in the markets in which our vessels trade may result in us having limited liquidity.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Declines in charter rates and other market deterioration could cause us to incur impairment charges.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Any interest rate increases would increase our debt service costs on variable-rate debt. &#160;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Any vessel market value decreases could result in breaches of credit facility covenants or impairment charges, and we may incur a loss if we sell vessels following a decline in their market value.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">An over-supply of tanker capacity may lead to reductions in charter rates, vessel values and profitability.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Changes in fuel, or bunkers, prices may adversely affect our results of operations.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Changes in the oil, oil products and chemical markets could result in decreased demand for our services.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Our vessels may suffer damage due to the inherent operational risks of the shipping industry, and we may experience unexpected drydocking costs and delays or total loss of our vessels.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We operate our vessels worldwide and, as a result, our vessels are exposed to international risks.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Acts of piracy on ocean-going vessels could adversely affect our business.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">If our vessels call on ports subject to U.S. restrictions, the market for our securities could be adversely affected.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Maritime claimants could arrest our vessels, which would have a negative effect on our business.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Governments could requisition our vessels during a period of war or emergency.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Increased demand for and supply of vessels fitted with exhaust gas scrubbers could reduce demand for the portion of our fleet not equipped with scrubbers.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We may not realize the anticipated benefits of our proposed investment in scrubbers.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Technological innovation could reduce our charter hire income and the value of our vessels.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Public health threats could have an adverse effect on our business and results of operation.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">If labor or other interruptions are not resolved, they could have a material adverse effect on our business.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We will be required to make substantial capital expenditures to expand and maintain our fleet, which will depend on our ability to obtain additional financing.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We may be unable to take advantage of favorable opportunities in the spot market to the extent any of our vessels are employed on medium to long-term time charters.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">If we do not acquire suitable vessels or shipping companies or successfully integrate any acquired vessels or shipping companies, we may not be able to effectively grow.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Our ability to grow may be adversely affected by our dividend policy.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Delays in vessel deliveries, cancellations of vessel orders or the inability to complete vessel acquisitions could harm our results of operations.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Delays in the delivery of and installation of new vessel equipment could result in significant vessel down-time and adversely affect our results of operations.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">The timing of any drydockings during peak market conditions could adversely affect the level of our profitability.</span></td></tr></table></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">6</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">If we purchase and operate second-hand vessels, we will be exposed to increased operating costs and these vessels could adversely affect our ability to obtain profitable charters.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">An increase in operating, voyage or other expenses due to increased inflation or otherwise may decrease our earnings and cash flows.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We may be unsuccessful in competing in the international tanker market.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">The loss of any key customers could result in a significant loss of revenues and cash flow.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Charterers may terminate or default on their charters. </span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Our ability to obtain additional debt financing may depend on the performance of charters and the creditworthiness of our charterers.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Our debt levels and other financial obligations may limit our ability or flexibility in obtaining additional financing and pursuing other business opportunities.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Servicing our current or future indebtedness and other financial obligations limits available funds and if we cannot service our debt, we may lose our vessels.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We are a holding company and depend on the ability of our subsidiaries to distribute funds to us.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Our credit facilities contain restrictive covenants.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Failure to maintain an effective system of internal control over financial reporting could affect our ability to accurately report our results and prevent fraud.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We may be required to make additional insurance premium payments.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Our investment in Element 1 Corp. involves a high degree of risk.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We are subject to complex laws and regulations which can adversely affect our business.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">An increase in trade protectionism and the decrease of multilateral trade agreements </span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Climate change and greenhouse gas restrictions may adversely affect our operating results.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Scrutiny and expectations of certain third parties about Environmental, Social and Governance (or &#8220;ESG&#8221;) policies may impose additional costs on us or expose us to additional risks.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Efforts to comply with regulations regarding ballast water discharge may adversely affect our results of operation and financial condition.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">If we fail to comply with international safety regulations, we may be subject to increased liability and may result in a denial of access to, or detention in, certain ports.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Failure to comply with data privacy laws or misconduct by employees could harm customer relationships and expose us to claims and fines.</span></td></tr></table><div style="margin-top:2pt;"></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Our cash and cash equivalents are exposed to credit risk, which may be adversely affected by, among other things, failures of financial institutions.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Our operations may be subject to economic substance requirements in the Marshall Islands and other offshore jurisdictions, which could impact our business.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Because we are incorporated in the Marshall Islands, shareholders may have fewer rights and protections under Marshall Islands law than under a typical jurisdiction in the United States.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">It may be difficult to serve process on or enforce a U.S. judgment against us, our officers and our directors.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">The amount of our quarterly dividend will vary from period to period, and we may not be able to pay dividends.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Anti-takeover provisions in our articles of incorporation and bylaws documents could adversely affect the market price of our common shares.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We may be required to redeem our outstanding shares of Series A Preferred Stock or to pay dividends on such shares at an increased rate.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">U.S. tax authorities could treat us as a &#8220;passive foreign investment company&#8221;, which could have adverse U.S. federal income tax consequences to U.S. holders.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We may have to pay tax on U.S. source shipping income, which would reduce our earnings.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Changes in tax laws and unanticipated tax liabilities could materially and adversely affect the taxes we pay, results of operations and financial results.</span></td></tr></table></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">7</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Our business depends upon key members of our senior management team.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:2pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Future sales of our common shares could cause the market price of our common shares to decline.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Exposure to currency exchange rate fluctuations could result in fluctuations in our operating results.</span></td></tr></table><div style="margin-top:2pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">RISKS RELATED TO OUR INDUSTRY</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">The tanker industry is cyclical and volatile in terms of charter rates and profitability, which may affect our results of operations.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The tanker industry is both cyclical and volatile in terms of charter rates and profitability. A prolonged downturn in the tanker industry could adversely affect our ability to charter our vessels or to sell them. In addition, the rates payable in respect of any of our vessels operating in a commercial pool, or any renewal or replacement charters that we enter into, may not be sufficient for us to operate our vessels profitably. Fluctuations in charter rates and tanker values result from changes in the supply and demand for tanker capacity and changes in the supply and demand for oil, oil products and chemicals. The factors affecting the supply and demand for tankers are outside of our control, and the nature, timing and degree of changes in industry conditions are unpredictable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Factors that influence demand for tanker capacity include:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">supply of and demand for oil, oil products and chemicals;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">regional availability of refining capacity;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">global and regional economic and political conditions;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the distance oil, oil products and chemicals are to be moved by sea;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">changes in seaborne and other transportation patterns;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">environmental and other legal and regulatory developments;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">weather and natural disasters;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">competition from alternative sources of energy; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">international sanctions, embargoes, import and export restrictions, nationalizations and wars.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Factors that influence the supply of tanker capacity include:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the number of newbuilding deliveries;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">scrapping rates of older vessels;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">conversion of tankers to other uses;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the price of steel and other raw materials;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the number of vessels that are out of service; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">environmental concerns and regulations.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Historically, the tanker markets have been volatile as a result of a variety of conditions and factors that can affect the price, supply and demand for tanker capacity. Demand for transportation of oil products and chemicals over longer distances was significantly reduced during the last economic downturn. In addition, from 2015 to 2019 high refined product inventory levels, continued supply of new vessels, and oil price volatility and trading levels contributed to low charter rates in the tanker industry. As of March 7, 2025, one of our vessels was on time charter, and 25 of our vessels, including three chartered-in vessels, were operating in the spot market directly. If charter rates decline, we may be unable to achieve a level of charter hire sufficient for us to operate our vessels profitably or we may have to operate our vessels at a loss.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The conflict in Ukraine has significantly increased tanker demand and rates by reordering global oil trading patterns, including the rerouting of Russian oil exports away from Europe and the subsequent backfilling of imports into Europe from other more distant sources. Changes in or resolution of the conflict in Ukraine may lead to a reversal of these trading patterns or other effects that could significantly decrease tanker demand and rates. Although the Hamas-Israel war so far has not had a direct material effect on the tanker industry, since mid-December 2023, Houthi rebels in Yemen have carried out numerous attacks on vessels in the Red Sea area. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As a result of these attacks, many shipping companies have routed their vessels away from the Red Sea, which has affected trading patterns, rates and expenses. Although these vessel attacks have decreased in the first quarter of 2025, Houthi activity level remains uncertain given the unpredictable nature of this group.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Further escalation, or expansion of hostilities of such crisis could continue to affect the price of crude oil and the oil industry, the tanker industry, demand for our services, and our business, results of operations, financial condition and cash flows.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Political instability, terrorist or other attacks, war or international hostilities can affect the tanker industry, which may adversely affect our business.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_Hlk155256230"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We conduct most of our operations outside of the United States, and demand for our services, our business, results of operations and financial condition may be adversely affected by the effects of political instability, terrorist or other attacks, war or international hostilities. Russia&#8217;s invasion of Ukraine, the Hamas-Israel war, continuing or escalating conflicts in the Middle East, and the presence of the United States and other armed forces in regions of conflict, may lead to further hostilities, world economic instability, uncertainty in global financial markets and may adversely affect demand for our services. In addition, insurers have increased premiums and reduced or restricted coverage for losses caused by terrorist acts generally. Uncertainty in global financial markets could also adversely affect our ability to obtain additional financing on terms acceptable to us or at all. In the past, political instability has also resulted in attacks on vessels, mining of waterways and other efforts to disrupt international shipping, particularly in the Arabian Gulf region. Since mid-December 2023, Houthi rebels in Yemen have carried out numerous attacks on vessels in the Red Sea area. As a result of these attacks, many shipping companies have routed their vessels away from the Red Sea, which has affected trading patterns, rates and expenses. Acts of terrorism and piracy have also affected vessels trading in regions such as the West of Africa, South China Sea, South-East Asia, the Gulf of Guinea and the Gulf of Aden, including off the coast of Somalia. There also has been an increase in risks associated with the Straits of Hormuz due to Iranian activity. Any of these occurrences could have a material adverse impact on our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Following Russia&#8217;s invasion of Ukraine in February 2022, the U.S., several European Union nations, the UK and other countries imposed sanctions against Russia. The sanctions imposed by the U.S. and other countries against Russia include, among others, restrictions on selling or importing goods, services or technology in or from affected regions, travel bans and asset freezes impacting connected individuals and political, military, business and financial organizations in Russia, severing large Russian banks from U.S. and/or other financial systems, and barring some Russian enterprises from raising money in the U.S. market. The U.S., EU nations and other countries could impose wider sanctions and take other actions should the conflict further escalate. Any further sanctions imposed, or actions taken by the U.S., EU nations or other countries, and any retaliatory measures by Russia in response, such as restrictions on oil shipments from Russia, could lead to increased volatility in global oil demand which, could have a material adverse impact on our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">We rely on our information systems to conduct our business, and failure to protect these systems against cyberattacks, viruses and security breaches could adversely affect our business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The efficient operation of our business, including processing, transmitting and storing electronic and financial information, and aspects of the control and operation of our vessels, is dependent on computer hardware and software systems. Information systems are vulnerable to security breaches and other attacks by computer hackers and cyber terrorists. We rely on what we believe are industry accepted security measures and technology in seeking to secure confidential and proprietary information maintained on our information systems and to protect our assets. However, these measures and technology may not adequately prevent or mitigate the impact of security breaches or cyberattacks. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">9</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We may be required to spend significant capital and other resources to further protect us, our information systems and our assets against threats of security breaches, computer viruses and cyberattacks, or to alleviate or resolve problems caused by such matters. Security breaches, viruses and cyberattacks could also harm our reputation and expose us to claims, litigation and other possible liabilities. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any inability to prevent security breaches (including the inability of our third-party vendors, suppliers or counterparties to prevent security breaches) could also cause existing clients to lose confidence in our information systems and harm our reputation, cause losses to us or our customers, damage our brand, and increase our costs. &#160;In addition, the unavailability of the information systems or the failure of these systems to perform as anticipated for any reason could disrupt our business and could result in decreased performance and increased operating costs. Any significant interruption or failure of our information systems or any significant breach of security could adversely affect our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">We are subject to certain risks with respect to our counterparties on contracts, and failure of such counterparties to meet their obligations could cause us to suffer losses or otherwise adversely affect our results of operations.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As part of our operations, we enter into spot and time charter contracts, commercial pool agreements, ship management agreements, credit facilities and other commercial arrangements. Such agreements and arrangements subject us to counterparty risks. The ability and willingness of each of our counterparties to perform its obligations under a contract with us will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of our industries, the overall financial condition of the counterparty, charter rates received for specific types of vessels, and various expenses. In addition, in depressed market conditions, our charterers and customers may no longer need a vessel then under charter or contract or may be able to obtain a comparable vessel at lower rates. As a result, charterers and customers may seek to renegotiate the terms of any existing charter agreements or avoid their obligations under those contracts. Should a counterparty fail to honor its obligations under agreements with us, we could sustain significant losses, which could have a material adverse effect on our business, financial condition and results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;background:#00ff00;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">The state of global financial markets and economic conditions may adversely impact our ability to obtain additional financing or refinance our existing obligations on acceptable terms, if at all, and otherwise negatively impact our business.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Global financial markets and economic conditions have been, and continue to be, volatile. In recent years the global economy has faced challenges related in part to inflationary pressures and higher interest rates. In the last economic downturn, operating businesses in the global economy faced tightening credit, weakening demand for goods and services, deteriorating international liquidity conditions and declining markets. There was a general decline in the willingness of banks and other financial institutions to extend credit, particularly in the shipping industry due to the historically volatile asset values of vessels. As the shipping industry is highly dependent on the availability of credit to finance and expand operations, it was negatively affected by this decline.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, as a result of concerns about the stability of financial markets generally and the solvency of counterparties specifically, the cost of borrowing funds during the last economic downturn increased as many lenders increased interest rates, enacted tighter lending standards, refused to refinance existing debt on similar terms and, in some cases, ceased to provide funding to borrowers. Due to these factors, additional financing when needed may not be available if needed by us on acceptable terms or at all. If additional financing is not available when needed or is available only on unfavorable terms, we may be unable to meet our obligations as they come due or we may be unable to enhance our existing business, complete additional acquisitions or otherwise take advantage of business opportunities as they arise.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">10</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;background:#00ff00;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Our insurance may not be adequate to cover our losses that may result from our operations due to the inherent risks of the tanker industry.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We carry insurance to protect us against most of the accident-related risks involved in the conduct of our business, including marine hull and machinery insurance, protection and indemnity insurance, which includes pollution risks, crew insurance and war risk insurance. However, we may not be adequately insured to cover losses from our operational risks, which could have a material adverse effect on us. Additionally, our insurers may refuse to pay particular claims and our insurance may be voidable by the insurers if we take, or fail to take, certain action, such as failing to maintain certification of our vessels with applicable maritime regulatory organizations. Any significant uninsured or under-insured loss or liability could have a material adverse effect on our business, results of operations and financial condition. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, we may not be able to obtain adequate insurance coverage at reasonable rates in the future during adverse insurance market conditions. Changes in the insurance markets attributable to terrorist attacks may also make certain types of insurance more difficult for us to obtain due to increased premiums or reduced or restricted coverage for losses caused by terrorist acts generally.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;background:#00ff00;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Any decrease in spot charter rates in the future or a return of weak spot charter markets may adversely affect our results of operations.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of March 7, 2025, 25 of our vessels, including three chartered-in vessels, were operating directly in the spot market. The earnings of these vessels are based on the spot market charter rates of the particular voyage charters. We may employ in the spot charter market additional vessels that we may acquire or charter-in in the future. When we employ a vessel in the spot charter market, we generally intend to employ the vessel in the spot market directly. Although spot chartering is common in the tanker industry, the spot charter market may fluctuate significantly based upon tanker and oil product/chemical supply and demand, and there have been periods when spot rates have declined below the operating cost of vessels. The successful operation of our vessels in the competitive spot charter market, including within commercial pools, depends upon, among other things, spot-charter rates and minimizing, to the extent possible, time spent waiting for charters and time spent traveling unladen to pick up cargo. If spot charter rates decline, we may be unable to operate our vessels trading in the spot market profitably or meet our obligations, including payments on indebtedness or any finance lease obligations. In addition, as charter rates for spot charters are fixed for a single voyage that may last up to several weeks, during periods in which spot charter rates are rising, we will generally experience delays in realizing the benefits from such increases.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our ability to enter into any charters in the future on existing vessels or vessels we may acquire, the charter rates payable under any such charters and for employment of our vessels in the spot market and vessel values will depend upon, among other things, economic conditions in the sectors in which our vessels operate at that time, changes in the supply and demand for vessel capacity and changes in the supply and demand for the seaborne transportation of oil and chemical products.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Declines in oil prices may adversely affect our growth prospects and results of operations.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Global crude oil prices fluctuate significantly over time and in response to various events. Any meaningful decrease in oil prices may adversely affect our business, results of operations and financial condition and our ability to service our indebtedness and other financial obligations and to pay dividends, as a result of, among other things:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">a possible reduction in exploration for or development of new oil fields or energy projects, or the delay or cancelation of existing projects as energy companies lower their capital expenditures budgets, which may reduce our growth opportunities;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">potential lower demand for tankers, which may reduce available charter rates and revenue to us upon chartering or rechartering of our vessels;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">customers failing to extend or renew contracts upon expiration;</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">11</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the inability or refusal of customers to make charter payments to us due to financial constraints or otherwise; or</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">declines in vessel values, which may result in losses to us upon vessel sales or impairment charges against our earnings.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Volatility in the markets in which our vessels trade may result in us having limited liquidity.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024 we had $243.4 million in liquidity available, with cash and cash equivalents of $47.0 million and amounts available and undrawn under our revolving credit facilities of $196.4 million. Our short-term liquidity requirements include the payment of operating expenses, drydocking expenditures, debt servicing costs, operating lease payments, dividends on our shares of preferred stock, dividends on our shares of common stock and scheduled repayments of long-term debt, as well as funding our other working capital requirements. Our short-term and spot charters contribute to the volatility of our net operating cash flow, and thus our ability to generate sufficient cash flows to meet our short-term liquidity needs. We expect to manage our near-term liquidity needs from our working capital, together with expected cash flows from operations and availability under credit facilities. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our existing long-term debt facilities require, among other things, that we maintain minimum cash and cash equivalents based on the greater of a set amount per number of vessels owned and 5% of outstanding debt.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The required minimum cash balance as of December&#160;31,&#160;2024, was $18.75&#160;million. Should we not meet this financial covenant or other covenants in our debt facilities, whether due to market volatility that reduces our liquidity or other factors, the lenders may declare our obligations under the applicable agreements immediately due and payable, and terminate any further loan commitments, which would significantly affect our short-term liquidity requirements. A default under financing arrangements could also result in foreclosure on any of our vessels and other assets securing the related loans.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Declines in charter rates and other market deterioration could cause us to incur impairment charges.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We evaluate the carrying amounts of our vessels to determine if events have occurred that would require an impairment of their carrying amounts. The recoverable amount of vessels is reviewed based on events and changes in circumstances that would indicate that the carrying amount of the assets might not be recovered. The review for potential impairment indicators and projection of future cash flows related to our vessels is complex and requires us to make various estimates, including future charter rates, operating expenses and drydock costs. Historically, each of these items has been volatile. An impairment charge is recognized if the carrying value is in excess of the estimated undiscounted future cash flows. The impairment loss is measured based on the excess of the carrying amount over the fair market value of the asset. An impairment loss could adversely affect our results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Interest rate increases will affect the interest rates under our credit facilities and finance lease facilities, which could affect our results of operations.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024, we had $38.8 million in aggregate principal amount of outstanding indebtedness that bears interest based on variable, floating rates. We anticipate that we will enter into additional variable-rate financing obligations in the future, which may include finance lease arrangements. Increases in prevailing interest rates would increase the amounts that we would have to pay to our lenders and any future financing lessors, if the outstanding principal amount were to remain the same, and our net income and cash flows would decrease. Interest rates increased substantially in recent years and remain significantly higher than rates in 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">The market values of our vessels may decrease, which could cause us to breach covenants in our credit facilities or result in impairment charges, and we may incur a loss if we sell vessels following a decline in their market value.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The market values of tankers have historically experienced high volatility. The market value of our vessels will fluctuate depending on general economic and market conditions affecting the shipping industry and prevailing charter hire rates, competition from other shipping companies and other modes of transportation, the types, sizes and ages of vessels, applicable governmental and environmental regulations and the cost of newbuildings. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">12</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If the market value of our fleet declines, we may not be able to obtain other financing or to incur debt on terms that are acceptable to us or at all. A decrease in vessel values could also cause us to breach certain loan-to-value covenants that are contained in our financing arrangements that we may enter into from time to time, which may include finance lease arrangements. If we breach such covenants due to decreased vessel values and we are unable to remedy the relevant breach, our lenders could accelerate our debt and foreclose on vessels in our fleet, which would adversely affect our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.6pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, if we sell one or more of our vessels at a time when vessel prices have fallen, the sale price may be less than the vessel&#8217;s carrying value on our consolidated financial statements, resulting in a loss on sale or an impairment loss being recognized, leading to a reduction in earnings. Also, if vessel values fall significantly, this could indicate a decrease in the estimated undiscounted future cash flows for the vessel, which may result in an impairment adjustment in our financial statements, which could adversely affect our results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">An oversupply of tanker capacity may lead to reductions in charter rates, vessel values and profitability.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The market supply of tankers is affected by a number of factors, such as demand for energy resources, oil, petroleum and chemical products, as well as the level of global and regional economic growth. If the capacity of new ships delivered exceeds the capacity of tankers being scrapped and lost, tanker capacity will increase. The global newbuilding orderbook for MR product tankers was approximately 14.4% of the global MR product tanker fleet and the orderbook for chemical tankers was approximately 18.1% of the global chemical tanker fleet as of December&#160;31,&#160;2024. If the supply of product or chemical tanker capacity increases and if the demand for such respective tanker capacity does not increase correspondingly, charter rates and vessel values could materially decline. A reduction in charter rates and the value of our vessels may have a material adverse effect on our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, product tankers currently used to transport crude oil and other &#8220;dirty&#8221; products may be &#8220;cleaned up&#8221; and reintroduced into the product tanker market, which would increase the available product tanker tonnage, which may affect the supply and demand balance for product tankers. This could have an adverse effect on our business, results of operations and financial position.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Changes in fuel, or bunkers, prices may adversely affect our results of operations.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Fuel, or bunkers, is a significant expense for our vessels employed in the spot market and can have a significant impact on earnings. For any vessels which may be employed on time charters, the charterer is generally responsible for the cost and supply of fuel; however, such cost may affect the time charter rates we may be able to negotiate for such vessels. Changes in the price of fuel may adversely affect our profitability. The price and supply of fuel is unpredictable and fluctuates based on events outside our control, including, among other factors, geopolitical developments, supply and demand for oil and gas, actions by the Organization of Petroleum Exporting Countries (&#8220;OPEC&#8221;) and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and environmental concerns. In addition, fuel price increases may reduce the profitability and competitiveness of our business versus other forms of transportation, such as truck or rail. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Changes in the oil, oil products and chemical markets could result in decreased demand for our vessels and services.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Demand for our vessels and services in transporting oil, oil products and chemicals depends upon world and regional oil markets. Any decrease in shipments of oil, oil products and chemicals in those markets could have a material adverse effect on our business, financial condition and results of operations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Historically, those markets have been volatile as a result of the many conditions and events that affect the price, production and transport of oil, oil products and chemicals, including competition from alternative energy sources. Past slowdowns of world economies, including that of the U.S., have resulted in reduced consumption of oil and oil products and decreased demand for our vessels and services, which reduced vessel earnings. Additional slowdowns could have similar effects on our results of operations and may limit our ability to expand our fleet.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">13</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">If our vessels suffer damage due to the inherent operational risks of the shipping industry, we may experience unexpected drydocking costs and delays or total loss of our vessels, which may adversely affect our business and financial condition.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The operation of an ocean-going vessel carries inherent risks. Our vessels and their cargoes will be at risk of being damaged or lost because of events, such as marine disasters, bad weather, business interruptions caused by mechanical failures, grounding, fire, explosions, collisions, human error, war, terrorism, piracy, cyberattack, latent defects, &#8220;acts of God&#8221;, climate change and other circumstances or events. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">These hazards may result in death or injury to persons, loss of revenues or property, environmental damage, higher insurance rates, damage to customer relationships, market disruptions, delays or rerouting. In addition, the operation of tankers has unique operational risks associated with the transportation of oil and chemical products. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">An oil or chemical spill may cause significant environmental damage and the associated costs could exceed the insurance coverage available to us. Compared to other types of vessels, tankers are exposed to a higher risk of damage and loss by fire, whether ignited by a terrorist attack, collision or other causes, due to the high flammability and high volume of the oil or chemicals transported in tankers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If our vessels suffer damage, they may need to be repaired at a drydocking facility. The costs of drydock repairs are unpredictable and may be substantial. We may have to pay drydocking costs if our insurance does not cover them in full. The loss of revenues while these vessels are being repaired and repositioned, as well as the actual cost of these repairs, may adversely affect our business, results of operations and financial condition. In addition, space at drydocking facilities is sometimes limited and not all drydocking facilities are conveniently located. We may be unable to find space at a suitable drydocking facility or our vessels may be forced to travel to a drydocking facility that is not conveniently located to our vessels&#8217; positions. The loss of earnings while such vessels wait for space or travel or are towed to more distant drydocking facilities may be significant. The total loss of any of our vessels could harm our reputation as a safe and reliable vessel owner and operator. If we are unable to adequately maintain or safeguard our vessels, we may be unable to prevent any such damage, costs or loss, which could adversely affect our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">We operate our vessels worldwide and, as a result, our vessels are exposed to international risks which may reduce revenue or increase expenses.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Changing economic, regulatory and political conditions in some countries, including political and military conflicts, have from time to time resulted in attacks on vessels, mining of waterways, piracy, terrorism, labor strikes and boycotts. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">These sorts of events, as well as the emergence of epidemics or pandemics, could interfere with shipping routes and result in market disruptions, which may reduce our revenue and increase our expenses. Our worldwide operations also expose us to the risk that an increase in restrictions on global trade will harm our business. The rise of populist or nationalist political parties and leaders in the United States, Europe and elsewhere may lead to increased trade barriers, trade protectionism and restrictions on trade. The adoption of trade barriers and imposition of tariffs by governments may reduce global shipping demand and reduce our revenue.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, international shipping is subject to various security and customs inspection and related procedures in countries of origin and destination and transshipment points. Inspection procedures can result in the seizure of the cargo or vessels, delays in the loading, offloading or delivery and the levying of customs duties, fines or other penalties against vessel owners. It is possible that changes to inspection procedures could impose additional financial and legal obligations on us. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, changes to inspection procedures could also impose additional costs and obligations on our customers and may, in certain cases, render the shipment of certain types of cargo uneconomical or impractical. Any such changes or developments may have a material adverse effect on our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">14</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Acts of piracy on ocean-going vessels could adversely affect our business.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Acts of piracy have historically affected ocean-going vessels trading in regions of the world. Sea piracy incidents continue to occur, particularly in the South China Sea, the Strait of Malacca, the Indian Ocean, the Arabian Sea, off the coast of West Africa, the Red Sea, the Gulf of Aden, the Gulf of Guinea, Venezuela, and in certain areas of the Middle East, with tankers particularly vulnerable to such attacks. If piracy or other attacks on vessels result in the characterization of regions in which our vessels are deployed as &#8220;war risk&#8221; zones or Joint War Committee &#8220;war and strikes&#8221; listed areas by insurers, premiums payable for such coverage could increase significantly and such insurance coverage may be more difficult to obtain. In addition, crew costs, including costs which may be incurred to the extent we employ onboard security guards, could increase in such circumstances. We may not be adequately insured to cover losses from these incidents, which could have a material adverse effect on us. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, detention or hijacking as a result of an act of piracy or other attacks against our vessels, or an increase in cost, or unavailability of insurance for our vessels, could have a material adverse impact on our business, results of operations and financial condition and may result in loss of revenues, increased costs and decreased cash flows to our customers, which could impair their ability to make payments to us under our charters.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">If our vessels call on ports located in countries that are subject to restrictions imposed by the U.S. government, our reputation and the market for our securities could be adversely affected.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Although no vessels owned or operated by us have, during the effect of such sanctions or embargoes, called on ports located in countries subject to country-wide or territory-wide sanctions and embargoes imposed by the U.S. government (such as Iran, North Korea, Syria, the Crimea, Luhansk and Donetsk regions, or Cuba, and countries identified by the U.S. government or other authorities as state sponsors of terrorism, such as Iran, Syria and North Korea), in the future our vessels may call on ports in these countries from time to time on charterers&#8217; instructions in violation of contractual provisions that prohibit them from doing so. Use of our vessels by charterers in a manner that violates U.S. sanctions may result in fines, penalties or other sanctions imposed against us. Sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such sanctions and embargo laws and regulations may be amended over time.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Although we believe that we have been in compliance with all applicable sanctions and embargo laws and regulations, and intend to maintain such compliance, there can be no assurance that we will be in compliance in the future, particularly as the scope of certain laws may be unclear and may be subject to changing interpretations. Any such violation could result in fines, penalties or other sanctions that could severely impact the market for our common shares, our ability to access U.S. capital markets and conduct our business and could result in some investors deciding, or being required, to divest their interest, or not to invest, in us.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions that do not involve us or our vessels and those violations could in turn negatively affect our reputation or the ability of our charterers to meet their obligations to us or result in fines, penalties or sanctions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We expect that our vessels will call on ports where smugglers may attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members. To the extent our vessels are found with contraband, whether inside or attached to the hull of our vessel and whether with or without the knowledge of any of our crew, we may face governmental or other regulatory claims which could have an adverse effect on our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">15</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Maritime claimants could arrest our vessels, which would have a negative effect on our business and results of operations.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Crew members, suppliers of goods and services to a vessel, shippers of cargo and other parties may be entitled to a maritime lien against a vessel for unsatisfied debts, claims or damages. In many jurisdictions, a maritime lien holder may enforce its lien by arresting or attaching a vessel through foreclosure proceedings. The arrest or attachment of one or more of our vessels could interrupt our business or require us to pay significant amounts to have the arrest lifted.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, in some jurisdictions, such as South Africa, under the &#8220;sister ship&#8221; theory of liability, a claimant may arrest both the vessel that is subject to the claimant&#8217;s maritime lien and any &#8220;associated&#8221; vessel, which is any vessel owned or controlled by the same owner. Claimants could try to assert &#8220;sister ship&#8221; liability against one vessel in our fleet for claims relating to another of our vessels.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Governments could requisition our vessels during a period of war or emergency, which may adversely affect our business and results of operations.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A government could requisition for title or seize our vessels. Requisition for title occurs when a government takes control of a vessel and becomes the owner. Also, a government could requisition our vessels for hire. Requisition for hire occurs when a government takes control of a vessel and effectively becomes the charterer at dictated charter rates. Generally, requisitions occur during a period of war or emergency. Government requisition of one or more of our vessels could adversely affect our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Increased demand for and supply of vessels fitted with exhaust gas scrubbers to comply with IMO sulfur reduction requirements could reduce demand for the portion of our fleet not equipped with scrubbers and expose us to lower vessel utilization and decreased charter rates.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of March 7, 2025, owners of approximately 22.2% of the worldwide fleet of tankers with capacity over 10,000 dwt had fitted or planned to fit scrubbers on their vessels. Fitting scrubbers allows a vessel to consume high sulfur fuel oil, which is less expensive than the low sulfur fuel oil that vessels without scrubbers must consume to comply with the IMO 2020 low sulfur emission requirements. Generally, owners of vessels with higher operating fuel requirements - generally larger vessels - are more inclined to install scrubbers to comply with IMO 2020. As of March 7, 2025, a total of nine of our owned fleet of 22 vessels are equipped with scrubbers. Fuel expense reductions from operating scrubber-fitted ships could result in a substantial reduction of bunker cost for charterers compared to vessels in our fleet which do not have scrubbers. If (a) the supply of scrubber-fitted vessels in the worldwide fleet increases, (b) the differential between the cost of high sulfur fuel oil and low sulfur fuel oil is high and (c) charterers prefer such vessels over our vessels to the extent they do not have scrubbers, demand for our vessels without scrubbers may be reduced and our ability to re-charter such vessels at competitive rates may be impaired, which may have a material adverse effect on our business, operating results and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Technological innovation could reduce our charter hire income and the value of our vessels.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The charter hire rates and the value and operational life of a vessel are determined by a number of factors, including the vessel&#8217;s efficiency, operational flexibility and physical life. Efficiency includes speed, fuel economy and the ability to load and discharge cargo quickly. Flexibility includes the ability to enter various harbors and ports, utilize related docking facilities and pass through canals and straits. The length of a vessel&#8217;s physical life is related to its original design and construction, its maintenance and the impact of the stress of operations. If new tankers are built that are more efficient or more flexible or have longer physical lives than our vessels, competition from these more technologically advanced vessels could adversely affect the amount of charter hire payments, if any, we receive for our vessels and the resale value of our vessels could significantly decrease. As a result, our business, results of operations and financial condition could be adversely affected.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">16</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Public health threats, including pandemics, epidemics and other public health crises, could have an adverse effect on our operations and financial results.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Public health threats and highly communicable diseases could adversely affect our operations, the operations of our customers or suppliers and the global economy. In response to a pandemic or epidemic, many countries, ports and organizations, including those where we conduct a large part of our operations, may implement measures to combat such outbreaks, such as quarantines and travel restrictions. Such measures could cause severe trade disruptions. In addition, pandemics, epidemics and other public health crises may result in a significant decline in global demand for refined oil products. As our business is the transportation of refined oil products on behalf of oil majors, oil traders and other customers, any significant decrease in demand for the cargo we transport has and could continue to adversely affect demand for our vessels and services. The extent to which any pandemic, epidemic or any other public health crises may impact our business, results of operations and financial condition, including possible impairments, will depend on future developments, which are uncertain and cannot be predicted.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">If labor or other interruptions are not resolved in a timely manner, they could have a material adverse effect on our business.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We, indirectly through our technical manager, employ masters, officers and crews to operate our vessels, exposing us to the risk that industrial actions or other labor unrest may occur. A significant portion of the seafarers that crew our vessels are employed under collective bargaining agreements. We may suffer labor disruptions if relationships deteriorate with the seafarers or the unions that represent them. The collective bargaining agreements may not prevent labor disruptions, particularly when the agreements are being renegotiated. If not resolved in a timely and cost-effective manner, industrial action or other labor unrest could prevent or hinder our operations from being carried out as we expect and could have a material adverse effect on our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">RISKS RELATED TO OUR BUSINESS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">We will be required to make substantial capital expenditures to expand the number of vessels in our fleet and to maintain all our vessels, which will depend on our ability to obtain additional financing.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our business strategy is based in part upon the expansion of our fleet through the purchase and ordering of additional vessels or businesses. We will be required to make substantial capital expenditures to expand the size of our fleet. We also have incurred significant capital expenditures in previous years to upgrade secondhand vessels we have acquired and may be required to make additional capital expenditures in order to comply with existing and future regulatory obligations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, we will incur significant maintenance and capital costs for our current fleet and any additional vessels we acquire. A newbuilding vessel must be drydocked within five years of its delivery from a shipyard and vessels are typically drydocked every 30 to 60 months thereafter depending on the vessel, not including any unexpected repairs. We estimate the cost to drydock a vessel is between $1.3 million and $1.8 million, depending on the size and condition of the vessel and the location of drydocking relative to the location of the vessel.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We may be required to incur additional debt or raise capital through the sale or issuance of debt or equity securities to fund the purchasing of vessels or businesses or for drydocking costs from time to time. However, we may be unable to access the required financing if conditions change and we may be unsuccessful in obtaining financing for future fleet growth. Use of cash from operations will reduce available cash. Our ability to obtain bank financing or to access the capital markets for future offerings may be limited by our financial condition at the time of any such financing or offering as well as by adverse market conditions resulting from, among other things, general economic conditions and contingencies and uncertainties that are beyond our control. If we finance our expenditures by incurring additional debt, our financial leverage could increase. If we finance our expenditures by issuing equity securities, our shareholders&#8217; ownership interest in us could be diluted.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">17</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">We may be unable to take advantage of favorable opportunities in the spot market to the extent any of our vessels are employed on medium to long-term time charters.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of March 7, 2025, one of our vessels was employed under a fixed-rate time-charter agreement. To the extent our vessels are subject to medium or long-term time charters at any time, the vessels committed to such time charters may not be available for spot charters during periods of increasing charter hire rates, when spot charters might be more profitable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">If we do not identify suitable assets or companies for acquisition or successfully integrate any acquired assets or companies, we may not be able to grow or effectively manage our growth.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">One of our principal strategies is to continue expanding our operations and our fleet. Our future growth will depend upon a number of factors, some of which may not be within our control. These factors include our ability to:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">identify suitable assets and/or businesses for acquisitions at attractive prices;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">identify suitable businesses for joint ventures;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">integrate any acquired assets or businesses successfully with our existing operations;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">hire, train and retain qualified personnel and crew to manage and operate our growing business and fleet;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">identify and successfully enter new markets;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">improve or expand our operating, financial and accounting systems and controls; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">obtain required financing for our existing and new assets, businesses and operations.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our failure to effectively identify, purchase, develop and integrate any assets or businesses could adversely affect our business, financial condition and results of operations. The number of employees that perform services for us and our current operating and financial systems and expertise may not be adequate as we implement our plan to expand the size of our fleet or enter new markets and we may not be able to effectively hire more employees, adequately improve those systems or develop that expertise. In addition, acquisitions may require additional equity issuances (which may dilute our shareholders' ownership interest in us) or the incurrence or assumption of additional debt (which may increase our financial leverage and debt service costs or impose more restrictive covenants). If we are unable to successfully accommodate any growth, our business, results of operations and financial condition may be adversely affected.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Growing any business by acquisition presents numerous risks such as undisclosed liabilities and obligations, difficulty in obtaining additional qualified personnel and managing relationships with customers and suppliers and integrating newly acquired assets and operations into existing infrastructures. The expansion of our fleet and business may impose significant additional responsibilities on our management and staff, and the management and staff of our technical manager, and may necessitate that we, and they, increase the number of personnel to support such expansion. We may not be successful in executing our growth plans and we may incur significant expenses and losses in connection with such growth plans.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Our ability to grow may be adversely affected by our dividend policy.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Our dividend policy is to pay a variable quarterly dividend equal to one-third of the prior quarter&#8217;s Adjusted Earnings (which is a non-GAAP measure that represents our earnings per share for the quarter reported under U.S. GAAP adjusted for gain or loss on sale of vessels, write-off of deferred finance fees, and solely for the purposes of dividend calculations, the impact of unrealized gains / (losses) and certain non-recurring items). Accordingly, our growth may not be as fast as businesses that reinvest their cash to expand ongoing operations. We believe that we will generally finance any maintenance and expansion capital expenditures from cash balances or external financing sources (including borrowings under credit facilities and potential debt or equity issuances). To the extent we do not have sufficient cash reserves or are unable to obtain financing for these purposes, our dividend policy may impair our ability to meet our financial needs or to grow.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">18</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Delays in deliveries of vessels we may purchase or order, our decision to cancel an order for purchase of a vessel or our inability to otherwise complete the acquisitions of additional vessels for our fleet, could harm our results of operations.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Although we currently have no vessels on order, under construction or subject to purchase agreements, we expect to purchase and order additional vessels from time to time. The delivery of any such vessels could be delayed, not completed or cancelled, which would delay or eliminate our expected receipt of revenues from the employment of these vessels. The seller could fail to deliver these vessels to us as agreed, or we could cancel a purchase contract because the seller has not met its obligations. The delivery of any vessels we may propose to acquire could be delayed because of, among other things, hostilities or political disturbances, non-performance of the purchase agreement with respect to the vessels by the seller, our inability to obtain requisite permits, approvals or financings or damage to or destruction of vessels while being operated by the seller prior to the delivery date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If the delivery of any vessel is materially delayed or cancelled, especially if we have committed the vessel to a charter under which we become responsible for substantial liquidated damages to the customer as a result of the delay or cancellation, our business, financial condition and results of operations could be adversely affected.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The delivery of vessels we may purchase or sell could be delayed because of, among other things:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">work stoppages or other labor disturbances or other events that disrupt the operations of the shipyard building the vessels;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">quality or other engineering problems;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">changes in governmental regulations or maritime self-regulatory organization standards;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">lack of raw materials;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">bankruptcy or other financial crisis of the shipyard building the vessels or of the vessel buyer or seller;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our inability to obtain requisite financing or make timely payments;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">a backlog of orders at the shipyard building the vessels;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">hostilities or political or economic disturbances in or affecting the countries where the vessels are being built, or the imposition of sanctions on such countries or applicable parties;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">weather interference or catastrophic event, such as a major earthquake or fire;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our requests for changes to the original vessel specifications;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">shortages or delays in the receipt of necessary construction materials, such as steel;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our inability to obtain requisite permits or approvals; or</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">a dispute with the shipyard building the vessels.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2pt 0pt;"><b style="font-weight:bold;">Delays in the delivery of and installation of new vessel equipment could result in significant vessel down-time and have adverse impacts on our results of operations. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2pt 0pt;"><span style="color:#ff0000;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2pt 0pt;">In order to maximize fleet performance and efficiency, we plan to invest from time to time in new technologies to be installed on our fleet. However, the delivery and installation of any new equipment depends on a number of factors, some of which are within our control, such as the location of the vessels on a given date, and other factors which are outside of our control, such as the delivery due date, the availability of qualified personnel to install new equipment and potential bottlenecks in the supply chain. Depending on the type of new equipment to be installed, we may need to co-ordinate delivery and installation in line with vessel drydockings. Any delays in the delivery or installation of new equipment could result in an increase in the number of drydock days and adversely impact our results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2pt 0pt;"><b style="font-weight:bold;">We may not realize all of the anticipated benefits of our investment in scrubbers. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="color:#ff0000;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December 31, 2024, we have retrofitted nine of our vessels with exhaust gas cleaning systems, or scrubbers, and we plan to install scrubbers on additional vessels during 2025. The scrubbers are intended to enable our ships to use high sulfur fuel oil, which is less expensive than low sulfur fuel oil, in certain parts of the world. The total estimated investment for these systems, including estimated installation costs, is approximately $2.0 million per vessel. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">19</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">There is a risk that some or all of the expected benefits of our investment in scrubbers may fail to materialize. The realization of such benefits may be affected by a number of factors, many of which are beyond our control, including, among others, the pricing differential between high and low sulfur fuel oil, the availability of low sulfur fuel oil in the ports in which we operate and the impact of changes in the laws and regulations regulating the discharge and disposal of wash water. Failure to realize the anticipated benefits of our investment in scrubbers could have a material adverse impact on our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 2pt 0pt;"><b style="font-weight:bold;">The timing of drydockings during peak market conditions could adversely affect the level of our profitability. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We periodically drydock each of our vessels for inspection, repairs and maintenance and any modifications to comply with industry certification or governmental requirements. Generally, each vessel is drydocked every 30 months to 60 months. Depending on the type of drydocking required, a vessel will incur a number of days of downtime where it will not be in service. During times of favorable market conditions, any increase in the number of required drydockings in a given timeframe and the lost revenue days arising from this downtime could result in a material loss of earnings.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">If we purchase and operate second-hand vessels, we will be exposed to increased operating costs that could adversely affect our earnings and, as our fleet ages, the risks associated with older vessels could adversely affect our ability to obtain profitable charters.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our business strategy includes additional growth through the acquisition of new and second-hand vessels. While we typically inspect second-hand vessels prior to purchase, this does not provide us with the same knowledge about their condition that we would have had if these vessels had been built for and operated exclusively by us. Generally, we do not receive the benefit of warranties from the builders of the second-hand vessels that we acquire. These factors could increase the ultimate cost of any second-hand vessel acquisitions by us.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In general, the costs to maintain a vessel in good operating condition increase with the age of the vessel. Older vessels are typically less fuel-efficient than more recently constructed vessels due to improvements in engine technology. Cargo insurance rates increase with the age of a vessel, making older vessels less desirable to charterers. Governmental regulations, safety or other equipment standards related to the age of vessels may require expenditures for alterations or the addition of new equipment, to our vessels and may restrict the type of activities in which the vessels may engage. As our vessels age, market conditions may not justify those expenditures or enable us to operate our vessels profitably during the remainder of their useful lives.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">An increase in operating, voyage or other expenses due to increased inflation or otherwise may decrease our earnings and cash flows.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of March 7, 2025, one of our vessels was employed under a fixed rate time charter agreement. For all vessels operating under time charters, the charterer is primarily responsible for voyage expenses and we are responsible for the vessel operating expenses. Under spot chartering arrangements, we will be responsible for all costs associated with operating the vessel, including operating expenses, voyage expenses, bunkers, port and canal costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our vessel operating expenses, which include the costs of crew, provisions, deck and engine stores, insurance and maintenance, repairs and spares, and our voyage expenses, which include, among other things, the costs of bunkers port and canal costs, depend on a variety of factors, many of which are beyond our control, such as competition for crew and inflation. If our vessels suffer damage, they may need to be repaired at a drydocking facility. The costs of drydocking repairs are unpredictable and can be substantial. Inflation has increased significantly on a worldwide basis since mid-2021. Inflation has increased our vessel operating expenses, voyage expenses and certain other expenses. To the extent our charter rates do not cover increased vessel operating expenses or voyage expenses for which we are responsible, or if other costs and expenses increase, our earnings and cash flow will decrease.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">20</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">We may be unsuccessful in competing in the highly competitive international tanker market, which would adversely affect our results of operations and financial condition and our ability to expand our business.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The operation of tankers and the transportation of petroleum and chemical products is extremely competitive, and our industry is capital intensive and highly fragmented. Competition arises primarily from other tanker owners, including major oil companies as well as independent tanker companies, some of which have substantially greater resources than we do. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Competition for the transportation of oil products and chemicals can be intense and depends on price, location, vessel size, age, condition and the acceptability of the tanker and its operators to the charterers. We may be unable to compete effectively with other tanker owners, including major oil companies and independent tanker companies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our market share may decrease in the future. We may not be able to compete profitably to the extent we seek to expand our business into new geographic regions or provide new services. New markets may require different skills, knowledge or strategies than those we use in our current markets, and the competitors in those new markets may have greater financial strength and capital resources than we do.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">The loss of any key customer could result in a significant loss of revenues and cash flow.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If we lose a key customer or if a customer exercises its right under some charters to terminate the charter, we may be unable to enter into an adequate replacement charter for the applicable vessel or vessels. The loss of any of our significant customers or a reduction in revenues from them could have a material adverse effect on our business, results of operations, cash flows and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Charterers may terminate or default on their charters, which could adversely affect our business, results of operations and cash flow.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any charters may terminate earlier than their scheduled expirations. The terms of any existing or future charters may vary as to which events or occurrences will cause a charter to terminate or give the charterer the option to terminate the charter, but these may include: a total or constructive loss of the relevant vessel; or the failure of the relevant vessel to meet specified performance criteria. In addition, the ability of each of our charterers to perform its obligations under a charter will depend on a number of factors that are beyond our control. These factors may include general economic conditions, the condition of the tanker industry, the charter rates received for specific types of vessels and various operating expenses. The costs and delays associated with the default by a charterer under a charter of a vessel may be considerable and may adversely affect our business, results of operations, cash flows and financial condition. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">To the extent we enter into time charters for our vessels, we cannot predict whether any charterers may, upon the expiration of their charters, re-charter our vessels on favorable terms or at all. If our charterers are unable or decide not to re-charter our vessels, we may not be able to re-charter them on terms similar to our current charters or at all. In addition, the ability and willingness of each of our counterparties to perform its obligations under a time charter agreement with us will depend on a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of the tanker shipping industry and the overall financial condition of the counterparties. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Charterers are sensitive to the commodity markets and may be impacted by market forces affecting commodities. In depressed market conditions, charterers may seek to renegotiate their charters or may default on their obligations under charters.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If a counterparty fails to honor its obligations under agreements with us, it may be difficult for us to secure substitute employment for such vessel, and any new charter arrangements we secure in the spot market or on time charters may be at lower rates. Any failure by our charterers to meet their obligations to us or any renegotiation of our charter agreements could have a material adverse effect on our business, financial condition and results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">21</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Our debt levels and other financial obligations may limit our ability or flexibility in obtaining additional financing and pursuing other business opportunities.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024, we had $38.8 million in aggregate principal amount of outstanding indebtedness and we had no finance lease obligations. This amount is substantially lower than the amount of such indebtedness and finance lease obligations in prior years. In the future we may enter into new debt arrangements, issue debt securities or incur new finance lease obligations or assume debt as part of acquisitions. Higher levels of debt and any additional financial obligations we may incur could have important consequences to us, including the following:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our ability to obtain additional financing, if necessary, for working capital, capital expenditures, acquisitions or other purposes may be impaired or such financing may not be available on favorable terms;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">we may need to use a substantial portion of our cash from operations to make principal and interest payments relating to our debt obligations, reducing the funds that would otherwise be available for operations and future business opportunities;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">we may be more vulnerable than our competitors with less debt to competitive pressures or a downturn in our business or the economy generally; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our flexibility in responding to changing business and economic conditions may be limited.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, the actual or perceived credit quality of our charterers, and any defaults by them, may materially affect our ability to obtain the additional capital resources that we will require for additional investments or may significantly increase our costs of obtaining such capital. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our inability to obtain additional financing at all or the availability of financing at a higher than anticipated cost may materially affect our results of operations and our ability to implement our business strategy.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Servicing our current or future indebtedness and other financial obligations limits funds available for other purposes and if we cannot service our debt, we may lose our vessels.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Borrowing under our existing credit facilities typically requires us to dedicate a part of our cash flow from operations to servicing these facilities, and we intend to incur additional debt in the future. We may also incur finance lease obligations in the future. Payments on our indebtedness and any other financial obligations we incur will limit funds available for working capital, capital expenditures and other purposes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our ability to service our debt and any other financial obligations we incur from time to time will depend upon, among other things, our financial and operating performance, which will be affected by prevailing economic and industry conditions and financial, business, regulatory and other factors, some of which are beyond our control. If our results of operations and cash reserves are not sufficient to service our current or future indebtedness and any other financial obligations we incur, we may be forced to:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">seek to raise additional capital;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">seek to refinance or restructure our debt;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">sell tankers;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">reduce or delay our business activities, capital expenditures, investments or acquisitions; </span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">reduce any dividends; or</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">seek bankruptcy protection.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We may be unable to effect any of these remedies, if necessary, on satisfactory terms, and these remedies may not be sufficient to allow us to meet our debt obligations or any other financial obligations we incur from time to time. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If we are unable to meet our debt or other financial obligations or if some other default occurs under our credit facilities or any other financial arrangements, our lenders could elect to declare our debt, together with accrued interest and fees, to be immediately due and payable and proceed against the collateral vessels securing that debt or, to the extent applicable, our lessors could terminate our rights under any finance leases.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">22</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">We are a holding company and depend on the ability of our subsidiaries to distribute funds to us in order to satisfy our financial obligations and to make dividend payments.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We are a holding company and our subsidiaries, which are all directly and indirectly wholly owned by us, conduct our operations and own all of our operating assets. As a result, our ability to satisfy our financial obligations and to pay dividends to our shareholders depends on the ability of our subsidiaries to generate profits available for distribution to us and, to the extent that they are unable to generate profits, we will be unable to pay our creditors or dividends to our shareholders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Our credit facilities contain restrictive covenants, which among other things, limit the amount of cash we may use for other corporate activities, which could negatively affect our growth and cause our financial performance to suffer.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our credit facilities impose operating and financial restrictions on us. These restrictions may limit our ability, or the ability of our subsidiaries to, among other things:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">make capital expenditures if we do not repay amounts drawn under our credit facilities or if there is another default under our credit facilities;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">incur additional indebtedness, including the issuance of guarantees;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">incur lease obligations;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">create liens on our assets;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">change the flag, class or management of our vessels or terminate or materially amend the management agreement relating to each vessel;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">sell our vessels;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">pay dividends or distributions;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">merge or consolidate with, or transfer all or substantially all our assets to, another person; or</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">enter into a new line of business.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Certain of our credit facilities require us to maintain specified financial ratios and satisfy financial covenants. These financial ratios and covenants require us, among other things, to maintain minimum solvency, cash and cash equivalents, corporate net worth, working capital, loan-to-value levels and to avoid exceeding corporate leverage maximum. Any finance leases or other financial arrangements that we enter into from time to time may also impose similar or additional financial or restrictive covenants.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As a result of these restrictions, we may need to seek consent from our lenders in order to engage in some corporate actions. Our lenders&#8217; interests may be different from ours and we may not be able to obtain consent when needed. This may limit our ability to finance our future operations or capital requirements, make acquisitions or pursue business opportunities. Our ability to comply with covenants and restrictions contained in debt instruments or other financial arrangements may be affected by events beyond our control, including prevailing economic, financial and industry conditions. If market or other economic conditions deteriorate, we may fail to comply with these covenants. If we breach any of the restrictions, covenants, ratios or tests in our financing agreements, our obligations may become immediately due and payable, we could be subject to increased rates or fees, and the lenders&#8217; commitment under our credit facilities, if any, to make further loans may terminate. A default under financing agreements or any future finance lease arrangements could also result in foreclosure on any of our vessels and other assets securing related loans or a loss of our rights as a lessee under the applicable finance leases.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">If we fail to maintain an effective system of internal controls over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, shareholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Effective internal controls over financial reporting are necessary for us to provide reliable financial reports and, together with adequate disclosure controls and procedures, are designed to prevent fraud. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">23</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any failure to implement required new or improved controls, or difficulties encountered in their implementation, could cause us to fail to meet our reporting obligations. In addition, any testing we conduct in connection with Section 404 of the Sarbanes-Oxley Act of 2002, or any testing conducted by our independent registered public accounting firm, may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses or that may require prospective or retroactive changes to our financial statements or identify other areas for further attention or improvement. Ineffective internal controls could also cause investors to lose confidence in our reported financial information, limit our ability to access capital markets or require us to incur additional costs to improve our internal control and disclosure control systems and procedures, which could harm our business and have a negative effect on the trading price of our securities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Because we obtain some of our insurance through protection and indemnity associations, we may be required to make additional premium payments.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_Hlk64358824"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We receive insurance coverage for tort liability, including pollution-related liability, from protection and indemnity associations. We may be subject to increased premium payments, or calls, in amounts based on our claim records, the claim records of our manager, as well as the claim records of other members of the protection and indemnity associations. In recent years, the shipping industry has been experiencing significant increases in premiums for coverage by protection and indemnity associations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, our protection and indemnity associations may not have enough resources to cover claims made against them and be required to make calls of their members. Our payment of these calls could result in significant expense to us, which could have a material adverse effect on our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Our investment in Element 1 Corp. involves a high degree of risk, including potential loss of our investment.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As part of our Energy Transition Plan, in June 2021 we purchased a 10% equity stake in private company Element 1 Corp., a developer of hydrogen generation systems used to power fuel cells. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Element 1 Corp operates in a highly dynamic and competitive market, and there is no assurance that it will be able to compete successfully, that demand will grow for its technology, including for in the marine sector, or that it will obtain adequate funding to expand its operations or business. These are among the factors that subject our investment of time and resources in Element 1 Corp to risk and may result in a loss to us of such investment. During the year ended December&#160;31,&#160;2024, the Company recognized an impairment loss of $4.4 million related to its equity method investment in Element 1 Corp.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">LEGAL AND REGULATORY RISKS </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">We are subject to complex laws and regulations, including environmental laws and regulations, which can adversely affect our business, results of operations and financial condition.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our operations are subject to numerous laws and regulations in the form of international conventions and treaties, national, state and local laws and national and international regulations in force in the jurisdictions in which our vessels operate or are registered, which can significantly affect the ownership and operation of our vessels. Cost of compliance with such laws and regulations may be significant and, where applicable, may require installation of costly equipment or operational changes and may affect the resale value or useful lives of our vessels. Compliance with existing and future regulatory obligations may include costs relating to, among other things: air emissions including greenhouse gases; the management of ballast and bilge waters; maintenance and inspection; elimination of tin-based paint; development and implementation of emergency procedures; Eco-mod upgrades of secondhand vessels; and insurance coverage or other financial assurance of our ability to address pollution incidents. Environmental or other incidents may result in additional regulatory initiatives or statutes or changes to existing laws that may affect our operations or require us to incur additional expenses to comply with such regulatory initiatives, statutes or laws. These costs could have a material adverse effect on our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">24</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A failure to comply with applicable laws and regulations may, among other things, result in administrative and civil penalties, criminal sanctions or the suspension or termination of operations. Environmental laws often impose strict, joint and several liability for remediation of spills and releases of oil and hazardous substances, which could subject us to liability without regard to whether we were negligent or at fault. Under the U.S. Oil Pollution Act of 1990, for example, owners, operators and bareboat charterers are jointly, severally and strictly liable for the discharge of oil in U.S. waters, including the 200-nautical mile exclusive economic zone around the United States. An oil spill could also result in significant liability, including fines, penalties, criminal liability, remediation costs and natural resource damages under international and U.S. federal, state, local and foreign laws, as well as third-party damages, and could harm our reputation with current or potential charterers of our tankers. We are required to satisfy insurance and financial responsibility requirements for potential spills of oil (including marine fuel) and other pollution incidents. Although we have arranged insurance to cover certain environmental risks, there can be no assurance that such insurance will be sufficient to cover all such risks or that any claims will not have a material adverse effect on our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><a id="_Hlk65147857"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">An increase in trade protectionism and the decrease of multilateral trade agreements could have a material adverse impact on our results of operations, financial condition and cash flows.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="background:#ffff00;"> </span><span style="visibility:hidden;background:#ffff00;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Recently, government leaders have declared that their countries may turn to trade barriers to protect or revive their domestic industries in the face of foreign imports. The U.S. government, for example, has made statements and taken actions that may impact U.S. and international trade policies, including threatening new and increased tariffs affecting imports from certain countries. It is unknown whether and to what extent any new or increased tariffs (or other new laws or regulations) will be adopted, or the effect that any such actions would have on us or our industry. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If any new tariffs, legislation and/or regulations are implemented, or if existing trade agreements are renegotiated or, in particular, if the U.S. government takes retaliatory trade actions in response to the actions of any foreign nation, such changes could disrupt or alter current trade flows of oil, oil products and chemicals and have an adverse effect on the demand for our vessels, our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Climate change and greenhouse gas restrictions may adversely affect our operating results.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">An increasing concern for, and focus on climate change, has promoted extensive existing and proposed international, national and local regulations intended to reduce greenhouse gas emissions. Compliance with such regulations and our efforts to participate in reducing greenhouse gas emissions will likely increase our compliance costs, require significant capital expenditures to reduce vessel emissions and require changes to our business. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our business includes transporting refined petroleum products. Regulatory changes and growing public concern about the environmental impact of climate change may lead to reduced demand for petroleum products and decreased demand for our services, while increasing or creating greater incentives for use of alternative energy sources. We expect regulatory and consumer efforts aimed at combating climate change to intensify and accelerate. Although we do not expect demand for oil to decline dramatically over the short-term, in the long-term climate change likely will significantly affect demand for oil and for alternatives. Any such change could adversely affect our ability to compete in a changing market and our business, financial condition and results of operations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Scrutiny and expectations from certain investors, lenders and other market participants with respect to ESG policies may impose additional costs on us or expose us to additional risks.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Certain investor advocacy groups, institutional investors, investment funds, lenders and other market participants remain focused on ESG practices and, place significant importance on the implications and social cost of their investments. Companies that do not comply with ESG expectations and standards of these investors, lenders or other industry shareholders may lack support of such third parties. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We may face increasing pressures from such third parties and others to the extent they are increasingly focused on climate change, to prioritize sustainable energy practices, reduce our carbon footprint and promote sustainability. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">25</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As a result, we may determine that it is appropriate to implement more stringent ESG procedures or standards so that interested existing and future investors remain invested in us and make further investments in us, especially given our business of transporting refined petroleum products.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">At the same time, anti-ESG sentiment has been gaining momentum in the United States and certain investors, other stakeholders and regulators may express or pursue opposing views, legislation and investment expectations with respect to ESG initiatives. Several states in the U.S. and the U.S. government have enacted or proposed policies or executive action restricting ESG-focused investment practices, some of which may conflict with other regulatory requirements, resulting in regulatory uncertainty. Failure to comply with ESG-related or anti-ESG-related laws, exchange policies or stakeholder expectations could materially and adversely impact an investment in our common stock and have an adverse effect on our business.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Regulations relating to ballast water discharge may adversely affect our results of operation and financial condition.</b> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The International Maritime Organization, the United Nations agency for maritime safety and the prevention of pollution by vessels (the &#8220;IMO&#8221;) has imposed updated guidelines for ballast water management systems specifying the maximum amount of viable organisms allowed to be discharged from a vessel&#8217;s ballast water. All of our vessels currently comply with the updated guidelines of compliance. The cost of any non-compliance with these regulations may be substantial and may adversely affect our results of operation and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, United States regulations regulating ballast discharge are changing. In September 2024, the U.S. Environmental Protection Agency (the &#8220;EPA&#8221;) finalized its rules specifying standards of performance for approximately 30 discharges. Prior to September 2026, the U.S. Coast Guard (the &#8220;USCG&#8221; must develop corresponding implementation, compliance and enforcement regulations to those adopted by the EPA in 2024. The new regulations could require the installation of new equipment, which may cause us to incur substantial costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">If we fail to comply with international safety regulations, we may be subject to increased liability, which may adversely affect our insurance coverage and may result in a denial of access to, or detention in, certain ports.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The operation of our vessels is affected by the requirements set forth in the IMO&#8217;s International Management Code for the Safe Operation of Ships and Pollution Prevention (&#8220;ISM Code&#8221;). The ISM Code requires ship owners, ship managers and bareboat charterers to develop and maintain an extensive &#8220;Safety Management System&#8221; that includes the adoption of safety and environmental protection policies setting forth instructions and procedures for safe operation and describing procedures for dealing with emergencies. If we fail to comply with the ISM Code or similar regulations, we may be subject to increased liability or our existing insurance coverage may be invalidated or decreased for our affected vessels. Such failure may also result in a denial of access to, or detention of our vessels in, certain ports. The United States Coast Guard and European Union authorities have indicated that vessels not in compliance with the ISM Code will be prohibited from trading in U.S. and EU ports, which could have an adverse effect on our business, results of operations and financial condition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Our failure to comply with data privacy laws or misconduct by employees could damage our customer relationships and expose us to litigation risks and potential fines.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Data privacy is subject to frequently changing rules and regulations, which sometimes conflict among the various jurisdictions and countries in which we provide services and continue to develop in ways which we cannot predict. For example, the EU&#8217;s 2018 General Data Privacy Regulation (&#8220;GDPR&#8221;), a comprehensive legal framework to govern data collection, processing, use, transfer and sharing and related consumer privacy rights and the People&#8217;s Republic of China&#8217;s 2021 Personal Information Protection Law (&#8220;PIPL&#8221;), containing similar provisions. Implementation of these regulations could also lead to increased costs if business practices require changes to be in compliance. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">26</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">These and similar laws include significant penalties for non-compliance. Our failure to adhere to or successfully implement processes in response to changing regulatory requirements in this area, insofar as they may apply to our business operations, could result in legal liability or impairment to our reputation, which could have a material adverse effect on our business, financial condition and results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Misconduct or other unauthorized access by employees or other parties we engage with may include or result in violations of data privacy laws, which may lead to governmental investigations and other legal action against us. Identifying and deterring such violations is not always possible. These legal actions, if instituted against us, may have a material adverse effect on our business, financial condition and results of operations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Our cash and cash equivalents are exposed to credit risk, which may be adversely affected by, among other things, failures of financial institutions.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We manage our cash through various financial institutions. Substantially all of our cash and cash equivalents are currently held in ABN and Nordea, and in short-term money market funds managed by BlackRock, State Street Global Advisors and JPMorgan Asset Management. A collapse or bankruptcy of one of the financial institutions in which or through which we hold or invest our cash reserves--or rumors or the appearance of any such potential collapse or bankruptcy--might prevent us from accessing all or a portion of our cash and cash equivalents for an uncertain period of time, if at all. As demonstrated during the Covid pandemic, the collapse of a financial institution may occur very rapidly. Any material limitation on our ability to access our cash and cash equivalents could adversely affect our liquidity, results of operations and ability to meet our obligations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Our operations may be subject to economic substance requirements, which could impact our business. </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We are a Marshall Islands corporation with our headquarters in Bermuda. A majority of our subsidiaries are Marshall Islands entities and certain of our subsidiaries are either organized or registered in Bermuda. These jurisdictions have enacted economic substance laws and regulations with which we may be obligated to comply. We believe that we and our subsidiaries are compliant with the Bermuda and the Marshall Islands economic substance requirements. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">However, if there were a change in the requirements or interpretation thereof, or if there were an unexpected change to our operations, any such change could result in noncompliance with the economic substance legislation and related fines or other penalties, increased monitoring and audits, and dissolution of the non-compliant entity, which could have an adverse effect on our business, financial condition or operating results.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">EU Finance ministers rate jurisdictions for tax rates and tax transparency, governance and real economic activity. Countries that are viewed by such finance ministers as not adequately cooperating, including by not implementing sufficient standards in respect of the foregoing, may be put on a &#8220;grey list&#8221; or a &#8220;blacklist&#8221;. If any jurisdiction in which we operate is added to the list of non-cooperative jurisdictions in the future and sanctions or other financial, tax or regulatory measures were applied by European Member States to countries on the list or further economic substance requirements were imposed by the Marshall Islands or Bermuda, our business could be harmed.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">RISKS RELATED TO AN INVESTMENT IN OUR SECURITIES </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate case law or bankruptcy law and, as a result, shareholders may have fewer rights and protections under Marshall Islands law than under a typical jurisdiction in the United States.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our corporate affairs are governed by our articles of incorporation and bylaws and by the Marshall Islands Business Corporations Act (the &#8220;BCA&#8221;). Many of the provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the Republic of the Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the laws of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under statutes or judicial precedent in existence in certain U.S. jurisdictions. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">27</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Shareholder rights may differ as well. While the BCA does specifically incorporate the non-statutory law, or judicial case law, of the State of Delaware and other states with substantially similar legislative provisions, our shareholders may have more difficulty in protecting their interests in the face of actions by management, directors or controlling shareholders than would shareholders of a corporation incorporated in a U.S. jurisdiction. In addition, the Republic of the Marshall Islands does not have a well-developed body of bankruptcy law. As such, in the case of a bankruptcy involving us, there may be a delay of bankruptcy proceedings and the ability of securityholders and creditors to receive recovery after a bankruptcy proceeding, and any such recovery may be less predictable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">It may be difficult to serve process on or enforce a U.S. judgment against us, our officers and our directors.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We are a Marshall Islands corporation and all of our executive offices are located outside of the United States. Most of our directors and officers reside outside the United States. In addition, a substantial portion of our assets and the assets of our directors and officers are located outside of the United States. As a result, our shareholders may have difficulty serving legal process upon us or any of these persons within the United States. Our shareholders may also have difficulty enforcing, both in and outside the United States, judgments they may obtain in U.S. courts against us or any of these persons in any action, including actions based upon the civil liability provisions of U.S. federal or state securities laws. In addition, there is substantial doubt that the courts of the Republic of the Marshall Islands or of non-U.S. jurisdictions in which our offices are located would enter judgments in original actions brought in those courts predicated on U.S. federal or state securities laws.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">The amount of quarterly dividends we may pay under our dividend policy will vary from period to period, and we may be unable to pay dividends on our common shares.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our current dividend policy is to pay a variable quarterly cash dividend on shares of our common stock equal to one-third of the prior quarter&#8217;s Adjusted Earnings (which is a non-GAAP measure that represents our earnings per share for the quarter reported under U.S. GAAP adjusted for gain or loss on sale of vessels, write-off of deferred finance fees, and solely for purposes of dividend calculations, the impact of unrealized gains / (losses) and certain non-recurring items). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">There is no guarantee that we will pay any dividends to our shareholders. The declaration of any dividends is subject at all times to the discretion of our board of directors. In addition, our board of directors may change or terminate our dividend policy at any time.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The amount of any dividends we may pay in the future will depend upon, among other things, the amount of our adjusted earnings, the amount of our available cash and priorities for capital determined by the board of directors. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The amount of our adjusted earnings may fluctuate significantly from quarter to quarter, and/or the amount of cash we have available for dividends will depend upon, among other things:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our operating cash flows, capital expenditure requirements, working capital requirements and other cash needs;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the cyclicality of the spot market;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the rates we obtain from our spot charters and time charters;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the prices and levels of productions of, and demand for refined petroleum products and chemicals;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the levels of our operating costs and any tax expenses;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the number of off-hire days for our fleet and the timing of, and number of days required for drydocking of our vessels;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">gains or losses on vessel sales or relating to derivatives, and the levels of our depreciation and amortization expenses;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">dividend restrictions in our credit facilities, and in any future financing arrangements;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">provisions of our articles of incorporation that prohibit the payment of cash dividends on our common stock unless all accrued and unpaid dividends have been paid on the Series A Preferred Stock;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">prevailing global and regional economic and political conditions;</span></td></tr></table></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">28</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the effect of governmental regulations and maritime self-regulatory organization standards, including with respect to environmental and safety matters, on the conduct of our business; </span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our fleet expansion strategy and associated uses of our cash and our financing requirements;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the amount of any cash reserves established by our board of directors; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">restrictions under Marshall Islands law.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our ability to make distributions to our shareholders will also depend upon the performance of our ship-owning subsidiaries, which are our principal cash-generating assets, and their ability to distribute funds to us. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The ability of our ship-owning or other subsidiaries to make distributions to us may be restricted by, among other things, the provisions of existing or future indebtedness, applicable corporate or limited liability company laws and other laws and regulations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, the per share amount of any dividend will also be affected by the number of outstanding shares of our common stock used in calculation of the dividends, which may fluctuate substantially from period to period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Anti-takeover provisions in our articles of incorporation and bylaws could make it difficult for our shareholders to replace or remove our current board of directors or could have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our common shares.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Several provisions of our articles of incorporation and bylaws could make it difficult for our shareholders to change the composition of our board of directors in any one year, preventing them from changing the composition of management. In addition, these and other provisions in our governing documents may discourage, delay or prevent a merger or acquisition that shareholders may consider favorable. These provisions include:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">authorizing the board of directors to issue &#8220;blank check&#8221; preferred stock without shareholder approval;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">providing for a classified board of directors with staggered, three-year terms;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">prohibiting cumulative voting in the election of directors;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">authorizing the removal of directors only for cause and only upon the affirmative vote of the holders of two-thirds of the outstanding shares of our common stock entitled to vote for the directors;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">limiting the persons who may call special meetings of shareholders; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">establishing advance notice requirements for nominating candidates for election to our board of directors or for proposing matters that can be acted on by shareholders at shareholder meetings.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">These anti-takeover provisions could substantially impede the ability of public shareholders to benefit from a change in control and, as a result, may adversely affect the market price of our common stock and our shareholders&#8217; ability to realize any potential change of control premium.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">We may be required to redeem our outstanding shares of Series A Preferred Stock or to pay dividends on such shares at an increased rate.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_Hlk188533996"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Series A Preferred Stock is redeemable, in whole or in part, upon the election of us or the holder of shares of Series A Preferred Stock, upon the occurrence of certain change of control events specified in the statement of designation relating to the Series A Preferred Stock. The applicable redemption price ranges between (a) 103% of the then applicable liquidation preference per share plus any accumulated and unpaid dividends through the redemption date and (b) 100% of the then applicable liquidated preference per share plus any accumulated and unpaid dividends through the redemption date, depending upon when the redemption occurs. If we were to fail to redeem all the Series A Preferred Stock elected to be redeemed following a change of control, the dividend rate payable on unredeemed shares would automatically increase to 15.0% per annum. The occurrence of other events specified in the statement of designation for the Series A Preferred Stock may also result in increases in the dividend rate of the preferred shares, up to a maximum of 15.0% per annum. Following the redemption of 10,000 shares of Series A Preferred Stock in December 2024, there were 30,000 shares of Series A Preferred Stock outstanding as of December&#160;31,&#160;2024, with an aggregate liquidation preference of $30.0 million, excluding any accrued and unpaid dividends.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">29</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">TAX RISKS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">U.S. tax authorities could treat us as a &#8220;passive foreign investment company&#8221;, which could have adverse U.S. federal income tax consequences to U.S. holders.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A foreign corporation will be treated as a passive foreign investment company (&#8220;PFIC&#8221;), for U.S. federal income tax purposes if either (1) at least 75% of its gross income for any taxable year consists of &#8220;passive income&#8221; or (2) at least 50% of the average value of the corporation&#8217;s assets produce or are held for the production of &#8220;passive income&#8221;. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For purposes of these tests, &#8220;passive income&#8221; generally includes dividends, interest, and gains from the sale or exchange of investment property and rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or business. For purposes of these tests, income derived from the performance of services generally does not constitute &#8220;passive income&#8221;. U.S. shareholders of a PFIC are subject to an adverse U.S. federal income tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Based upon our operations as described herein, we do not believe that our income from time charters should be treated as &#8220;passive income&#8221; for purposes of determining whether we are a PFIC, and, consequently, the assets that we own and operate in connection with the production of that income should not constitute passive assets. Accordingly, based on our current operations, we do not believe we will be treated as a PFIC with respect to any taxable year.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">There is substantial legal authority supporting this position consisting of case law and U.S. Internal Revenue Service (&#8220;IRS&#8221;), pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Accordingly, no assurance can be given that the IRS or a court of law will accept this position, and there is a risk that the IRS or a court of law could determine that we are a PFIC. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year if the nature and extent of our operations change.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If the IRS were successful in asserting that we are or have been a PFIC for any taxable year, U.S. shareholders would face adverse U.S. federal income tax consequences. Under the PFIC rules, unless a shareholder makes an election available under the U.S. Internal Revenue Code of 1986, as amended, (the &#8220;Code&#8221;), which election could itself have adverse consequences for such shareholders, as discussed below under Item 10.E (&#8220;Taxation of Holders&#160;&#8212;&#160;U.S. Federal Income Tax Considerations&#160;&#8212;&#160;U.S. Federal Income Taxation of United States Holders&#8221;), excess distributions and any gain from the disposition of such shareholder&#8217;s common shares would be allocated ratably over the shareholder&#8217;s holding period of the common shares and the amounts allocated to the taxable year of the excess distribution or sale or other disposition and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would be imposed with respect to such tax. See Item 10.E (&#8220;Taxation of Holders&#160;&#8212;&#160;U.S. Federal Income Tax Considerations&#160;&#8212;&#160;U.S. Federal Income Taxation of United States Holders&#8221;) for a more comprehensive discussion of the U.S. federal income tax consequences to United States shareholders if we are treated as a PFIC.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">We may have to pay tax on U.S. source shipping income, which would reduce our earnings.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under the Code, 50% of the gross shipping income of a corporation that owns or charters vessels, as we and our subsidiaries do, that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States will be subject to a 4% U.S. federal income tax without allowance for deduction, unless that corporation qualifies for exemption from tax under Section 883 of the Code and the applicable Treasury Regulations promulgated thereunder or that corporation is entitled to an exemption from such tax under an applicable U.S. income tax treaty.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">30</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We expect to take the position that we qualify for this statutory exemption for U.S. federal income tax return reporting purposes for our 2024 taxable year and we intend to so qualify for future taxable years. However, there are factual circumstances beyond our control that could cause us to lose the benefit of this tax exemption and thereby cause us to become subject to U.S. federal income tax on our U.S. source shipping income. For example, there is a risk that we could no longer qualify for exemption under Section 883 of the Code for a particular taxable year if &#8220;non-qualified&#8221; shareholders with a 5% or greater interest in our stock were, in combination with each other, to own 50% or more of the outstanding shares of our stock on more than half the days during the taxable year. Due to the factual nature of the issues involved, we can give no assurances on our tax-exempt status or that of any of our subsidiaries.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If we or our subsidiaries were not entitled to exemption under Section 883 of the Code for any taxable year, we or our subsidiaries would be subject for such year to a 4% U.S. federal income tax on 50% of the shipping income we or our subsidiaries derive during the year which is attributable to the transport of cargoes to or from the United States. The imposition of this taxation would have a negative effect on our business and would decrease our earnings available for distribution to our shareholders. For a discussion of the U.S. federal income tax treatment of our operating income, please read &#8220;Additional Information&#8212;Taxation of Holders&#8212;U.S. Federal Income Tax Considerations&#8212;U.S. Federal Income Taxation of Operating Income: In General.&#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Changes in tax laws and unanticipated tax liabilities could materially and adversely affect the taxes we pay, results of operations and financial results.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We are subject to income and other taxes in certain jurisdictions in which we operate, and our results of operations and financial results may be affected by tax and other initiatives around the world. For instance, there is a high level of uncertainty in today&#8217;s tax environment stemming from global initiatives put forth by the Organization for Economic Co-operation and Development&#8217;s (&#8220;OECD&#8221;) two-pillar base erosion and profit shifting project. In October 2021, members of the OECD put forth two proposals: (i) Pillar One reallocates profit to the market jurisdictions where sales arise versus physical presence; and (ii) Pillar Two compels multinational corporations with&#160;&#8364;750 million or more in annual revenue to pay a global minimum tax of 15% on income received in each country in which they operate.&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The reforms aim to level the playing field between countries by discouraging them from reducing their corporate income taxes to attract foreign business investment. Over 140 countries agreed to enact the two-pillar solution to address the challenges arising from the digitalization of the economy and, in 2024, these guidelines were declared effective and must now be or have been enacted by those OECD member countries. In certain jurisdictions, qualifying international shipping income is exempt from many aspects of this framework if the applicable exemption requirements are met.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">It is possible that these guidelines, including the global minimum corporate tax rate measure of 15%, could increase the burden and costs of our tax compliance, the amount of taxes we incur in those jurisdictions and our global effective tax rate, which could have a material adverse impact on our results of operations and financial results.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">GENERAL RISKS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Our business depends upon key members of our senior management team who may not necessarily continue to work for us.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our future success depends to a significant extent upon certain members of our senior management team. Our management team includes members who have substantial experience in the product tanker and chemical shipping industries, some of which have worked with us since Ardmore&#8217;s inception. Our management team is crucial to the execution of our business strategies and to the growth and development of our business. If members of our management team were no longer affiliated with us, we may be unable to recruit other employees with equivalent talent and experience, and our business and financial condition may suffer as a result.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">31</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Future sales of our common shares could cause the market price of our common shares to decline.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The market price for our common shares could decline as a result of sales by existing shareholders of large numbers of our common shares, or as a result of the perception that such sales may occur. Sales of our common shares by these shareholders also might make it more difficult for us to sell equity or equity-related securities in the future at a time and at the prices that we deem appropriate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">We may issue additional securities without shareholder approval, which could dilute the ownership interests of shareholders and may depress the market price of our securities.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We may issue additional securities of equal or senior rank to our common stock in the future in connection with, among other things, future vessel or business acquisitions, repayment of outstanding indebtedness or our equity incentive plan, without shareholder approval, in a number of circumstances.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The issuance by us of additional securities of equal or senior rank to our common stock may have the following effects:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">our existing shareholders&#8217; proportionate ownership interest in us may decrease;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the amount of cash available, if any, for dividends or interest payments may decrease or the amount of per share dividends under our dividend policy may decrease;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the relative voting strength of previously outstanding securities may be diminished; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the market price of our securities may decline.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Exposure to currency exchange rate fluctuations could result in fluctuations in our operating results.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We operate within the international shipping market, which utilizes the U.S. Dollar as its functional currency. As a consequence, the majority of our revenues and the majority of our expenses are in U.S. Dollars.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">However, we incur certain general and operating expenses, including vessel operating expenses and general and administrative expenses, in foreign currencies, the most significant of which are the Euro, Singapore Dollar, and British Pound Sterling. This partial mismatch in revenues and expenses could lead to fluctuations in net income due to changes in the value of the U.S. Dollar relative to other currencies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="Item4InformationontheCompany_608526"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 4. Information on the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">A. History and Development of the Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Ardmore Shipping provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with our modern, fuel-efficient fleet of mid-size product and chemical tankers. As of March 7, 2025, our fleet consists of 22 owned vessels and four chartered-in vessels, all of which are in operation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Ardmore Shipping Corporation was incorporated under the laws of the Republic of the Marshall Islands on May 14, 2013. We commenced business operations through our predecessor company, Ardmore Shipping LLC, on April 15, 2010. On August 6, 2013, we completed our initial public offering of our common stock.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We have 79 wholly owned subsidiaries, a significant number of which represent single ship-owning companies for our fleet, one 50%-owned joint venture entity, Anglo Ardmore Ship Management Limited (&#8220;AASML&#8221;), which provides technical management services to our fleet, and one 10% equity stake in another entity. A list of our subsidiaries is included as <a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="asc-20241231xex8d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Exhibit 8.1</span></a> to this Annual Report.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">32</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We maintain our principal executive and management offices at Dorchester House, 7 Church Street, Hamilton, HM11, Bermuda. Our telephone number at these offices is +1 441 292 9332. Ardmore Maritime Services (Asia) Pte. Limited (&#8220;AMSA&#8221;), a wholly owned subsidiary incorporated in Singapore, carries out our management services and associated functions. Ardmore Shipping Services (Ireland) Limited (&#8220;ASSIL&#8221;), a wholly owned subsidiary incorporated in Ireland, provides our corporate, accounting, fleet administration and operations services. Ardmore Shipping (Asia) Pte. Limited (&#8220;ASA&#8221;), a wholly owned subsidiary incorporated in Singapore, and Ardmore Shipping (Americas) LLC (&#8220;ASUSA&#8221;), a wholly owned subsidiary incorporated in Delaware, each perform commercial management and chartering services for us.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The SEC&#8217;s website at <i style="font-style:italic;">www.sec.gov</i> contains reports, proxy statements, and other information regarding issuers that file electronically with the SEC. Our website address is <i style="font-style:italic;">www.ardmoreshipping.com</i>. The information contained on our website is not part of this Annual Report.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">B. Business Overview</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We commenced business operations in April 2010 with the goal of building an enduring product and chemical tanker company that emphasizes disciplined capital allocation, service excellence, innovation, and operational efficiency through our focus on high quality, fuel-efficient vessels. We are led by a team of experienced senior managers who have previously held senior management positions with highly regarded public shipping companies and financial institutions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We are strategically focused on modern, fuel-efficient, mid-size product and chemical tankers. We actively pursue opportunities to exploit the overlap we believe exists between the clean petroleum product (&#8220;CPP&#8221;) and chemical sectors in order to enhance earnings, and also seek to engage in more complex CPP trades, such as multi-grade and multi-port loading and discharging operations, where our knowledge of chemical operations is beneficial to our CPP customers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our fuel-efficient operations are designed to enhance our operating performance and provide value-added service to our customers. We believe we are at the forefront of fuel efficiency and emissions reduction trends and are well positioned to capitalize on these developments with our fleet of Eco-design vessels. Our acquisition strategy includes to continue to build our fleet with Eco-design newbuildings or Eco-design second-hand vessels and with modern second-hand vessels that can be upgraded to Eco-mod.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We believe that the global energy transition will have a profound impact on the shipping industry, including the product and chemical tanker segments. While this transition will unfold over years, the impact is already being felt through anticipated Energy Efficiency Existing Ship Index and Carbon Intensity Indicator regulations and constraints on newbuilding ordering activity. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We view energy transition as less of a compliance challenge and more of an opportunity, which we have set out in our ETP, which is posted on our website. We have established Ardmore Ventures as our holding company for existing and future potential investments related to the ETP and we completed our first projects under the ETP in June 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We are an integrated shipping company. Our fleet is technically managed by a combination of ASSIL and our 50% owned joint venture AASML. We have a resolute focus on both high-quality service and efficient operations, and we believe that our corporate overhead and operating expenses are among the lowest of our peers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We are commercially independent, as we have no blanket employment arrangements with third-party or related-party commercial managers. Through our in-house chartering and commercial team, we market our services directly to a broad range of customers, including oil majors, national oil companies, oil and chemical traders, chemical companies, and pooling service providers. We monitor the tanker markets to understand how to best utilize our vessels and may change our chartering strategy to take advantage of changing market conditions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Other than technical management services provided to us by our 50% joint venture AASML we have no related-party transactions concerning our vessel operations or vessel sale and purchase activities. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">33</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Certain of our wholly owned subsidiaries carry out our management and administrative services, with AMSA providing us with corporate and executive management services and associated functions, ASSIL providing corporate and accounting administrative services, as well as technical operations services and fleet administration, and ASA and ASUSA providing our commercial management and chartering services.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In terms of our industry, commodity markets remain subject to heightened levels of uncertainty in connection with the Russia-Ukraine war, which could give rise to regional or broader instability and has resulted in significant economic sanctions by the U.S., European nations and other countries which, in turn, could increase uncertainty with respect to global financial markets and production from OPEC and other oil producing nations. Although the Hamas-Israel war so far has not had a direct material effect on the tanker industry, since mid-December 2023, Houthi rebels in Yemen have carried out numerous attacks on vessels in the Red Sea area. As a result of these attacks, many shipping companies have routed their vessels away from the Red Sea, which has affected trading patterns, rates and expenses. Although these vessel attacks have decreased in the first quarter of 2025, Houthi activity level remains uncertain given the unpredictable nature of this group. Further escalation, or expansion of hostilities of such crisis could continue to affect the price of crude oil and the oil industry, the tanker industry, demand for or services, and our business.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We expect continued demand from ongoing trends such as refined product draws and disruption and trading activity creating longer voyages getting refined products to markets, where needed. We expect continued product tanker demand growth in the year ahead, with global economic growth and refinery activity away from points of consumption offsetting the initial impact of energy transition. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We believe that we are well positioned to benefit from a strong charter market, with our modern, fuel-efficient fleet, access to capital for growth, a diverse and high-quality customer base, an emphasis on service excellence in an increasingly demanding regulatory environment and a relative cost advantage in assets, operations and corporate overhead.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Please see Item 5 &#8220;Operating and Financial Review and Prospects &#8211; Recent Developments&#8221; for a description of certain of our recent transactions and developments.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">34</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt;"><b style="font-weight:bold;">Fleet List</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of March 7, 2025, our fleet consists of 26 vessels, including 22 owned Eco-design vessels and four chartered-in vessels, all of which are in operation. The average age of our owned vessels at March 7, 2025, was 10.5 years. The following table lists our owned vessels.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:36.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:36.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Vessel Name</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Type</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Dwt&#160;Tonnes</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">IMO</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Built</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Country</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Flag</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Specification</b></p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Gibraltar</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,999</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;white-space:nowrap;width:6.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Apr-17</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">SG</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seavaliant</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,998</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seaventure</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,998</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jun-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seavantage</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,997</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jan-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seavanguard</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,998</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Sealion</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,999</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">May-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seafox</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,999</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jun-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seawolf</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,999</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Aug-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seahawk</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,999</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Nov-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Endeavour</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,997</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jul-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Enterprise</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,453</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Sep-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Endurance</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,466</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Dec-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Encounter</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,478</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jan-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Explorer</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,494</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jan-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Exporter</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,466</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Engineer</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 49,420</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Mar-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Dauntless</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 37,764</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 2</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Defender</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 37,791</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 2</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Cherokee</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 25,215</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 2</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jan-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Cheyenne</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 25,217</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 2</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Mar-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Chinook</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 25,217</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 2</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jul-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Chippewa</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 25,217</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 2</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Nov-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">MI</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-design</p></td></tr><tr><td style="vertical-align:bottom;width:36.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">22</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 973,181</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Business Strategy</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our primary objective is to solidify our position as a market leader in modern, fuel-efficient, mid-size product and chemical tankers by engaging in well-timed growth and utilizing our operational expertise and quality-focused approach to provide value-added services to our customers. Key elements of our business strategy include:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.6pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Disciplined capital allocation and well-timed growth.</i><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">&#160;We have a diligent and patient approach to capital allocation and expanding our fleet and we are selective as to the quality of vessels we seek to acquire. We believe that our commitment and selectivity in growing our fleet has been instrumental in building our reputation for quality and service excellence. We also believe that financial flexibility and well-timed quality fleet growth is key to delivering superior returns.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 18pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Focus on modern high-quality, mid-size product and chemical tankers. </i><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We maintain a modern fleet, with all vessels built in high-quality yards in South Korea or Japan.&#160;The average sizes of our product and chemical tankers are substantially similar to the median sizes of the global fleets for product tankers and chemical tankers. We have developed our strategic focus around mainstream tanker sizes that are readily employed and actively traded worldwide in broad and deep markets. As a result of the overlap between the product and chemical sectors, we believe that our fleet composition enables us to take advantage of opportunities, both operationally and strategically, while also providing investment diversification.</span></td></tr></table></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">35</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Optimizing fuel efficiency.</i><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">&#160;The shipping industry is experiencing a steady increase in fuel efficiency, and we intend to remain at the forefront of this development. Our Eco-design vessels incorporate many of the latest technological improvements, such as electronically controlled engines, more efficient hull forms matched with energy efficient propellers, and decreased water resistance. In addition, we achieve further improvements through engine diagnostics and operational performance monitoring.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 18pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Commercial independence, flexibility and customer service.</i><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">&#160;Through our in-house chartering and commercial team and our ship management joint venture arrangement, we have an integrated operating platform resulting in leading commercial and operational performance. We maintain a broad range of existing and potential spot customers, and potential time-charter customers, to maximize commercial flexibility and customer diversification. Maintaining outstanding customer service is a cornerstone of our business and we seek customers that value our active approach to fuel efficiency and service delivery.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Low cost structure.</i><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">&#160;We have established a solid foundation for growth while cost-effectively managing our operating expenses and corporate overhead. We intend to grow our staff as needed and to realize further economies of scale as our fleet expands. At the core of our business philosophy is the belief that well-run companies can deliver high quality service and achieve efficiency simultaneously, through hands-on management, effective communication with employees, and constant re-evaluation of budgets and operational performance.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, we view our ETP as being consistent with, and as an extension of, our business strategy; it builds on our core strengths, and we intend to play a leading role in moving toward true sustainability as a tanker company. &#160;The basic framework of our ETP is as follows:</p><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We are in the business of liquid bulk transportation, and over time we anticipate that our activity will migrate more toward non-fossil fuel cargoes for which demand is expected to grow along with the global economy. During the year ended December&#160;31,&#160;2024, approximately 15.8% of our business included the transportation of non-fossil fuel cargo.</span></td></tr></table><p style="font-family:'Arial','Helvetica','sans-serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We believe there is significant opportunity in our industry for continued improvement in fuel efficiency, as well as early adoption of transition and zero carbon fuels, and that we can play a role in assisting others through partnerships.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Arial','Helvetica','sans-serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We believe that many of our customers have similar incentives to decarbonize their supply chains and will approach this through close collaboration with shipping companies possessing the mindset and expertise to assist them in achieving their aims.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As part of our growth strategy, we regularly monitor, evaluate and enter into discussions regarding potential expansion opportunities, including through vessel and business acquisitions and joint ventures. &#160;We are selective in implementing our growth strategy and there is no assurance that any existing or future evaluations, discussions or negotiations relating to these opportunities will result in competed or successful transactions.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">36</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Corporate Officers, Staff and Seafarers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Biographical information with respect to each of our directors and executive officers is set forth in Item 6 (&#8220;Directors, Senior Management and Employees&#8221;) of this Annual Report.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024, we employed 56 full-time staff onshore. Through AASML, our 50%-owned joint venture ship manager, approximately 880 seafarers serve our fleet, including 475 officers and cadets and 405 crew.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Commercial management is provided directly by our in-house chartering and commercial team.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Customers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our customers include national, regional, and international companies and all of our vessels but one are employed directly on the tanker spot market through our in-house chartering and commercial team. We may in the future seek to deploy our vessels on time charter arrangements or on the tanker spot market via third party commercial pool employment. We believe that developing strong relationships with the end users of our services allows us to better satisfy their needs with appropriate and capable vessels.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A prospective charterer&#8217;s financial condition, creditworthiness, and reliability track record are important factors in negotiating our vessels&#8217; employment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Competition</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We operate in markets that are highly competitive and based primarily on supply and demand. We compete for charters on the basis of price, vessel location, size, age and condition of the vessel, as well as our reputation. Ownership of tanker vessels is highly fragmented and is divided among publicly listed companies, state-controlled owners and private ship-owners.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">The International Product and Chemical Tanker Industry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">The information and data contained in this section relating to the international product and chemical tanker shipping industry have been provided by Drewry Maritime Research (&#8220;Drewry&#8221;) and is taken from Drewry&#8217;s database and other sources. Drewry has advised that: (i)&#160;some information in their database is derived from estimates or subjective judgments; (ii)&#160;the information in the databases of other maritime data collection agencies may differ from the information in their database. We believe all third-party data provided in this section, &#8220;The International Product and Chemical Tanker Industry,&#8221; is reliable</i><i style="font-style:italic;">.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The world tanker fleet is generally divided into four main categories of vessels based on the main type of cargo carried. These categories are crude oil, refined petroleum products (both clean and dirty products) &#8211; hereinafter referred to as products &#8211; chemicals (including vegetable oils and fats) and specialist products such as bitumen. There is some overlap between the main tanker types and the cargoes carried, which is explained in the table below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">37</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Principal Tanker Types and Main Cargoes Carried</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:29.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:29.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Vessel Type</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Ship&#160;Size&#160;-&#160;Dwt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Tank&#160;Type</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">IMO&#160;Status</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Principal&#160;Cargo</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Other&#160;Cargoes</b></p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">ULCC/VLCC</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">200,000+</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Uncoated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Non IMO</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Crude Oil</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Suezmax</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">125,000 - 199,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Uncoated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Non IMO</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Crude Oil</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Aframax </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">85,000 - 124,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Uncoated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Non IMO</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Crude Oil</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Refined Products - Dirty</p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Panamax </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">55,000 - 84,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Uncoated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Non IMO</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Crude Oil</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Refined Products - Dirty</p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Large Range 3 (LR3)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">125,000-199,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Coated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Non IMO</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Refined Products</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Crude</p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Large Range 2 (LR2)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">85,000 - 124,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Coated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Non IMO</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Refined Products</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Crude</p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Large Range 1 (LR1)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">55,000 - 84,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Coated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Non IMO</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Refined Products</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Crude</p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Medium Range (MR)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">25,000 - 54,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Coated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">IMO 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Refined Products</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Chemicals/Veg Oils</p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">25,000 - 54,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Coated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">IMO 3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Refined Products</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Chemicals/Veg Oils</p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">25,000 - 54,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Coated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Non IMO</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Refined Products</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">25,000 - 54,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Uncoated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Non IMO</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Refined Products</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Small Range (SR)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">10,000 - 24,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Coated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Non IMO</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Refined Products</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">10,000 - 24,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Coated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">IMO 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Refined Products</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Chemicals/Veg Oils</p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Stainless Steel 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style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">IMO 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Chemicals/Veg Oils</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Refined Products</p></td></tr><tr><td style="vertical-align:bottom;width:29.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Specialist Tankers</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">10,000+</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Uncoated/Coated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Non IMO</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Various e.g. Bitumen</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Source: Drewry</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In the 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This includes some crude oil, fuel oil, and vacuum gas oil (often called 'dirty products'), as well as gas oil, gasoline, jet fuel, kerosene, and naphtha (often referred to as 'clean products'). Tankers with no IMO certification, but with coated cargo tanks are designed to carry clean products, while tankers with IMO certification (normally IMO 2 or IMO 3) and coated cargo tanks are capable of carrying both clean products and chemicals/vegetable oils and fats. Given the facts mentioned above, a tanker with IMO 2 certification and with an average tank size in excess of 3,000 cubic meters (&#8220;cbm&#8221;) is normally classified as a product tanker, while a tanker with IMO 2 certification and an average tank size of less than 3,000 cbm is normally categorized as a chemical tanker.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In essence, products can be carried in coated non-IMO tankers and IMO-rated coated tankers. By this definition, the product capable tanker fleet consists of nearly 45% of the total tanker fleet (above 10,000 dwt) in number terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Global Oil Demand and Supply</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="text-decoration-line:line-through;text-decoration-style:solid;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Oil continues to be a vital component of the energy mix. Despite some short-term fluctuations, oil demand continues to increase globally, driven by several key factors including economic growth, industrial expansion, urbanization and the growth of the petrochemical industry.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">From 2010 to 2019, there was a steady increase in global oil demand. Demand grew from approximately 84.8 million barrels per day in 2010 to around 100.3 mbd in 2019. This period was characterized by a consistent rise in consumption, particularly in Asia, where rapid industrialization and urbanization fueled the demand for energy.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The COVID-19 pandemic led to a significant decline in demand in 2020, as lockdowns and travel restrictions were implemented worldwide. However, demand rebounded in 2021 as restrictions eased and economies began to recover. This recovery continued into 2022 and 2023, driven by increased personal mobility and economic activity. Despite this, global </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">38</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);min-height:219.65pt;"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">oil demand remained below pre-pandemic levels. In 2024, growth in demand slowed, particularly in China, due to a weaker Chinese economy and a decrease in vehicular fuel consumption as electric vehicles became more prevalent. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Growth in oil demand and changing trade patterns have altered the structure of the tanker market in recent years. New technologies, such as horizontal drilling and hydraulic fracturing, triggered a shale oil revolution in the U.S., and in 2013, for the first time in two decades, the U.S. produced more oil than it imported. In view of the rising surplus in oil production, the U.S. Congress lifted a 40-year-old ban on crude oil exports in 2015, which was put in place after the Arab oil embargo in 1973, thereby allowing U.S. oil producers access to international markets. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The first shipments of U.S. crude were sent to Europe immediately after the lifting of the ban, and since then, exports to other destinations have followed. 2017 marked a very important development for U.S. crude producers as the country exported crude to every major importer, including China, India, South Korea, and several European countries. Consequently, U.S. crude oil exports averaged 1.2 mbpd and 2.1 mbpd in 2017 and 2018 respectively, with increasing production encouraging greater loadings in the Gulf of Mexico. &#160; &#160; &#160; &#160; &#160; </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="text-decoration-line:line-through;text-decoration-style:solid;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Between 2017 and 2023, U.S. crude oil exports showed a significant upward trend, with a CAGR of 23.4%.<span style="font-family:'Segoe UI';font-size:10.5pt;background:#fafafa;"> </span>Despite the COVID-19 pandemic and a steep decline in crude oil prices in 2020, exports remained strong, partly due to the China-U.S. phase one trade deal and rising demand from Europe. Exports increased drastically in the past two years on the back of higher demand for U.S. crude oil following sanctions on Russia, the U.S.'s release of oil from emergency reserves, and increased domestic production. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">U.S. Crude Oil Production and U.S. Product Exports</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><img src="asc-20241231x20f001.jpg" alt="Graphic" style="display:inline-block;height:219.65pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:485.3pt;"/></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">*Source: JODI</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Product Tanker Demand</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Product tanker demand is influenced by several factors, including economic activity, global demand for refined products, arbitrage trading, and trade patterns. In addition, geopolitical events, such as conflicts and sanctions, as well as environmental regulations and the availability of transport alternatives, can significantly impact trade routes and demand. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">World seaborne tanker trade volumes normalized in 2024 after surging in 2022 and 2023 as global oil demand moderated driven by a slowdown in the West and China. The slowdown in naphtha demand due to challenging economic conditions </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">39</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">in China and low demand in Japan and Taiwan has weighed on the naphtha trade, while low diesel demand due to lackluster industrial activity subdued diesel trade. This was partially offset by increased jet fuel demand, which supported the product trade. Product trade grew 0.2% per annum in 2024, lower than the 3.1% increase in 2023. Despite the modest growth in seaborne trade, tonne-mile demand increased, primarily due to the re-routing of vessels via the Cape of Good Hope (COGH). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Global seaborne tanker trade grew 2.9% per annum in 2023 and 3.2% per annum in 2022, driven by robust oil demand and increased chemical trade. Oil demand benefited from the post-COVID-19 rebound in China&#8217;s oil consumption and a healthy growth in demand in developing countries of Asia and Latin America. Firm demand for vegoils from India and China strengthened the chemical tanker trade. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Between 2018 and 2021, seaborne trade fell at an annual rate of 4.2% for crude oil and 1.8% for oil products, whereas it grew at an annual rate of 1.7% for chemicals. The outbreak of COVID-19 severely affected the demand for crude oil and refined petroleum products in 2020 as several major economies enforced lockdowns to contain the spread of the virus and mitigate the damage caused by the pandemic.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As a result of the growth in trade and changes in the location of refinery capacity, demand for product tankers expressed in tonne-miles grew at a CAGR of 2.8% between 2010 and 2019. However, tonne-mile demand declined by 8.9% in 2020 on account of restrictions imposed by several major economies to contain the spread of COVID-19. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Product tanker tonne-mile demand has grown steadily in recent years (2021-24), driven by shifting trade patterns, rising oil demand, and geopolitical disruptions. The Russia-Ukraine conflict and the EU's refined product embargo led to an increase in long-haul trade between Europe, Asia, and the Middle East, boosting demand for product tankers. Additionally, disruptions in the Red Sea have forced many Europe-bound tankers to reroute around the Cape of Good Hope, significantly extending voyage distances and further increasing tonne-mile demand. Compared to crude oil trade, product tanker demand tends to be more stable and less volatile, supported by consistent growth in refined product shipments.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;background:#ffff00;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">World Seaborne Tanker Trade Volumes</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:22.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div 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style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div 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style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div 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style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:22.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:15.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Crude&#160;Oil</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:15.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Oil&#160;Products</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:15.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Chemicals</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:15.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;width:5.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;<b style="font-weight:bold;">Global&#160;</b><b style="font-weight:bold;"><br/></b><b style="font-weight:bold;">GDP&#160;</b><b style="font-weight:bold;"><br/></b><b style="font-weight:bold;">(IMF)</b>&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:22.65%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Year</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Million&#160;tons</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">%&#160;y-o-y</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Million&#160;tons</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">%&#160;y-o-y</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Million&#160;tons</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">%&#160;y-o-y</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Million&#160;tons</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">%&#160;y-o-y</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">%&#160;y-o-y</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:22.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">2014</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1,904</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-0.9%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">914</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1.1%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">252</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-0.1%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3,070</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-0.2%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.6%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:22.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">2015</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1,974</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.7%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">963</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">5.3%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">266</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">5.4%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3,202</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">4.3%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.5%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:22.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">2016</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">2,060</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">4.4%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.8%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">267</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">0.6%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3,327</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.9%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.4%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:22.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">2017</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">2,121</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">2.9%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1,043</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">4.3%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">287</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">7.3%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3,450</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.7%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.8%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:22.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">2018</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">2,116</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-0.2%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1,055</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1.1%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">298</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.9%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3,468</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">0.5%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.6%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:22.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">2019</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">2,080</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-1.7%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1,036</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-1.8%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">308</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.5%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3,424</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-1.3%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">2.8%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:22.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1,885</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-9.4%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">931</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-10.1%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">304</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-1.4%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3,120</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-8.9%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-3.1%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:22.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1,858</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-1.4%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">7.3%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">313</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.0%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3,171</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1.6%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">5.9%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:22.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1,955</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">5.2%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1,015</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1.6%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">301</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-4.0%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3,271</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.2%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.4%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:22.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">2,014</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.0%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1,046</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.1%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">304</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1.1%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3,365</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">2.9%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.0%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:22.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">2024*</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">2,001</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-0.7%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1,048</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">0.2%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">300</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-1.3%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3,349</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-0.5%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.2%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:22.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">2025F</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">2,008</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-0.3%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1,063</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1.4%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">302</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">-0.8%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3,373</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">0.2%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.2%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">* Provisional estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Note: Provisional number. Historical trade numbers have been revised based on changes in the number of reported countries, change in trade estimates for some of the reported countries, etc.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Source: Drewry, IMF</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">40</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);min-height:243pt;"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Seaborne Product Trade and Tonne-Mile Demand</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><img src="asc-20241231x20f002.jpg" alt="Graphic" style="display:inline-block;height:243pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:485.3pt;"/></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">* Provisional estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Source: Drewry</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Global Refining Trends</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Two significant developments in world refining patterns over the past five years have been the shift towards crude-oil-producing regions developing their own refinery capacity, along with capacity expansions in China and India. Concurrently, poor refinery margins have led to the closure of refineries in developed regions such as Europe, Australia, Japan, and the U.S. This has resulted in long-haul imports to meet product demand on routes like the west coast of India to Europe and the U.S. eastern seaboard. Refinery shutdowns near consuming regions globally are also driving the demand for product imports. For instance, in Australia, trade from Singapore has become increasingly important to offset the conversion of local refineries into storage depots. This trend is part of a broader increase in intra-Asian trade, which is boosting the demand for product tankers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Between 2010 and 2019, refinery throughput increased by 6.5% in the OECD Americas and 1.5% in OECD Asia Oceania, reaching 19.1 mbpd and 6.8 mbpd respectively. In contrast, OECD Europe declined by 0.5% to 12.2 mbpd. Overall, OECD's refining throughput was 38.1 mbpd in 2019, accounting for 46.6% of global refinery throughput.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In 2020, OECD refinery throughput declined by 13.4% to 33.1 mbpd, making up 44.5% of the global total, due to the pandemic's impact on demand. Refinery runs began to recover in 2021 with improved oil demand, but high prices led to inventory drawdowns, limiting gains. Global refinery throughput continued to rise in 2022 and 2023, driven by new Chinese refineries and strong domestic demand. However, growth slowed in 2024 as refinery expansion in China and Latin America decreased.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">41</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);min-height:11.5pt;"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Refinery Throughput</b><sup style="font-size:7.5pt;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;"> (1)</sup><b style="font-weight:bold;"> 2014-2024</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">(&#8216;000 Barrels Per Day)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:17.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><div 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style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:17.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">2014</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">2015</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">2016</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">2017</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">2018</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">2019</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">2021</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">2022</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">2024*</b></p></td></tr><tr><td style="vertical-align:bottom;width:17.37%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">OECD Americas</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 18,934</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 18,850</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 18,960</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 19,290</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 19,400</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 19,100</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 16,500</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 17,800</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 18,700</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 18,700</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 19,100</span></p></td></tr><tr><td style="vertical-align:bottom;width:17.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">OECD Europe</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 11,232</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 11,900</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 11,920</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 12,300</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 12,100</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 12,200</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 10,700</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 11,000</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 11,500</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 11,400</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 11,300</span></p></td></tr><tr><td style="vertical-align:bottom;width:17.37%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">OECD Asia Oceania</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,652</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,700</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,890</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 7,200</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 7,000</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,800</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 5,900</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 5,800</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,100</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 5,800</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 5,700</span></p></td></tr><tr><td style="vertical-align:bottom;width:17.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">FSU</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 7,069</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,850</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,880</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,880</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 7,000</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,800</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,400</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,700</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,400</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,500</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,300</span></p></td></tr><tr><td style="vertical-align:bottom;width:17.37%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">Non-OECD Europe</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 557</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 500</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 500</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 570</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 600</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 600</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 400</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 400</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 500</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 400</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 400</span></p></td></tr><tr><td style="vertical-align:bottom;width:17.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">China</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 10,864</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 10,400</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 10,790</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 11,830</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 12,000</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 13,000</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 13,400</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 14,400</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 13,700</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 14,800</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 14,600</span></p></td></tr><tr><td style="vertical-align:bottom;width:17.37%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">Other Asia</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 8,541</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 10,000</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 10,380</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 10,440</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 10,600</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 10,300</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 9,200</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 9,600</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 10,300</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 10,500</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 10,700</span></p></td></tr><tr><td style="vertical-align:bottom;width:17.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">Latin America</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 4,545</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 4,550</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 4,200</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 3,830</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 3,500</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 3,200</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 3,000</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 3,200</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 3,400</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 3,600</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 3,700</span></p></td></tr><tr><td style="vertical-align:bottom;width:17.37%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">Middle East</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,501</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,450</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,810</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 7,520</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 8,000</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 7,700</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 6,900</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 7,600</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 8,100</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 8,700</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 9,300</span></p></td></tr><tr><td style="vertical-align:bottom;width:17.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">Africa</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 2,255</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 2,250</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 2,090</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 1,920</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 2,100</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 2,000</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 1,900</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 1,900</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 1,800</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 1,600</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><span style="font-size:8.5pt;">&#160;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><span style="font-size:8.5pt;white-space:pre-wrap;"> 1,800</span></p></td></tr><tr><td style="vertical-align:bottom;width:17.37%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Total</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;white-space:pre-wrap;"> 77,150</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;white-space:pre-wrap;"> 78,450</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;white-space:pre-wrap;"> 79,420</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;white-space:pre-wrap;"> 81,780</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;white-space:pre-wrap;"> 82,300</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;white-space:pre-wrap;"> 81,700</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;white-space:pre-wrap;"> 74,300</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;white-space:pre-wrap;"> 78,400</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;white-space:pre-wrap;"> 80,500</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;white-space:pre-wrap;"> 82,000</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.76%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0pt 0pt;"><b style="font-size:8.5pt;font-weight:bold;white-space:pre-wrap;"> 82,900</b></p></td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1px;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;padding-left:18.7pt;text-align:justify;text-indent:-18.7pt;"><span style="display:inline-block;font-size:8pt;font-style:italic;min-width:18.3pt;text-indent:0pt;white-space:nowrap;">(1)</span><i style="font-size:8pt;font-style:italic;">The difference between oil consumption and refinery throughput is accounted for by condensates, output gains, direct burning of crude oil and other non-gas liquids.</i></div><div style="margin-top:6pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">*Provisional estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Source: IEA</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In the last few years, Asia and the Middle East have steadily increased their export-oriented refinery capacity. As a result of these developments, countries such as India and Saudi Arabia have consolidated their positions as major exporters of products. Export-oriented refineries in India and the Middle East, coupled with the closure of refining capacity in the developed world, have promoted greater long-haul shipments to cater to product demand.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="letter-spacing:-0.2pt;">Nearly 0.06 mbpd of new refining capacity in Africa, 0.06 mbpd in China and 0.13 mbpd in the Middle East are scheduled to come online in 2025 with nearly 0.36 mbpd of existing refinery capacity in OECD countries expected to be phased out. From 2025 to 2029, the anticipated additions to refinery capacity (illustrated in the chart below) is 2.14 mbpd, or 2.0% of the global refinery capacity at the end of 2024</span>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">42</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);min-height:247.7pt;"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Planned Additions to Global Refining Capacity</b><sup style="font-size:7.5pt;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">(Million Barrels Per Day)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><img src="asc-20241231x20f004.jpg" alt="Graphic" style="display:inline-block;height:247.7pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:485.3pt;"/></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1px;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:0.3pt;"></span><i style="font-style:italic;">(1)</i><span style="display:inline-block;width:6.34pt;"></span><i style="font-style:italic;">Assumes all announced plans go ahead as scheduled</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Source: IEA</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In developed economies, refinery capacity is declining and is expected to continue this trend. New refinery developments are focused in regions like Asia and the Middle East, or near oil-producing centers, primarily for export purposes. These new refineries are more competitive as they can process sour crude oil and are more technically advanced and environmentally friendly compared to existing refineries in Europe and other developed economies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Chinese and Indian refinery capacities have grown faster than any other global region in the last decade, driven by strong domestic oil consumption and the construction of export-oriented refineries. From 2014 to 2024, Chinese refining capacity increased by 30.0%, while India's grew by 28.3%. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">43</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);min-height:252.25pt;"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">China and India &#8211; Refining Capacity</b><sup style="font-size:7.5pt;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">(&#8216;000 Barrels Per Day)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><img src="asc-20241231x20f006.jpg" alt="Graphic" style="display:inline-block;height:252.25pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:485.3pt;"/></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-style:italic;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:8pt;font-style:italic;font-weight:normal;">Capacity for 2023 to 2027 assumes all announced plans go ahead as scheduled</i></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Source: BP, IEA</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Product Tanker Supply</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The global product tanker fleet is classified as any non-stainless steel/specialized tanker between 10,000 dwt and 55,000 dwt, as well as coated and other &#8216;product-capable&#8217; vessels over 55,000 dwt. As of December&#160;31,&#160;2024, the world product tanker fleet consisted of 3,290 vessels with a combined capacity of 192.3 million dwt. &#160;MR vessels account for 57.2% of the product tanker fleet with a total capacity of 110.0 million dwt. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024, the MR product tanker orderbook was 323 vessels totaling 15.8 million dwt. The MR orderbook as a percentage of the existing MR fleet, in terms of dwt, was 14.4% compared with close to 50% at the last peak in 2008. Based on scheduled deliveries, 5.0 million dwt of MR product tankers are due for delivery in 2025, a further 6.3 million dwt in 2026, 3.8 million dwt in 2026 and 0.7 million dwt in 2028 and future years. The MR fleet is expected to grow by 4.5% in 2025 and 5.5% in 2026, assuming no scrapping. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The other factor that will affect future supply is demolition activity. The volume of scrapping is primarily a function of the age profile of the fleet, scrap prices in relation to the current and prospective charter market conditions, operating, repair and survey costs, and environmental regulations. Following low scrapping activity in 2019 and 2020, demolition surged in 2021 in response to relatively weak crude and product tanker earnings with 139 tankers totaling 10.3 million dwt sold to scrapyards (including 48 MR tankers totaling 2.0 million dwt). High tanker rates in 2022 curbed demolitions with 41 tankers totaling 3.1 million dwt demolished (including 12 MR tankers totaling 0.5 million dwt). High freight rates kept the demolitions muted in 2023 with 11 tankers totaling 0.3 million dwt demolished (including 6 MR tankers totaling 0.2 million dwt). Demolitions remained muted in 2024 with 13 tankers totaling 1.9 million dwt demolished (1 demolitions for MR tankers). &#160;</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">44</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In the long run, regulations such as CII may squeeze tonnage availability due to scrapping of old non-complaint vessels and slow steaming. &#160;Meanwhile, the share of alternative-fuel capable vessels in the orderbook continues to increase as shipowners aim for a more efficient fleet. In addition, these regulations may also lead to increased scrapping and fleet renewal. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">World Tanker Fleet and Orderbook: December&#160;31,&#160;2024</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:23.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:23.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:20%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Orderbook&#160;Delivery</b></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Vessel Type/Class</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:12.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Fleet</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:12.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Orderbook</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:20%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Schedule&#160;(M&#160;Dwt)</b></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">M&#160;Dwt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Size&#160;dwt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">M&#160;Dwt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">%&#160;Fleet&#160;Dwt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2025</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2026</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2027</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2028+</b></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">ULCC/VLCC</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">905</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">278.8</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">200,000+</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">84</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">26.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">9.3%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">1.5</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">7.5</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">12.7</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">4.3</i></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Suezmax</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">647</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">101.6</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">125,000-199,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">106</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16.7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">16.4%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">4.7</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">6.0</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">5.3</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.6</i></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Aframax (Uncoated)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">701</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">77.2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">85,000-124,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">41</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">6.1%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.9</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">1.5</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">1.8</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.5</i></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Panamax (Uncoated)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">75</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">5.2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">55,000-84,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0.1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">2.5%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.0</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.1</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.0</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.0</i></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Crude Tankers</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2,328</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">462.8</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">233</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">47.5</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">10.3%</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">7.2</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">15.1</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">19.9</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">5.4</b></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;Large Range 3 (LR3)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">20</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3.2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">125,000-199,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">0.0%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.0</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.0</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.0</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.0</i></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;Large Range (LR2)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">456</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">50.4</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">85,000-124,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">176</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">20.1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">40.0%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">5.5</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">6.2</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">6.2</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">2.3</i></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;Large Range 1 (LR1)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">393</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">28.7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">55,000-84,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">64</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.8</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">16.7%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.8</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">1.6</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">1.9</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.4</i></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">LR Product Tankers</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">869</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">82.3</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">240</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">24.9</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">30.3%</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">6.3</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">7.7</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">8.1</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2.7</b></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Coated IMO 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,240</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">57.3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">25,000-54,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">241</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">11.8</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">20.7%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">4.0</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">5.1</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">2.2</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.7</i></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Coated IMO 3 &amp; Non IMO Coated/Uncoated</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,181</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">52.7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">25,000-54,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">84</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">7.7%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">1.1</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">1.3</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">1.7</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.0</i></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total MR</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2,421</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">110.0</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">325</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">15.9</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">14.4%</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">5.1</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">6.3</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">3.8</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">0.7</b></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Small Range</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,066</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15.9</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">10,000-24,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">138</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2.4</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">15.3%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">1.0</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">1.0</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.5</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.0</i></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Stainless Steel Tankers</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">862</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">19.2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">10,000+</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">187</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.9</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">25.6%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.9</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">1.7</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">1.7</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">0.6</i></p></td></tr><tr><td style="vertical-align:bottom;width:23.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total All Tankers</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">7,546</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">690.2</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.08%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">1,123</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.9%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">95.7</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">13.9%</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">20.5</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">31.8</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">33.9</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">9.4</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Source: Clarksons Research, Drewry</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Impact of Regulations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">IMO 2020 Regulation on Low Sulfur Fuel</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">IMO 2020 regulations on low sulfur fuel came into force on January 1, 2020. For many years, high sulfur fuel oil (&#8220;HSFO&#8221;) has been the main fuel of the shipping industry. It is relatively inexpensive and widely available, but has a high sulfur content and is the reason that maritime shipping accounted for 8% of global emissions of sulfur dioxide (&#8220;SO<sub style="font-size:7.5pt;vertical-align:sub;">2</sub>&#8221;) prior to 2020, a significant source for acid rain as well as respiratory diseases. IMO 2020 regulation aimed at lowering the emission of SO2 by either allowing shipping companies to use low-sulfur fuel oil (LSFO) or installing scrubbers and continuing to use HSFO. Many shipowners, particularly with larger vessel sizes such as VLCC, installed scrubbers, while others opted for using LSFO. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">IMO GHG Strategy</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">At the MEPC 80 session in July 2023, the IMO revised its GHG emission reduction targets in line with the Paris Agreement, setting more ambitious targets compared to its 2018 initial GHG strategy. The organization now aims for net-zero emissions from the shipping industry by 2050. IMO has added two indicative checkpoints for GHG reduction &#8211; i) To reduce the total annual GHG emissions from international shipping by at least 20%, striving for 30% in 2030, compared to 2008 and ii) To reduce the total annual GHG emissions from international shipping by at least 70%, striving for 80% by 2040, compared to 2008. In addition, targets have been set for 2030: i) Reduction of CO2 emission per transport work, by at least 40% compared to 2008; and an uptake in zero or near-zero GHG emission fuels by at least 5% striving for 10%.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">45</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Achieving these targets will require a combination of setting energy efficiency requirements, energy saving technologies, and encouraging shipowners to use alternative fuels such as biofuels, and electro/synthetic fuels such as hydrogen or ammonia. It may also include limiting the speed of ships. Currently, there is uncertainty regarding the exact measures that the IMO will undertake to achieve these targets. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">IMO-related uncertainty is a key factor preventing ship owners from placing new orders, as the vessels with conventional propulsion systems may have a high environmental compliance cost and possibly faster depreciation in asset values in the future. Some ship owners have decided to manage this risk by ordering LNG/methanol fueled ships to comply with stricter regulations that may be announced in future. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 4pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The IMO concluded MEPC 80, addressing the current GHG measures and an additional basket of mid-term measures, including an economic and technical measure. Details on these measures will be discussed further in the upcoming inter-sessional meetings held by the IMO. The economic measure is expected to come in the form of a GHG levy and the technical measure will introduce a Goal Based Fuel Standard (GFS), which will assess the fuels that are used onboard on a life cycle basis according to the life cycle GHG intensity of marine fuels (LCA) guidelines. Both measures are expected to be implemented in 2027. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EU ETS and FuelEU</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition to the IMO regulation, the EU has proposed a set of proposals including the EU Emissions Trading System (&#8220;EU ETS&#8221;) and the FuelEU Maritime Initiative. Shipping emissions will be phased into the EU ETS gradually, starting in 2024, resulting in obligations to surrender allowances covering 40% of in-scope emissions in 2024, 70% in 2025 and 100% in 2026. The EU ETS will include 100% of emissions from voyages and port calls within the EU and 50% of emissions from voyages between an EU port and a non-EU country. In addition, Methane (CH<sub style="font-size:7.5pt;vertical-align:sub;">4</sub>) and Nitrous oxide (N<sub style="font-size:7.5pt;vertical-align:sub;">2</sub>O) will be included from 2026. The EU ETS provides rules regarding GHG intensity with respect to energy used on-board all ships arriving in the EU. It aims to reduce net GHG emission by at least 55% by 2030 and makes climate neutrality by 2050 legally binding. All ship owners trading in European waters will need to comply with these regulations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The European Union's FuelEU Maritime Regulation (&#8220;FEM&#8221;), which will come into effect on January 1, 2025 establishes a framework for decarbonizing the maritime industry within the European Union and European Economic Area (EEA). It dictates mandatory reductions in the yearly average greenhouse gas (GHG) intensity of energy used aboard ships operating in these regions. This reduction applies to the vessel's entire energy lifecycle, encompassing "well-to-wake" emissions. This comprehensive approach includes emissions associated with fuel extraction, cultivation, production, transportation, and onboard usage. FEM sets the limits on the GHG intensity of energy used onboard ships without prescribing any particular fuel or technology. These limits are set in relation to a reference value, corresponding to the fleet average GHG intensity of energy used onboard ships in 2020, based on verified EU MRV data. 91.16 G CO2 eq/MJ is the reference value of GHG intensity of energy used, which is reduced based on the following criteria: 2% in 2025, 6% in 2030, 14.5% in 2035, 31% in 2040, 62% in 2045 and 80% in 2050. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 4pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Ships will be required to undertake a combination of initiatives in order to comply with the upcoming environmental regulations. These may range from switching to low/zero carbon alternative fuels, paying carbon taxes, retrofitting energy-saving devices, propulsion improvement devices as well as voyage optimization techniques. The emission control regulations could slow the speed of the vessels in the next few years. Consequently, this will lead to a reduction in the availability of ships and therefore, in the short- to medium-term, will benefit ship owners with younger fleets as charter rates should potentially increase. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 4pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Besides the IMO regulations, the decarbonization of shipping is being propelled by various state and non-state stakeholders of the shipping industry. In recent years, there have been several developments such as the Sea Cargo Charter, Poseidon Principles for ship finance banks and Poseidon Principles for Marine Insurance. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">46</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, there have been several industry-led initiatives to facilitate movement towards low/zero-carbon shipping such as Getting to Zero Coalition, The Castor Initiative for Ammonia, the Global Centre for Maritime Decarbonization, and the M&#230;rsk Mc-Kinney M&#248;ller Center for Zero Carbon Shipping.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EEXI and CII</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In June 2021, the IMO adopted amendments to the International Convention for the Prevention of Pollution from ships, that will require vessels to reduce their greenhouse gas emissions. These amendments are a combination of technical and operational measures and came into force on November 1, 2022, with the requirements for EEXI (Energy Efficiency Existing Ship Index) and CII (Carbon Intensity Indicator) certification, effective January 1, 2023. These will be monitored by the flag administration and corrective actions will be required in the event of constant non-compliance. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A review clause requires the IMO to review the effectiveness of the implementation of the CII and EEXI requirements, by January 1, 2026, at the latest. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">EEXI is a technical measure and applies to ships above 400 GT. It is a design parameter that assesses the potential carbon intensity of the vessels. It indicates the energy efficiency of the ship compared to a baseline and is based on a required reduction factor (expressed as a percentage relative to the Energy Efficiency Design Index (&#8220;EEDI&#8221;) baseline). As per Drewry&#8217;s analysis, most vessels will have to undergo Engine Power Limitation (EPL) to comply with the design parameter required by EEXI regulation. EPL will cap the maximum speed at which the vessel can operate. Since the vessel operating speeds in 2022 were lower than the maximum speed after EPL, it is unlikely that the EEXI regulation will have a significant impact on vessel operations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">CII is an operational measure which specifies carbon intensity reduction requirements for vessels with 5,000 GT and above. The CII determines the annual reduction factor needed to ensure continuous improvement of the ship&#8217;s operational carbon intensity within a specific rating level. The operational carbon intensity rating would be given on a scale of A, B, C, D, or E indicating a major superior, minor superior, moderate, minor inferior, or inferior performance level, respectively. The performance level would be recorded in the ship&#8217;s Ship Energy Efficiency Management Plan (&#8220;SEEMP&#8221;). A ship rated D for three consecutive years or E would have to submit a corrective action plan to show how the required index (C or above) could be achieved. To reduce carbon intensity, ship owners can switch from oil to alternative fuels such as LNG or methanol. Some marine fuels such as ammonia and hydrogen have zero-carbon content. Other options to improve energy efficiency include propeller upgrading/polishing, hull cleaning/coating and retrofitting vessels with the wind-assisted propulsion systems. Reducing ship speeds also helps in complying with the regulations as it lowers fuel consumption, and it is easy to implement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 4pt 0pt;">IMO&#8217;s Marine Environment Protection Committee (MEPC) is expected to review the effectiveness of the implementation of the CII and EEXI by 1 January 2026. The review would focus on the effectiveness of the short-term measures in reducing the carbon intensity of international shipping, apart from some other elements. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Alternative Fuels for Shipping </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The IMO aims for net-zero emissions from the shipping industry by 2050. This can&#8217;t be achieved with existing fuels and so has encouraged innovation in alternative fuels. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The IMO has also been planning other technical and operational measures in order to meet emission targets. Alternative fuels like LPG and methanol are mainly used on vessels carrying these as cargo while LNG is used as a fuel in LNG vessels and also in other vessels. While Hydrogen is in the initial stages of development as a marine fuel, Ammonia as a marine fuel is making slow progress due to skepticism regarding its toxicity.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">LNG is expected to remain a preferred alternative fuel in the near to medium term due to its availability. However, LNG is still a fossil fuel and is unable to meet the IMO 2050 decarbonization target. Another drawback is that LNG propulsion requires an LNG capable engine which would require additional capex and increased fuel storage space. Biofuel is another potential alternative fuel because it requires no major engine modification, and therefore, no significant additional capex is required.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">47</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Energy Transition</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Oil demand growth is projected to persist in the coming years due to the slower than expected energy transition and as energy security has become a greater focus. Several oil majors are increasing their capital expenditure on oil and gas projects while reducing their expenditure on renewable energy projects.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">However, as the cost of EVs becomes competitive against internal combustion engine vehicles, and charging infrastructure is developed across the world, EVs as a percentage of the automotive fleet is forecast to increase, reducing demand for gasoline and diesel in the long run. While the focus on decarbonization may impact global oil demand, the demand for naphtha and jet fuel is likely to remain robust.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">The Product Tanker Freight Market</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In 1Q 2024, spot rates got a boost due to Red Sea disruptions with many Europe-bound tankers avoiding the Suez Canal and being diverted to a significantly longer route via the Cape of Good Hope. However, they declined in the following quarters and reached a yearly low in September mainly due to weak demand, a reduction in east-west trading activity, and crude tankers entering the clean petroleum products (CPP) trade. Meanwhile, time charter rates continued to fall and reached a yearly low in December. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Russia-Ukraine conflict, which started in 2022, resulted in a shift from short-haul trade between Europe and Russia to long-haul trade between Europe and the Middle East/U.S., thus supporting the product tanker freight rates. The imposition of a price cap on Russian crude oil and refined products led to Russian refined products flowing towards alternative destinations like Turkey and Brazil, deviating from their previously established routes. This shift in trade patterns resulted in a surge in tonne-mile demand. In 2023, increased oil demand also supported freight rates. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The outbreak of COVID-19 in 2020 caused unprecedented turbulence, with lockdown measures leading to a sharp drop in oil demand and limited onshore storage capacity. This resulted in a surge in demand for tankers as floating storage, temporarily boosting freight rates. However, as crude production cuts took effect and refinery activity slowed, vessel earnings declined, particularly as ships previously used for storage re-entered the trading fleet.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In preceding years, freight rates were influenced by inventory de-stocking, shifting trade flows, and regulatory changes. The introduction of IMO 2020 regulations contributed to a surge in diesel trade, while geopolitical events, such as U.S. sanctions on key shipping entities, led to temporary capacity constraints and upward pressure on product tanker rates. The interplay of these factors has shaped tanker earnings, with periods of volatility driven by supply-demand imbalances, trade disruptions, and regulatory developments.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The chart below illustrates the trend in MR spot and time charter rates from January 2015 to December 2024. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">48</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);min-height:189pt;"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">MR Product Tanker Freight Rates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(U.S.$ Per Day)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><img src="asc-20241231x20f007.jpg" alt="Graphic" style="display:inline-block;height:188.65pt;left:0%;padding-bottom:0.35pt;position:relative;top:0pt;width:485.3pt;"/></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Source: Drewry, Note &#8211; 1 Year Timecharter rates are for Eco MR vessels</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Asset values</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Between 2003 and early 2008, newbuilding prices increased significantly, primarily driven by increased tanker demand and rising freight rates. After reaching a peak in 2008, newbuild prices largely followed a declining trend during 2008-2020 due to lower tanker demand and the fall in freight rates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Newbuild prices started to increase in 2021, fueled by the increased bargaining power of shipyards with excess orders from other shipping sectors. This trend continued in 2022 due to higher costs of raw materials and limited shipyard slots. In 2023, a sustained rise in newbuilding prices for MR vessels was observed, primarily driven by increased labor costs and high inflation. Increased tonnage utilization of yards also supported this upward trend. In 2024, newbuilding prices surged, reaching an all-time high in October. However, asset prices have since softened due to an unconventional winter market for product tankers, where freight rates failed to rise, impacting asset values. In December 2024, a five-year-old MR product tanker was estimated to be valued at $47.5 million. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The second-hand sale and purchase market, traditionally characterized by liquidity, has generally mirrored the trajectory of freight rates and newbuilding prices. Second-hand prices peaked in 2008 and declined significantly during 2008-2020. In 2022, the uptrend in newbuild tanker prices, coupled with higher demolition prices, pushed up second-hand vessel prices. In 2023, buoyed by the strong charter rates, second-hand prices increased in tandem with newbuild prices. The trends in newbuilding prices, second-hand values, and freight rates for an MR tanker from 2014 to 2024 are summarized in the table below.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">49</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">MR Product Tankers: Freight Rate and Asset Value Summary</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:51.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Spot&#160;TCE</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:17.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Time&#160;charter&#160;(U.S.$/day)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:18.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Asset&#160;Prices&#160;(U.S.$million)</b></p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Period Averages</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(US$/day)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">&#160;&#160;&#160;&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><i style="font-style:italic;">1&#160;Year</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">&#160;&#160;&#160;&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><i style="font-style:italic;">3&#160;Year</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">&#160;&#160;&#160;&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Newbuild</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">&#160;&#160;&#160;&#160;</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><i style="font-style:italic;">5&#160;Year&#160;Old</i></p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2014</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">9,833</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14,438</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15,417</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">36.9</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">27.1</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2015</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">18,375</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">17,271</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16,458</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">36.1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">25.8</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2016</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">9,767</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15,125</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15,354</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">33.1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">24.8</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2017</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">9,158</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">13,188</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14,333</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">32.7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">23.4</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2018</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">9,299</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">13,175</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14,500</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">35.3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">26.5</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2019</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14,592</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14,667</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15,500</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">36.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">28.8</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2020</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">18,551</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14,879</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15,083</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">34.8</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">28.0</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2021</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">6,398</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">12,442</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">14,500</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">37.3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">27.8</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2022</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">35,638</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">20,317</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">15,042</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">42.4</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">34.4</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2023</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">30,217</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">26,833</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">17,458</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">46.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">41.4</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">29,750</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">27,608</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">23,908</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">51.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">46.5</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Dec-24</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">28,900</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">26,200</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">21,500</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">47.5</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">43.5</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">2020-2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">5 Year Avg</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">24,111</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">20,416</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">17,198</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">42.3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">35.6</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">5 Year Low</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,088</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">11,800</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">13,750</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">34.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">26.0</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">5 Year High</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">58,200</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">30,200</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">26,000</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">52.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">49.5</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">2015-2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">10 Year Avg</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">18,174</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">17,550</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">16,214</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">38.5</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">30.7</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">10 Year Low</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1,088</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">11,800</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">13,750</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">32.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">22.0</p></td></tr><tr><td style="vertical-align:bottom;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">10 Year High</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">58,200</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.8%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">30,500</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">26,000</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">52.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">49.5</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Source: Drewry, Note &#8211; Spot TCE and Time charter rates are for non-eco vessels, Spot rates are for Atlantic market only and will differ from reported earnings</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">The Chemical Tanker Industry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Introduction</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="letter-spacing:-0.2pt;">The global chemical industry is one of the largest and most diversified industries in the world, with more than 1,000 large and medium-sized companies manufacturing over 70,000 different product lines. Although most specialist chemicals are used locally, world trade is becoming an increasingly prominent part of the global chemical industry for a number of reasons. This ranges from local stock imbalances to a lack of local production of particular chemicals in various parts of the world. In broad terms, the growth of seaborne trade in bulk liquid chemicals has tracked trends in economic activity and globalization.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The seaborne transportation of chemicals is technically and logistically complex compared with the transportation of crude oil and oil products, with cargoes ranging from hazardous and noxious chemicals to products such as edible oils and fats. Consequently, the chemical tanker sector comprises a wide array of specially constructed small and medium sized tankers designed to carry chemical products in various stages of production. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Chemical Tanker Demand</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The demand for chemicals is affected by, among other things, general economic conditions (including increases and decreases in industrial production and transportation), chemical prices, feedstock costs, and chemical production capacity. Since they are used in industries, chemical demand, and as a result the demand for seaborne transport, is well-correlated with global GDP. Given the geographical complexity and the diversity of cargoes involved in addition to the way in which some cargoes are transported, estimating the total seaborne trade in chemicals is difficult. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">50</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);min-height:240.15pt;"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Essentially, there are four main types of chemicals transported by sea: organic chemicals, inorganic chemicals, vegetable oils and fats and other commodities such as molasses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Seaborne Chemical Trades</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">(Million Tons)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><img src="asc-20241231x20f008.jpg" alt="Graphic" style="display:inline-block;height:240.15pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:485.3pt;"/></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1px;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">* Provisional estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Source: Drewry</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Saudi Arabia and the U.S. are two key exporters of organic chemicals, accounting for approximately 24.3% of all exports, while China accounts for about 36.7% of the total organic chemical imports. South Korea and India are also important players in the trade of organic chemicals and together account for nearly 13.6% of all exports. The four organic chemicals most frequently traded by sea are methanol, styrene, benzene, and paraxylene. Organic chemicals represent around 40% to 45% of global seaborne trade of chemicals whereas inorganic chemical trade accounts for around 10-15% of total seaborne movements. They are not traded as widely as organic chemicals as they present several transport problems &#8211; not only are they very dense, but they are also highly corrosive. Vegetable/Animal Oils &amp; Fats is another key component of the seaborne chemical trade and accounts for nearly 30% of the total trade of chemicals. Palm oil accounts for 53% of the Vegetable/Animal Oils &amp; Fats trade, followed by soybean oil and sunflower seed oil.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">From a regional perspective, activity is focused on three main geographical areas. Europe is a mature, established producing region, contributing over one quarter of total chemical production. Much of Europe&#8217;s production serves domestic requirements. This manifests itself in increased demand for short-sea services rather than deep-sea trades. North American (predominantly the U.S.) manufacturers produce about one-fifth of the major chemical products in the world. Although most U.S. production is for domestic use, particularly where gasoline additives are involved, the country also produces above domestic requirements, which results in significant export volumes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">51</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In the U.S., the chemicals industry has been affected by the development of shale gas. Increased supplies of natural gas in the U.S. have already served to push down domestic gas prices, and the fall in natural gas prices has had a beneficial impact on feedstock costs for the petrochemical industry. In particular, the cost of ethane has fallen significantly since 2011, thereby increasing the competitiveness of the U.S. petrochemical industry within a global perspective. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Accordingly, U.S. ethylene production costs have fallen to levels where the U.S. can now compete with Middle Eastern suppliers, which opens up new opportunities to expand U.S. ethylene cracking capacity, and subsequently, petrochemical capacity. Several ethylene-cracking petrochemical plants have been established during 2013-2022 in the U.S. and globally driving rising ethane demand in the U.S. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Ethylene is a precursor for many organic chemicals shipped by sea (e.g., ethylene dichloride, ethylene glycol), so increased production will lead to&#160;increased availability of downstream chemical products for export from the U.S. Although the Middle East will continue to be the largest supplier of organic chemicals, the U.S. will be a major exporter of methanol and ethylene derivatives to the Far East market. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Chemical Tanker Supply</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Chemical tankers are characterized mainly by cargo containment systems, which are technically more sophisticated than those found in conventional oil and product tankers. Since chemical tankers are often required to carry many products, which are typically hazardous and easily contaminated, cargo segregation and containment is an essential feature of these tankers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Chemicals can only be carried in a tanker which has a current IMO Certificate of Fitness (&#8220;CoF&#8221;). The IMO regulates the carriage of chemicals by sea under the auspices of the International Bulk Chemical Code (&#8220;IBC&#8221;), which classifies potentially dangerous cargoes into three categories, typically referred to as IMO 1, IMO 2, and IMO 3. Specific IMO conventions govern the requirements for particular tanks to be classified as each grading, with the pertinent features of each tank being the internal volume and its proximity to the sides and bottom of the vessel&#8217;s hull. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The carriage of 18 cargoes is restricted to IMO 1 classified vessels, while most cargoes require IMO 2 vessels, including vegetable oils and palm oils. One concession to the IBC Code regulations is an allowance that IMO 3 tankers might carry other edible oils &#8211; an exemption introduced due to the tendency for such cargoes to be shipped in large bulk parcels. This often requires ships of up to MR size. Despite this exemption, these vessels are not &#8216;true&#8217; chemical tankers in the general sense of the word as they are not able to carry IMO 2 cargoes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As well as defining the chemical tanker fleet in terms of IMO type, it is also possible to further define the fleet according to the degree of tank segregation, tank size and tank coating as detailed below. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:6pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:17.85pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;">Chemical parcel tankers:</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> Over 75% of the tanks are segregated with an average tank size less than 3,000 cbm, all of which are stainless steel. A typical chemical parcel tanker might be IMO 2 with a capacity of 20,000 dwt and have 20 fully segregated tanks which are of stainless steel.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;">Chemical bulk tankers</span><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">:</b><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> Vessels with a lower level of tank segregations (below 75%), with an average tank size below 3,000 cbm, and with coated tanks. A typical chemical bulk tanker might be 17,000 dwt with 16 coated tanks, but could also be IMO 2 with 8 segregations.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Given the above, a broad definition of a chemical tanker is any vessel with a current IMO CoF with coated and/or stainless-steel tanks and an average tank size of less than 3,000 cbm. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Overall, within the product and chemical tanker fleets, it is important to recognize that there are a group of &#8216;swing&#8217; ships which can trade in either products or in chemicals, vegetable oils, and fats. For example, a product tanker with IMO 2 certification might trade from time to time in easy chemicals such as caustic soda. Equally, an IMO 2 chemical tanker can, in theory, carry products. The sector in which these &#8216;swing&#8217; ships trade will depend on a number of factors, with the main influences being the exact technical specifications of the ship, the last cargo carried, the state of the freight market in each sector, and the operating policy of the ship owner/operator.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">52</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December 31, 2024, the global IMO 2 coated and stainless-steel tanker fleet consisted of 1,937 vessels with a combined capacity of 44.0 million dwt. The orderbook consisted of 319 vessels with an aggregate capacity of 7.9 million dwt, or 18.1% of the existing fleet. In addition, chemical tankers are relatively complex vessel types to build, which increases the barriers to entry for shipyards, and the pool of yards that shipowners are willing to consider is small.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">World Coated IMO 2 and Stainless Steel Tanker Fleet and Orderbook: December 31, 2024</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:27.35%;margin:0pt;padding:0pt;"><div 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Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.17%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:27.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:11.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Fleet</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:18.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Orderbook</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:27.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Orderbook&#160;Delivery&#160;Schedule&#160;(M&#160;Dwt)</b></p></td></tr><tr><td style="vertical-align:bottom;width:27.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Ship Type</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Size&#160;(DWT)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Number</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><i style="font-style:italic;">M&#160;Dwt</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><i style="font-style:italic;">Number</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><i style="font-style:italic;">M&#160;Dwt</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.17%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><i style="font-style:italic;">%&#160;Fleet</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><i style="font-style:italic;">2025</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><i style="font-style:italic;">2026</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><i style="font-style:italic;">2027</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><i style="font-style:italic;">2028+</i></p></td></tr><tr><td style="vertical-align:bottom;width:27.35%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Coated IMO 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">10,000+</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1075</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">24.9</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">136</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">3.2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.17%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">13.0%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">0.4</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">0.7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">0.3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">0.0</p></td></tr><tr><td style="vertical-align:bottom;width:27.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:27.35%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Stainless Steel</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">10,000+</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">862</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">19.1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">183</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">4.7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.17%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">24.6%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">0.8</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">0.7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">0.4</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">0.0</p></td></tr><tr><td style="vertical-align:bottom;width:27.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.17%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:27.35%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">1937</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">44.0</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">319</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">7.9</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.17%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">18.1%</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">1.2</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">1.4</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.65%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">0.7</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.73%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">0.0</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Source: Drewry</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">The Chemical Tanker Freight Market</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Nearly 40% to 60% of all chemical movements are covered by Contract of Affreightment (&#8220;COAs&#8221;), while the spot market covers 35% to 40% of chemical movements. The remainder is made up of other charter arrangements and cargoes moved in the vessels controlled by exporters or importers. However, the COA-spot ratio varies depending on the vessel sizes, shipowners&#8217;/operators&#8217; chartering strategy, and other factors. In the chemical tanker freight market, the level of reporting of fixture information is far less widespread than for the oil tanker market. Furthermore, it is not always possible to establish a monthly series of rates for an individual cargo, on a given route, because fixing is often sporadic, or more often than not covered by contract business. For these reasons, the assessment of spot freight rate trends in the freight market is made by using a small number of routes where there is sufficient fixture volume to produce meaningful measurements. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In 2024, TCE rates reached their highest level in May but moderated thereafter due to weak overall demand and less support from the subdued CPP market. Overall, the TCE rates increased 5.1% YoY. This followed strong years in 2022 and 2023, with TCE earnings in the chemical tanker market showing robust growth, driven by rising tonne-mile demand and limited vessel supply. Swing tankers moved away from chemical and vegetable oil trades to take advantage of higher earnings in the CPP market. The market was facing challenges in 2021 as ongoing contraction in production and consumption of chemicals due to COVID-19 led to a slowdown in the shipping market for chemicals/vegetable oils. In 2020, global seaborne chemical trade fell 3.6%, due to weak demand on account of the COVID-19 pandemic; however, TCE rates increased by 4.6% as many vessels shifted to trade in the product tanker market which limited the availability of vessels operating in the chemical tanker market. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Chemical Tanker Asset Values</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As in other shipping sectors, chemical tanker sale and purchase values also show a relationship with the charter market and newbuilding prices. Newbuilding prices are influenced by shipyard capacity and increased steel prices; second-hand vessel values may vary because of the country of construction and the level of outfitting of such vessels. Although there has been a relatively high level of activity in recent years, chemical vessels can be difficult to market to buyers due to the complexity of operations in the chemical market and they may not always achieve their initial newbuilding premium. Newbuilding price trends in the chemical tanker sector are more difficult to track than product tankers due to the lower volume of ordering and variation in specification. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Newbuilding prices increased in 2022 due to high material costs, labor shortages, global inflationary pressures, and limited shipyards slots. Newbuilding prices increased further in 2023 despite softening steel prices due to global inflationary pressures. Second-hand prices strengthened due to limited tonnage availability and high freight rates. In 2023, prices were higher than the average prices over the past ten years for both newbuilding and secondhand vessels. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">53</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);min-height:11.5pt;"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Newbuilding prices have been rising since January 2024 due to factors like inflation, limited yard capacity amid high demand and rising labor costs. Second-hand values remained firm throughout the year, the historically low deliveries this year contributed to the high demand for second-hand tonnage, in turn raising their values.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Chemical Tankers: Freight Rate and Asset Value Summary</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:5pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:39.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:39.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TCE</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:20.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Newbuilding&#160;Price&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:20.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Secondhand&#160;Price</b><sup style="font-size:6pt;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;">(1)&#160;</sup></p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">U.S.$/Day</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:20.19%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(U.S.$million)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:20.19%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(U.S.$million)</b></p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Year</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">35-37,000</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">22-24,000</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">35-37,000</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">22-24,000</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">35-37,000</b></p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">2014</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">14,719</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">29.2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">34.2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">14.5</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">15.7</p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">2015</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">19,675</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">27.8</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">32.8</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">13.8</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">17.0</p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">2016</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">14,178</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">26.9</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">31.9</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">14.6</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">16.5</p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">2017</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">12,462</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">26.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">31.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">13.4</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">14.6</p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">2018</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">12,159</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">26.4</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">31.7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">12.6</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">13.6</p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">2019</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">14,424</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">29.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">34.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">12.5</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">14.2</p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">2020</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">15,093</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">27.1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">32.5</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">12.7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">14.7</p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">2021</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">12,264</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">27.6</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">35.5</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">12.9</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">14.8</p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">2022</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">22,400</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">30.6</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">40.6</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">15.1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">19.3</p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">2023</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">23,500</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">31.5</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">41.5</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">17.5</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">24.9</p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">2024*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">24,700</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">33.3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">44.5</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">18.1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">28.7</p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">2015-2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">10 Year Avg</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">17,085</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">28.6</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">35.6</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">14.3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">17.8</p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">10 Year Low</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">12,159</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">26.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">31.0</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">12.5</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">13.6</p></td></tr><tr><td style="vertical-align:bottom;width:39.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">10 Year High</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">24,700</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">33.3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">44.5</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">18.1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">28.7</p></td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1px;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">* Provisional estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">For a 10-year old vessel</i></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Note: The above values are for coated chemical tankers</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Source: Drewry</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Environmental and Other Regulations in the Shipping Industry</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Government regulation and laws significantly affect the ownership and operation of our fleet. We are subject to international conventions and treaties, national, state and local laws and regulations in force in the countries in which our vessels may operate or are registered relating to safety and health and environmental protection including the storage, handling, emission, transportation and discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations and other requirements entails significant expense, including vessel modifications and implementation of certain operating procedures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A variety of government and private entities subject our vessels to both scheduled and unscheduled inspections. These entities include the local port authorities (applicable national authorities such as the USCG, harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers, particularly terminal operators. Certain of these entities require us to obtain permits, licenses, certificates and other authorizations for the operation of our vessels. Failure to maintain necessary permits or approvals could require us to incur substantial costs or result in the temporary suspension of the operation of one or more of our vessels.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Increasing environmental concerns have created a demand for vessels that conform to stricter environmental standards. We are required to maintain operating standards for all of our vessels that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with United States and international regulations. We believe that the operation of our vessels is in substantial compliance with applicable environmental laws and regulations and that our vessels have all material permits, licenses, certificates or other authorizations necessary for the conduct of our operations. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">54</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">However, because such laws and regulations frequently change and may impose increasingly stricter requirements, we cannot predict the ultimate cost of complying with these requirements, or the impact of these requirements on the resale value or useful lives of our vessels. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, a future serious marine incident that causes significant adverse environmental impact could result in additional legislation or regulation that could negatively affect our profitability.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">International Maritime Organization</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_Hlk59311066"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The International Maritime Organization, the United Nations agency for maritime safety and the prevention of pollution by vessels (the &#8220;IMO&#8221;), has adopted the International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of 1978 relating thereto, collectively referred to as MARPOL 73/78 and herein as &#8220;MARPOL,&#8221; the International Convention for the Safety of Life at Sea of 1974 (&#8220;SOLAS Convention&#8221;), and the International Convention on Load Lines of 1966 (the &#8220;LL Convention&#8221;). MARPOL establishes environmental standards relating to, among other things, oil leakage or spilling, garbage management, sewage, air emissions, handling and disposal of noxious liquids and the handling of harmful substances in packaged forms. IMO committees also have adopted resolutions relating to international certificates of fitness for the carriage of dangerous chemicals in bulk and providing for enhanced vessel inspection programs. MARPOL is applicable to drybulk, tanker and LNG carriers, among other vessels, and is broken into six Annexes, each of which regulates a different source of pollution. Annex I relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried in bulk in liquid or in packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex VI, lastly, relates to air emissions. Annex VI was separately adopted by the IMO in September of 1997; new emissions standards, titled IMO-2020, took effect on January 1, 2020. We may need to make certain financial expenditures to continue to comply with these regulations. We believe that all our vessels are currently compliant in all material respects with these regulations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Air Emissions</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits &#8220;deliberate emissions&#8221; of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and the shipboard incineration of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions, as explained below. Emissions of &#8220;volatile organic compounds&#8221; from certain vessels, and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls, or &#8220;PCBs&#8221;) are also prohibited. We believe that all our vessels are currently compliant in all material respects with these regulations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Marine Environment Protection Committee, or &#8220;MEPC&#8221; adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting substances, which entered into force on July 1, 2010. The amended Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used on board ships. On October 27, 2016, MEPC 70 agreed to implement a global 0.5% m/m sulfur oxide emissions limit (reduced from 3.50%) starting from January 1, 2020. This limitation can be met by using low-sulfur compliant fuel oil, alternative fuels, or certain exhaust gas cleaning systems. Ships are now required to obtain bunker delivery notes and International Air Pollution Prevention (&#8220;IAPP&#8221;) Certificates from their flag states that specify sulfur content. Additionally, at MEPC 73, amendments to Annex VI to prohibit the carriage of bunkers above 0.5% sulfur on ships, with the exception of vessels fitted with exhaust gas cleaning equipment (&#8220;scrubbers&#8221;) which can carry fuel of higher sulfur content, were adopted and took effect March 1, 2020. In November 2020, MEPC 75 adopted amendments to Annex VI which, among other things, added new paragraphs related to in-use and onboard fuel oil sampling and testing. &#160;These paragraphs would require one or more sampling points to be fitted or designated for the purpose of taking representative samples of the fuel oil being used or carried for use on board the ship. &#160;These amendments entered into force on April 1, 2022. &#160;These regulations subject ocean-going vessels to stringent emissions controls and may cause us to incur substantial costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">55</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Sulfur content standards are even stricter within certain &#8220;Emission Control Areas,&#8221; or (&#8220;ECAs&#8221;). As of January 1, 2015, ships operating within an ECA were not permitted to use fuel with sulfur content in excess of 0.1%m/m. Amended Annex VI establishes procedures for designating new ECAs. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Currently, the IMO has designated five ECAs, including specified portions of the Baltic Sea area, Mediterranean Sea area, North Sea area, North American area and United States Caribbean area. The Mediterranean Sea became an ECA on May 1, 2024, and compliance obligations will begin May 1, 2025. Ocean-going vessels in these areas will be subject to stringent emission controls and may cause us to incur additional costs. Other areas in China are subject to local regulations that impose stricter emission controls In July 2023, MEPC 80 announced three new ECA proposals, including the Canadian Arctic waters and the North-East Atlantic Ocean, which were adopted in draft amendments to Annex IV that will enter into force in March 2026. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels are adopted by the U.S. Environmental Protection Agency (&#8220;EPA&#8221;) or the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The amended Annex VI also established new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their date of installation. Tier III NOx standards were designed for the control of NOx produced by vessels and apply to ships that operate in the North American and U.S. Caribbean Sea ECAs with marine diesel engines installed and constructed on or after January 1, 2016. Tier III requirements could apply to additional areas designated for Tier III NOx in the future. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen oxide for ships built on or after January 1, 2021. The EPA promulgated equivalent (and in some senses stricter) emissions standards in 2010. As a result of these designations or similar future designations, we may be required to incur additional operating or other costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">At MEPC 70, Regulation 22A of MARPOL Annex VI became effective as of March 1, 2018 and requires ships above 5,000 gross tonnage to collect and report annual data on fuel oil consumption to an IMO database, with the first year of data collection having commenced on January 1, 2019. The IMO used such data as part of its initial roadmap (through 2023) for developing its strategy to reduce greenhouse gas emissions from ships, as discussed further below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of January 1, 2013, MARPOL made mandatory certain measures relating to energy efficiency for ships. All ships are now required to develop and implement Ship Energy Efficiency Management Plans (&#8220;SEEMP&#8221;), and new ships must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the Energy Efficiency Design Index (&#8220;EEDI&#8221;). Under these measures, by 2025, all new ships built will be 30% more energy efficient than those built in 2014. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">MEPC 75 adopted amendments to MARPOL Annex VI which brought forward the effective date of the EEDI&#8217;s &#8220;phase 3&#8221; requirements from January 1, 2025 to April 1, 2022 for several ship types, including gas carriers, general cargo ships, and LNG carriers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">56</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Additionally, in 2022, MEPC amended Annex VI to impose new regulations to reduce greenhouse gas emissions from ships. &#160;These amendments introduced requirements to assess and measure the energy efficiency of all ships and set the required attainment values, with the goal of reducing the carbon intensity of international shipping. &#160;The requirements include (1) a technical requirement to reduce carbon intensity based on a new Energy Efficiency Existing Ship Index (&#8220;EEXI&#8221;), and (2) operational carbon intensity reduction requirements, based on a new operational carbon intensity indicator (&#8220;CII&#8221;). &#160;The attained EEXI is required to be calculated for ships of 400 gross tonnage and above, in accordance with different values set for ship types and categories. With respect to the CII, the draft amendments would require ships of 5,000 gross tonnage to document and verify their actual annual operational CII achieved against a determined required annual operational CII. All ships above 400 gross tonnage must also have an approved SEEMP on board. &#160;For ships above 5,000 gross tonnage, the SEEMP needs to include certain mandatory content. That same year, MEPC amended MARPOL Annex I to prohibit the use and carriage for use as fuel of heavy fuel oil (&#8220;HFO&#8221;) by ships in Arctic waters on and after July 1, 2024. In 2021, MEPC 77 adopted a non-binding resolution which urges Member States and ship operators to voluntarily use distillate or other cleaner alternative fuels or methods of propulsion that are safe for ships and could contribute to the reduction of Black Carbon emissions from ships when operating in or near the Arctic. MEPC 79 adopted amendments to MARPOL Annex VI, Appendix IX to include the attained and required CII values, the CII rating and attained EEXI for existing ships in the required information to be submitted to the IMO Ship Fuel Oil Consumption Database. MEPC 79 also revised the EEDI calculation guidelines to include a CO2 conversion factor for ethane, a reference to the updated ITCC guidelines, and a clarification that in case of a ship with multiple load line certificates, the maximum certified summer draft should be used when determining the deadweight. These amendments entered into force on May 1, 2024. In July 2023, MEPC 80 approved the plan for reviewing CII regulations and guidelines, which must be completed at the latest by January 1, 2026. This review commenced at MEPC 82 in Fall 2024, and there will be no immediate changes to the CII framework, including correction factors and voyage adjustments, before the review is completed.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Safety Management System Requirements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The SOLAS Convention was amended to address the safe manning of vessels and emergency training drills. The Convention of Limitation of Liability for Maritime Claims (the &#8220;LLMC&#8221;) sets limitations of liability for a loss of life or personal injury claim or a property claim against ship owners. We believe that our vessels are in full compliance with SOLAS and LLMC standards.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under Chapter IX of the SOLAS Convention, or the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the &#8220;ISM Code&#8221;), our operations are also subject to environmental standards and requirements. The ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for operating its vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system that we and our technical management team have developed for compliance with the ISM Code. The failure of a vessel owner or bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate evidences compliance by a vessel&#8217;s management with the ISM Code requirements for a safety management system. No vessel can obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by each flag state, under the ISM Code. We have obtained applicable documents of compliance for our offices and safety management certificates for all of our vessels for which the certificates are required by the IMO. The document of compliance and safety management certificates are renewed as required.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Regulation II-1/3-10 of the SOLAS Convention governs ship construction and stipulates that ships over 150 meters in length must have adequate strength, integrity and stability to minimize risk of loss or pollution. Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force in 2012, with July 1, 2016 set for application to new oil tankers and bulk carriers. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">57</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The SOLAS Convention regulation II-1/3-10 on goal-based ship construction standards for bulk carriers and oil tankers, which entered into force on January 1, 2012, requires that all oil tankers and bulk carriers of 150 meters in length and above, for which the building contract is placed on or after July 1, 2016, satisfy applicable structural requirements conforming to the functional requirements of the International Goal-based Ship Construction Standards for Bulk Carriers and Oil Tankers (&#8220;GBS Standards&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Amendments to the SOLAS Convention Chapter VII apply to vessels transporting dangerous goods and require those vessels be in compliance with the International Maritime Dangerous Goods Code (&#8220;IMDG Code&#8221;). Effective January 1, 2018, the IMDG Code includes (1) provisions for radioactive material, reflecting the latest provisions from the International Atomic Energy Agency, (2) marking, packing and classification requirements for dangerous goods and (3) mandatory training requirements. Amendments which took effect on January 1, 2020 also reflect the latest material from the UN Recommendations on the Transport of Dangerous Goods, including (1) provisions regarding IMO type 9 tanks, (2) abbreviations for segregation groups, and (3) special provisions for carriage of lithium batteries and of vehicles powered by flammable liquid or gas. Additional amendments, which came into force on June 1, 2022, include (1) addition of a definition of dosage rate, (2) additions to the list of high consequence dangerous goods, (3) new provisions for medical/clinical waste, (4) addition of various ISO standards for gas cylinders, (5) a new handling code, and (6) changes to stowage and segregation provisions. The newest edition of the IMDG Code took effect on January 1, 2024, although the changes are largely incremental. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The IMO has also adopted the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (&#8220;STCW&#8221;). As of February 2017, all seafarers are required to meet the STCW standards and be in possession of a valid STCW certificate. Flag states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW requirements into their class rules, to undertake surveys to confirm compliance.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Furthermore, recent action by the IMO&#8217;s Maritime Safety Committee and United States agencies indicates that cybersecurity regulations for the maritime industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats. By IMO resolution, administrations are encouraged to ensure that cyber-risk management systems are incorporated by ship-owners and managers by their first annual Document of Compliance audit after January 1, 2021. In February 2021, the U.S. Coast Guard published guidance on addressing cyber risks in a vessel&#8217;s safety management system. This might cause companies to create additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. The impact of future regulations is hard to predict at this time.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Pollution Control and Liability Requirements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters of the signatories to such conventions. For example, the IMO adopted an International Convention for the Control and Management of Ships&#8217; Ballast Water and Sediments (the &#8220;BWM Convention&#8221;) in 2004. The BWM Convention entered into force on September 8, 2017. The BWM Convention requires ships to manage their ballast water to remove, render harmless or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water and sediments. The BWM Convention&#8217;s implementing regulations call for a phased introduction of mandatory ballast water exchange requirements, to be replaced in time with mandatory concentration limits, and require all ships to carry a ballast water record book and an international ballast water management certificate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On December 4, 2013, the IMO Assembly passed a resolution revising the application dates of the BWM Convention so that the dates are triggered by the entry into force date and not the dates originally in the BWM Convention. This, in effect, makes all vessels delivered before the entry into force date &#8220;existing vessels&#8221; and allows for the installation of ballast water management systems on such vessels at the first International Oil Pollution Prevention (&#8220;IOPP&#8221;) renewal survey following entry into force of the convention. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">58</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The MEPC maintains guidelines for approval of ballast water management systems (G8. At MEPC 72, amendments were adopted to extend the date existing vessels are subject to certain ballast water standards. &#160;Ships over 400 gross tons generally must comply with a &#8220;D-1 standard,&#8221; requiring the exchange of ballast water only in open seas and away from coastal waters. The &#8220;D-2 standard&#8221; specifies the maximum amount of viable organisms allowed to be discharged, and compliance dates vary depending on the IOPP renewal dates. &#160;The standards have been in force since 2019, and for most ships, compliance with the D-2 standard involved installing on-board systems to treat ballast water and eliminate unwanted organisms. Ballast water management systems, which include systems that make use of chemical, biocides, organisms or biological mechanisms, or which alter the chemical or physical characteristics of the ballast water, must be approved in accordance with IMO Guidelines (Regulation D-3). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Since September 8, 2024, all ships have been required to meet the D-2 standard. Costs of compliance with these regulations may be substantial. &#160;Additionally, in November 2020, MEPC 75 adopted amendments to the BWM Convention which would require a commissioning test of the ballast water management system for the initial survey or when performing an additional survey for retrofits. &#160;This analysis will not apply to ships that already have an installed BWM system certified under the BWM Convention. &#160;These amendments entered into force on June 1, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_Hlk155875263"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In December 2022, MEPC 79 agreed that it should be permitted to use ballast tanks for temporary storage of treated sewage and grey water. MEPC 79 also established that ships are expected to return to D-2 compliance after experiencing challenging uptake water and bypassing a BWM system should only be used as a last resort. In July 2023, MEPC 80 approved a plan for a comprehensive review of the BWM Convention over the next three years and the corresponding development of a package of amendments to the Convention. MEPC 80 also adopted further amendments relating to Appendix II of the BWM Convention concerning the form of the Ballast Water Record Book, which are expected to enter into force in February 2025. A protocol for ballast water compliance monitoring devices and unified interpretation of the form of the BWM Convention certificate were also adopted. In March 2024, MEPC 81 adopted amendments to the BWM Convention concerning the use of Ballast Water Record Books in electronic form, which are expected to enter into force in October 2025. &#160;Pursuant to the ongoing review, in Fall 2024, MEPC 82 approved the 2024 Guidance on ballast water record keeping and reporting and the 2024 Guidance for Administrations on the type of approval process for ballast water management systems to support harmonized evaluation by Administrations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Once mid-ocean ballast water exchange or ballast water treatment requirements become mandatory under the BWM Convention, the cost of compliance could increase for ocean carriers and may have a material effect on our operations. However, many countries already regulate the discharge of ballast water carried by vessels from country to country to prevent the introduction of invasive and harmful species via such discharges. The U.S., for example, requires vessels entering its waters from another country to conduct mid-ocean ballast exchange, or undertake some alternate measure, and to comply with certain reporting requirements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The IMO adopted the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocols in 1976, 1984 and 1992, and amended in 2000 (&#8220;the CLC&#8221;). Under the CLC and depending on whether the country in which the damage results is a party to the 1992 Protocol to the CLC, a vessel&#8217;s registered owner may be strictly liable for pollution damage caused in the territorial waters of a contracting state by discharge of persistent oil, subject to certain exceptions. The 1992 Protocol changed certain limits on liability expressed using the International Monetary Fund currency unit, the Special Drawing Rights. The limits on liability have since been amended so that the compensation limits on liability were raised. The right to limit liability is forfeited under the CLC where the spill is caused by the shipowner&#8217;s actual fault and under the 1992 Protocol where the spill is caused by the shipowner&#8217;s intentional or reckless act or omission where the shipowner knew pollution damage would probably result. The CLC requires ships over 2,000 tons covered by it to maintain insurance covering the liability of the owner in a sum equivalent to an owner&#8217;s liability for a single incident. We have protection and indemnity insurance for environmental incidents. P&amp;I Clubs in the International Group issue the required Bunkers Convention &#8220;Blue Cards&#8221; to enable signatory states to issue certificates. All of our vessels are in possession of a CLC State issued certificate attesting that the required insurance coverage is in force.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">59</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The IMO also adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage (the &#8220;Bunker Convention&#8221;) to impose strict liability on ship owners (including the registered owner, bareboat charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered owners of ships over 1,000 gross tons to maintain insurance for pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the LLMC). With respect to non-ratifying states, liability for spills or releases of oil carried as fuel in ship&#8217;s bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or damages occur.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Ships are required to maintain a certificate attesting that they maintain adequate insurance to cover an incident. In jurisdictions, such as the United States where the CLC or the Bunker Convention has not been adopted, various legislative regulatory regimes or common law govern, and liability is imposed either on the basis of fault or on a strict-liability basis.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Anti-Fouling Requirements</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In 2001, the IMO adopted the International Convention on the Control of Harmful Anti-fouling Systems on Ships, or the &#8220;Anti-fouling Convention.&#8221; The Anti-fouling Convention, which entered into force on September 17, 2008, prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea life to the hulls of vessels. Vessels of over 400 gross tons engaged in international voyages will also be required to undergo an initial survey before the vessel is put into service or before an International Anti-fouling System Certificate, or the &#8220;IAFS Certificate,&#8221; is issued for the first time; and subsequent surveys when the anti-fouling systems are altered or replaced. Vessels of 24 meters in length or more but less than 400 gross tons engaged in international voyages will have to carry a Declaration on Anti-fouling Systems signed by the owner or authorized agent. &#160;In November 2020, MEPC 75 approved draft amendments to the Anti-fouling Convention to prohibit anti-fouling systems containing cybutryne, which apply to ships from January 1, 2023, or, for ships already bearing such an anti-fouling system, at the next scheduled renewal of the system after that date, but no later than 60 months following the last application to the ship of such a system. In addition, the IAFS Certificate has been updated to address compliance options for anti-fouling systems to address cybutryne. Ships which are affected by this ban on cybutryne must receive an updated IAFS Certificate no later than two years after the entry into force of these amendments. Ships which are not affected (i.e. with anti-fouling systems which do not contain cybutryne) must receive an updated IAFS Certificate at the next Anti-fouling application to the vessel. These amendments were formally adopted at MEPC 76 in June 2021 and entered into force on January 1, 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Compliance Enforcement</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Noncompliance with the ISM Code or other IMO regulations may subject the ship owner or bareboat charterer to increased liability, may lead to decreases in available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The USCG and European Union authorities prohibit vessels not in compliance with the ISM Code by applicable deadlines from trading in U.S. and European Union ports, respectively. As of the date of this Annual Report, each of our vessels is ISM Code certified. However, there can be no assurance that such certificates will be maintained in the future. The IMO continues to review and introduce new regulations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The U.S. Oil Pollution Act of 1990 (&#8220;OPA&#8221;) established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills. OPA affects all &#8220;owners and operators&#8221; whose vessels trade or operate within the U.S., its territories and possessions or whose vessels operate in U.S. waters, which includes the U.S.&#8217;s territorial sea and its 200 nautical mile exclusive economic zone around the U.S. The U.S. has also enacted the Comprehensive Environmental Response, Compensation and Liability Act (&#8220;CERCLA&#8221;), which applies to the discharge of hazardous substances other than oil, except in limited circumstances, whether on land or at sea.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">OPA and CERCLA both define &#8220;owner and operator&#8221; in the case of a vessel as any person owning, operating or chartering by demise, the vessel. Both OPA and CERCLA impact our operations.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">60</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under OPA, vessel owners and operators are &#8220;responsible parties&#8221; and are jointly, severally and strictly liable (unless the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel). OPA defines these other damages broadly to include:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">injury to, or economic losses resulting from, the destruction of real and personal property;</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">loss of subsistence use of natural resources that are injured, destroyed or lost;</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources;</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(5)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(6)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence use of natural resources.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">OPA contains statutory caps on liability and damages; such caps do not apply to direct cleanup costs. The limits of OPA liability for a tank vessel, other than a single-hull tank vessel, over 3,000 gross tons, is limited to the greater of $2,500 per gross ton or $21,521,300 (previous limit was $2,300 per gross ton or $19,943,400. These limits of liability do not apply if an incident was proximately caused by the violation of an applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship) or a responsible party&#8217;s gross negligence or willful misconduct. The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident as required by law where the responsible party knows or has reason to know of the incident; (ii) reasonably cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High Seas Act.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for cleanup, removal and remedial costs, as well as damages for injury to, or destruction or loss of, natural resources, including the reasonable costs associated with assessing the same, and health assessments or health effects studies. There is no liability if the discharge of a hazardous substance results solely from the act or omission of a third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5.0 million for vessels carrying a hazardous substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations. The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation and assistance as requested in connection with response activities where the vessel is subject to OPA.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort law. OPA and CERCLA both require owners and operators of vessels to establish and maintain with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Vessel owners and operators may satisfy their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. We comply and plan to comply going forward with the USCG&#8217;s financial responsibility regulations by providing applicable certificates of financial responsibility.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">61</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The 2010 <i style="font-style:italic;">Deepwater Horizon</i> oil spill in the Gulf of Mexico resulted in additional regulatory initiatives or statutes, including higher liability caps under OPA, new regulations regarding offshore oil and gas drilling and a pilot inspection program for offshore facilities. However, several of these initiatives and regulations have been or may be revised as a result of political changes. For example, the U.S. Bureau of Safety and Environmental Enforcement&#8217;s (&#8220;BSEE&#8221;) revised Production Safety Systems Rule (&#8220;PSSR&#8221;), effective December 27, 2018, modified and relaxed certain environmental and safety protections under the 2016 PSSR. Additionally, in August 2023, the BSEE released the final Well Control Rule, which strengthens testing and performance requirements, and may affect offshore drilling operations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In January 2021, the former U.S. President issued an executive order temporarily blocking new leases for oil and gas drilling in federal waters, but ultimately, the order was rendered ineffective by a permanent injunction issued by a Louisiana court. After being blocked by the courts, in September 2023, the former U.S. administration announced a scaled back offshore oil drilling plan, including just three oil lease sales in the Gulf of Mexico. In December 2024, the former U.S. administration also approved the sales of oil and gas leases in Alaska. On January 6, 2025, the former U.S. administration announced a ban on new offshore oil and gas drilling in more than 625 million acres of U.S. waters on the Atlantic and Pacific coasts and in Alaska, but Louisiana-led states and fossil fuel groups are challenging the ban. On January 20, 2025, the current U.S. President issued an executive order revoking this ban but will also likely face legal challenge over this revocation. The current U.S. administration has also proposed leasing new sections of U.S. waters to oil and gas companies for offshore drilling. With these rapid changes, compliance with any new requirements of OPA and future legislation or regulations applicable to the operation of our vessels could impact the cost of our operations and adversely affect our business.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring within their boundaries, provided they accept, at a minimum, the levels of liability established under OPA. Some states have enacted legislation providing for unlimited liability for oil spills, and many U.S. states that border a navigable waterway have enacted environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance. These laws may be more stringent than U.S. federal law. Moreover, some states have enacted legislation providing for unlimited liability for discharge of pollutants within their waters, although in some cases, states which have enacted this type of legislation have not yet issued implementing regulations defining vessel owners&#8217; responsibilities under these laws. We intend to comply with all applicable state regulations in the ports where our vessels call.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We currently maintain pollution liability coverage insurance in the amount of $1 billion per incident for each of our vessels. If the damages from a catastrophic spill were to exceed our insurance coverage, it could have an adverse effect on our business and results of operation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Other United States Environmental Initiatives</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The U.S. Clean Air Act of 1970 (including its amendments of 1977 and 1990) (&#8220;CAA&#8221;) requires the EPA to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. Our vessels are subject to vapor control and recovery requirements for certain cargoes when loading, unloading, ballasting, cleaning and conducting other operations in regulated port areas. The CAA also requires states to draft State Implementation Plans, or SIPs, designed to attain national health-based air quality standards in each state. Although state-specific, SIPs may include regulations concerning emissions resulting from vessel loading and unloading operations by requiring the installation of vapor control equipment. Our vessels operating in such regulated port areas with restricted cargoes are equipped with vapor return lines that satisfy these existing requirements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The U.S. Clean Water Act (&#8220;CWA&#8221;) prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a duly issued permit or exemption and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA. In 2015, the EPA expanded the definition of &#8220;waters of the United States&#8221; (&#8220;WOTUS&#8221;), thereby expanding federal authority under the CWA. &#160;Following litigation on the revised WOTUS rule, in December 2018, the EPA and Department of the Army proposed a revised, limited definition of WOTUS. &#160;</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">62</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In 2019 and 2020, the agencies repealed the prior WOTUS Rule and promulgated the Navigable Waters Protection Rule (&#8220;NWPR&#8221;) which significantly reduced the scope and oversight of EPA and the Department of the Army in traditionally non-navigable waterways. On August 30, 2021, a federal district court in Arizona vacated the NWPR and directed the agencies to replace the rule with the pre-2015 definition. In January 2023, the revised WOTUS rule was codified in place of the vacated NWPR. On May 25, 2023, the United States Supreme Court ruled in the case <i style="font-style:italic;">Sackett v. EPA</i> that only wetlands and permanent bodies of water with a "continuous surface connection" to "traditional interstate navigable waters" are covered by the CWA, further narrowing the application of the WOTUS rule. &#160;On August 2023, the EPA and the Department of Army issued the final WOTUS rule, effective on September 8, 2023, that largely reinstated the pre-2015 definition and applied the <i style="font-style:italic;">Sackett</i> ruling. &#160;The scope of what constitutes U.S. waters for purposes of the regulations is subject to ongoing regulatory and judicial refinement. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The EPA and the USCG have also enacted rules relating to ballast water discharge, compliance with which requires the installation of equipment on our vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict our vessels from entering U.S. Waters. The EPA will regulate these ballast water discharges and other discharges incidental to the normal operation of certain vessels within United States waters pursuant to the Vessel Incidental Discharge Act (&#8220;VIDA&#8221;), which was signed into law on December 4, 2018 and replaced the 2013 Vessel General Permit (&#8220;VGP&#8221;) program (which authorizes discharges incidental to operations of commercial vessels and contains numeric ballast water discharge limits for most vessels to reduce the risk of invasive species in U.S. waters, stringent requirements for exhaust gas scrubbers, and requirements for the use of environmentally acceptable lubricants) and current Coast Guard ballast water management regulations adopted under the U.S. National Invasive Species Act (&#8220;NISA&#8221;), such as mid-ocean ballast exchange programs and installation of approved USCG technology for all vessels equipped with ballast water tanks bound for U.S. ports or entering U.S. waters. VIDA establishes a new framework for the regulation of vessel incidental discharges under the U.S. Clean Water Act (&#8220;CWA&#8221;), requires the EPA to develop performance standards for those discharges within two years of enactment, and requires the U.S. Coast Guard to develop implementation, compliance and enforcement regulations within two years of EPA&#8217;s promulgation of standards. On September 24, 2024, the EPA finalized its rule on Vessel Incidental Discharge Standards of Performance, which means that the USCG must now develop corresponding regulations regarding ballast water within two years of that date. Under VIDA, all provisions of the 2013 VGP and USCG regulations regarding ballast water treatment remain in force and effect until the EPA and U.S. Coast Guard regulations are finalized. Non-military, non-recreational vessels greater than 79 feet in length must continue to comply with the requirements of the VGP, including submission of a Notice of Intent (&#8220;NOI&#8221;) or retention of a PARI form and submission of annual reports. We have submitted NOIs for our vessels where required. Compliance with the EPA, U.S. Coast Guard and state regulations could require the installation of ballast water treatment equipment on our vessels or the implementation of other port facility disposal procedures at potentially substantial cost or may otherwise restrict our vessels from entering U.S. waters.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">European Union Regulations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In October 2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance may also lead to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger. Criminal liability for pollution may result in substantial penalties or fines and increased civil liability claims. Regulation (EU) 2015/757 of the European Parliament and of the Council of 29 April 2015 (amending EU Directive 2009/16/EC) governs the monitoring, reporting and verification of carbon dioxide emissions from maritime transport, and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually, which may cause us to incur additional expenses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk ships, as determined by type, age and flag as well as the number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">63</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The regulation also provided the European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced requirements parallel to those in Annex VI relating to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by ships at berth in the Baltic, the North Sea and the English Channel (the so called &#8220;SOx-Emission Control Area&#8221;). As of January 2020, EU member states must also ensure that ships in all EU waters, except the SOx-Emission Control Area, use fuels with a 0.5% maximum sulfur content.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On September 15, 2020, the European Parliament voted to include greenhouse gas emissions from the maritime sector in the European Union&#8217;s carbon market, the EU Emissions Trading System (&#8220;EU ETS&#8221;) as part of its &#8220;Fit-for-55&#8221; legislation to reduce net greenhouse gas emissions by at least 55% by 2030. This will require shipowners to buy permits to cover these emissions. On December 18, 2022, the Environmental Council and European Parliament agreed on a gradual introduction of obligations for shipping companies to surrender allowances equivalent to a portion of their carbon emissions: 40% for verified emissions from 2024, 70% for 2025 and 100% for 2026. &#160;Most large vessels will be included in the scope of the EU ETS from the start. Big offshore vessels of 5,000 gross tonnage and above will be included in the 'MRV' on the monitoring, reporting and verification of CO2 emissions from maritime transport regulation from 2025 and in the EU ETS from 2027. General cargo vessels and off-shore vessels between 400-5,000 gross tonnage will be included in the MRV regulation from 2025 and their inclusion in EU ETS will be reviewed in 2026. Furthermore, starting from January 1, 2026, the ETS regulations will expand to include emissions of two additional greenhouse gases: nitrous oxide and methane.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The EU also adopted the FuelEU Maritime regulation, a proposal included in the "Fit-for-55" legislation, which took effect from January 2025. &#160;FuelEU Maritime sets requirements on the annual average GHG intensity of energy used by ships trading within the EU or European Economic Area (EEA). This intensity is measured as GHG emissions per energy unit (gCO2e/MJ) and, in turn, GHG emissions are calculated in a well-to-wake perspective. The calculation takes into account emissions related to the extraction, cultivation, production and transportation of fuel, in addition to emissions from energy used on board the ship. The baseline for the calculation is the average well-to-wake GHG intensity of the fleet in 2020: 91.16 gCO2e/MJ. The regulatory threshold is set at a 2% reduction in 2025, increasing to 6% in 2030, and accelerating from 2035 to reach an 80% reduction by 2050.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Compliance with the EU ETS and FuelEU Maritime regulations will result in additional compliance and administration costs to properly incorporate the provisions of the Directive into our business routines. Additional EU regulations which are part of the EU&#8217;s "Fit-for-55," could also affect our financial position in terms of compliance and administration costs when they take effect.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"> <span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">International Labour Organization</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The International Labour Organization (the &#8220;ILO&#8221;) is a specialized agency of the UN that has adopted the Maritime Labour Convention 2006 (&#8220;MLC 2006&#8221;). A Maritime Labour Certificate and a Declaration of Maritime Labour Compliance is required to ensure compliance with the MLC 2006 for all ships that are 500 gross tonnage or over and are either engaged in international voyages or flying the flag of a Member and operating from a port, or between ports, in another country. We believe that all our vessels are in substantial compliance with and are certified to meet MLC 2006.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Greenhouse Gas Regulation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Currently, the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention on Climate Change, which became effective in 2005 and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas emissions. International negotiations are continuing with respect to a successor to the Kyoto Protocol, and restrictions on shipping emissions may be included in any new treaty. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">64</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In December 2009, more than 27 nations, including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce greenhouse gas emissions. The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which became effective on November 4, 2016 and does not directly limit greenhouse gas emissions from ships. The U.S. initially entered into the agreement, but on June 1, 2017, the U.S. Administration announced that the United States intends to withdraw from the Paris Agreement and the withdrawal became effective on November 4, 2020. On January 20, 2021, the U.S. Administration issued an executive order to rejoin the Paris Agreement, which the U.S. officially rejoined on February 19, 2021. In January 2025, the current U.S. President signed an executive order to begin the withdrawal of the United States from the Paris Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">At MEPC 70 and MEPC 71, a draft outline of the structure of the initial strategy for developing a comprehensive IMO strategy on reduction of greenhouse gas emissions from ships was approved. In accordance with this roadmap, in April 2018, nations at the MEPC 72 adopted an initial strategy to reduce greenhouse gas emissions from ships. The initial strategy identifies &#8220;levels of ambition&#8221; to reduce greenhouse gas (&#8220;GHG&#8221;) emissions and notes that technological innovation, alternative fuels and/or energy sources for international shipping will be integral to achieve the ambitions. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">At MEPC 77, the Member States agreed to initiate the revision of the Initial IMO Strategy on Reduction of GHG emissions from ships, recognizing the need to strengthen the &#8220;levels of ambition.&#8221; </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In July 2023, MEPC 80 adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships, which builds upon the initial strategy&#8217;s levels of ambition The revised levels of ambition include (1) further decreasing the carbon intensity from ships through improvement of energy efficiency; (2) reducing carbon intensity of international shipping; (3) increasing adoption of zero or near-zero emissions technologies, fuels, and energy sources; and (4) achieving net zero GHG emissions from international shipping. Furthermore, the following indicative checkpoints were adopted in order to reach net zero GHG emissions from international shipping: (1) reduce the total annual GHG emissions from international shipping by at least 20%, striving for 30%, by 2030, compared to 2008 levels; and (2) reduce the total annual GHG emissions from international shipping by at least 70%, striving for 80%, by 2040, compared to 2008 levels In March 2024, MEPC 81 further developed the goal-based marine fuel standard regulating the phased reduction of marine fuel&#8217;s GHG intensity as part of its mid-term measures. &#160;In Fall 2024, MEPC 82 made further progress on the development of these mid-term measures, and the Committee is expected to approve amendments at MEPC 83 (Spring 2025) for adoption in October 2025.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The EU made a unilateral commitment to reduce overall greenhouse gas emissions from its member states from 20% of 1990 levels by 2020. The EU also committed to reduce its emissions by 20% under the Kyoto Protocol&#8217;s second period from 2013 to 2020. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Starting in January 2018, large ships over 5,000 gross tonnage calling at EU ports are required to collect and publish data on carbon dioxide emissions and other information. Under the European Climate Law, the EU committed to reduce its net greenhouse gas emissions by at least 55% by 2030 through its &#8220;Fit-for-55&#8221; legislation package. As part of this initiative, the European Union&#8217;s carbon market, EU ETS, was extended to cover CO2 emissions from all large ships entering EU ports starting in January 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In the United States, the EPA issued a finding that greenhouse gases endanger the public health and safety, adopted regulations to limit greenhouse gas emissions from certain mobile sources and proposed regulations to limit greenhouse gas emissions from large stationary sources. However, in March 2017, the U.S. Administration issued an executive order to review and possibly eliminate the EPA&#8217;s plan to cut greenhouse gas emissions, and in August 2019 the Administration announced plans to weaken regulations for methane emissions. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On August 13, 2020, the EPA released rules rolling back standards to control methane and volatile organic compound emissions from new oil and gas facilities. &#160;In early 2021, the U.S. Administration directed the EPA to publish a proposed rule suspending, revising, or rescinding certain of these rules. The resulting final rule was issued in December 2023. &#160; Such rules may be subject to revision or revocation following the change in federal administration beginning in 2025. &#160;The EPA or individual states could enact these or other environmental regulations that could affect our operations. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">65</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we operate, or any treaty adopted at the international level to succeed the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases could require us to make significant financial expenditures which we cannot predict with certainty at this time. Even in the absence of climate control legislation, our business may be indirectly affected to the extent that climate change may result in sea level changes or certain weather events.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Vessel Security Regulations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Since the terrorist attacks of September 11, 2001 in the United States, there have been a variety of initiatives intended to enhance vessel security such as the U.S. Maritime Transportation Security Act of 2002 (&#8220;MTSA&#8221;). To implement certain portions of the MTSA, the USCG issued regulations requiring the implementation of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States and at certain ports and facilities, some of which are regulated by the EPA.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Similarly, Chapter XI-2 of the SOLAS Convention imposes detailed security obligations on vessels and port authorities and mandates compliance with the International Ship and Port Facility Security Code (&#8220;the ISPS Code&#8221;). The ISPS Code is designed to enhance the security of ports and ships against terrorism. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">To trade internationally, a vessel must attain an International Ship Security Certificate (&#8220;ISSC&#8221;) from a recognized security organization approved by the vessel&#8217;s flag state. Ships operating without a valid certificate may be detained, expelled from, or refused entry at port until they obtain an ISSC. The various requirements, some of which are found in the SOLAS Convention, include, for example, on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related information from among similarly equipped ships and shore stations, including information on a ship&#8217;s identity, position, course, speed and navigational status; on-board installation of ship security alert systems, which do not sound on the vessel but only alert the authorities on shore; the development of vessel security plans; ship identification number to be permanently marked on a vessel&#8217;s hull; a continuous synopsis record kept onboard showing a vessel&#8217;s history including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship&#8217;s identification number, the port at which the ship is registered and the name of the registered owner(s) and their registered address; and compliance with flag state security certification requirements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The USCG regulations, intended to align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security measures, provided such vessels have on board a valid ISSC that attests to the vessel&#8217;s compliance with the SOLAS Convention security requirements and the ISPS Code. Future security measures could have a significant financial impact on us. We intend to comply with the various security measures addressed by MTSA, the SOLAS Convention and the ISPS Code.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The cost of vessel security measures has also been affected by the escalation in the frequency of acts of piracy against ships, notably off the coast of West Africa and Somalia, including the Gulf of Aden and Arabian Sea area. &#160;Substantial loss of revenue and other costs may be incurred as a result of detention of a vessel or additional security measures, and the risk of uninsured losses could significantly affect our business. Costs are incurred in taking additional security measures in accordance with Best Management Practices to Deter Piracy, notably those contained in the BMP WAF and BMP5 industry standard.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Inspection by Classification Societies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. Most insurance underwriters make it a condition for insurance coverage and lending that a vessel be certified &#8220;in class&#8221; by a classification society which is a member of the International Association of Classification Societies, the IACS. The IACS has adopted harmonized Common Structural Rules, or the Rules, which apply to oil tankers and bulk carriers contracted for construction on or after July&#160;1, 2015. The Rules attempt to create a level of consistency between IACS Societies. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">66</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">All of our vessels are certified as being &#8220;in class&#8221; by all the applicable Classification Societies (e.g., American Bureau of Shipping, Lloyd&#8217;s Register of Shipping, and DNV-GL).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A vessel must undergo annual surveys, intermediate surveys, drydockings and special surveys. In lieu of a special survey, a vessel&#8217;s machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. Every vessel is required to be physically drydocked by its fifth and tenth anniversary to coincide with its first and second special surveys, respectively, and every 30 to 36 months thereafter, for inspection of the underwater parts of the vessel. Provided the vessel has an in-water-survey notation, in-water-surveys can take place at the 2.5 to 3 years &amp; 7.5 to 8 years anniversary of the vessel in lieu of a physical drydocking. If any vessel does not maintain its class and/or fails any annual survey, intermediate survey, drydocking or special survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable which could cause us to be in violation of certain covenants in our loan agreements. Any such inability to carry cargo or be employed, or any such violation of covenants, could have a material adverse impact on our financial condition and results of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_Hlk94612143"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Risk of Loss and Liability Insurance</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">General</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The operation of any cargo vessel includes risks such as mechanical failure, physical damage, collision, property loss, cargo loss or damage and business interruption due to political circumstances and conflicts in foreign countries, piracy incidents, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. For example, OPA, which imposes virtually unlimited liability upon shipowners, operators and bareboat charterers of any vessel trading in the exclusive economic zone of the United States for certain oil pollution accidents in the United States, has made liability insurance more expensive for shipowners and operators trading in the United States market. We carry insurance coverage as customary in the shipping industry. However, not all risks can be insured, specific claims may be rejected, and we might not be always able to obtain adequate insurance coverage at reasonable rates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Hull and Machinery Insurance</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We procure hull and machinery insurance, protection and indemnity insurance, which includes environmental damage and pollution insurance and war risk insurance and freight, demurrage and defense insurance for our fleet. We generally do not maintain insurance against loss of hire (except for certain charters for which we consider it appropriate), which covers business interruptions that result in the loss of use of a vessel.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Protection and Indemnity Insurance</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Protection and indemnity insurance is provided by mutual protection and indemnity associations, or &#8220;P&amp;I Associations&#8221;, and covers our third-party liabilities in connection with our shipping activities. This includes third-party liability and other related expenses of injury or death of crew, passengers and other third parties, loss or damage to cargo, claims arising from collisions with other vessels, damage to other third-party property, pollution arising from oil or other substances and salvage, towing and other related costs, including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual associations, or &#8220;clubs.&#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our current protection and indemnity insurance coverage for pollution is $1 billion per vessel per incident. The 12 P&amp;I Associations that comprise the International Group insure approximately 90% of the world&#8217;s commercial tonnage and have entered into a pooling agreement to reinsure each association&#8217;s liabilities. The International Group&#8217;s website states that the pool provides a mechanism for sharing all claims in excess of $10 million up to, currently, approximately $3.1 billion. As a member of a P&amp;I Association, which is a member of the International Group, we are subject to calls payable to the associations based on our claim records as well as the claim records of all other members of the individual associations and members of the shipping pool of P&amp;I Associations comprising the International Group.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">67</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Exchange Controls</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under Marshall Islands law, there are currently no restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance of dividends, interest or other payments to non-resident holders of our common shares.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">C. Organizational Structure</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Please see Item 4.A (&#8220;Information on the Company&#160;&#8212;&#160;History and Development of the Company&#8221;) in this Annual Report for information about our organizational structure. We have 79 wholly owned subsidiaries. In addition, we have a 50% interest in a joint venture entity, and a 10% equity stake in another entity. A list of our subsidiaries is included as Exhibit 8.1 to this Annual Report.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">D. Property, Plant and Equipment</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Other than our vessels, a description of which is included in Item 4.B &#8220;Business Overview&#160;&#8212;&#160;Fleet List&#8221; of this Annual Report, we own no material property. We have entered into a lease with a third party for our office space in Cork, Ireland. The lease commenced in March 2016 and is for a period of 15 years, with an option to terminate the lease after ten years. We have entered into leases with third parties for our offices in Singapore and Houston, Texas. Average aggregate payments under these three leases are approximately $0.7 million per annum. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of March 7, 2025, 19 of our 22 owned vessels are subject to mortgages relating to our credit facilities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_12f5df24_f2b0_4889_b444_eba45cebeb1f"></a><a id="Item4AUnresolvedStaffComments_586793"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 4.A. Unresolved Staff Comments</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">None.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_beca4e9f_6b10_4b6f_834a_e8a430d250e6"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">68</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);min-height:11.5pt;"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="Item5OperatingandFinancialReviewandProsp"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 5. Operating and Financial Review and Prospects</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">The following discussion and analysis should be read in conjunction with our consolidated financial statements, accompanying notes thereto and other financial information, appearing elsewhere in this Annual Report. The consolidated financial statements as of and for the years ended December&#160;31,&#160;2024, 2023 and 2022, have been prepared in accordance with U.S. GAAP. The consolidated financial statements are presented in U.S. dollars unless otherwise indicated.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Please see Item 5 (&#8220;Operating and Financial Review and Prospects&#8221;) in our Annual Report on Form 20-F for the year ended December 31, 2023 for a discussion of our results of operations for the year ended December 31, 2022.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">General</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We are Ardmore Shipping Corporation, a company incorporated in the Republic of the Marshall Islands. We provide seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with our modern, fuel-efficient fleet of mid-size product and chemical tankers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We are commercially independent as we have no blanket employment arrangements with third-party or related-party commercial managers. We market our services directly to our broad range of customers and commercial pool operators.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Our Charters</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We generate revenue by charging customers for the transportation of their petroleum or chemical products using our vessels. Historically, these services generally have been provided under the following basic types of contractual arrangements:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Spot Charter.</i><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">&#160;We arrange spot employment for our vessels in-house. We are responsible for all costs associated with operating the vessel, including vessel operating expenses and voyage expenses.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Time Charter.</i><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">&#160;Vessels we operate, and for which we are responsible for crewing and for paying other vessel operating expenses (such as repairs and maintenance, insurance, stores, lube oils, communication expenses) and technical management fees, are chartered to customers for a fixed period of time at rates that are generally fixed, but may contain a variable component based on inflation, interest rates, or current market rates. </span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><i style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:normal;">Commercial Pooling Arrangements.</i><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">&#160;Our vessels are pooled together with a group of other similar vessels for economies of scale and the earnings are pooled and distributed to the vessel owners according to a prearranged agreement.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 3.6pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The table below illustrates the primary distinctions among these types of charters and contracts.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:58.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:58.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.75%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Time&#160;Charter</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Commercial&#160;Pool</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.38%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Spot&#160;Charter</b></p></td></tr><tr><td style="vertical-align:bottom;width:58.01%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Typical contract length</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">1 &#8211; 5 years</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">Indefinite</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.38%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">Single voyage</p></td></tr><tr><td style="vertical-align:bottom;width:58.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Hire rate basis<sup style="font-size:6pt;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">Daily</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">Varies (daily rate reported)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.38%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">Varies</p></td></tr><tr><td style="vertical-align:bottom;width:58.01%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Voyage expenses<sup style="font-size:6pt;line-height:100%;top:0pt;vertical-align:top;">(2)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">Charterer pays</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">Pool pays</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.38%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">We pay</p></td></tr><tr><td style="vertical-align:bottom;width:58.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Vessel operating expenses<sup style="font-size:6pt;line-height:100%;top:0pt;vertical-align:top;">(3)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">We pay</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">We pay</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.38%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">We pay</p></td></tr><tr><td style="vertical-align:bottom;width:58.01%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Off-hire<sup style="font-size:6pt;line-height:100%;top:0pt;vertical-align:top;">(4)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.75%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">We pay</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">We pay</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.38%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">We pay</p></td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1px;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">&#8220;Hire rate&#8221; refers to the basic payment from the charterer for the use of the vessel.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">&#8220;Voyage expenses&#8221; are all expenses related to a particular voyage, which include, among other things, bunkers and port/canal costs.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">&#8220;Vessel operating expenses&#8221; are costs of operating a vessel that are incurred during a charter, including costs of crewing, repairs and maintenance, insurance, stores, lube oils, communication expenses, and technical management fees.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">&#8220;Off-hire&#8221; refers to the time a vessel is not available for service, due primarily to scheduled and unscheduled repairs or drydocking.</span></td></tr></table></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">69</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Recent Developments</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:6.5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Fleet</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:justify;margin:0pt 2.95pt 0pt 0pt;">In February 2024, we provided notice to exercise our purchase options for both the <i style="font-style:italic;">Ardmore Seawolf</i> and <i style="font-style:italic;">Ardmore Seahawk</i>, which were previously under sale-leaseback arrangements. &#160;These vessel purchases, which were effectively refinancings, were completed in June 2024. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:justify;margin:0pt 2.95pt 0pt 0pt;">In April 2024, we delivered the 2010-built <i style="font-style:italic;">Ardmore Seafarer</i> to its buyer and, in a separate transaction, acquired a 2017 Korean-built MR product tanker, the <i style="font-style:italic;">Ardmore Gibraltar</i>. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"> <span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-style:italic;font-weight:bold;">Financing</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:6.5pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:justify;margin:0pt 2.95pt 0pt 0pt;">In March 2024, we amended our term loan agreement with ABN AMRO Bank NV and Credit Agricole Investment Bank by converting it to an $88.4 million revolving credit facility.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-style:italic;font-weight:bold;">Publication of 2023 Sustainability Report</span> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:justify;margin:0pt 2.95pt 0pt 0pt;">On June 13, 2024, we published our 2023 Sustainability Report, highlighting our progress on our commitment to reducing our environmental footprint, enhancing our fleet&#8217;s energy efficiency, and further adding to our financial performance. The Sustainability Report is available on our website at <i style="font-style:italic;">www.ardmoreshipping.com/about/progress</i>. Neither the information in the Sustainability Report nor on our website is incorporated by reference into this Annual Report.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-style:italic;font-weight:bold;">Leadership Transition</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;">Effective September 16, 2024, Founder and CEO Anthony Gurnee retired from his executive and board positions. Our former Chief Commercial Officer, Gernot Ruppelt, was appointed our new CEO, and our Chief Financial Officer, Bart Kelleher, was also appointed as our President.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-style:italic;font-weight:bold;">Preferred Stock Redemption</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;">On December 10, 2024, the Company completed the redemption of 10,000 shares of its Series A Preferred Stock at a redemption value of $10.3 million. This equates to 103% of the liquidation preference per share, plus any accumulated and unpaid dividends. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-style:italic;font-weight:bold;">Share Repurchase Plan</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;">In December 2024, the Company repurchased 1.56 million shares, or approximately 4% of its common stock, under Ardmore&#8217;s share repurchase plan, at a weighted average price of $11.49 per share, for a total cost of approximately $17.9 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-style:italic;font-weight:bold;">Geopolitical Conflicts</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:justify;margin:0pt 2.95pt 0pt 0pt;">The ongoing conflict in Ukraine has disrupted supply chains, caused instability and significant volatility in the global economy and resulted in extensive economic sanctions by several nations. The ongoing conflict has contributed significantly to increases in spot tanker rates, primarily due to trade pattern changes related to sanctions on Russia and replacement long-haul Europe-Asia/Middle East trade routes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.27;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="font-size:6.5pt;margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:6.5pt;text-align:justify;background:#ffffff;margin:0pt;">Geopolitical tensions in the middle east have escalated since the commencement of the Israel-Hamas war in October 2023. &#160;Since mid-December 2023, Houthi rebels in Yemen have carried out numerous attacks on vessels in the Red Sea area. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt 0pt 12pt 0pt;">As a result of these attacks, many shipping companies have routed their vessels away from the Red Sea, which has affected trading patterns, rates and expenses. Although these vessel attacks have decreased in the first quarter of 2025, Houthi activity level remains uncertain given the unpredictable nature of this group. Further escalation or expansion of hostilities of such crises could continue to affect the price of crude oil and the oil industry, the tanker industry, demand for or services, and our business, results of operations, financial condition and cash flows. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">70</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">A. Operating Results</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Important Financial and Operational Terms and Concepts</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We use a variety of financial and operational terms and concepts. These include the following:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Revenue.</span>&#160;&#160;Revenue is generated from spot charter arrangements and time charter arrangements. Revenue is affected by hire rates and the number of days a vessel operates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Revenue is also affected by the mix of business among spot charter arrangements and time charter arrangements. Revenue from vessels employed in the spot market is more volatile, as it is typically tied to prevailing market rates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Voyage Expenses.</span>&#160;&#160;Voyage expenses are all expenses related to a particular voyage, which include, among other things, bunkers and port/canal costs. These expenses are subtracted from revenue to calculate TCE rates (as defined below).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Vessel Operating Expenses.</span>&#160;&#160;We are responsible for vessel operating expenses, which include crew, repairs and maintenance and insurance costs, and fees paid to technical managers of our vessels. The largest components of our vessel operating expenses are generally crews and repairs and maintenance. Expenses for repairs and maintenance tend to fluctuate from period to period because most repairs and maintenance typically occur during periodic drydockings. We expect these expenses to increase as our fleet matures and to the extent that it expands.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Drydocking.</span>&#160;&#160;We must periodically drydock each of our vessels for inspection, and any modifications to comply with industry certification or governmental requirements. Generally, each vessel is drydocked every 30 to 60 months. The deferred expenditures of drydockings for a given vessel are amortized on a straight-line basis to the next scheduled drydocking of the vessel.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_Hlk129802794"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Depreciation.</span>&#160;&#160;Depreciation expense typically consists of charges related to the depreciation of the historical cost of our fleet (less an estimated residual value) over the estimated useful lives of the vessels and charges relating to the depreciation of upgrades to vessels, which are depreciated over the shorter of the vessel&#8217;s remaining useful life or the life of the renewal or upgrade. We depreciate our vessels over an estimated useful life of 25 years from the vessel&#8217;s initial delivery from the shipyard, on a straight-line basis to their residual scrap value. For the year ended December&#160;31,&#160;2024, depreciation is based on cost less the estimated residual scrap value of $400 per lightweight ton (&#8220;lwt&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Amortization of Deferred Drydock Expenditures.</span>&#160;&#160;Amortization of deferred drydock expenditures relates to the amortization of drydocking expenditures over the estimated period to the next scheduled drydocking on a straight-line basis.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Time Charter Equivalent (&#8220;TCE&#8221;) Rate.&#160;&#160;</span> TCE rate, a non-GAAP measure, represents voyage revenues less voyage expenses divided by revenue days. We principally use TCE, a non-GAAP financial measure, because we believe it provides additional meaningful information to us about the deployment of our vessels and their performance than revenue, the most directly comparable financial measure under U.S. GAAP. TCE is determined on a discharge-to-discharge basis, which is different from how we record revenue under U.S. GAAP. Under discharge-to-discharge, revenue is recognized beginning from the discharge of cargo from the prior voyage to the anticipated discharge of cargo in the current voyage, and voyage expenses are recognized as incurred.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Revenue Days.</span>&#160;&#160;Revenue days are the total number of calendar days our vessels were in our possession during a period, less the total number of off-hire days during the period generally associated with repairs or drydockings and idle days associated with repositioning of vessels held for sale.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Operating Days.</span>&#160;&#160;Operating days are the number of days our vessels are in operation during the year. Where a vessel is under our ownership for a full year, operating days will generally equal calendar days. Days when a vessel is in drydock are included in the calculation of operating days, as we incur operating expenses while in drydock.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">71</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Factors You Should Consider When Evaluating Our Results</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We face a number of risks associated with our business and industry and must overcome a variety of challenges to utilize our strengths and implement our business strategy. These risks include, among others: the highly cyclical tanker industry; our dependence on spot charters; fluctuating charter values; changing economic, political and governmental conditions and conflicts affecting our industry and business, including changes in energy prices; the ongoing energy transition; material changes in applicable laws and regulations, including climate-change regulations; level of performance by counterparties, particularly charterers; acquisitions and dispositions; increased operating expenses; capital expenditures; taxes; maintaining customer relationships; maintaining sufficient liquidity; financing availability and terms; and management turnover.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Ship-owners base economic decisions regarding the deployment of their vessels upon actual and anticipated TCE rates, and industry analysts typically measure rates in terms of TCE rates. This is because under time charters the customer typically pays the voyage expenses, while under voyage charters, also known as spot market charters, the shipowner usually pays the voyage expenses. Accordingly, the discussion of revenue below focuses on TCE rates where applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Fleet Growth</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of March 7, 2025, our owned fleet consists of 22 eco-design product and chemical tankers all of which are in operation. We acquired eight of our vessels as second-hand vessels and 14 as newbuilding vessels, all of which were upgraded to increase efficiency and improve performance. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In 2022, 2023 and 2024 we paid $1.3 million, $20.6 million, and $61.0 million respectively, for vessel acquisitions and vessel equipment. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December 31, 2010, our operating fleet consisted of four vessels. From 2011 through December 31, 2021, our owned fleet grew on a net basis to 25 vessels, excluding chartered-in vessels. During 2022, we sold the <i style="font-style:italic;">Ardmore Sealeader</i>, <i style="font-style:italic;">Ardmore Sealifter</i>, and <i style="font-style:italic;">Ardmore Sealancer</i> and subsequently chartered-in all three vessels for a period of 24 months. During 2023, we did not sell or purchase any vessels. During 2024 we sold the <i style="font-style:italic;">Ardmore Seafarer </i>and purchased the <i style="font-style:italic;">Ardmore Gibraltar.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">72</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Operating Results</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:6pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Year Ended December&#160;31,&#160;2024 Compared With Year Ended December&#160;31,&#160;2023</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The table below presents our operating results for the years ended December 31, 2024 and 2023 and includes related disclosure about year-to-year changes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Consolidated Statements of Operations Data for the Years Ended December 31, 2024 and December 31, 2023</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Year Ended December&#160;31,&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variance</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Variance&#160;(%)</b></p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:11.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Revenue, net</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 405,784</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 395,978</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 9,806</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Voyage expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (132,612)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (131,904)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (708)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">(1%)</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Vessel operating expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (60,254)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (59,770)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (484)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">(1%)</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Time charter-in</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Operating expense component</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (11,828)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (10,194)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (1,634)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">(16%)</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Vessel lease expense component</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (10,883)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (9,380)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (1,503)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">(16%)</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Depreciation</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (30,244)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (27,817)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (2,427)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">(9%)</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Amortization of deferred drydock expenditures</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (3,636)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (3,542)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (94)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">(3%)</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">General and administrative expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Corporate</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (23,439)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (20,565)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (2,874)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">(14%)</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Commercial and chartering</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (4,601)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (4,676)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 75</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2%</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Gain on vessel sold</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 12,322</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> &#8212;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 12,322</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">100%</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Unrealized gains / (losses) on derivatives</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 655</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (262)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 917</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">350%</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Interest expense and finance costs</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (6,778)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (11,408)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 4,630</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">41%</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Gain on extinguishment</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 1,432</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> &#8212;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 1,432</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">100%</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Interest income</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 1,817</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 1,818</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (1)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">0%</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Income before taxes</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 137,735</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 118,278</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 19,457</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;">16%</b></p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Income tax</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (215)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (435)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 220</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">51%</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Loss from equity method investments</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (4,514)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (1,035)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (3,479)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">(336%)</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Net Income</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 133,006</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 116,808</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 16,198</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;">14%</b></p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Preferred dividends</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (3,660)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (3,400)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (260)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">(8%)</p></td></tr><tr><td style="vertical-align:bottom;width:43.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Extinguishment of preferred stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (739)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> &#8212;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (739)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">(100%)</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:43.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Net Income attributable to common stockholders</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.82%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 128,607</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 113,408</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;white-space:pre-wrap;"> 15,199</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;">13%</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Revenue, net.</span> Revenue, net for the year ended December 31, 2024 was $405.8 million, an increase of $9.8 million from $396.0 million for the year ended December&#160;31,&#160;2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our average number of operating vessels decreased to 26.0 for the year ended December&#160;31,&#160;2024, from 26.2 for the year ended December&#160;31,&#160;2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We had one product tanker employed under long-term time charter (i.e. greater than three months duration) as of December&#160;31,&#160;2024 as compared to none as of December&#160;31,&#160;2023. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Revenue days derived from time charters were 399 for the year ended December&#160;31,&#160;2024, as compared to none for the year ended December&#160;31,&#160;2023. The increase in revenue days for long term time-chartered vessels resulted in an increase in revenue of $13.6 million in 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We had 8,832 spot revenue days for the year ended December&#160;31,&#160;2024, as compared to 9,159 for the year ended December&#160;31,&#160;2023. We had 25 and 26 vessels employed directly in the spot market as December&#160;31,&#160;2024 and 2023, respectively. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">73</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We consider employment under voyage charters, trip charters and time charters of less than three months duration as being employed in the spot market. Favorable changes in spot rates resulted in an increase of revenue of $10.7 million in 2024, while the decrease in spot revenue days resulted in a decrease in revenue of $14.5 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Voyage Expenses.</span> Voyage expenses were $132.6 million for the year ended December&#160;31,&#160;2024, an increase of $0.7 million from $131.9 million for the year ended December&#160;31,&#160;2023. Port and commission costs increased by $5.2 million, in 2024, but were offset by a decrease in bunker prices and spot revenue days of $4.5 million for the year ended December&#160;31,&#160;2024, as compared to the year ended December&#160;31,&#160;2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">TCE Rate.</span> The average TCE rate for our fleet was $30,261 per day for the year ended December&#160;31,&#160;2024, an increase of $999 per day from $29,262 per day for the year ended December&#160;31,&#160;2023. The increase in average TCE rate was the result of higher spot rates for the year ended December&#160;31,&#160;2024, as compared to the year ended December&#160;31,&#160;2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Vessel Operating Expenses.</span> Vessel operating expenses were&#160;$60.3 million&#160;for the year ended December&#160;31,&#160;2024, an increase of $0.5 million from&#160;$59.8 million&#160;for the year ended December&#160;31,&#160;2023. Vessel operating expenses, by their nature, are prone to fluctuations between periods. Average fleet operating expenses per day, including technical management fees, were&#160;$7,264 for the year ended December&#160;31,&#160;2024, as compared to&#160;$7,115 for the year ended December&#160;31,&#160;2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Charter Hire Costs.</span> Total charter hire expenses were $22.7 million for the year ended December&#160;31,&#160;2024, an increase of $3.1 million from $19.6 million for the year ended December&#160;31,&#160;2023. This increase is the result of higher charter rates for the year ended December&#160;31,&#160;2024, compared to the year ended December&#160;31,&#160;2023. Total charter hire expenses in 2024 were comprised of an operating expense component of $11.8 million and a vessel lease expense component of $10.9 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Depreciation.</span> Depreciation expense for the year ended December&#160;31,&#160;2024 was $30.2 million, an increase of $2.4 million from $27.8 million for the year ended December&#160;31,&#160;2023. This increase is primarily attributable to the purchase of the <i style="font-style:italic;">Ardmore Gibraltar </i>in April 2024, and the installation of ballast water treatment and scrubber systems on several vessels during their most recent drydock cycle during the year ended December&#160;31,&#160;2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Amortization of Deferred Drydock Expenditures.</span> Amortization of deferred drydock expenditures for the year ended December&#160;31,&#160;2024 was $3.6 million, generally consistent with $3.5 million for the year ended December&#160;31,&#160;2023. The deferred costs of drydockings for a given vessel are amortized on a straight-line basis to the next scheduled drydocking of the vessel.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">General and Administrative Expenses: Corporate.</span> Corporate-related general and administrative expenses for the year ended December&#160;31,&#160;2024 were $23.4 million, an increase of $2.8 million from $20.6 million for the year ended December&#160;31,&#160;2023. The increase in corporate-related general and administrative expenses is primarily due to a one-time expense of $1.5 million associated with the Company&#8217;s leadership transition and an increase in variable-based compensation of $0.7 million, in line with strong results during 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">General and Administrative Expenses: Commercial and Chartering.</span> Commercial and chartering expenses are the expenses attributable to our chartering and commercial operations departments in connection with our spot trading activities. Commercial and chartering expenses for the year ended December&#160;31,&#160;2024 were $4.6 million, generally consistent with $4.7 million for the year ended December&#160;31,&#160;2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Gain on Vessel Sold. </span>Gain on vessel sold for the year ended December&#160;31,&#160;2024 was $12.3 million, compared to $0 for the year ended December&#160;31,&#160;2023. This relates to the sale of the <i style="font-style:italic;">Ardmore Seafarer </i>in April 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Unrealized gains / (losses) on Derivatives. </span>Unrealized gains on derivatives were $0.7m for the year ended December 31, 2024, as compared to an unrealized loss of $0.3 million for the year ended December 31, 2023. The gain for the year ended &#160;December 31, 2024 relates to a decrease in the fair value of the liability in respect of the profit interest granted by the Company in 2021 relating to the Company&#8217;s investment in Element 1 Corporation.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">74</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Interest Expense and Finance Costs.</span> Interest expense and finance costs include loan interest, finance lease interest, and amortization of deferred finance fees. Interest expense and finance costs for the year ended December&#160;31,&#160;2024 were $6.8 million, a decrease of $4.6 million from $11.4 million for the year ended December&#160;31,&#160;2023. Cash interest expense decreased by $6.2 million to $5.6 million for the year ended December&#160;31,&#160;2024, from $11.8 million for the year ended December&#160;31,&#160;2023. The decrease in cash interest expense was due to the reduction of the average outstanding balance due to the conversion of our term loan into a fully revolving facility, with 50% of the term loan being converted to a revolving facility during the three months ended June 30, 2023, and the remaining 50% being converted during the three months ended March 31, 2024. The flexibility of our revolving facilities, with only $38.8 million drawn down as of December&#160;31,&#160;2024, has minimized the impact of the continuing elevated interest rate environment. Amortization of deferred finance fees for the year ended December&#160;31,&#160;2024 was $1.1 million, generally consistent with $1.2 million for the year ended December&#160;31,&#160;2023. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Gain on Extinguishment of Finance Leases. </span>Gain on extinguishment of finance leases for the year ended December&#160;31,&#160;2024 was $1.4 million compared to $nil for the year ended December&#160;31,&#160;2023. As a result of the early prepayment of the finance leases related to our exercise of the vessel purchase options for the <i style="font-style:italic;">Ardmore Seawolf </i>and <i style="font-style:italic;">Ardmore Seahawk</i>, we recorded a gain on extinguishment of $1.4 million for the year ended December&#160;31,&#160;2024. We recorded no gain or loss on extinguishment for the year ended December&#160;31,&#160;2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_Hlk189221600"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Loss From Equity Method Investments. </span><span style="color:#242424;font-family:'Segoe UI';font-size:10.5pt;background:#fafafa;">D</span>uring the three months ended December&#160;31,&#160;2024, we recognized an impairment loss of $4.4 million related to our equity method investment in Element 1 Corporation. The impairment was assessed based on market conditions and the financial performance of Element 1 Corporation. The impairment loss is included in loss from equity method investments in the consolidated statements of operations. No corresponding impairment of equity method investment was recorded during the year ended December&#160;31,&#160;2023. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Extinguishment of Preferred Stock.</span> During the year ended December&#160;31,&#160;2024, we redeemed 25% of our Series A Preferred Stock. As the fair value of the preferred stock redemption was greater than the carrying amount, we recognized an expense of $0.7 million, which is recorded in extinguishment of preferred stock in the consolidated statements of operation for the year ended December&#160;31,&#160;2024. No corresponding extinguishment of preferred stock was recorded during the year ended December&#160;31,&#160;2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.43;text-align:justify;margin:6pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Year Ended December&#160;31,&#160;2023 Compared With Year Ended December&#160;31, 2022</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For a discussion of our operating results for the year ended December&#160;31,&#160;2023 compared with the year ended December&#160;31, 2022, please see "Item 5 &#8211; Recent Developments and Results of Operations" in our Annual Report on Form 20-F for the year ended December&#160;31,&#160;2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">B. Liquidity and Capital Resources</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our primary sources of liquidity are cash and cash equivalents, cash flows provided by our operations, our undrawn credit facilities and capital raised through financing transactions. As of December 31, 2024 we had $243.4 million in liquidity available, with cash and cash equivalents of $47.0 million (December&#160;31,&#160;2023: $46.8 million) and amounts available and undrawn under our revolving credit facilities of $196.4 million (December 31, 2023: $221.2 million). We believe that our working capital, together with expected cash flows from operations will be sufficient for our present requirements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our short-term liquidity requirements include the payment of operating expenses (including voyage expenses and bunkers from spot chartering our vessels), drydocking expenditures, debt servicing costs, quarterly preferred stock dividends, dividends on our shares of common stock, as well as funding our other working capital requirements. Our short-term and spot charters, including participating in spot charter pooling arrangements, contribute to the volatility of our net operating cash flow, and thus our ability to generate sufficient cash flows to meet our short-term liquidity needs. Historically, the tanker industry has been cyclical, experiencing volatility in profitability and asset values resulting from changes in the supply of, and demand for, vessel capacity. In addition, tanker spot markets historically have exhibited seasonal variations in charter rates. Tanker spot markets are typically stronger in the winter months as a result of increased oil consumption in the northern hemisphere and unpredictable weather patterns that tend to disrupt vessel scheduling. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">75</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Time charters provide contracted revenue that may reduce the volatility (as rates can fluctuate within months) and seasonality from revenue generated by vessels that operate in the spot market. Commercial pools reduce revenue volatility because they aggregate the revenues and expenses of all pool participants and distribute net earnings to the participants based on an agreed upon formula. Spot charters preserve flexibility to take advantage of increasing rate environments, but also expose the ship-owner to decreasing rate environments. Variability in our net operating cash flow also reflects changes in interest rates, fluctuations in working capital balances, the timing and the amount of drydocking expenditures, repairs and maintenance activities and the average number of vessels in service. The number of vessel dry dockings tends to vary each period depending on the vessel's maintenance schedule and required maintenance.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our primary known and estimated liquidity needs for 2025 include drydocking expenditures ($17.5 million), committed capital expenditures ($14.7 million), operating lease payments ($5.0 million), quarterly preferred stock dividend distributions ($2.6 million), debt service costs ($2.4 million), variable quarterly common stock dividend distributions and the funding of general working capital requirements and funding any common stock repurchases or preferred stock redemption &#160;we may undertake. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The capital expenditures are related to our obligations with respect to the purchase and installation of scrubber systems. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For at least the one-year period following the filing of this Annual Report, we expect that our existing liquidity, combined with the cash flow we expect to generate from our operations, will be sufficient to finance our liquidity needs for this period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our long-term capital needs are primarily for capital expenditures and debt repayment and any future finance lease payments. Our long-term known and estimated liquidity needs beyond 2025 include scheduled repayments and maturities of long-term debt ($38.8 million), forecasted drydock expenditures ($25.3 million), debt service costs ($3.4 million), our quarterly preferred stock dividend distributions ($2.6 million per annum), operating lease payments ($0.5 million), aggregate capital expenditures ($Nil) and quarterly common stock dividend distributions. Additional information on our annual scheduled obligations under our debt and operating leases are described in Notes 6 (&#8220;Debt&#8221;) and 8 (&#8220;Operating leases&#8221;) to our consolidated financial statements included in Item 18 of this Annual Report. Debt service costs are estimated based on assumed Secured Overnight Financing Rate (&#8220;SOFR&#8221;) forward curve rates. Generally, we expect that our long-term sources of funds will be cash balances, long-term bank borrowings, and other debt or equity financings.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We expect that we will rely upon internal and external financing sources, including, cash balances, bank borrowings, lease financings and the issuance of debt and equity securities, to fund vessel acquisitions or newbuildings and expansion capital expenditures. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our credit facilities are described in Note 6 (&#8220;Debt&#8221;) to our consolidated financial statements included in Item 18 of this Annual Report. Our financing facilities contain covenants and other restrictions we believe are typical of debt financing collateralized by vessels, including those that restrict the relevant subsidiaries from incurring or guaranteeing additional indebtedness, granting certain liens, and selling, transferring, assigning or conveying assets. Our financing facilities do not impose a restriction on dividends, distributions, or returns of capital unless an event of default has occurred, is continuing or will result from such payment. The majority of our financing facilities require us to maintain various financial covenants. Should we not meet these financial covenants or other covenants, the lenders may declare our obligations under the agreements immediately due and payable, and terminate any further loan commitments, which would significantly affect our short-term liquidity requirements. As of December 31, 2024, we were in compliance with all covenants relating to our financing facilities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our debt facilities typically require us to make interest payments based on SOFR. Significant increases in interest rates could adversely affect results of operations and our ability to service our debt. As part of our strategy to minimize financial risk, we may from time to time use interest rate swaps to reduce our exposure to market risk from changes in interest rates; however, we did not have any interest rate swap agreements in effect as of December&#160;31,&#160;2023 or December&#160;31,&#160;2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">76</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Cash Flow Data for the Years Ended December 31, 2024 and 2023</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:56.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:17.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:56.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:40.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the Years Ending&#160;December&#160;31,&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:56.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">CASH FLOW DATA</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:18.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:56.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Net cash provided by operating activities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.42%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 160,445</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 159,609</span></p></td></tr><tr><td style="vertical-align:bottom;width:56.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;"><span style="white-space:pre-wrap;">Net cash (used in)  investing activities</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (32,973)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (26,836)</span></p></td></tr><tr><td style="vertical-align:bottom;width:56.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 6pt;">Net cash (used in) financing activities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.42%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (127,289)</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.82%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="white-space:pre-wrap;"> (136,537)</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Cash provided by operating activities</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Changes in net cash flow from operating activities primarily reflect changes in fleet size, fluctuations in spot tanker rates, changes in interest rates, fluctuations in working capital balances, and the timing and the amount of drydocking expenditures, repairs and maintenance activities. Our exposure to the highly cyclical spot tanker market and the growth of our fleet have contributed significantly to historical fluctuations in operating cash flows.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For the year ended December&#160;31,&#160;2024, cash flow provided by operating activities was $160.4 million. The movement in net cash provided by operating activities was primarily due to net income of $133.0 million for the year ended December 31, 2024, which included a gain on the sale of the <i style="font-style:italic;">Ardmore Seafarer </i>of $12.3 million, and debt extinguishment of $1.4 million, partially offset by working capital changes, particularly receivables during the year ended December&#160;31,&#160;2024. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For the year ended December 31, 2023, cash flow provided by operating activities was $159.6 million, primarily due to net income of $116.8 million which was partially offset by non-cash items such as depreciation of $27.8 million and a decrease in receivables of $23.6 million, which was partially offset by an increase in deferred drydock payments of $12.3 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Cash (used in) investing activities</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For the year ended December&#160;31,&#160;2024, the net cash used in investing activities was $33.0 million. Payments for the acquisition of vessel and vessel equipment of $61.0 million. Proceeds from the sale of the <i style="font-style:italic;">Ardmore Seafarer </i>were $26.8 million. Payments received for equity investments were $1.7 million and payments for other non-current assets were $0.4 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For the year ended December&#160;31,&#160;2023, the net cash used in investing activities was $26.8 million, primarily due to advances for ballast water and scrubber systems of $4.8 million, payments for vessels and vessel equipment of $20.6 million, as well as payments in relation to equity investments and other non-current assets of $1.4 million. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Cash (used in) financing activities</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For the year ended December&#160;31,&#160;2024, the net cash used in financing activities was $127.3 million. Repayments under our revolving credit facilities totaled $111.2 million and proceeds from borrowings under our revolving credit facilities were $104.9 million. Payments of cash dividends on our shares of common stock were $45.1 million, and repayments of finance leases were $42.3 million. Payments for the repurchase of our shares of common stock were $17.9 million, and payment for the partial redemption of shares a of our Series A Redeemable Preferred Stock was $10.0 million. The dividend payment on shares of our Series A Preferred Stock was $3.8 million. Repayments of long-term debt amounted to $1.7 million, and payments for deferred finance fees were $0.2 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For the year ended December&#160;31,&#160;2023, the net cash used in financing activities was $136.5 million. Net repayment of long-term debt was $84.0 million. Payment of common stock dividends amounted to $47.2 million. Preferred stock dividend payments amounted to $3.4 million, and repayments of finance lease arrangements were $2.0 million.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">77</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Capital Expenditures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Drydock</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Five of our vessels completed drydock surveys in 2024. The drydocking schedule through December 31, 2028 for our vessels that were in operation as of December&#160;31,&#160;2024 is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 3.6pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:45.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:45.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:52.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;Years Ending December&#160;31,&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:45.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2025</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2026</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2027</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2028</b></p></td></tr><tr><td style="vertical-align:bottom;width:45.06%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Number of vessels in drydock (excluding in-water surveys)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.78%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 10</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.78%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> &#8212;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.78%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 1</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.78%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 7</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We intend to continue to seek to stagger drydockings across the fleet. As our fleet matures, our drydock expenses are likely to increase. Ongoing costs for compliance with environmental regulations and society classification surveys (including ballast water treatment systems) are a component of our vessel operating expenses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Scrubber System Installation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The installation schedule for scrubber systems on our vessels that were in operation as of December&#160;31,&#160;2024 is as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="7" style="vertical-align:bottom;white-space:nowrap;width:56.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;Years Ending December&#160;31,&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2025</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2026</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2027</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2028</b></p></td></tr><tr><td style="vertical-align:bottom;width:34%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Number of scrubber system installations</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 4</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.99%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.83%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> &#8212;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.99%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.83%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> &#8212;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.99%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.83%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><span style="white-space:pre-wrap;"> &#8212;</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Scrubber system installations are timed to coincide with the drydocking schedule.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024, we had installed scrubbers on nine of our owned vessels, with four further installations scheduled in 2025.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Newbuildings</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We currently have no newbuildings on order. However, our growth strategy contemplates expansion of our fleet through vessel acquisitions and newbuildings.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Upgrades</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We intend to continue our investment program for vessel upgrades, primarily following acquisition of second-hand vessels, where feasible to maintain operational efficiency, optimum commercial performance and preservation of asset value.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Dividends</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.35pt;margin:0pt;"><span style="font-size:10.35pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Pursuant to our capital allocation policy, our board of directors declared the following cash dividends:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:33.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:29.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:37.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="font-weight:bold;">Fiscal Quarter</b></p></td><td style="vertical-align:bottom;width:29.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="font-weight:bold;">Dividend Amount (Per Common Share)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:37.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="font-weight:bold;">Date of Payment</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.27%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Fourth Quarter of 2022</p></td><td style="vertical-align:bottom;white-space:nowrap;width:29.66%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">$0.45</p></td><td style="vertical-align:bottom;white-space:nowrap;width:37.05%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">March 15, 2023</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">First Quarter of 2023</p></td><td style="vertical-align:bottom;white-space:nowrap;width:29.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">$0.35</p></td><td style="vertical-align:bottom;white-space:nowrap;width:37.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">June 15, 2023</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.27%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Second Quarter of 2023</p></td><td style="vertical-align:bottom;white-space:nowrap;width:29.66%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">$0.19</p></td><td style="vertical-align:bottom;white-space:nowrap;width:37.05%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">September 15, 2023</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Third Quarter of 2023</p></td><td style="vertical-align:bottom;white-space:nowrap;width:29.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">$0.16</p></td><td style="vertical-align:bottom;white-space:nowrap;width:37.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">December 15, 2023</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.27%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Fourth Quarter of 2023</p></td><td style="vertical-align:bottom;white-space:nowrap;width:29.66%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">$0.21</p></td><td style="vertical-align:bottom;white-space:nowrap;width:37.05%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">March 15, 2024</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">First Quarter of 2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:29.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">$0.31</p></td><td style="vertical-align:bottom;white-space:nowrap;width:37.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">June 14, 2024</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.27%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Second Quarter of 2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:29.66%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">$0.38</p></td><td style="vertical-align:bottom;white-space:nowrap;width:37.05%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">September 13, 2024</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.27%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Third Quarter of 2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:29.66%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">$0.18</p></td><td style="vertical-align:bottom;white-space:nowrap;width:37.05%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">December 13, 2024</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:33.27%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Fourth Quarter of 2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:29.66%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">$0.08</p></td><td style="vertical-align:bottom;white-space:nowrap;width:37.05%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 3.5pt 0pt 0pt;">March 14, 2025</p></td></tr></table></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">78</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The declaration and payment of dividends is subject to the discretion of our board of directors. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">C. Research and Development, Patent and Licenses, etc.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">D. Trend Information</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our results of operations depend primarily on the charter hire rates that we are able to realize for our vessels, which primarily depend on the demand and supply dynamics characterizing the tanker market at any given time, and on the size of our fleet. The oil tanker industry has been highly cyclical in recent years, experiencing volatility in charter hire rates and vessel values resulting from changes in the supply of and demand for crude oil and tanker capacity and, more recently from, disruptions and trading pattern changes related to Russia&#8217;s invasion of Ukraine and conflicts in the Arabian Gulf region related to the Hamas-Israel War and attacks on merchant vessels in the Red Sea area by Houthi rebels in Yemen. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For other trends affecting our business, please see the other discussions above in this Item 4 (&#8220;Information on the Company&#160;&#8212;&#160;Business Overview&#160;&#8212;&#160;The International Product and Chemical Tanker Industry&#8221;) and Item 5 (&#8220;Operating and Financial Review and Prospects&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 18pt;"><span style="font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">E. Critical Accounting Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In the application of our accounting policies, which are prepared in conformity with U.S. GAAP, we are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities, and revenue and expenses that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The significant judgments and estimates are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Revenue recognition</span><i style="font-style:italic;">.</i> &#160;Revenue, net is generated from spot charter arrangements and time charter arrangements. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Spot charter arrangements</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In our spot charter arrangements, the charterer hires a vessel to transport a specific agreed-upon cargo for a single voyage that are generally short in duration (less than two months), which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The contract generally has standard payment terms of freight paid within three to seven days after completion of loading. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Spot charter arrangements do not contain a lease and are therefore considered service contracts that fall under the provisions of Accounting Standard Codification (&#8220;ASC&#8221;) 606 <i style="font-style:italic;">Revenue from Contracts with Customers</i>. Spot charter arrangements are considered service contracts which fall under the provisions of ASC 606 because we retain control over the operations of the vessel, including directing the routes taken and vessel speed. We determined that a spot charter arrangement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, we have concluded that a contract for a spot charter arrangement meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of our performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">79</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The consideration that we expect to be entitled to receive includes estimates of revenue associated with the loading or discharging time that exceed the originally estimated duration of the voyage, which is referred to as &#8220;demurrage revenue&#8221;, when it is determined there will be incremental time required to complete the contracted voyage. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Demurrage revenue, which is earned during a voyage charter and represents variable consideration, which is estimated at contract inception based on estimates for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited. It is not considered a separate deliverable in accordance with ASC 606 as it is part of the single performance obligation in a spot charter arrangement, which is to provide cargo transportation services to the completion of a contracted voyage. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Time charter arrangements</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">From time to time the Company enters into time charter arrangements, which are for a specified period of time, and key decisions concerning the use of the vessel during the duration of the time charter period reside with the charterer. In time charter arrangements, the Company is responsible for the crewing, maintenance and insurance of the vessel, and the charterer is generally responsible for voyage specific costs, which typically include bunkers and port/canal costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"> <span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As the charterer holds sufficient latitude in its rights to determine how and when the vessel is used on voyages and the charterer is also responsible for costs incurred during the voyage, the charterer derives the economic benefits from the use of the vessel, as control over the right to use the vessel is transferred to the charterer during the specified time charter period. Accordingly, time charters are considered operating leases and the Company applies guidance for lessors in FASB Accounting Standards Codification 842 - <i style="font-style:italic;">Leases</i> (&#8220;ASC 842&#8221;). The Company has elected to apply the practical expedient under Accounting Standards Codification 842 &#8211; <i style="font-style:italic;">Leases </i>(&#8220;ASC 842&#8221;), which allows lessors to account for lease and non-lease components as a single lease component when certain criteria are met. Revenue for time charters is recognized on a straight-line basis ratably over the term of the charter.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Share-based compensation.</span>&#160;&#160;We may grant share-based payment awards, such as restricted stock units (&#8220;RSUs&#8221;) and stock appreciation rights (&#8220;SARs&#8221;), as incentive-based compensation to certain employees and directors. We granted to certain employees, directors and officers SARs in 2013, 2014, 2015, 2016, 2018, 2019, 2020 and 2021. No SARs were outstanding at December&#160;31,&#160;2024. We granted RSUs to certain directors and officers in 2019, 2020, 2021 and 2022. We granted Time-Based RSUs (&#8220;TRSUs&#8221;) and Performance-Based RSUs (&#8220;PRSUs&#8221;) to certain officers and directors in 2023 and 2024. Our TRSUs vest based on continued service; our PRSUs vest based on continued service and market conditions based on the Company&#8217;s relative total shareholder return (&#8220;TSR&#8221;). We measure the cost of such awards, which are equity-settled transactions, using the grant date fair value of the award and recognizing that cost, over the requisite service period, which generally equals the vesting period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model, including the expected life of the award, volatility and dividend yield, and making certain other assumptions about the award.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_Hlk129802865"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Depreciation.</span>&#160;&#160;Vessels are depreciated on a straight-line basis over their estimated useful economic life from the date of initial delivery from the shipyard. The useful life of our vessels is estimated at 25 years from the date of initial delivery from the shipyard. Since January 1, 2023, depreciation is based on cost less the estimated residual scrap value of $400 per lwt.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Vessel impairment.</span><span style="background:#ffffff;">&#160;&#160;Vessels and equipment that are &#8220;held and used&#8221; are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. When such indicators are present, a vessel held and used is tested for recoverability by comparing the estimate of undiscounted future cash flows expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount, together with the carrying value of deferred drydock expenditures and special survey costs related to the vessel.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">80</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="background:#ffffff;">Undiscounted future cash flows are determined by applying various assumptions based on historical trends as well as future expectations. In estimating future revenue, we consider charter rates for each vessel class over the estimated remaining lives of the vessels using both historical average rates for us over the last five years, where available, and historical average one-year time charter rates for the industry over the last 10 years. Recognizing that rates tend to be cyclical and considering market volatility based on factors beyond our control, management believes it is reasonable to use estimates based on a combination of more recent internally generated rates and the 10-year average historical average industry rates. An impairment charge is recognized if the carrying value is in excess of the estimated undiscounted future cash flows. The impairment loss is measured based on the excess of the carrying amount over the fair market value of the asset.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;background:#ffffff;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="background:#ffffff;">Undiscounted future cash flows are determined by applying various assumptions regarding future revenue net of voyage expenses, vessel operating expenses, scheduled drydockings, expected off-hire and scrap values, and taking into account historical market and Company specific revenue data as discussed above, and also considering other external market sources, including analysts&#8217; reports and freight forward agreement curves. Projected future charter rates are the most significant and subjective assumption that management uses for its impairment</span> analysis.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they were made, such assumptions are highly subjective and likely to change, possibly materially, in the future. There can be no assurance as to how long charter rates and vessel values will remain at their current levels or whether they will improve by a significant degree. If charter rates were to be at depressed levels, future assessments of vessel impairment would be adversely affected.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our estimates of basic market value assume that our vessels are all in good and seaworthy condition without the need for repair and, if inspected, that they would be certified in class without notations of any kind. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our estimates are based on the estimated market values for our vessels that we have received from independent ship brokers, reports by industry analysts and data providers that focus on our industry and related dynamics affecting vessel values, and news and industry reports of similar vessel sales. Vessel values are highly volatile and as such, our estimates may not be indicative of the current or future basic market value of our vessels or prices that we could achieve if we were to sell them.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">At December&#160;31,&#160;2024, no vessels were classified as held for sale. MR charter rates remained at elevated levels during 2024 as a result of market recovery due to strong market fundamentals. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, we have determined that as of December&#160;31,&#160;2024, the aggregate fair market price of our owned vessels was $807.5 million, based on the average of vessel valuations as obtained from two independent brokers, while the aggregate net book value (&#8220;NBV&#8221;) of our owned vessels was $550.4 million. As such, management have concluded that there were no indicators of impairment on any of our vessels during 2024, and as such we have not recorded an impairment charge for the year ended December&#160;31,&#160;2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We believe that all 22 of our owned vessels&#8217; basic market values exceeded their carrying values as of December&#160;31,&#160;2024 and December&#160;31,&#160;2023. We did not record an impairment of any vessels due to our impairment accounting policy for the years ended December&#160;31,&#160;2024 and 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Recent Accounting Pronouncements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Please see Note 2.4 &#8220;Recent accounting pronouncements&#8221; to our consolidated financial statements included in Item 18 of this Annual Report for a description of recently issued accounting pronouncements that may apply to us.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Safe Harbor</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Forward-looking information discussed in this Item 5 includes assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as &#8220;forward-looking statements&#8221;. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">81</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);min-height:11.5pt;"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We caution that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material. Please see the section entitled &#8220;Forward-Looking Statements&#8221; at the beginning of this Annual Report.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_91823787_0701_4297_9022_0333c4329322"></a><a id="Item6DirectorsSeniorManagementandEmploye"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 6. Directors, Senior Management and Employees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">A. Directors and Senior Management</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Set forth below are the names, ages and positions of our directors and executive officers. Our board of directors currently consists of seven directors. Each director elected holds office for a three-year term or until his or her successor has been duly elected and qualified, except in the event of the director&#8217;s death, resignation, removal or the earlier termination of the director&#8217;s term of office. The term of office of each director is as follows: Class I directors serve for a term expiring at the 2026 annual meeting of shareholders, Class II directors serve for a term expiring at the 2027 annual meeting of shareholders, and Class III directors serve for a term expiring at the 2025 annual meeting of the shareholders. Officers are elected from time to time by vote of our board of directors and hold office until a successor is elected. The business address for each director and executive officer is Dorchester House, 7 Church Street, Hamilton, HM11, Bermuda. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.29878616%;padding-left:0pt;padding-right:0pt;width:100.59%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:19.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:19.52%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Name</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Age</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Class</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Position</b></p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Mr. Mats Berglund</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">62</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">I</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:69.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Director, Chair of the Talent and Compensation Committee and Member of the Nominating and Corporate Governance Committee and the Sustainability Committee</p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Mr. Mark Cameron</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">58</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">N/A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Executive Vice President and Chief Operating Officer</p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Mr. James Fok</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">45</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">III</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Director, Member of the Audit Committee and the Nominating and Corporate Governance Committee</p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Mr. Robert Gaina</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">46</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">N/A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Senior Vice President, Commercial</p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Mr. Bart Kelleher</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">50</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">II</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">President, Chief Financial Officer, Secretary and Director</p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Mr. Curtis McWilliams</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">69</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">III</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:69.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Chair of the Board, Chair of the Nominating and Corporate Governance Committee and Member of the Talent and Compensation Committee and the Audit Committee</p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Ms. Aideen O'Driscoll</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">38</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">N/A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Senior Vice President and Senior Director of Corporate Services</p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Mr. Gernot Ruppelt</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">43</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">I</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Chief Executive Officer and Director</p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Dr. Kirsi Tikka</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">68</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">I</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Director, Chair of the Sustainability Committee and Member of the Talent and Compensation Committee</p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Ms. Helen Tveitan de Jong</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">57</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">II</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:69.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Director, Chair of the Audit Committee and Member of the Sustainability Committee</p></td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1px;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Biographical information with respect to each of our directors and executive officers is set forth below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Mats Berglund</span> has been a director of Ardmore since September 2018. Mr. Berglund has more than 35 years of shipping experience in Europe, the USA and Asia. Among other roles, he served as the Chief Executive Officer of Pacific Basin Limited, a Hong Kong-listed owner and operator of drybulk vessels controlling a fleet of over 200 ships, from 2012 to 2021, as Chief Financial Officer and Chief Operating Officer of marine fuel trader Chemoil Energy, and as Head of Crude Transportation for Overseas Shipholding Group. Mr. Berglund serves on the boards of directors of Pacific Basin Limited and Algoma Central Corporation. Mr. Berglund also previously served in a variety of leadership roles across the Stena group of companies, culminating as President of Stena Rederi, Stena's parent company for all shipping activities. Mr. Berglund holds an Economist (Civilekonom) degree from the Gothenburg University Business School (1986) and is a graduate of the Advanced Management Program at Harvard.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 2.85pt 0pt 0pt;"><span style="margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-style:italic;font-weight:bold;">Mark Cameron</span><span style="font-family:'Times New Roman','Times','serif';"> </span><span style="font-family:'Times New Roman','Times','serif';">is the Executive Vice President and Chief Operating Officer for Ardmore, appointed in June 2010. In 2022, Mr. Cameron relocated to Singapore and has taken on the additional role as Managing Director of Ardmore Shipping (Asia) Pte Ltd. Mr. Cameron is a past Chairman of the International Parcel Tankers Association (IPTA) and was previously an advisory board member of The Carbon War Room, an NGO. </span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">82</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';">Presently, Mr. Cameron serves on the boards of the West of England (Luxembourg) P&amp;I Club, as well as the joint venture 'Anglo Ardmore Ship Management Limited'. Mr. Cameron is a member of the Lloyds Register Marine Committee and an ABS Council member. Prior to Ardmore, from 2008 to 2010, Mr. Cameron served nine years at Teekay Corporation as Vice President, Strategy and Planning. Mr. Cameron has also held a number of senior management roles ashore with Safmarine and AP Moller specializing in integrating acquisitions covering all facets of ship management including sale and purchase, newbuilding supervision, personnel management, procurement, fleet management and technical projects. Mr. Cameron spent 11 years at sea rising to the rank of Chief Engineer with Safmarine.</span></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">James Fok </span>was appointed as a director of Ardmore in January 2023. Mr. Fok is the Chief Commercial Officer of CMU OmniClear Limited and has more than 20 years of experience in financial services. From 2012 until 2021 he served as a senior executive at Hong Kong Exchanges and Clearing, a Hong Kong-listed operator of exchanges and clearing houses. Previously, Mr. Fok was an investment banker with multiple bulge bracket firms in both Europe and Asia. He has served on a wide range of public and private sector boards and committees, and currently serves as an Executive Director of the International Securities Services Association. Mr. Fok holds a BA (Hons) in Law and Chinese from the School of Oriental &amp; African Studies of the University of London and is a Distinguished Nonresident Fellow of Hong Kong&#8217;s Centre on Contemporary China and the World.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Robert Gaina</span> was appointed Senior Vice President, Commercial at Ardmore in September 2024, overseeing the company&#8217;s chartering activities and commercial operations. Since joining Ardmore&#8217;s headquarters in Cork in 2015, Mr Gaina has held several managerial roles, including leading the Commercial Operations department, where he played a key role in optimizing fleet performance and commercial strategy, as well as Cargo Operation Manager. Prior to transitioning ashore, Mr Gaina had a distinguished seafaring career. A graduate of the Maritime Academy Mircea cel B&#259;tr&#226;n (Class of 2002), he spent over a decade sailing on chemical and oil tankers, including five years as Master Mariner. Mr Gaina earned a Global Executive MBA from Rotterdam School of Management in 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Bart Kelleher</span> joined Ardmore in 2022 as Chief Financial Officer and was subsequently appointed as President and Director in 2024. He has nearly 30 years of progressive experience in the maritime, finance, energy, and industrials sectors. From 2016 to 2022, Mr. Kelleher held executive roles with Chembulk Tankers, an owner and operator of stainless-steel chemical tankers, serving as Chief Executive Officer, Chief Financial Officer and Chief Strategy Officer. From 2010 to 2015, he was the Chief Operating Officer of Principal Maritime Management, which owned and operated a fleet of Suezmax crude carriers and chemical tankers, where he also functioned as acting Chief Financial Officer during the company's start-up and initial growth phases. In addition to his executive experience in the maritime energy transportation sector, Mr. Kelleher has held roles in investment banking, commercial banking, equity research, and capital markets in the maritime and energy-related industries at Bear Stearns and HSH Nordbank. Earlier in his career, he served as a deck officer onboard US-flag crude oil tankers and held management positions in both the cruise industry and with a leading naval architecture firm. Mr. Kelleher holds an MBA from Columbia Business School, an MS in Ocean Systems Management from Massachusetts Institute of Technology, and a BE in Naval Architecture from New York Maritime College. Mr. Kelleher serves as a Director of Element 1 Corporation, a developer of methanol to hydrogen technology, and as an advisory board member to OrbitMI, an innovative technology firm offering advanced AI-based fleet performance management solutions<span style="background:#ffffff;">.&#8195;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;background:#ffffff;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Curtis McWilliams</span> was appointed as a director of Ardmore in January 2016 and as Ardmore&#8217;s Chair effective January 1, 2019. Mr. McWilliams has over 40 years of experience in finance and real estate. From December 2021 until May 2022, Mr. McWilliams served as Interim CEO of Kalera, Inc. He retired from his position as President and Chief Executive Officer of CNL Real Estate Advisors, Inc. in 2010 after serving in the role since 2007. Mr. McWilliams was also the President and Chief Executive Officer of Trustreet Properties Inc. from 1997 to 2007, and a director of the company from 2005 to 2007. He has also served on the boards of directors of CNL Bank from 1999 to 2004, Campus Crest Communities from 2015 to 2016, Braemar Hotels and Resorts from 2013 to 2022 and Modiv Industrial from 2019 to 2024. Mr. McWilliams has over 13 years of investment banking experience at Merrill Lynch &amp; Co. where he served as co-head of the firm&#8217;s Transportation Group among other roles. Mr. McWilliams has a Master&#8217;s degree in Business with a concentration in Finance from the University of Chicago Graduate School of Business and a Bachelor of Science in Engineering in Chemical Engineering from Princeton University.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">83</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Aideen O&#8217;Driscoll</span> is Ardmore&#8217;s Senior Vice President and Senior Director of Corporate Services with responsibility for human resources, office management and project management. Ms. O&#8217;Driscoll joined Ardmore in June 2015 as Legal Associate, before being appointed to the role of Director of Human Resources in 2019. Prior to Ardmore, Ms. O&#8217;Driscoll spent five years practicing as a commercial conveyancing and banking solicitor. Ms. O&#8217;Driscoll holds a Bachelor of Civil Law and an LLM Master&#8217;s Degree in Law, both from University College Cork. Ms. O&#8217;Driscoll was admitted to the Roll of Solicitors in 2013 and has completed an Executive MBA with Cork University Business School. Ms. O&#8217;Driscoll is a member of the steering committee of the Diversity Study Group, promoting greater equality, diversity, and inclusion in the shipping industry.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Gernot Ruppelt</span> is Chief Executive Officer and a Director at Ardmore. Prior to his appointment as Chief Executive Officer, he served as Chief Commercial Officer at Ardmore. In this role Mr. Ruppelt created, developed and led Ardmore&#8217;s global trading platform and commercial strategy since joining Ardmore in 2013. Mr. Ruppelt has 24 years of experience across multiple sectors in the maritime industry and acquired extensive international exposure having worked in five countries across three continents throughout his career. Before joining Ardmore, Mr. Ruppelt was a Tanker Projects Broker with Poten &amp; Partners in New York. Previously, he held various roles up to Trade Manager for AP Moller &#8211; Maersk and Maersk Broker in the United States, Europe and Asia. Mr. Ruppelt holds an Executive MBA from INSEAD and later completed their International Directors Program. He also graduated from the Institute of Chartered Shipbrokers in London, Maersk International Shipping Education (MISE) and was accredited as a Shipping Merchant by the Hamburg Chamber of Commerce. Mr. Ruppelt previously served on the board of Anglo Ardmore Ship Management, and he was Chair of INTERTANKO&#8217;s Commercial Markets Committee from 2018 until 2024. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Kirsi Tikka </span>has served as a director since September 2019. Dr. Tikka currently serves as a director on the board of Pacific Basin Shipping Limited and is a Foreign Member of the U.S. National Academy of Engineering. Dr. Tikka chaired the U.S. National Academies Committee on Oil in the Sea IV: Input, Date and Effects, and was a member of the U.S. National Academies Committee on U.S. Coast Guard Oversight of Recognized Organizations, reports published in 2022. She is a Fellow of the Society of Naval Architects and Marine Engineers and the Royal Institution of Naval Architects and formerly a Trustee of Webb Institute. Dr. Tikka has over 30 years of shipping experience having retired from the American Bureau of Shipping Classification Society (&#8220;ABS&#8221;) in July 2019 as Executive Vice President, Senior Maritime Advisor. Prior to her time at ABS, Dr. Tikka was a professor of Naval Architecture at the Webb Institute in New York and worked for Chevron Shipping in San Francisco and W&#228;rtsil&#228; Shipyards in Finland. Dr. Tikka holds a Doctorate in Naval Architecture and Offshore Engineering from the University of California, Berkeley and a Master&#8217;s degree in Mechanical Engineering and Naval Architecture from the University of Technology in Helsinki.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Helen Tveitan de Jong</span> has served as a director of Ardmore since September 2018. She is Chair and Chief Executive Officer of Carisbrooke Shipping Holdings Ltd., a specialist owner operator of mini-bulk and project cargo ships controlling a fleet of 23 ships. Previously, Ms. Tveitan de Jong held a variety of senior ship finance roles, including as a founding partner at shipping finance advisory firm THG Capital from 2001 to 2007, and has held several positions as interim Finance Director for shipping companies, most notably in the dry bulk sector, from 2003 to 2017. Ms. Tveitan de Jong graduated with a DRS in Economics from Rotterdam's Erasmus University in 1992. From 2021 to 2024, Ms. Tveitan de Jong served as an independent non-executive director of Taylor Maritime Investments Limited, an internally managed investment company listed on the premium segment of the London Stock Exchange.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">B. Compensation of Directors and Senior Management</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We paid $4.6 million in aggregate cash compensation to members of our senior executive officers for 2024. For 2024, each of our non-employee directors annually received cash compensation in the aggregate amount of $65,000, plus an additional fee of $65,000 for a director serving as Chair of the Board, $20,000 for a director serving as Chair of the Audit Committee, $15,000 for each director serving as Chair of other committees, $10,000 for each member of the Audit Committee and $5,000 for each member of other standing committees, plus reimbursements for actual expenses incurred while acting in their capacity as a director. We paid $0.5 million in aggregate compensation to our directors for 2024. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our officers and directors are eligible to receive awards under our equity incentive plan, which is described below under &#8220;&#8212;&#160;Equity Incentive Plan.&#8221; We do not have a retirement plan for our officers or directors.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">84</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We believe that it is important to align the interests of our directors and management with those of our shareholders. In this regard, we have determined that it generally is beneficial to us and to our shareholders for our directors and management to have a stake in our long-term performance. We expect that a meaningful component of the compensation packages for our directors and management will consist of equity interests in Ardmore in order to promote this alignment of interests.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Equity Incentive Plan </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We currently have an equity incentive plan, the 2013 Equity Incentive Plan (the &#8220;plan&#8221;), under which directors, officers, and employees (including any prospective officer or employee) of us and our subsidiaries and affiliates, and consultants and service providers (including persons who are employed by or provide services to any entity that is itself a consultant or service provider) to us and our subsidiaries and affiliates, as well as entities wholly-owned or generally exclusively controlled by such persons, may be eligible to receive incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock and other equity-based or equity-related awards that the plan administrator determines are consistent with the purposes of the plan and our interests. Subject to adjustment for changes in capitalization, the aggregate number of shares of our common stock available for grant under the plan is 5 million shares. The plan is administered by the Talent and Compensation Committee of our board of directors.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under the terms of the plan, stock options and stock appreciation rights granted under the plan will have an exercise price equal to the fair market value of a common share on the date of grant, unless otherwise determined by the plan administrator, but in no event will the exercise price be less than the fair market value of a common share on the date of grant. Options and stock appreciation rights are exercisable at times and under conditions as determined by the plan administrator, but in no event will they be exercisable later than ten years from the date of grant. The plan administrator may grant dividend equivalents with respect to grants of options and stock appreciation rights.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The plan administrator may grant shares of restricted stock and awards of restricted stock units subject to vesting, forfeiture and other terms and conditions as determined by the plan administrator. With respect to restricted stock units, the award recipient will be paid an amount equal to the number of vested restricted stock units multiplied by the fair market value of a common share on the date of vesting, which payment may be paid in the form of cash or common shares or a combination of both, as determined by the plan administrator. The plan administrator may grant dividend equivalents with respect to grants of restricted stock units.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Adjustments may be made to outstanding awards in the event of a corporate transaction or change in capitalization or other extraordinary event. In the event of a &#8220;change in control&#8221; (as defined in the plan), unless otherwise provided by the plan administrator in an award agreement, awards then outstanding will become fully vested and exercisable in full.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our board of directors may amend or terminate the plan and the plan administrator may amend outstanding awards, provided that no such amendment or termination may be made that would materially impair any rights, or materially increase any obligations, of a grantee under an outstanding award without the consent of the grantee. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Shareholder approval of plan amendments may be required under certain circumstances. Unless terminated earlier by our board of directors, the plan will expire ten years from the date the plan is adopted.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Stock Appreciation Rights (&#8220;SARs&#8221;)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024, no SARs were outstanding under the Company&#8217;s 2013 Equity Incentive Plan. Under a SAR award, the grantee is entitled to receive the appreciation of a share of the Company&#8217;s common stock following the grant of the award. No SAR awards were granted during the years ended December&#160;31,&#160;2024, 2023 and 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">85</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Each SAR provides for a payment of an amount equal to the excess, if any, of the fair market value of a share of the Comapny&#8217;s common stock at the time of exercise of the SAR over the per share exercise price of the SAR, multiplied by the number of shares for which the SAR is then exercised. Payment under the SAR will be made in the form of shares of the Company&#8217;s common stock, based on the fair market value of a share of the Company&#8217;s common stock at the time of exercise of the SAR.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Restricted Stock Units (&#8220;RSUs&#8221;)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On March 1, 2024, the Company granted 113,314 Time-Based RSUs (&#8220;TRSUs&#8221;) to certain members of management that will vest in three equal annual tranches from the date of grant. On March 1, 2024, the Company granted 47,894 Performance-Based RSUs (&#8220;PRSUs&#8221;) to certain members of management that will vest in one tranche on March 1, 2027, subject to the grantee&#8217;s continued employment and market conditions based on the Company&#8217;s relative total shareholder return (&#8220;TSR&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;background:#ffff00;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On June 17, 2024, the Company granted 20,861 TRSUs to certain of its directors that will vest in twelve months from the date of grant.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;background:#ffff00;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under an RSU award, the grantee is entitled to receive a share of the Company&#8217;s common stock for each RSU at the end of the vesting period. Payment under the RSU will be made in the form of shares of the Company&#8217;s common stock. The RSU awards include dividend equivalent rights equal in number to the number of shares underlying the award of RSUs granted.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Please see Note 15 &#8220;Share-based compensation&#8221; to our consolidated financial statements included in this Annual Report for additional information about our SAR awards and RSUs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">C. Board Practices</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our board of directors currently consists of seven directors, all of whom, other than our Chief Executive Officer, Gernot Ruppelt, and our President and Chief Financial Officer, Bart Kelleher, have been determined by our board of directors to be independent under the rules of the New York Stock Exchange and, for members of the Audit Committee the rules and regulations of the SEC. Our board of directors has instituted a policy of holding executive sessions of non-management directors following each regularly scheduled meeting of the full Board. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Additional executive sessions of non-management directors may be held from time to time as required. The director serving as the presiding director during executive sessions currently is Curtis McWilliams, the Chair of the Board. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our Audit Committee consists of Helen Tveitan de Jong, as Chair, Curtis McWilliams and James Fok. Each member of our Audit Committee is financially literate under the current listing standards of the New York Stock Exchange and the SEC. Our board of directors has determined that Ms. Tveitan de Jong, qualifies as an Audit Committee financial expert. The Audit Committee, among other things, reviews our external financial reporting, engages our external auditors, and oversees our financial reporting procedures and the adequacy of our internal accounting controls. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Nominating and Corporate Governance Committee consists of Curtis McWilliams as Chair, Mats Berglund and James Fok. The Nominating and Corporate Governance Committee is responsible for recommending to the board of directors nominees for director and directors for appointment to board committees and advising the board with regard to corporate governance practices. Our shareholders may also nominate directors in accordance with the procedures set forth in our bylaws.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Talent and Compensation Committee consists of Mats Berglund, as Chair, and Curtis McWilliams and Kirsi Tikka. The Talent and Compensation Committee oversees our equity incentive plan and recommends director and senior employee compensation. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">86</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Sustainability Committee consists of Kirsi Tikka, as Chair, and Mats Berglund and Helen Tveitan de Jong. The Sustainability Committee oversees and advises on all matters related to corporate sustainability, including environmental, social and energy transition matters. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">There are no service contracts between us and any of our directors providing for benefits upon termination of their employment or service. Each of the committees is currently comprised of independent members and operates under a written charter adopted by the board of directors. All of the committee charters are available under &#8220;Corporate Governance&#8221; in the Investors section of our website at <i style="font-style:italic;">www.ardmoreshipping.com</i>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">D. Employees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December 31, 2024, approximately 880 seagoing staff serve on the vessels that we manage and 56 full-time staff on shore. This compares with 778 seafarers and 56 full-time staff and seven part-time staff on shore as of December 31, 2023. Many of our seafarers employed by our ship manager are unionized under various jurisdictions and are employed under various collective bargaining agreements that expose us to a risk of potential labor unrest at times when those collective bargaining agreements are being re-negotiated.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We have entered into employment agreements with five of our executives: Mark Cameron, our Executive Vice President and Chief Operating Officer; Robert Gaina, our Senior Vice President, Commercial; Bart Kelleher, our President and Chief Financial Officer; Aideen O&#8217;Driscoll, our Senior Vice President and Director of Corporate Services; and Gernot Ruppelt, our Chief Executive Officer. Pursuant to the terms of their respective employment agreements, our executive officers are prohibited from disclosing or unlawfully using any of our material confidential information. The employment agreements, which include compensation provisions, and one-year non-solicitation and non-compete clauses following the cessation of the employee&#8217;s employment with us. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The employment agreements require that we maintain director and officer insurance and that we indemnify and hold the employee harmless against all expenses, liability and loss (including reasonable and necessary attorneys&#8217; fees, judgments, fines and amounts paid in settlement) in connection with any threatened or pending action, suit or proceeding, to which the employee is a party or is threatened to be made a party as a result of the employee&#8217;s employment with us. The indemnification provisions exclude fraud, willful misconduct or criminal activity on the employee&#8217;s behalf.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">E. Share Ownership</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The total amount of common stock owned by all of our officers and directors as a group is set forth below in Item 7. (&#8220;Major Shareholders and Related Party Transactions&#160;&#8212;&#160;A. Major Shareholders&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">F. Disclosure of a Registrant&#8217;s Action to Recover Erroneously Awarded Compensation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_3116ba22_a707_48e8_9c57_1b1e39d1e03a"></a><a id="Item7MajorShareholdersandRelatedPartyTra"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 7. Major Common Shareholders and Related Party Transactions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">A. Major Common Shareholders</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following table sets forth information regarding beneficial ownership, as of March 7, 2025 (except as otherwise noted), of our common stock by:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">each person or entity known by us to beneficially own 5% or more of our common stock; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">all our current directors and executive officers and senior management as a group.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The information provided in the table is based on information filed with the SEC and information provided to us.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">87</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);min-height:11.5pt;"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The number of shares beneficially owned by each person, entity, director, executive officer or other member of senior management is determined under SEC rules and the information is not necessarily indicative of beneficial ownership for any other purpose. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under SEC rules, a person or entity beneficially owns any shares as to which the person or entity has or shares voting or investment power. In addition, a person or entity beneficially owns any shares that the person or entity has the right to acquire as of the date 60 days after March 7, 2025 through the exercise of any stock option or other right; however, any such shares are not deemed outstanding for the purpose of computing the percentage ownership of any other person. Unless otherwise indicated, each person or entity has sole voting and investment power (or shares such powers with his or her spouse) with respect to the shares set forth in the following table.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:71.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:71.93%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Identity of person or group</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:23.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Shares&#160;Beneficially&#160;Owned</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:71.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Percentage</b><sup style="font-size:6pt;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:71.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">BlackRock Inc.<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">(2)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 2,756,000</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 6.8</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;width:71.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Dimensional Fund Advisors LP<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">(3)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 2,738,153</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 6.8</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;width:71.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Scorpio Holding Limited<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">(4)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 2,304,112</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 5.7</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;width:71.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Teekay Tankers Ltd.<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">(5)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 2,050,044</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 5.1</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;width:71.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Alder Tree Investments II BV<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">(6)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 2,035,567</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 5.0</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;width:71.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">All directors and executive officers as a group<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">(7)(8)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 409,771</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><span style="white-space:pre-wrap;"> 1.0</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">%</p></td></tr></table><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1px;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"><a id="_Hlk96968728"></a></div></div><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Based on 40,503,341 shares of common stock outstanding on March 7, 2025.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">This information is based on the From 13F filed with the SEC on February 7, 2025. According to this Form 13F, BlackRock Inc. possessed sole investment discretion over 2,756,000 shares, sole voting power over 2,639,835 shares and no voting power over 116,165 shares.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(3)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">This information is based on the Form 13F filed with the SEC on February 13, 2025. According to this Form 13F, Dimensional Fund Advisors possessed sole investment discretion over 2,641,259 shared investment discretion over 96,894 shares, sole voting power over 2,591,337 shares, shared voting power over 96,894 shares and no voting power over 49,922 shares.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(4)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">This information is based on the Schedule 13G filed with the SEC on July 31, 2023. According to this Schedule 13G, Scorpio Holdings Limited and Annalisa Lolli-Ghetti possessed shared voting and dispositive power over 2,304,112 shares. </span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(5)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">This information is based on the Schedule 13G filed with the SEC on February 19, 2025. According to this Schedule 13G, Teekay Tankers Ltd. possessed sole voting and dispositive power over 2,050,044 shares.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(6)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">This information is based on the Schedule 13G filed with the SEC on December 23, 2022. According to this Schedule 13G, Alder Tree Investments II BV possessed sole voting and dispositive power over 2,035,567 shares.</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(7)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Includes 86,381 RSUs that have not vested as at March 7, 2025 but are due to vest before May 6, 2025 (60 days after March 7, 2025)</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(8)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Each director and executive officer beneficially owns less than 1% of the outstanding shares of our common stock.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_Hlk129762924"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of March 7, 2025, we had three shareholders of record located in the United States, one of which is CEDE &amp; CO., a nominee of The Depository Trust Company, which held an aggregate of 40,489,414 shares of our common stock, representing approximately 91.86% of our outstanding shares of common stock. We believe that the shares held by CEDE &amp; CO. include shares of common stock beneficially owned by both United States and non-U.S. beneficial owners.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our major shareholders have the same voting rights as our other shareholders. No corporation or foreign government or other natural or legal person owns more than 50% of our outstanding common stock. We are not aware of any arrangements, the operation of which may at a subsequent date result in a change in control of Ardmore.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">88</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">B. Related Party Transactions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We have a 50%-owned joint venture entity, Anglo Ardmore Ship Management Limited (&#8220;AASML&#8221;), owned in equal shares by the third-party technical manager Anglo-Eastern and our wholly-owned subsidiary Ardmore Shipping (Bermuda) Limited. AASML was incorporated in June 2017 and began providing technical management services exclusively to the Ardmore fleet on January 1, 2018. We have entered into standard Baltic and International Maritime Council (BIMCO) ship management agreements with AASML for the provision of technical management services to our 22 owned vessels as of December 31, 2024 (2023: 22 vessels). AASML provides the vessels with a wide range of shipping services such as repairs and maintenance, provisioning and crewing. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">C. Interest of Experts and Counsel</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_0a7afa59_fea4_4de7_81fb_e1f15ae95a92"></a><a id="Item8FinancialInformation_215019"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 8. Financial Information</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">A. Consolidated Financial Statements and Other Financial Information</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">See Item 18.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Legal Proceedings</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Although we may, from time to time, be involved in litigation and claims arising out of our operations in the normal course of business, we are not at present party to any legal proceedings or aware of any proceedings against us, or contemplated to be brought against us, that we believe would reasonably be expected to have a material effect on our business, financial position, results of operations or liquidity. We maintain insurance policies with insurers in amounts and with coverage and deductibles as our board of directors believes are reasonable and prudent. However, insurance coverage is subject to deductibles, limits and exclusions. Any claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Capital Allocation Policy</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our capital allocation policy sets out our priorities among fleet maintenance, financial strength, accretive growth and, once the other priorities are achieved, returning capital to shareholders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Dividend Policy</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As part of our capital allocation policy, we currently pay a variable quarterly cash dividend on our shares of common stock equivalent in the aggregate to one-third of the prior quarter&#8217;s Adjusted Earnings (which is a non-GAAP measure that represents our earnings per share for the quarter reported under U.S. GAAP adjusted for gain or loss on sale of vessels, loss on extinguishment, and solely for the purposes of dividend calculations, the impact of unrealized gains / (losses) and certain non-recurring items).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The amount of our Adjusted Earnings, the amount of cash we have available for any dividends and the number of shares used to calculate any per share dividends on our common stock may vary significantly from period to period. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">There is no guarantee that we will pay any future dividends to our shareholders. The declaration of any dividends is subject at all times to the discretion of our board of directors. In addition, our board of directors may change or terminate our dividend policy or capital allocation policy at any time. For more information about our dividend policy, as well as certain risks and restrictions relating to our ability to pay any dividends in the future, please see Item 5 &#8220;Operating and Financial Review and Prospects &#8211; Recent Developments &#8211; Capital Allocation Policy, Including and Dividends&#8221; and Item 3 &#8220;Risk Factors &#8211; Risks Related to an Investment in Our Securities &#8211;The amount of quarterly dividends we may pay under our dividend policy will vary from period to period, and we may be unable to pay dividends on our common shares.&#8221; </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">89</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">B. Significant Changes</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not Applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_daffdb71_78e9_449d_923f_abb9455e69df"></a><a id="Item9TheOfferandListing_448306"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 9. The Offer and Listing</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Shares of our common stock trade on the New York Stock Exchange under the symbol &#8220;ASC&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_1b81c29a_fe88_4fa9_b60a_6b89825744db"></a><a id="Item10AdditionalInformation_185379"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 10. Additional Information</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">A. Share Capital</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">B. Memorandum and Articles of Association</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws have been filed as Exhibits <a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000119312513296491/d559582df1a.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">3.1</span></a> and <a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000119312513296491/d559582df1a.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">3.2</span></a>, respectively, to Form F-1/A (Registration Number 333-189714), declared effective by the Securities and Exchange Commission on July 31, 2013. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our Amended and Restated Articles of Incorporation were modified by the Statement of Designation relating to our Series A Preferred Stock filed as <a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000119312521193230/d165069dex11.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Exhibit 1.1</span></a> to our Report on Form 6-K furnished to the Securities and Exchange Commission on June 17, 2021. The information contained in these exhibits is incorporated by reference into this Annual Report.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The rights, preferences and restrictions attaching to our shares of common stock are described <a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000110465920043130/tm206807d1_ex2-2.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">in Exhibit 2.2 (Description of Capital Stock) of this Annual Report</span></a>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">There are no limitations on the rights to own our securities, including the rights of non-resident or foreign shareholders to hold or exercise voting rights on the securities, imposed by the laws of the Republic of The Marshall Islands or by our Articles of Incorporation or Bylaws.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">C. Material Contracts</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Attached or incorporated by reference as exhibits to this Annual Report are the contracts we consider to be both material and not entered into in the ordinary course of business. Descriptions are included in Note 6 (&#8220;Debt&#8221;) to our consolidated financial statements included in this Annual Report with respect to our credit facilities and Note 7 (&#8220;Finance Leases&#8221;) with respect to our finance leases. Other than these contracts, we have not entered into any other material contracts in the two years immediately preceding the date of this Annual Report, other than contracts entered into in the ordinary course of business.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">D. Exchange Controls</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under Marshall Islands law, there are currently no restrictions on the export or import of capital, including foreign exchange controls or restrictions that affect the remittance of dividends, interest or other payments to non-resident holders of our common shares.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">E. Taxation of Holders</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following is a discussion of the material Marshall Islands and U.S. federal income tax considerations that may be relevant to us and our shareholders. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">90</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">This discussion does not purport to deal with the tax consequences of owning common stock to all categories of investors, some of which, such as financial institutions, regulated investment companies, real estate investment trusts, tax-exempt organizations, insurance companies, persons holding our common shares as part of a hedging, integrated, conversion or constructive sale transaction or a straddle, traders in securities that have elected the mark-to-market method of accounting for their securities, persons liable for an alternative minimum tax, persons who are investors in partnerships or other pass-through entities for U.S. federal income tax purposes, dealers in securities or currencies, U.S. Holders whose functional currency is not the U.S. dollar, investors that own, actually or under applicable constructive ownership rules, 10% or more of our common shares and investors that are required to recognize income pursuant to an &#8220;applicable financial statement&#8221;, and persons subject to the &#8220;base erosion and anti-avoidance&#8221; tax, may be subject to special rules. This discussion deals only with holders who hold the common stock as a capital asset. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local or foreign law of the ownership of common stock.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Marshall Islands Tax Considerations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following are the material Marshall Islands tax consequences of our activities to us and of our common shares to our shareholders. We are incorporated in the Marshall Islands. Under current Marshall Islands law, we are not subject to tax on income or capital gains, and no Marshall Islands withholding tax will be imposed upon payments of dividends by us to our shareholders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">U.S. Federal Income Tax Considerations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following are the material U.S. federal income tax consequences to (a) us and (b) U.S. Holders and Non-U.S. Holders, each as defined below, of the common shares. The following discussion of U.S. federal income tax matters is based on the Code, judicial decisions, administrative pronouncements, and existing and proposed regulations issued by the United States Department of the Treasury (&#8220;Treasury Regulations&#8221;), all of which are subject to change, possibly with retroactive effect. The discussion below is based, in part, on the description of our business as described in this Annual Report and assumes that we conduct our business as described herein. References in the following discussion to the &#8220;Company&#8221;, &#8220;we&#8221;, &#8220;our&#8221; and &#8220;us&#8221; are to Ardmore Shipping Corporation and its subsidiaries on a consolidated basis.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">U.S. Federal Income Taxation of Operating Income: In General</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We anticipate that we will earn substantially all our income from spot and time charter arrangements, all of which we refer to as &#8220;shipping income&#8221;.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Unless we qualify from an exemption from U.S. federal income taxation under either an applicable tax treaty or the rules of Section 883 of the Code (&#8220;Section 883&#8221;), as discussed below, a foreign corporation such as us will be subject to United States federal income taxation on its &#8220;shipping income&#8221; that is treated as derived from sources within the United States (&#8220;U.S. source shipping income&#8221;). For U.S. federal income tax purposes, &#8220;U.S. source shipping income&#8221; includes 50% of shipping income that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Shipping income attributable to transportation exclusively between non-U.S. ports will be considered to be 100% derived from sources entirely outside the United States. Shipping income derived from sources outside the United States will not be subject to any U.S. federal income tax.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Shipping income attributable to transportation exclusively between U.S. ports is considered to be 100% derived from U.S. sources. However, we are not permitted by United States law to engage in the transportation of cargoes that produces 100% U.S. source shipping income.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">91</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Exemption of Operating Income from U.S. Federal Income Taxation</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under Section 883 and the Treasury Regulations promulgated thereunder, a foreign corporation will be exempt from U.S. federal income taxation of its U.S. source shipping income if:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">it is organized in a &#8220;qualified foreign country&#8221; which is one that grants an &#8220;equivalent exemption&#8221; from tax to corporations organized in the United States in respect of each category of shipping income for which exemption is being claimed under Section 883; and</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(2)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one of the following tests is met:</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(A)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">more than 50% of the value of its shares is beneficially owned, directly or indirectly, by &#8220;qualified shareholders&#8221;, which as defined includes individuals who are &#8220;residents&#8221; of a qualified foreign country, to which we refer as the &#8220;50% Ownership Test&#8221;; or</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(B)</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">its shares are &#8220;primarily and regularly traded on an established securities market&#8221; in a qualified foreign country or in the United States, to which we refer as the &#8220;Publicly-Traded Test&#8221;.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Marshall Islands, the jurisdiction where we and our ship-owning subsidiaries are incorporated, has been officially recognized by the IRS, as a qualified foreign country that grants the requisite &#8220;equivalent exemption&#8221; from tax in respect of each category of shipping income we earn and currently expect to earn in the future. Therefore, we will be exempt from U.S. federal income taxation with respect to our U.S. source shipping income if we satisfy either the 50% Ownership Test or the Publicly Traded Test.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We believe that we satisfy the Publicly Traded Test for our 2024 taxable year and therefore qualify for an exemption from tax under Section 883. We anticipate that we will continue to satisfy the Publicly Traded Test but, as discussed below, this is a factual determination made on an annual basis. We do not currently anticipate circumstances under which we would not be able to satisfy the 50% Ownership Test.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Publicly Traded Test</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Treasury Regulations under Section 883 provide, in pertinent part, that shares of a foreign corporation will be considered to be &#8220;primarily traded&#8221; on an established securities market in a country if the number of shares of each class of stock that are traded during any taxable year on all established securities markets in that country exceeds the number of shares in each such class that are traded during that year on established securities markets in any other single country. Our common shares, which constitute our sole class of issued and outstanding stock are &#8220;primarily traded&#8221; on the New York Stock Exchange (&#8220;NYSE&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under the Treasury Regulations, our common shares will be considered to be &#8220;regularly traded&#8221; on an established securities market if one or more classes of our shares representing more than 50% of our outstanding stock, by both total combined voting power of all classes of stock entitled to vote and total value, are listed on such market, (the &#8220;listing threshold&#8221;). Since all our common shares are listed on the NYSE, we satisfy the listing threshold.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Treasury Regulations also require that with respect to each class of stock relied upon to meet the listing threshold, (i) such class of stock traded on the market, other than in minimal quantities, on at least 60 days during the taxable year or one-sixth of the days in a short taxable year (&#8220;trading frequency test&#8221;); and (ii) the aggregate number of shares of such class of stock traded on such market during the taxable year must be at least 10% of the average number of shares of such class of stock outstanding during such year or as appropriately adjusted in the case of a short taxable year (the &#8220;trading volume test&#8221;). We believe that we satisfy the trading frequency and trading volume tests with respect to the 2024 taxable year. Even if this were not the case, the Treasury Regulations provide that the trading frequency and trading volume tests will be deemed satisfied if, as is the case with our common shares, such class of stock is traded on an established securities market in the United States and such shares are regularly quoted by dealers making a market in such shares.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">92</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Notwithstanding the foregoing, the Treasury Regulations provide, in pertinent part, that a class of shares will not be considered to be &#8220;regularly traded&#8221; on an established securities market for any taxable year in which 50% or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more than half the days during the taxable year by persons who each own 5% or more of the vote and value of such class of outstanding stock (&#8220;5% Override Rule&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For purposes of being able to determine the persons who actually or constructively own 5% or more of the vote and value of our common shares (&#8220;5% Shareholders&#8221;) the Treasury Regulations permit us to rely on those persons that are identified on Schedule 13G and Schedule 13D filings with the United States Securities and Exchange Commission, as owning 5% or more of our common shares. The Treasury Regulations further provide that an investment company which is registered under the Investment Company Act of 1940, as amended, will not be treated as a 5% Shareholder for such purposes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In the event the 5% Override Rule is triggered, the Treasury Regulations provide that the 5% Override Rule will nevertheless not apply if we can establish that within the group of 5% Shareholders, qualified shareholders (as defined for purposes of Section 883) own sufficient number of shares to preclude non-qualified shareholders in such group from owning 50% or more of our common shares for more than half the number of days during the taxable year.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We believe that we satisfy the Publicly Traded Test for the 2024 taxable year and were not subject to the 5% Override Rule, and we intend to take that position on our 2024 U.S. federal income tax return. However, there are factual circumstances beyond our control that could cause us to lose the benefit of the Section 883 exemption for any future taxable year. For example, there is a risk that we could no longer qualify for Section 883 exemption for a particular taxable year if one or more 5% Shareholders were to own 50% or more of our outstanding common shares on more than half the days of the taxable year. Under these circumstances, we would be subject to the 5% Override Rule and we would not qualify for the Section 883 exemption unless we could establish that our shareholding during the taxable year was such that non-qualified 5% Shareholders did not own 50% or more of our common shares on more than half the days of the taxable year. Under the Treasury Regulations, we would have to satisfy certain substantiation requirements regarding the identity of our shareholders. These requirements are onerous and there is no assurance that we would be able to satisfy them. Given the factual nature of the issues involved, we can give no assurances in regard to our or our subsidiaries&#8217; qualification for the Section 883 exemption.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Taxation in Absence of Section 883 Exemption</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If the benefits of Section 883 are unavailable, our U.S. source shipping income would be subject to a 4% tax imposed by Section 887 of the Code on a gross basis, without the benefit of deductions, or the &#8220;4% gross basis tax regime&#8221;, to the extent that such income is not considered to be &#8220;effectively connected&#8221; with the conduct of a United States trade or business, as described below. Since under the sourcing rules described above, no more than 50% of our shipping income would be treated as being U.S. source shipping income, the maximum effective rate of U.S. federal income tax on our shipping income would never exceed 2% under the 4% gross basis tax regime.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">To the extent our U.S. source shipping income is considered to be &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business, as described below, any such &#8220;effectively connected&#8221; U.S. source shipping income, net of applicable deductions, would be subject to U.S. federal income tax, currently imposed at a rate of 21%.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In addition, we would generally be subject to the 30% &#8220;branch profits&#8221; tax on earnings effectively connected with the conduct of such trade or business, as determined after allowance for certain adjustments, and on certain interest paid or deemed paid attributable to the conduct of our U.S. trade or business.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our United States source shipping income would be considered &#8220;effectively connected&#8221; with the conduct of a United States trade or business only if:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">we have, or are considered to have, a fixed place of business in the United States involved in the earning of U.S. source shipping income; and</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">93</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">substantially all of our U.S. source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same points for voyages that begin or end in the United States.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We do not intend to have, or permit circumstances that would result in having, any vessel sailing to or from the United States on a regularly scheduled basis. Based on the foregoing and on the expected mode of our shipping operations and other activities, it is anticipated that none of our U.S. source shipping income will be &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">United States Taxation of Gain on Sale of Vessels</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Regardless of whether we qualify for an exemption under Section 883, we will not be subject to U.S. federal income tax with respect to gain realized on a sale of a vessel, provided the sale is considered to occur outside of the United States under U.S. federal income tax principles. In general, a sale of a vessel will be considered to occur outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. It is expected that any sale of a vessel by us will be considered to occur outside of the United States.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">U.S. Federal Income Taxation of United States Holders</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As used herein, the term &#8220;U.S. Holder&#8221; means a holder that for U.S. federal income tax purposes is a beneficial owner of our common shares and is an individual U.S. citizen or resident, a U.S. corporation or other U.S. entity taxable as a corporation, an estate the income of which is subject to U.S. federal income taxation regardless of its source, or a trust if (a) a court within the United States is able to exercise primary jurisdiction over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (b) the trust has a valid election in effect to be treated as a U.S. person.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If a partnership holds the common shares, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a partnership holding the common shares, you are encouraged to consult your tax advisor.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Distributions</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Subject to the discussion of passive foreign investment companies below, any distributions made by us with respect to our common shares to a U.S. Holder will generally constitute dividends to the extent of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Distributions in excess of such earnings and profits will be treated first as a non-taxable return of capital to the extent of the U.S. Holder&#8217;s tax basis in our common shares and thereafter as capital gain. Because we are not a U.S. corporation, U.S. Holders that are corporations will generally not be entitled to claim a dividends received deduction with respect to any distributions they receive from us. Dividends paid with respect to our common shares will generally be treated as foreign source dividend income and will generally constitute &#8220;passive category income&#8221; for purposes of computing allowable foreign tax credits for U.S. foreign tax credit purposes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Subject to applicable limitations, including a holding period requirement, dividends paid on our common shares to certain non-corporate U.S. Holders will generally be treated as &#8220;qualified dividend income&#8221; that is taxable to such U.S. Holders at preferential tax rates provided that (1) the common shares are readily tradable on an established securities market in the U.S. (such as the NYSE, on which our common shares are traded); and (2) we are not a passive foreign investment company for the taxable year during which the dividend is paid or the immediately preceding taxable year (which, as discussed below, we do not believe that we are or will be for any future taxable years).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">94</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">There is no assurance that any dividends paid on our common shares will be eligible for these preferential rates in the hands of such non-corporate U.S. Holders, although, as described above, we expect such dividends to be so eligible provided an eligible non-corporate U.S. Holder meets all applicable requirements. Any dividends paid by us which are not eligible for these preferential rates will be taxed as ordinary income to a non-corporate U.S. Holder.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Special rules may apply to any &#8220;extraordinary dividend&#8221;&#160;&#8212;&#160;generally, a dividend in an amount which is equal to or in excess of 10% of a shareholder&#8217;s adjusted tax basis in a common share&#160;&#8212;&#160;paid by us. If we pay an &#8220;extraordinary dividend&#8221; on our common shares that is treated as &#8220;qualified dividend income&#8221;, then any loss derived by certain non-corporate U.S. Holders from the sale or exchange of such common shares will be treated as long-term capital loss to the extent of such dividend.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Sale, Exchange or Other Disposition of Common Shares</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Assuming we do not constitute a passive foreign investment company for any taxable year, a U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition of our common shares in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S. Holder&#8217;s tax basis in such shares. Such gain or loss will be treated as long-term capital gain or loss if the U.S. Holder&#8217;s holding period is greater than one year at the time of the sale, exchange or other disposition. Such capital gain or loss will generally be treated as U.S. source income or loss, as applicable, for U.S. foreign tax credit purposes. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Long-term capital gains of certain non-corporate U.S. Holders are currently eligible for reduced rates of taxation. A U.S. Holder&#8217;s ability to deduct capital losses is subject to certain limitations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">3.8% Tax on Net Investment Income</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A U.S. Holder that is an individual, estate, or, in certain cases, a trust, will generally be subject to a 3.8% tax on the lesser of (1) the U.S. Holder&#8217;s net investment income for the taxable year and (2) the excess of the U.S. Holder&#8217;s modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals will be between $125,000 and $250,000). A U.S. Holder&#8217;s net investment income will generally include distributions we make on the common stock which are treated as dividends for U.S. federal income tax purposes and capital gains from the sale, exchange or other disposition of the common stock. This tax is in addition to any income taxes due on such investment income.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Passive Foreign Investment Company Status and Significant Tax Consequences</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Special U.S. federal income tax rules apply to a U.S. Holder that holds shares in a PFIC for U.S. federal income tax purposes. In general, we will be treated as a PFIC with respect to a U.S. Holder if, for any taxable year in which such holder holds our common shares, either:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">at least 50% of the average value of our assets during such taxable year produce, or are held for the production of, passive income.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For purposes of determining whether we are a PFIC, cash held by us will be treated as passive assets. In addition, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of our subsidiary corporations in which we own at least 25% of the value of the subsidiary&#8217;s stock. Income earned, or deemed earned, by us in connection with the performance of services would not constitute passive income. By contrast, rental income would generally constitute &#8220;passive income&#8221; unless we were treated under specific rules as deriving our rental income in the active conduct of a trade or business.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Based on our current and anticipated operations, we do not believe that we are currently a PFIC or will be treated as a PFIC for any future taxable year. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">95</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our belief is based principally on the position that the gross income we derive from time chartering activities should constitute services income, rather than rental income. Accordingly, such income should not constitute passive income, and the assets that we own and operate in connection with the production of such income, in particular, the vessels, should not constitute passive assets for purposes of determining whether we are a PFIC. There is substantial legal authority supporting this position consisting of case law and IRS pronouncements concerning the characterization of income derived from time charters as services income for other tax purposes. However, there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes. Accordingly, no assurance can be given that the IRS or a court of law will accept this position, and there is a risk that the IRS or a court of law could determine that we are a PFIC. In addition, although we intend to conduct our affairs in a manner to avoid being classified as a PFIC with respect to any taxable year, we cannot assure you that the nature of our operations will not change in the future.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As discussed more fully below, if we were to be treated as a PFIC for any taxable year, a United States Holder would be subject to different taxation rules depending on whether the United States Holder makes an election to treat us as a &#8220;Qualified Electing Fund&#8221; (&#8220;QEF election&#8221;). As an alternative to making a QEF election, a United States Holder should be able to make a &#8220;mark-to-market&#8221; election with respect to our common shares, as discussed below. A United States holder of shares in a PFIC will be required to file an annual information return on IRS Form 8621 containing information regarding the PFIC as required by applicable Treasury Regulations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 3.6pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Taxation of United States Holders Making a Timely QEF Election</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If a United States Holder makes a timely QEF election, which United States Holder we refer to as an &#8220;Electing Holder&#8221;, the Electing Holder must report for United States federal income tax purposes its pro rata share of our ordinary earnings and net capital gain, if any, for each of our taxable years during which we are a PFIC that ends with or within the taxable year of the Electing Holder, regardless of whether distributions were received from us by the Electing Holder. No portion of any such inclusions of ordinary earnings will be treated as &#8220;qualified dividend income&#8221;. Net capital gain inclusions of certain non-corporate United States Holders would be eligible for preferential capital gains tax rates. The Electing Holder&#8217;s adjusted tax basis in the common shares will be increased to reflect any income included under the QEF election. Distributions of previously taxed income will not be subject to tax upon distribution but will decrease the Electing Holder&#8217;s tax basis in the common shares. An Electing Holder would not, however, be entitled to a deduction for its pro rata share of any losses that we incur with respect to any taxable year. An Electing Holder would generally recognize capital gain or loss on the sale, exchange or other disposition of our common shares. A U.S. Holder would make a timely QEF election for our common shares by filing one copy of IRS Form 8621 with its United States federal income tax return for the first year in which it held such shares when we were a PFIC. If we determine that we are a PFIC for any taxable year, we would provide each United States Holder with all necessary information in order to make the QEF election described above.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Taxation of United States Holders Making a Mark-to-Market Election</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Alternatively, if we were to be treated as a PFIC for any taxable year and, as we anticipate will be the case, our shares are treated as &#8220;marketable stock&#8221;, a United States Holder would be allowed to make a &#8220;mark-to-market&#8221; election with respect to our common shares, provided the United States Holder completes and files IRS Form 8621 in accordance with the relevant instructions and related Treasury Regulations. If that election is made, the United States Holder generally would include as ordinary income in each taxable year the excess, if any, of the fair market value of the common shares at the end of the taxable year over such Holder&#8217;s adjusted tax basis in the common shares. The U.S. Holder would also be permitted an ordinary loss in respect of the excess, if any, of the U.S. Holder&#8217;s adjusted tax basis in the common shares over its fair market value at the end of the taxable year, but only to the extent of the net amount previously included in income as a result of the mark-to-market election. A U.S. Holder&#8217;s tax basis in its common shares would be adjusted to reflect any such income or loss amount recognized. In a year when we are a PFIC, any gain realized on the sale, exchange or other disposition of our common shares would be treated as ordinary income, and any loss realized on the sale, exchange or other disposition of the common shares would be treated as ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously included by the U.S. Holder.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">96</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Taxation of U.S. Holders Not Making a Timely QEF or Mark-to-Market Election</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If we were to be treated as a PFIC for any taxable year, a U.S. Holder who does not make either a QEF election or a &#8220;mark-to-market&#8221; election for that year, whom we refer to as a &#8220;Non-Electing Holder&#8221;, would be subject to special rules with respect to (i) any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on the common shares in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder in the three preceding taxable years, or, if shorter, the Non-Electing Holder&#8217;s holding period for the common shares), and (ii) any gain realized on the sale, exchange or other disposition of our common shares. Under these special rules:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the excess distribution or gain would be allocated ratably over the Non-Electing Holder&#8217;s aggregate holding period for the common shares;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC, would be taxed as ordinary income and would not be &#8220;qualified dividend income&#8221;; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">U.S. Federal Income Taxation of Non-U.S. Holders</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As used herein, the term &#8220;Non-U.S. Holder&#8221; means a holder that, for U.S. federal income tax purposes, is a beneficial owner of common shares (other than a partnership) that is not a U.S. Holder.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If a partnership holds our common shares, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership. If you are a partner in a partnership holding our common shares, you are encouraged to consult your tax advisor.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Dividends on Common Shares</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A Non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax on dividends received from us with respect to our common shares, unless that income is effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business in the United States.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Sale, Exchange or Other Disposition of Common Shares</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A Non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax on any gain realized upon the sale, exchange or other disposition of our common shares, unless:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the gain is effectively connected with the Non-U.S. Holder&#8217;s conduct of a trade or business in the U.S.; or</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the Non-U.S. Holder is an individual who is present in the U.S. for 183 days or more during the taxable year of disposition and other conditions are met.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">Income or Gains Effectively Connected with a U.S. Trade or Business</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If the Non-U.S. Holder is engaged in a U.S. trade or business for U.S. federal income tax purposes, dividends on the common shares and gain from the sale, exchange or other disposition of the shares, that is effectively connected with the conduct of that trade or business (and, if required by an applicable income tax treaty, is attributable to a U.S. permanent establishment), will generally be subject to regular U.S. federal income tax in the same manner as discussed in the previous section relating to the taxation of U.S. Holders. In addition, in the case of a corporate Non-U.S. Holder, its earnings and profits that are attributable to the effectively connected income, which are subject to certain adjustments, may be subject to an additional branch profits tax at a rate of 30%, or at a lower rate as may be specified by an applicable U.S. income tax treaty.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">97</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Backup Withholding and Information Reporting</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In general, dividend payments, or other taxable distributions, and the payment of the gross proceeds on a sale of our common shares, made within the U.S. to a non-corporate U.S. Holder will be subject to information reporting. Such payments or distributions may also be subject to backup withholding if the non-corporate U.S. Holder:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">fails to provide an accurate taxpayer identification number;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">is notified by the IRS that it has failed to report all interest or dividends required to be shown on its federal income tax returns; or</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">in certain circumstances, fails to comply with applicable certification requirements.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Non-U.S. Holders may be required to establish their exemption from information reporting and backup withholding with respect to dividends payments or other taxable distribution on our common shares by certifying their status on an applicable IRS Form W-8. If a Non-U.S. Holder sells our common shares to or through a U.S. office of a broker, the payment of the proceeds is subject to both U.S. backup withholding and information reporting unless the Non-U.S. Holder certifies that it is a non-U.S. person, under penalties of perjury, or it otherwise establishes an exemption. If a Non-U.S. Holder sells our common shares through a non-U.S. office of a non-U.S. broker and the sales proceeds are paid outside the U.S., then information reporting and backup withholding generally will not apply to that payment. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">However, U.S. information reporting requirements, but not backup withholding, will apply to a payment of sales proceeds, even if that payment is made outside the U.S., if a Non-U.S. Holder sells our common shares through a non-U.S. office of a broker that is a U.S. person or has some other contacts with the U.S. Such information reporting requirements will not apply, however, if the broker has documentary evidence in its records that the Non-U.S. Holder is not a U.S. person and certain other conditions are met, or the Non-U.S. Holder otherwise establishes an exemption.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Backup withholding is not an additional tax. Rather, a refund may generally be obtained of any amounts withheld under backup withholding rules that exceed the taxpayer&#8217;s U.S. federal income tax liability by filing a timely refund claim with the IRS.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Individuals who are U.S. Holders (and to the extent specified in applicable Treasury regulations, Non-U.S. Holders and certain U.S. entities) who hold &#8220;specified foreign financial assets&#8221; (as defined in Section 6038D of the Code) are required to file IRS Form 8938 with information relating to the asset for each taxable year in which the aggregate value of all such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury Regulations). Specified foreign financial assets would include, among other assets, our common shares, unless the common shares are held in an account maintained with a U.S. financial institution.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to reasonable cause and not due to willful neglect. Additionally, in the event an individual U.S. Holder (and to the extent specified in applicable Treasury Regulations, a Non-U.S. Holder or a U.S. entity) that is required to file IRS Form 8938 does not file such form, the statute of limitations on the assessment and collection of U.S. federal income taxes of such holder for the related tax year may not close until three years after the date that the required information is filed. U.S. Holders (including U.S. entities) and Non-U.S. Holders are encouraged to consult their own tax advisors regarding their reporting obligations in respect of our common shares.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">F. Dividends and Paying Agents</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">G. Statements by Experts</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">98</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">H. Documents on Display</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Documents concerning us that are referred to herein may be inspected at our principal executive offices at Dorchester House, 7 Church Street, Hamilton, HM11, Bermuda.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">I. Subsidiary Information</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">J. Annual Report to Security Holders</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_9c7b265c_50f4_4c61_bfc0_01fe29697d7d"></a><a id="Item11QuantitativeandQualitativeDisclosu"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 11. Quantitative and Qualitative Disclosures about Market Risks</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Operational risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We are exposed to operating costs arising from various vessel operations. Key areas of operating risk include drydock, repair costs, insurance, piracy and fuel prices. Our risk management includes various strategies for technical management of drydock and repairs coordinated with a focus on measuring cost and quality. Our modern fleet helps to minimize the risk. Given the potential for accidents and other incidents that may occur in vessel operations, the fleet is insured against various types of risk. We have established a set of countermeasures in order to minimize the risk of piracy attacks during voyages, particularly through regions which the Joint War Committee or our insurers consider high risk, or which they recommend monitoring, to make the navigation safer for sea staff and to protect our assets. The price and supply of fuel is unpredictable and can fluctuate from time to time. We periodically consider and monitor the need for fuel hedging to manage this risk.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Foreign exchange risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The majority of our transactions, assets and liabilities are denominated in U.S. Dollars, our functional currency. We incur certain general and operating expenses in other currencies (primarily the Euro, Singapore Dollar and Pounds Sterling) and as a result there is a transactional risk to us that currency fluctuations will have a negative effect on the value of our cash flows. Such risk may have an adverse effect on our financial condition and results of operations. We believe these adverse effects to be immaterial and did not enter into any derivative contracts for either transaction or translation risk during the year ended December&#160;31,&#160;2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Interest rate risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">We are exposed to the impact of interest rate changes, primarily through borrowings that require us to make interest payments based on the Adjusted SOFR. Significant increases in interest rates could adversely affect our results of operations and our ability to repay debt. We regularly monitor interest rate exposure and may from time to time enter into swap arrangements to hedge exposure where it is considered economically advantageous to do so. We were not party to any swap agreements relating to interest rate risk during the year ended December&#160;31,&#160;2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">When we enter into interest rate swap agreements, we are exposed to the risk of credit loss in the event of non-performance by the counterparties to the swap agreements. To minimize counterparty risk, we generally have only entered into derivative transactions with investment grade counterparties at the time of the transactions. In addition, to the extent possible and practical, we generally enter into interest rate swaps with different counterparties to reduce concentration risk.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The disclosure in the immediately following paragraph about the potential effects of changes in interest rates are based on a sensitivity analysis, which models the effects of hypothetical interest rate shifts. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">99</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A sensitivity analysis is constrained by several factors, including the necessity to conduct the analysis based on a single point in time and by the inability to include the extraordinarily complex market reactions that normally would arise from the market shifts. Although the following results of a sensitivity analysis for changes in interest rates may have some limited use as a benchmark, they should not be viewed as a forecast. This forward-looking disclosure also is selective in nature and addresses only the potential impacts on our borrowings.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Assuming we do not hedge our exposure to interest rate fluctuations, a hypothetical 100 basis-point increase or decrease in our variable interest rates would have increased or decreased our interest expense for the year ended December 31, 2024 by $0.2 million (2023: $1.2 million) using the average long-term debt balance and actual interest incurred in each period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Concentration of credit risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">There is a concentration of credit risk with respect to our cash and cash equivalents to the extent that substantially all of the amounts are held in ABN and Nordea, and in short-term funds (with a credit risk rating of at least AA) managed by BlackRock, State Street Global Advisors and JPMorgan Asset Management. While we believe this risk of loss is low, we intend to review and revise our policy for managing cash and cash equivalents if considered prudent to do so.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We limit our credit risk with trade accounts receivable by performing ongoing credit evaluations of our customers&#8217; financial condition. We generally do not require collateral for our trade accounts receivable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We may be exposed to a credit risk in relation to vessel employment and at times may have multiple vessels employed by one charterer. We consider and evaluate concentration of credit risk regularly and perform on-going evaluations of these charterers for credit risk and credit concentration risk. As of December 31, 2024 our 26 vessels in operation were employed with 16 different charterers. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following table presents consolidated revenues for charterers that accounted for more than 10% of the Company&#8217;s consolidated revenues during the years presented:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.33%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Charterer A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.83%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="white-space:pre-wrap;"> 28,132</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.83%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="white-space:pre-wrap;"> 55,626</span></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Charterer B</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="white-space:pre-wrap;"> 53,345</span></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">* None over 10%</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.83%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.83%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.85%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Liquidity risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our principal objective in relation to liquidity is seeking to ensure that we have access, at minimum cost, to sufficient liquidity to enable us to meet our obligations as they fall due and to provide adequately for contingencies. Our policy is to manage our liquidity by strict forecasting of cash flows arising from or expenses relating to voyage and time charter revenue, pool revenue, vessel operating expenses, general and administrative overhead and servicing of debt.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Inflation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.28;text-align:justify;margin:0pt 2.95pt 0pt 0pt;"><span style="margin-right:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Since 2022, inflation has been a significant factor in the global economy, and inflationary pressures have resulted in increased operating, voyage (including bunkers) and general and administrative costs. Although inflation has been moderating, inflationary pressures could adversely affect our operating results to the extent our spot charter rates do not adequately cover the cost of any increases in bunker costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Geopolitical Factors</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Russia-Ukraine war has disrupted supply chains, caused instability and significant volatility in the global economy and resulted in economic sanctions by several nations. </p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">100</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The conflict has contributed significantly to related increases in spot tanker rates. Geopolitical tensions have increased since commencement of the Israel-Hamas war in October 2023. Since mid-December 2023, Houthi rebels in Yemen have carried out numerous attacks on vessels in the Red Sea area. As a result of these attacks, many shipping companies have routed their vessels away from the Red Sea, which has affected trading patterns, rates and expenses. Although these vessel attacks have decreased in the first quarter of 2025, Houthi activity level remains uncertain given the unpredictable nature of this group. Further escalation or expansion of hostilities of such crisis could continue to affect the price of crude oil and the oil industry, the tanker industry and demand for the Company&#8217;s services. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Please see &#8220;Item 3. Key Information--Risk Factors&#8221; for information about risks to us and our business relating to political instability, terrorist or other attacks, war or international hostilities and the conflicts in Ukraine and Israel.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_0b892d9f_0481_49e9_8aef_83d6a2956b9e"></a><a id="Item12DescriptionofSecuritiesOtherthanEq"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 12. Description of Securities Other than Equity Securities</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 3.3pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><a id="_a8f12cd3_cafb_40b6_a6d1_2c6d89086bb9"></a><a id="PARTII_947526"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PART II</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="Item13DefaultsDividendArrearagesandDelin"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 13. Defaults, Dividend Arrearages and Delinquencies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">None.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_fb8faa89_7f8b_4baa_af33_0cac63a859fc"></a><a id="Item14MaterialModificationstotheRightsof"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 14. Material Modifications to the Rights of Shareholders and Use of Proceeds</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">None.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_60798f8a_f19a_4578_9901_42f9dae11c30"></a><a id="Item15ControlsandProcedures_315376"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 15. Controls and Procedures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">A. Disclosure Controls and Procedures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We evaluated pursuant to Rule 13a-15(b) of the Exchange Act the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of December 31, 2024. Based on that evaluation, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures were effective to provide, as of December&#160;31,&#160;2024, reasonable assurance that the information required to be disclosed by us in reports filed under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC&#8217;s rules and forms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">B. Management&#8217;s Report on Internal Control over Financial Reporting</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Management is responsible for establishing and maintaining adequate internal controls over our financial reporting. Our internal controls were designed to provide reasonable assurance as to the reliability of our financial reporting and the preparation and presentation of the consolidated financial statements for external purposes in accordance with U.S. GAAP.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our internal controls over financial reporting include those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made in accordance with authorizations of management and our directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">101</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Management evaluated the effectiveness of our internal control over financial reporting as of December 31, 2024, using the framework set forth in the report of the Treadway Commission&#8217;s Committee of Sponsoring Organizations in Internal Control Integrated Framework (2013).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Management&#8217;s evaluation as of December&#160;31,&#160;2024 included review of the documentation of controls, evaluation of the design effectiveness of controls, testing of the operating effectiveness of controls and a conclusion on this evaluation. Because of its inherent limitations, internal controls over financial reporting may not prevent or detect misstatements even when determined to be effective and can only provide reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate. Based on the evaluation, management determined that internal controls over financial reporting were effective as of December&#160;31,&#160;2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">C. Attestation Report of the Independent Registered Public Accounting Firm</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The independent registered public accounting firm, Deloitte &amp; Touche LLP, that audited our consolidated financial statements as of and for the year ended December 31, 2024 and included in this Annual Report, has issued an attestation report on our internal control over financial reporting which is provided on page F-2.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">D. Changes in Internal Control Over Financial Reporting</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">There were no changes in our internal controls over financial reporting that occurred during or related to the period covered by this Annual Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_6cedd8db_785b_482e_aafe_345e1e6e6439"></a><a id="Item16Reserved_374742"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 16. Reserved</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="Item16AAuditCommitteeFinancialExpert_685"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 16.A. Audit Committee Financial Expert</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our board of directors has determined that director and Chair of the Audit Committee, Helen Tveitan de Jong, qualifies as an Audit Committee financial expert and is independent under applicable NYSE and SEC standards.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="Item16BCodeofEthics_688732"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 16.B. Code of Ethics</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We have adopted a code of conduct and ethics applicable to our directors, chief executive officer, chief financial officer, principal accounting officer and other key management personnel. The code is available for review on our website at <i style="font-style:italic;">www.ardmoreshipping.com</i>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="Item16CPrincipalAccountantFeesandService"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 16.C. Principal Accountant Fees and Services</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our principal accountants for the years ended December 31, 2024 and 2023 were Deloitte &amp; Touche LLP (PCAOB ID No. <ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="dei:AuditorFirmId" id="Narr_R9ATrKzmZEGUkrZjNTux6g">34</ix:nonNumeric>). &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Audit Fees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The audit fees for the audit of the years ended December 31, 2024 and 2023 were $0.7 million and $0.6 million, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Audit-Related Fees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">There were no audit-related fees relating to work performed by our principal accountants in 2024 or 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">102</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Tax Fees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">There were no tax fees billed by our principal accountants in 2024 or 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">All Other Fees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">There were no other fees billed by our principal accountants in 2024 or 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Audit Committee</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Audit Committee is responsible for the appointment, replacement, compensation, evaluation and oversight of the work of the independent auditors. As part of this responsibility, the Audit Committee pre-approves the audit and non-audit services performed by the independent auditors in order to assure that they do not impair the auditors&#8217; independence. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Audit Committee has adopted a policy which sets forth the procedures and the conditions pursuant to which services proposed to be performed by the independent auditors may be pre-approved.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Audit Committee separately pre-approved all engagements and fees paid to our principal accountants in 2024 and 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="Item16DExemptionsfromtheListingStandards"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 16.D. Exemptions from the Listing Standards for Audit Committees</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="Item16EPurchasesofEquitySecuritiesbytheI"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 16.E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On September 5, 2023, our Board of Directors announced a new share repurchase plan (the &#8220;2023 Repurchase Plan&#8221;), pursuant to which we may purchase up to $50 million of our common shares in the open market or through privately-negotiated transactions, at times and prices that we consider to be appropriate. We are not obligated under the terms of the 2023 Repurchase Plan to repurchase any shares, and may at any time suspend, delay or discontinue the 2023 Repurchase Plan. During the year ended December 31, 2024, we repurchased 1,556,203 shares under our 2023 Repurchase Plan, at a weighted-average price of $11.49 per share (including fees and commission of $0.03 per share) for a total of $17.9 million. We repurchased all of these shares during December 2024. The total remaining share repurchase authorization under the 2023 Repurchase Plan at December 31, 2024 was $32.1 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="Item16FChangeinRegistrantsCertifyingAcco"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 16.F. Change in Registrant&#8217;s Certifying Accountant</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="Item16GCorporateGovernance_673318"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Item 16.G. Corporate Governance</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We, as a foreign private issuer, are not required to comply with certain corporate governance practices followed by U.S. companies under the New York Stock Exchange (&#8220;NYSE&#8221;) listing standards. We believe that our established practices in the area of corporate governance provide adequate protection to our shareholders. In this respect, we have voluntarily adopted a number of NYSE practices applicable to U.S. companies, such as having a majority of independent directors, establishing a Compensation Committee and a Nominating and Corporate Governance Committee each composed of independent directors, adopting corporate governance guidelines and holding regular executive meetings of non-management directors.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following is the significant way in which our corporate governance practices differ from those followed by U.S. domestic companies listed on the NYSE, and which difference is permitted by NYSE rules for &#8220;foreign private issuers&#8221; such as Ardmore Shipping Corporation:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">103</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">The NYSE requires that U.S. issuers obtain shareholder approval prior to the adoption of equity compensation plans and prior to certain equity issuances, including, among others, issuing 20% or more of our outstanding shares of common stock or voting power in a transaction. Our board of directors approves the adoption of equity compensation plans in lieu of such shareholder approval, and we currently do not intend to seek shareholder approval prior to equity issuances that otherwise would require such approval if we were not a foreign private issuer.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 3.6pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><a id="Item16HMineSafetyDisclosures_247147"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 16.H. Mine Safety Disclosures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="Item_16I"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 16.I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="Item16JInsiderTradingPolicies"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 16.J. Insider Trading Policies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">We have <ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" format="ixt:fixed-true" name="ecd:InsiderTrdPoliciesProcAdoptedFlag" id="Narr_MqADG75CQUm5YN9Gn58FxA">adopted an insider trading policy</ix:nonNumeric> and procedures applicable to all directors, executive officers, employees, agents and consultants of us and our subsidiaries, and certain of their family members and controlled entities, and have implemented processes for us that we believe are reasonably designed to promote compliance with insider trading laws, rules and regulations, and the NYSE listing standards. Our insider trading policy prohibits insider trading when a person covered by the policy is aware of material nonpublic information and restricts trading in our securities during predetermined blackout periods, among other things. In addition, our insider trading policy requires pre-clearance of transactions in our securities. The foregoing summary of our insider trading policy and procedures does not purport to be complete and is qualified by reference insider trading policy which is filed as <a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="asc-20241231xex11d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Exhibit 11.1</span></a> to this Annual Report.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="Item16KCybersecurity"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 16.K. Cybersecurity</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 8pt 0pt;">We recognize the importance of safeguarding our operations, assets, and stakeholders' interests. Technology plays an important role in our operations and in supporting our strategic objectives. It is crucial that we can timely identify cybersecurity threats and proceed to mitigate and respond to such threats quickly and efficiently. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;">Risk Management and Strategy</b></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="cyd:CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock" id="Tb_ZyFBVJ2SuE2HWJRaMbTEfg" continuedAt="Tb_ZyFBVJ2SuE2HWJRaMbTEfg_cont1" escape="true"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="cyd:CybersecurityRiskManagementProcessesIntegratedTextBlock" id="Tb_QyI5QyVxkkCuFaVL90mcSA" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 8pt 0pt;">We have <ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" format="ixt:fixed-true" name="cyd:CybersecurityRiskManagementProcessesIntegratedFlag" id="Narr_gHrrqNDG3kGnRJGH21akEA">instituted</ix:nonNumeric> a framework of policies and procedures designed to assess, identify, respond to and mitigate cybersecurity risks and events. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Central to this framework is a Security Information and Event Management (<i style="font-style:italic;">SIEM</i>) and System Operations Center (<i style="font-style:italic;">SOC</i>) solution, which is managed by a third-party partner. This solution constitutes the bulk of our cybersecurity management system. The SIEM technology aggregates, analyzes, and reports on security data from various sources, with the objective of providing real-time monitoring and alerting of cybersecurity threats and compliance reporting. The SOC is a centralized team of third-party security analysts who monitor the SIEM, analyze the SIEM data and seek to protect us against cybersecurity threats. Our SIEM SOC provider has been in business for over 20 years and was selected by us based upon the caliber of its existing client base, which includes blue chip companies and government agencies. </p></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We discuss cybersecurity with key third party service providers to understand their cybersecurity measures and to seek to identify any vulnerabilities which may create risk for us.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We supplement our SIEM SOC with our Disaster Recovery Plan, which comprises a data backup practice designed to provide recovery of critical data, reducing the risk of data loss due to system failures, cyberattacks, or natural disasters. We enhance our cybersecurity defenses through, among other things: &#160;providing periodic employee training, education, and awareness programs and initiatives that are designed to enhance employee awareness of how to detect, avoid and respond to cybersecurity risks and events; implementing firewalls to increase the protection of our network against unauthorized or harmful network traffic that breaches our security protocols; using data security protocols in seeking to </p></ix:nonNumeric></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">104</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><ix:continuation id="Tb_ZyFBVJ2SuE2HWJRaMbTEfg_cont1"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 8pt 0pt;">limit access to data based on &#160;what is necessary and authorized for an individual&#8217;s specific role; and employing endpoint security measures such as advanced malware protection and data loss prevention tools, designed to detect, thwart, and mitigate potential vulnerabilities and attacks.</p></ix:continuation><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;">Governance </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 8pt 0pt;"><i style="font-style:italic;">Management </i></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="cyd:CybersecurityRiskRoleOfManagementTextBlock" id="Tb_ZmEw76KoIEWdbhUapCGkLA" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 8pt 0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="cyd:CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock" id="Tb_bhILeadRa0ybBFqdnYI42w" escape="true">Our cybersecurity risk management program, including our relationship and interactions with the SIEM SOC <ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" format="ixt:fixed-true" name="cyd:CybersecurityRiskManagementThirdPartyEngagedFlag" id="Narr_Sm8Kp9PS2EmKIGA4mOPgSQ">third-party provider, is managed internally by our Senior Vice President, Corporate Services, relying on the expertise of a third-party <ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" format="ixt:fixed-true" name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag" id="Narr_TauwvpsZ70m-WwoYvIneFw">information technology (<i style="font-style:italic;">IT</i>) consultant</ix:nonNumeric> who has worked with us since 2010.</ix:nonNumeric> Our consultant has over 25 years of experience in IT and IT security. Our SIEM SOC provider reports to the IT consultant monthly and communicates immediately should any issue arise.</ix:nonNumeric> &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 8pt 0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" format="ixt:fixed-true" name="cyd:CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag" id="Narr_xYZB_OOMkE-RH3pyqLp9Vg">Our program is overseen at the management level by our <ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock" id="Tb_eHU0QBUOBkyimFXAxCYafg" escape="true">CEO and Senior Management Team</ix:nonNumeric>, who are active in monitoring our evolving risk profile and facilitating the execution of our cybersecurity strategy. Cybersecurity has been integrated within our broader risk management program and is discussed at quarterly Senior Management Team risk meetings.</ix:nonNumeric> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 8pt 0pt;">As part of our broader risk management program, we conduct periodic assessments of all key risks, including cybersecurity risk. We also maintain controls and procedures that are designed to evaluate cybersecurity risks on an ongoing basis, including prompt communication of certain cybersecurity incidents to senior management, the Audit Committee, and our Board of Directors, as applicable, so that appropriate response measures are initiated, and any needed external reporting can be made in a timely manner.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="cyd:CybersecurityRiskBoardOfDirectorsOversightTextBlock" id="Tb_CFm8JabGv0SoibMOUQKyzg" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 8pt 0pt;"><i style="font-style:italic;">Board of Directors' Oversight </i></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="cyd:CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" id="Tb_QubeXjcXm0CkKYaE_UaAQA" escape="true"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="cyd:CybersecurityRiskProcessForInformingManagementOrCommitteesResponsibleTextBlock" id="Tb_XED_8NaUQEWH6EmQ-DvH8Q" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 8pt 0pt;">Our Board of Directors oversees cyber risk management efforts, primarily through the <ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="cyd:CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" id="Tb_ZuH2UKgYsUizOcDZhOjXAA" escape="true">Audit Committee</ix:nonNumeric>, to which the Board has delegated primary oversight responsibilities for cybersecurity matters. The Audit Committee receives a quarterly review of cybersecurity matters from management, encompassing any significant incidents, the evolving cyber threat landscape, program enhancements, risk mitigation strategies, and other pertinent topics. <ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" format="ixt:fixed-true" name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag" id="Narr_muP7fJuIYUWatvvt_0N9FA">The Audit Committee Chair reports material matters relating to cybersecurity and other risks to the Board of Directors periodically</ix:nonNumeric>. </p></ix:nonNumeric></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 8pt 0pt;">Management provides our Board of Directors with an annual cybersecurity update, with the assistance and participation of our third-party IT consultant and our SIEM SOC provider. These updates present an overview of our cybersecurity framework and provide an opportunity to address any questions or concerns the Board may have. </p></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 8pt 0pt;"><i style="font-style:italic;">Material Cybersecurity Incidents</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 8pt 0pt;">As of the date of this report, we are not aware of any risks from cybersecurity threats or incidents that have <ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" format="ixt:fixed-false" name="cyd:CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag" id="Narr_Vez2B4p6xk6sD1fBr-n2XQ">materially affected or are reasonably likely to materially affect</ix:nonNumeric> the Company, including our business strategy, results of operations, or financial condition. For additional description of cybersecurity risks and potential related impacts on the Company, refer to Item 3.D. Risk Factors.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="PART_III"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PART III</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_a72a969a_bde0_4a01_bf41_aa4ba5cd02c5"></a><a id="Item17FinancialStatements_454660"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 17. Financial Statements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Not applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="_4ec6b7a7_35d6_42e7_9ce1_b34af598c427"></a><a id="Item18FinancialStatements_38939"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 18. Financial Statements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">See index to Financial Statements on page F-1.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">105</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_c4bc06dd_79ed_49df_938c_419f830cbc33"></a><a id="Item19Exhibits_746795"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Item 19. Exhibits</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following exhibits are filed as part of this Annual Report:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:12.98%;margin:0pt;padding:0pt 0pt 1pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:0pt 0pt 1pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:0pt 0pt 1pt 0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:12.98%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt 0pt 1pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Exhibit</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number</b></p></td><td style="vertical-align:bottom;width:1.89%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt 0pt 1pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;width:85.12%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt 0pt 1pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Description</b></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1.1</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000119312513296491/d559582dex31.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Amended and Restated Articles of Incorporation of the Company (incorporated herein by reference to Exhibit 3.1 to the Company&#8217;s Registration Statement on Form F-1/A (Registration Number 333-189714), filed with the SEC on July 22, 2013).</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1.2</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000119312513296491/d559582dex32.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Amended and Restated Bylaws of the Company (incorporated herein by reference to Exhibit 3.2 to the Company&#8217;s Registration Statement on Form F-1/A (Registration Number 333-189714), filed with the SEC on July 22, 2013).</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">1.3</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000119312521193230/d165069dex11.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Statement of Designation of the 8.5% Cumulative Redeemable Perpetual Preferred Shares&#8212;Series A of the Company (incorporated herein by reference to Exhibit 1.1 to the Company&#8217;s Report on Form 6-K filed with the SEC on June 17, 2021).</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2.1</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000119312513277511/d559582dex41.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Form of Stock Certificate (incorporated herein by reference to Exhibit 4.1 to the Company&#8217;s Registration Statement on Form F-1/A (Registration Number 333-189714), filed with the SEC on July 22, 2013).</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2.2*</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="asc-20241231xex2d2.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Description of Securities (incorporated herein by reference to Exhibit 2.2 to the Company&#8217;s Annual Report on Form 20-F filed with the SEC on March 15, 2024).</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.1</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000119312513296491/d559582dex104.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Amended Equity Incentive Plan (incorporated herein by reference to Exhibit 10.4 to the Company&#8217;s Registration Statement on Form F-1/A (Registration Number 333-189714), filed with the SEC on July 22, 2013).</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.2</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000119312521182230/d178728dex101.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Preferred Stock Purchase Agreement, dated June 3, 2021, by and between Ardmore Shipping Corporation and ARF Innovation, LLC (incorporated herein by reference to Exhibit 10.1 to the Company&#8217;s Report on Form 6-K filed with the SEC on June 4, 2021).</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.3</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000155837022003434/asc-20211231xex4d7.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Amendment to Preferred Stock Purchase Agreement, dated June 17, 2021, by and between the Company and ARF Innovation, LLC (incorporated herein by reference to Exhibit 4.7 to the Company&#8217;s Annual Report on Form 20-F filed with the SEC on March 11, 2022).</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.4</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000155837024003409/asc-20231231xex4d8.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Amended and Restated Term, Revolving and Accordion Facilities, dated June 15, 2023, by and among Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC, Tramore Shipco LLC, Ardmore Shipping LLC, the Company, ABN Amro Bank N.V and Cr&#233;dit Agricole Corporate and Investment Bank (incorproated herein by reference to Exhibit 4.8 to the Company&#8217;s Annual Report on Form 20-F filed with the SEC on March 15, 2024).</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.5</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000155837023004566/asc-20221231xex4d9.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Amendment and Restatement Agreement, dated July 29, 2022, by and among Faroe Shipco LLC, Fisher Shipco LLC, Fair Isle Shipco LLC, Humber Shipco LLC, Forth Shipco LLC, Trafalgar Shipco LLC, Wight Shipco LLC, Saltee Shipco LLC, Blasket Shipco LLC, Kilmore Shipco LLC, Killary Shipco LLC, Ballycotton Shipco LLC, Ardmore Shipping LLC, the Company, Nordea Bank ABP, Filial I Norge and Skandinaviska Enskilda Banken AB (Publ) (incorporated herein by reference to Exhibit 4.9 to the Company&#8217;s Annual Report on Form 20-F filed with the SEC on March 24, 2023).</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.6</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="display:inline-block;text-indent:0pt;width:24pt;"></span><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000119312523227684/d517394dex11.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Open Market Sales Agreement, dated as of September 1, 2023, among the Company and Evercore Group L.L.C and, DNB Markets, Inc. (incorporated herein by reference to Exhibit 1.1 to the Company&#8217;s Report on 6-K filed with the SEC on September 1, 2023).</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.7</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="https://www.sec.gov/Archives/edgar/data/1577437/000119312524211100/d889007df3.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Open Market Sales Agreement, dated as of August 30, 2024, among the Company and Evercore Group L.L.C. and DNB Markets, Inc (incorporated herein by reference to Exhibit 1.1 to the Company&#8217;s Form F-3 (Registration Number 333-281870) filed with the SEC on August 30, 2024).</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.8*</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;background:#00ffff;">&#8203;</span></p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="asc-20241231xex4d8.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Amended and Restated, Revolving and Accordion Facilities, dated March 13, 2024 by and among Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC, Tramore Shipco LLC, Ardmore Shipping LLC, the Company, ABN Amro Bank N.V and Cr&#233;dit Agricole Corporate and Investment Bank.</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">8.1*</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="asc-20241231xex8d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Subsidiaries of the Company</span></a></p></td></tr></table></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">106</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">11.1*</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="asc-20241231xex11d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Ardmore Shipping Corporation Insider Trading Policy</span></a></p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">12.1*</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="asc-20241231xex12d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer pursuant to section 302 of the Sarbanes-Oxley Act 2002</span></a>.</p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">12.2*</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="asc-20241231xex12d2.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer pursuant to section 302 of the Sarbanes-Oxley Act 2002</span></a>.</p></td></tr><tr><td style="vertical-align:top;width:12.98%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">13.1**</p></td><td style="vertical-align:bottom;width:1.89%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:85.12%;margin:0pt;padding:2pt 0pt 0pt 0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><a style="-sec-extract:exhibit;font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="asc-20241231xex13d1.htm"><span style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Certification of Principal Executive Officer pursuant to 18 U.S.C. 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<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_dc47bf49_8132_415f_a87c_31f32ad3d047"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SIGNATURE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 3.3pt;">The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.99%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:47%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td colspan="2" style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b></p></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td colspan="2" style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:bottom;width:47%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Gernot Ruppelt</p></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Gernot Ruppelt</p></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Chief Executive Officer</p></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(Principal Executive Officer)</p></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Date: March 7, 2025</p></td><td style="vertical-align:bottom;width:2.99%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;width:47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="display:none;line-height:0pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">108</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.33%;padding-right:10.33%;position:relative;"><div style="margin-top:21.55pt;min-height:41.65pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_e7eecedc_8eb4_4c30_80d3_cfbdf112cdee"></a><a id="INDEX_CON_FIN_STMNTS"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">TABLE OF CONTENTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF ARDMORE SHIPPING CORPORATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><a id="INDEXTOCONSOLIDATEDFINANCIALSTATEMENTSOF"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:-0.0010299683%;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:95.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td><td style="vertical-align:middle;width:4.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"></div></div></td></tr><tr><td style="vertical-align:middle;width:95.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-align:justify;text-indent:-10pt;margin:0pt;"><a href="#Report_of_Independent_Registered"><span style="font-style:normal;font-weight:normal;">Report of Independent Registered Public Accounting Firm</span></a></p></td><td style="vertical-align:middle;width:4.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">F-2</p></td></tr><tr><td style="vertical-align:middle;width:95.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-indent:-10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:4.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:middle;width:95.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Audited consolidated financial statements</b></p></td><td style="vertical-align:middle;width:4.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:middle;width:95.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-align:justify;text-indent:-10pt;margin:0pt;"><a href="#Balance_Sheetz"><span style="font-style:normal;font-weight:normal;">Consolidated Balance Sheets as of December&#160;31, 2024 and 2023</span></a></p></td><td style="vertical-align:middle;width:4.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">F-5 </p></td></tr><tr><td style="vertical-align:middle;width:95.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-align:justify;text-indent:-10pt;margin:0pt;"><a href="#Statement_Operations"><span style="font-style:normal;font-weight:normal;">Consolidated Statements of Operations for the years ended December&#160;31, 2024, 2023 and 2022</span></a></p></td><td style="vertical-align:middle;width:4.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">F-6 </p></td></tr><tr><td style="vertical-align:middle;width:95.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-align:justify;text-indent:-10pt;margin:0pt;"><a href="#Comprehensive_Loss"><span style="font-style:normal;font-weight:normal;">Consolidated Statements of Comprehensive Income for the years ended December&#160;31, 2024, 2023 and 2022</span></a></p></td><td style="vertical-align:middle;width:4.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">F-7 </p></td></tr><tr><td style="vertical-align:middle;width:95.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-align:justify;text-indent:-10pt;margin:0pt;"><a href="#Consolidated_statements_of_changes_in_eq"><span style="font-style:normal;font-weight:normal;">Consolidated Statements of Changes in Redeemable Preferred Stock and Stockholders&#8217; Equity for the years ended December&#160;31, 2024, 2023 and 2022</span></a></p></td><td style="vertical-align:middle;width:4.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">F-8</p></td></tr><tr><td style="vertical-align:middle;width:95.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-align:justify;text-indent:-10pt;margin:0pt;"><a href="#ConsolidatedStatementsofCashFlows_304081"><span style="font-style:normal;font-weight:normal;">Consolidated Statements of Cash Flows for the years ended December&#160;31, 2024, 2023 and 2022</span></a></p></td><td style="vertical-align:middle;width:4.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">F-9</p></td></tr><tr><td style="vertical-align:middle;width:95.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:10pt;text-align:justify;text-indent:-10pt;margin:0pt;"><a href="#a1Overview_999464"><span style="font-style:normal;font-weight:normal;">Notes to consolidated financial statements</span></a></p></td><td style="vertical-align:middle;width:4.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">F-11</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-1</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.35%;border:0;margin:30pt 10.33% 30pt 10.33%;"></div><div style="max-width:100%;padding-left:10.33%;padding-right:10.33%;position:relative;"><div style="margin-top:21.55pt;min-height:41.65pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_4854711a_dbf3_4a0b_9945_53d268f9020e"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p><a id="Report_of_Independent_Registered"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-size:12pt;font-weight:bold;">Report of Independent Registered Public Accounting Firm</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;background:#ffff00;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">To the shareholders and the Board of Directors of Ardmore Shipping Corporation:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Opinions on the Financial Statements and Internal Control over Financial Reporting</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We have audited the accompanying consolidated balance sheets of Ardmore Shipping Corporation and subsidiaries &#173;(the "Company") as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive income, changes in redeemable preferred stock and stockholders&#8217; equity, and cash flows, for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the "financial statements"). We also have audited the Company&#8217;s internal control over financial reporting as of December 31, 2024, based on criteria established in <i style="font-style:italic;">Internal Control - Integrated Framework (2013)</i> issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;background:#ffff00;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on criteria established in <i style="font-style:italic;">Internal Control - Integrated Framework (2013)</i> issued by COSO.&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Basis for Opinions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company&#8217;s management is responsible for these financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#8217;s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on these financial statements and an opinion on the Company&#8217;s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;background:#ffff00;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures to respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-2</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.35%;border:0;margin:30pt 10.33% 30pt 10.33%;"></div><div style="max-width:100%;padding-left:10.33%;padding-right:10.33%;position:relative;"><div style="margin-top:21.55pt;min-height:41.65pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Definition and Limitations of Internal Control over Financial Reporting</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A company&#8217;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#8217;s assets that could have a material effect on the financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt;"><b style="font-weight:bold;">Critical Audit Matter</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt;"><b style="font-weight:bold;">Determination of Vessel Asset Impairment Indicators &#8212; Refer to Note 2.16 to the financial statements.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt;"><i style="font-style:italic;">Critical Audit Matter Description</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">The Company&#8217;s evaluation of vessel assets for impairment involves an initial assessment of each vessel asset to determine whether events or changes in circumstances exist that may indicate that the carrying amounts of vessel assets are no longer recoverable. Total Vessels and vessel equipment, net as of December 31, 2024 and 2023, were $546 million and $524 million, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">Possible indicators of impairment may include events or changes in circumstances affecting the legal environment, the business climate, employment, charter hire rates, market value, useful economic life, and physical condition of the vessel assets. When events or changes in circumstances exist, the Company evaluates its vessel assets for impairment by comparing undiscounted future cash flows expected to be generated over the life of each vessel asset to the respective carrying amount. If the Company&#8217;s estimate of undiscounted future cash flows for any vessel asset for which indicators of impairment exist is lower than the vessel asset&#8217;s carrying value, and the vessel&#8217;s carrying value is greater than its fair value, the carrying value is written down, by recording a charge to operations, to the vessel asset&#8217;s fair value as provided by third parties.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">The Company makes significant assumptions to evaluate vessel assets for possible indicators of impairment. Changes in these assumptions could have a significant impact on the vessel assets identified for further analysis. 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This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate whether management appropriately identified impairment indicators.</p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-3</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.35%;border:0;margin:30pt 10.33% 30pt 10.33%;"></div><div style="max-width:100%;padding-left:10.33%;padding-right:10.33%;position:relative;"><div style="margin-top:21.55pt;min-height:41.65pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><i style="font-style:italic;">How the Critical Audit Matter Was Addressed in the Audit</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">Our audit procedures related to the evaluation of vessel assets for possible indicators of impairment included the following, among others:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;background:#ffffff;border:0pt;"><tr><td style="width:13.5pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We tested the effectiveness of the controls over management&#8217;s identification of possible circumstances that may indicate that the carrying amounts of vessel assets are no longer recoverable, including controls over management&#8217;s estimates of the legal environment, the business climate, employment, charter hire rates, market value, useful economic life and physical condition of the vessel assets.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;background:#ffffff;border:0pt;"><tr><td style="width:13.5pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">We evaluated management&#8217;s impairment analysis by:</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;background:#ffffff;border:0pt;"><tr><td style="width:56.5pt;"/><td style="font-family:'Courier New';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">o</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Testing vessel assets for possible indicators of impairment, including searching for adverse asset-specific and/or market conditions.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt 0pt 0pt 36pt;"><span style="margin-left:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;background:#ffffff;border:0pt;"><tr><td style="width:56.5pt;"/><td style="font-family:'Courier New';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">o</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Developing an independent expectation of impairment indicators and comparing such expectation to management&#8217;s analysis.</span></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;background:#ffffff;border:0pt;"><tr><td style="width:56.5pt;"/><td style="font-family:'Courier New';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">o</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Obtained from the Company&#8217;s management the vessel assets impairment indicators analysis and the assumptions used in the legal environment, the business climate, employment, charter hire rates, market value, and physical condition of the vessel assets, and considered the consistency of the assumptions used with evidence obtained in other areas of the audit. 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<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.35%;border:0;margin:30pt 10.33% 30pt 10.33%;"></div><div style="max-width:100%;padding-left:10.33%;padding-right:10.33%;position:relative;"><div style="margin-top:21.55pt;min-height:41.65pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_28b17c19_b1df_48cc_860f_8d9c7d0413fe"></a><a id="Balance_Sheetz"></a><p style="font-family:'Times New 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style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:24.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">As&#160;of&#160;December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Notes</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">ASSETS</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p 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Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InventoryNet" scale="3" id="Tc_QjZmedrLGUimjo_kgKN4dw_9_4">11,308</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;border-bottom:1px solid 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style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AssetsCurrent" scale="3" 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style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:4pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Investments and other assets, net of accumulated depreciation of 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style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">4</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InvestmentsAndOtherNoncurrentAssets" scale="3" id="Tc_m2eMN9Y5H0Cg4Iww4wwGcg_13_4">5,236</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InvestmentsAndOtherNoncurrentAssets" scale="3" id="Tc_pzbSaXfLnU6UCxYWqBRDqQ_13_6">11,186</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Vessels and 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style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="3" id="Tc_8lKYCFojjUqXzbA2tW_ziw_14_4">545,594</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PropertyPlantAndEquipmentNet" scale="3" id="Tc_tXUD25604EipwSg3Jekasg_14_6">524,044</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Deferred drydock expenditures, net of 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style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="asc:DeferredDrydockExpendituresNet" scale="3" id="Tc_OIahjL4Z5Ue8N-0p7DWBMQ_15_4">14,252</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="asc:DeferredDrydockExpendituresNet" scale="3" id="Tc_DKLTElQhvEKmNRK3q59hyw_15_6">12,022</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Advances for ballast water treatment and scrubber systems</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="asc:BallastWaterTreatmentExpenditure" scale="3" id="Tc_F-GxwOlZL0CA1te2oeI4sA_16_4">4,845</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="asc:BallastWaterTreatmentExpenditure" scale="3" id="Tc_--vsSm_bG0a3AktL77ONvw_16_6">9,587</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Deferred finance fees, net</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredFinanceCostsNoncurrentNet" scale="3" id="Tc_s05QPxVZoEmf_K7Zuafpbw_17_4">2,746</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredFinanceCostsNoncurrentNet" scale="3" id="Tc_tXPPu3C6sEyAqw02zVJ7sg_17_6">2,835</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Operating lease, right-of-use assets</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">8</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="3" id="Tc_2SW01xWNkEei1abUw-nAug_18_4">5,577</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="3" id="Tc_ZH3MHEAUhkCf1SCF4vqiqg_18_6">4,499</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total non-current assets</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AssetsNoncurrent" scale="3" id="Tc_yMhRd9TSnUuXyvXepc6VLA_19_4">578,250</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" 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style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:4pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">TOTAL ASSETS</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="3" id="Tc_wdhbkNGyp0CRMICoZlOjjg_21_4">704,799</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Assets" scale="3" id="Tc_w01HOK6euEySFAVDQia6qA_21_6">690,951</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:4pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">LIABILITIES AND EQUITY</b></p></td><td 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Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Current liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Accounts payable</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableTradeCurrent" scale="3" id="Tc_IEiFWcrLGUqpmqUPBkot1g_25_4">6,070</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableTradeCurrent" scale="3" id="Tc_I9YjzzFN00qFtFlRVhiADA_25_6">2,016</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Accrued expenses and other liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">5</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="asc:AccruedExpensesAndOtherLiabilities" scale="3" id="Tc_v2u9Qa5gfkqIxeIz85EI_Q_26_4">18,313</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="asc:AccruedExpensesAndOtherLiabilities" scale="3" id="Tc_5TyW6S-XtkmnGWEynq-3QQ_26_6">18,265</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Deferred revenue</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenue" scale="3" id="Tc_BaI7QWWdo0G_2OIWmXe5DQ_27_4">482</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredRevenue" scale="3" id="Tc_EBxRYeJ310OT6iT-G-dp9Q_27_6">347</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Accrued interest on debt and finance leases</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestPayableCurrent" scale="3" id="Tc_FqH2Fim3pEexLXP96xyjzQ_28_6">939</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Current portion of long-term debt</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">6</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtCurrent" scale="3" id="Tc_NL5mLLoLHkCxeQVlGxzQ6Q_29_6">6,436</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Current portion of finance lease obligations</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:FinanceLeaseLiabilityCurrent" scale="3" id="Tc_MkH0M91Q1EiOSlEAJ_ZlxQ_30_6">2,029</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Current portion of operating lease obligations</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">8</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="3" id="Tc_45MvoC9QCkeHtAux2ONUGw_31_4">4,965</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="3" id="Tc_uFQ9mwMXF0iPhWJeEP9mpg_31_6">3,807</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total current liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="3" id="Tc_nn3G89RV-kuCQDPkzRaUNg_32_4">29,830</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesCurrent" scale="3" id="Tc_WAPqaC-EUUa9qUJ0jGtI3A_32_6">33,839</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:4pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Non-current liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Non-current portion of long-term debt</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">6</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtNoncurrent" scale="3" id="Tc_GHRm5-nMlEubT47PDepk2A_35_4">38,796</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtNoncurrent" scale="3" id="Tc_vyLXtkMAFEOpCRB25IeiPg_35_6">39,590</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Non-current portion of finance lease obligations</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">7</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:FinanceLeaseLiabilityNoncurrent" scale="3" id="Tc_TjQQSvMwl0usmdpE7LnoSw_36_6">41,614</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Non-current portion of operating lease obligations</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">8</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="3" id="Tc_6dMVVvNu5EC0eRkfBmkfkQ_37_4">476</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="3" id="Tc_JYlew5Bgwk6I-my8F92IkQ_37_6">510</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Other non-current liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">9</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherLiabilitiesNoncurrent" scale="3" id="Tc_hT82Ij1AyUWlnRbZyjWzYg_38_4">273</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherLiabilitiesNoncurrent" scale="3" id="Tc_2PpVUWXyJkO2ZPkUipTzxQ_38_6">954</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total non-current liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="3" id="Tc_OMibN92LV0iTRJT2zTyzHw_39_4">39,545</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesNoncurrent" scale="3" id="Tc_YPi37dsTxUeopSoZBsdX9g_39_6">82,668</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">TOTAL LIABILITIES</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="3" id="Tc_Qo_QOc_bKk-6m6c88wRYYA_41_4">69,375</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Liabilities" scale="3" id="Tc_06DbmvlVqU21rKss7pMZEg_41_6">116,507</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Commitments and contingencies (note 17)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Redeemable Preferred Stock</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Cumulative Series A <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_NA99QXh9JUmwGbFXxFcmFA" decimals="3" format="ixt:num-dot-decimal" name="asc:TemporaryEquityAnnualDividendRatePercentage" scale="-2" id="Narr_wNlPMGqvXkWB4OGRIb4XDQ">8.5</ix:nonFraction>% redeemable preferred stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">9</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" scale="3" id="Tc_IzdVckOwE02Tp7oD5YOy7g_46_4">27,782</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" scale="3" id="Tc_zBH4G556a026kaEdEWX9dg_46_6">37,043</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total redeemable preferred stock</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" scale="3" id="Tc_oW8DCXtI2U-_F57zyoIAjQ_47_4">27,782</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" scale="3" id="Tc_v_0OEmfH9kaXPdGlpQFJWQ_47_6">37,043</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:4pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Stockholders' equity</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Common stock ($<ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" id="Narr_8LlVKvHRD0qjtdBxRbQPaw"><ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:CommonStockParOrStatedValuePerShare" scale="0" id="Narr_RsOydOgnx0SQq7D1ADc-xA">0.01</ix:nonFraction></ix:nonFraction> par value, <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" id="Narr_VOLOYNvyK0-0UqL38lPonA"><ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesAuthorized" scale="0" id="Narr_3OhtEqPznkOT6fDzeR7USQ">225,000,000</ix:nonFraction></ix:nonFraction> shares authorized, <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" id="Narr_Gb9eQlpMBECx9M-S5-sBXA">44,031,496</ix:nonFraction> issued and <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" id="Narr_NPNWmNe4gUWDij-6VnKkiA">40,455,240</ix:nonFraction> outstanding as of December&#160;31,&#160;2024 and <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesIssued" scale="0" id="Narr_wEN3oO7YWU6XzrVuC4tZ5w">43,324,702</ix:nonFraction> issued and <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="0" id="Narr_ryNt8voobkuZjwBmIambkQ">41,304,649</ix:nonFraction> outstanding as of December&#160;31,&#160;2023)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="3" id="Tc_c6Fex6-Oj0W6vt91KIi7zg_50_4">440</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="3" id="Tc_LwMZB3E66UmEPypbxRvutw_50_6">433</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Additional paid in capital</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="3" id="Tc_8YWqxGQ-TUKKIuElgXgIwA_51_4">475,812</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AdditionalPaidInCapital" scale="3" id="Tc_21ofq8UQHUycQ-fNXyuFpQ_51_6">471,216</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Treasury stock (<ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockCommonShares" scale="0" id="Narr_aK32V78dtUSD4Q1dThmPaQ">3,576,256</ix:nonFraction> shares as of December&#160;31,&#160;2024 and <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockCommonShares" scale="0" id="Narr_3DWxxae1skSgjUtsi8euAA">2,020,053</ix:nonFraction> shares as of December&#160;31,&#160;2023)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockValue" scale="3" id="Tc_2FDYBiw1Eky9EIHFNztqQA_52_4">33,524</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockValue" scale="3" id="Tc_rcRtAaV0Rk6lltlDaFHyUQ_52_6">15,636</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">Retained earnings</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="3" id="Tc_YSTXWcBnQkWLI7ZGuK_G_g_53_4">164,914</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:RetainedEarningsAccumulatedDeficit" scale="3" id="Tc_a_inVG-g10yUpC3ZXG6utA_53_6">81,388</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total stockholders' equity</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_Hvt2U_3KuUW_UNIdgjc0Dg_54_4">607,642</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_5xgz40nGtkCcrMKr7dWRcQ_54_6">537,401</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total redeemable preferred stock and stockholders&#8217; equity</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="asc:EquityAndPreferredStock" scale="3" id="Tc_ZQjLTqSdlUiTRcMSd6liFA_56_4">635,424</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="asc:EquityAndPreferredStock" scale="3" id="Tc_z3zuDu6h_EajXmG7xZPi0w_56_6">574,444</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:4pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:4pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:67.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="3" id="Tc_UDZgI6RDAEaOdHtiJGsFhg_58_4">704,799</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 2.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LiabilitiesAndStockholdersEquity" scale="3" id="Tc_HCIztdtfuE28jWSao8LRoA_58_6">690,951</ix:nonFraction></b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><i style="font-style:italic;">The accompanying notes are an integral part of these consolidated financial statements.</i></p><p style="display:none;line-height:0pt;text-align:center;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-5</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.35%;border:0;margin:30pt 10.33% 30pt 10.33%;"></div><div style="max-width:100%;padding-left:10.33%;padding-right:10.33%;position:relative;"><div style="margin-top:21.55pt;min-height:41.65pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_27a30427_48ff_4e8f_873f_c896f85b91e0"></a><a id="Statement_Operations"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Ardmore Shipping Corporation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Consolidated Statements of Operations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Expressed in Thousands of U.S. Dollars, except for shares and per share information)</b></p><a id="_02d0e272_ae73_43ff_860f_966cd8e41687"></a><a id="Tc_rVpAEeR0W0SqNLToO-PjgA_1_4"></a><a id="Tc_a_nZH6tklEay9vktjirJkw_2_2"></a><a id="Tc_msw6A94L10-2ItkB1pnPEg_2_4"></a><a id="Tc_Rb7syK4XzU2Ff_6WOwzExw_2_6"></a><a id="Tc_1lpGiQ6GP0mi8AOETNhdKA_2_8"></a><a id="Tc_jOtnK4HjwEGGKflmpePo7A_3_0"></a><a id="Tc_mBErDV6hsECMkMvuzJA4Xw_3_2"></a><a id="Tc_UQpSQtXlcEaZhUznarJTZQ_5_0"></a><a id="Tc_HgakBBrVb0i-LIeCFQrzQg_6_0"></a><a id="Tc_w7R2M43-VUW9kwohXLjhKw_7_0"></a><a id="Tc_biU7DsP0iE2IBTWu9NB8eQ_8_0"></a><a id="Tc_Ka8KFsK9qEqkyG88WvDeSQ_9_0"></a><a id="Tc_qx8G5gEH3UKS7FwmAcPFNg_10_0"></a><a id="Tc_mLPnnLeCTE6MhwRr6IAGXA_11_0"></a><a id="Tc_T1mevaxcEkWSpk281YamMg_12_0"></a><a id="Tc_wJiYU80FY024MJM90wjVJw_13_0"></a><a id="Tc_Q7BnRAqKAk2FxvWL02MoeA_14_0"></a><a id="Tc_9yd3aAUr1U-8jvasYpjmHw_15_0"></a><a id="Tc_1Af6RVCGBUaHRSDcx0dIcA_15_2"></a><a id="Tc_R7InWx-RIUqo19z4I6Lh2g_15_6"></a><a id="Tc_QY1QDiozdU-lH5sKZJeaJw_16_0"></a><a id="Tc_-TLIAs3IwE2PP297KFDtbw_17_0"></a><a id="Tc_cIEv7-2x90yzAUs1eeeNVg_17_2"></a><a id="Tc_yHiBPuVRlUmdqLBhvvCpNg_18_0"></a><a id="Tc_h9wj3dbMakSXw3cNjhcP9Q_18_2"></a><a id="Tc_dZ-5iDaZyk-YxaAb8ei9qg_18_6"></a><a id="Tc_tRaIapVPekeW4bnyx8MCgA_19_0"></a><a id="Tc_Ca7vRXmdV06dTAgx6r86LQ_21_0"></a><a id="Tc_sqf6Ki2QX0a-P1A8Qn4C1g_23_0"></a><a id="Tc_J2gxi1GXh0ObKXWG7QSuNg_23_2"></a><a id="Tc_LywESRzZlUutOYKdtFerCA_24_0"></a><a id="Tc_JBhXXTCSGEuga9xsOpvVfw_24_2"></a><a id="Tc_9XQ56TdPH0Sgji2Itl0Crw_26_0"></a><a id="Tc_ulqcpJybQUinkXRlQxnYhQ_28_0"></a><a id="Tc_q-BoA-vuSUOuZMCpnY-MRg_29_0"></a><a id="Tc_bX_0WWUAj028m4mCJ7ScmA_29_6"></a><a id="Tc_Q46OIw0DEkip_7QRSPbrvw_29_8"></a><a id="Tc_lCtNMsnL8kCYWhzb4NwPww_31_0"></a><a id="Tc_8k198upTz0WOkyQbx-f20Q_33_0"></a><a id="Tc_NoxWa-K2VEO7fT728Itv0A_33_2"></a><a id="Tc_MJ4e5oYGS0OPbvllzv2abg_34_0"></a><a id="Tc_mYr96Hw2HUuoL5B87W2POg_34_2"></a><a id="Tc_SBYUBwuC9Uy-MfNLXkDUrA_35_0"></a><a id="Tc_VRqVvAXNAkewWrRVmlnd8Q_35_2"></a><a id="Tc_qafNLe2yN0GOntbRrY45-Q_36_0"></a><a id="Tc_uu33rZkE8Ui8kwpmpQ9Htw_36_2"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:46.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:46.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:42.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:VesselOperatingExpenses" scale="3" id="Tc_IPAhsJiJI0OjOaJWtG_pTQ_6_8">60,020</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:46.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Charter hire costs</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="3" id="Tc_Ww_p9pFgj0uZrGlBQtL80Q_17_6">11,408</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" 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style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:46.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Income tax</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.13%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 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Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.58%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span 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Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:46.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Preferred dividends</p></td><td 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Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Extinguishment of Preferred Stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.13%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="asc:ExtinguishmentOfPreferredStock" scale="3" id="Tc_CFBcvw4OB0Os5MKEkG7qWQ_29_4">739</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:46.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:46.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Net Income attributable to common stockholders</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.13%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" id="Tc_17SakHWnW0SWje6BskBXBA_31_4">128,607</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" id="Tc_FNtcgG_9NUyJsA3K133TLA_31_6">113,408</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.58%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" id="Tc_d2vDpAnMQ0GDzR5vT3bGZw_31_8">135,054</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:46.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:46.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Net income per share, basic</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.13%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" id="Tc_QbvXM_C7MUWmX8172c_nSg_33_4">3.09</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="2" format="ixt:num-dot-decimal" 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Net income per share, diluted</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareDiluted" scale="0" id="Tc_Dd6_0a_u6UqC9og5vdxiOw_34_4">3.06</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareDiluted" scale="0" id="Tc_SkgVOK13MUG8V3yBheBmFQ_34_6">2.71</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareDiluted" scale="0" id="Tc_QWlbZN5WzkmMMjfQtWrChA_34_8">3.52</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:46.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Weighted average number of shares outstanding, basic</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.13%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" id="Tc_bCUlOVrzi0OD7gLJc3jowA_35_4">41,655,701</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" id="Tc_sy_X9rKrHkSnX9qzztyYSQ_35_6">41,130,089</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" scale="0" id="Tc_Y-enaQ6dnUWkjEzFPjtbrQ_35_8">37,235,599</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:46.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Weighted average number of shares outstanding, diluted</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" scale="0" id="Tc_HUD-1qHHRUeYSfHxxHPngQ_36_4">42,041,821</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" scale="0" id="Tc_mwTjmLSDg0Si0qTnKM4Vlg_36_6">41,821,637</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" scale="0" id="Tc_JdIwd2XSs0ab7t6FxdhdmA_36_8">38,359,985</ix:nonFraction></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:1pt;font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><a id="_contentSection_12a83278_6464_42e0_8761_"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">The accompanying notes are an integral part of these consolidated financial statements.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="display:none;line-height:0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-style:italic;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-6</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.35%;border:0;margin:30pt 10.33% 30pt 10.33%;"></div><div style="max-width:100%;padding-left:10.33%;padding-right:10.33%;position:relative;"><div style="margin-top:21.55pt;min-height:41.65pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><a id="_e8bd56f0_f103_4997_832c_5919ff977068"></a><a id="Comprehensive_Loss"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Ardmore Shipping Corporation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Consolidated Statements of Comprehensive Income</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">(Expressed in Thousands of U.S. Dollars)</b></p><a id="_ec5cb32b_850e_438d_99a2_8ab4cdde752d"></a><a id="Tc_H-aJ4B1YwEStn7G3X3GObA_1_2"></a><a id="Tc_FM4dmBC3q0ywzZFERgnyXQ_2_2"></a><a id="Tc_aRYStTeGdEyqXrGFswhkew_2_4"></a><a id="Tc_1mr0NTJrT0qYpdlJWr_W9Q_2_6"></a><a id="Tc_dGWoJWSKnkW9X4ADCE8RVA_3_0"></a><a id="Tc_lYBUHY7C9UGtMa2ph6STSA_4_0"></a><a id="Tc_fDCJSBex4EqbhqMdEZCbfA_5_0"></a><a id="Tc_GhGEbz2spkyxyt8FLNoNSA_5_2"></a><a id="Tc_dhBlCdjCA0uThKKLm6_cyA_6_0"></a><a id="Tc_aIOoHnNPFkW3t0ZqnZCpzw_6_2"></a><a id="Tc_3D0JH8_RVkifKc0jZYSDeA_8_0"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:50.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.91%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:50.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.91%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.52%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:50.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.91%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.02%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:50.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Net Income</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.91%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.02%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" id="Tc_aOXMuDq9Uk6Qm5yc24Ga8w_3_2">133,006</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" id="Tc_svwb6rS8ak6GuGcfHpVQqA_3_4">116,808</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" id="Tc_7DsjSHU0iUGo92R9KeNrQQ_3_6">138,454</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:50.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Other comprehensive (loss) / income, net of tax</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.91%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:50.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Net change in unrealized (losses) / gains on cash flow hedges</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.91%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.02%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent" sign="-" scale="3" id="Tc_vVS9MhDr2k-qYHuq0czzNg_5_4">1,468</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.04%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent" scale="3" id="Tc_GzTQxCXB9kuDBbgZLqtSZA_5_6">424</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:50.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Other comprehensive (loss) / income, net of tax</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.91%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.02%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" sign="-" scale="3" id="Tc_cuI3GKpCtES8l5fliGj36Q_6_4">1,468</ix:nonFraction>)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" scale="3" id="Tc_vdXcSiH440qDQ8RcTxbPzw_6_6">424</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:50.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.91%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.02%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.04%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:50.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Comprehensive Income</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.91%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.02%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="3" id="Tc_k1-a4XE_lkyI6_v_L8x7qw_8_2">133,006</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="3" id="Tc_MXiVb0VEsUWYZSJ7bOdEJg_8_4">115,340</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ComprehensiveIncomeNetOfTax" scale="3" id="Tc_pBmpI2UpYUi_Pagl5LeBgQ_8_6">138,878</ix:nonFraction></b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:1pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">The accompanying notes are an integral part of these consolidated financial statements.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="display:none;line-height:0pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-style:italic;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-7</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.35%;border:0;margin:30pt 10.33% 30pt 10.33%;"></div><div style="max-width:100%;padding-left:7.98%;padding-right:7.98%;position:relative;"><div style="margin-top:21.55pt;min-height:41.65pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><a id="Consolidated_statements_of_changes_in_eq"></a><a id="_a73105c6_38c8_4645_baed_ca7bcbbc97b5"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Ardmore Shipping Corporation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Consolidated Statements of Changes in Redeemable Preferred Stock and Stockholders&#8217; Equity</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">(Expressed in Thousands of U.S. Dollars and thousands of shares, as applicable)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p><a id="_d08316f1_ad94_49f1_8afa_6ce88f63ad2b"></a><a id="Tc_XDFNPg2rkUWSw3FsO5PP-g_1_12"></a><a id="Tc_iuE7nqcbykyRx_j3e23lJQ_1_16"></a><a id="Tc_U89A4f1HvkepDwSsASksXw_2_1"></a><a id="Tc_sObiIHg1Ike_zXD0nTi2HQ_2_10"></a><a 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Accumulated</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Retained </b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:middle;width:13.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Redeemable&#160;Preferred </b></p></td><td style="vertical-align:middle;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Additional</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">other</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Earnings /</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:middle;width:13.09%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Stock</b></p></td><td style="vertical-align:middle;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Common Stock</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">paid&#160;in</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">comprehensive</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Treasury</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">(Accumulated</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8.5pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Shares</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8.5pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Shares</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">Amount</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">capital</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">income / (loss)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">stock</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">&#160;deficit)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-size:8.5pt;font-weight:bold;">TOTAL</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:24.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="font-weight:bold;">Balance as of January&#160;1,&#160;2022</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2021_us-gaap_StatementClassOfStockAxis_us-gaap_RedeemablePreferredStockMember_sWk_FVZ2S0WN4S4LxVgdTQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares" scale="3" id="Tc_bk5dtS_dHkmQs5EjEk2dbA_5_1">40</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2021_us-gaap_StatementClassOfStockAxis_us-gaap_RedeemablePreferredStockMember_sWk_FVZ2S0WN4S4LxVgdTQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" scale="3" id="Tc_15KhxpmKBE-jRNo2GUU7UQ_5_3">37,043</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2021_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_0YUOfKotL06KwcZEsbYULA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="3" id="Tc_PTtNNARYJUGDB1IVNzZYdA_5_6">34,363</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2021_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_0YUOfKotL06KwcZEsbYULA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_PDiJtbFtt0G-5DMIv_4ueA_5_8">364</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2021_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember_9pPNfoCQL0qmFszQsN0DzA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_jk1LGGgPYkyhzHKla5LCLA_5_10">426,102</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2021_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember_K-xDmxGSJESiO91nPq8ROQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_Wz8U6zNFskS8eJ9Ydrw3wQ_5_12">1,044</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2021_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockCommonMember_2TxL-0Ugjk-fSe_c9f6eHg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" sign="-" scale="3" id="Tc_q2orVY2duECMfLZc6_JALQ_5_14">15,636</ix:nonFraction>)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2021_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember_xsIPhKOEBkCZjtqQGNyUnA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" sign="-" scale="3" id="Tc_MszSW_uZi06aTFS5rcq5cA_5_16">119,920</ix:nonFraction>)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2021_zQcLSO7l40eBrE97xSg_KA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_S1Kk9MqEMEOsV_rf-w3nrg_5_18">291,954</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Issue of common stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_AZg2YqFppUW4T8d7Ffnk1Q" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="3" id="Tc_uO_MtVtcJkqWuBkyqWM7JA_6_6">1419</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_AZg2YqFppUW4T8d7Ffnk1Q" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="3" id="Tc_Cf1-qF3MNkemxIe7RCSccw_6_8">14</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember_FENesb3YmUamsvxeXdnFUw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" sign="-" scale="3" id="Tc_xVw7HSZMU0ufIywNALaqSQ_6_10">14</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> -</p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Share-based compensation</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember_FENesb3YmUamsvxeXdnFUw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" scale="3" id="Tc_SDoukRpcpki206M7yiFUog_7_10">3,057</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" scale="3" id="Tc_1f-eCSx5sEat4qqb8Pozrw_7_18">3,057</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Changes in unrealized gain on cash flow hedges</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember_J0l1T7F1MkOj3ZoVQ8sPXg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent" scale="3" id="Tc_Va03O36dq0KARN22745ohw_8_12">424</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent" scale="3" id="Tc_XEle7vp-pUiyb4ckLzburQ_8_18">424</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:24.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Net proceeds from equity offering</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_AZg2YqFppUW4T8d7Ffnk1Q" decimals="-3" format="ixt:num-dot-decimal" name="asc:ProceedsFromEquityOfferingSharesNewIssues" scale="3" id="Tc_UgK4FFURDEWQEUPBzcjk5A_9_6">4,844</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_AZg2YqFppUW4T8d7Ffnk1Q" decimals="-3" format="ixt:num-dot-decimal" name="asc:ProceedsFromEquityOfferingValueNewIssues" scale="3" id="Tc_XcVICNUkO0K1M6Nu02BfAw_9_8">48</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember_FENesb3YmUamsvxeXdnFUw" decimals="-3" format="ixt:num-dot-decimal" name="asc:ProceedsFromEquityOfferingValueNewIssues" scale="3" id="Tc_vTJ_Gbmxz0-IEYr7_5SApg_9_10">38,861</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:ProceedsFromEquityOfferingValueNewIssues" scale="3" id="Tc_J4q7CQ6QBUy_-9_pV0XKxw_9_18">38,909</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Preferred dividends</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember_zOlIQJZzYUmT5iPxCYqXUg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DividendsPreferredStock" scale="3" id="Tc_a6lQsBbhPUSs0Fc-y2qc0Q_10_16">3,400</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DividendsPreferredStock" scale="3" id="Tc_W3qDfCrUVUuuAbGNddKD3g_10_18">3,400</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Net income</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember_zOlIQJZzYUmT5iPxCYqXUg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" id="Tc_7Xe7uswXdU6o915LHEnHoQ_11_16">138,454</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" id="Tc_ODmeAbbjo0OiQl4WRFZGqw_11_18">138,454</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="font-weight:bold;">Balance as of December&#160;31,&#160;2022</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2022_us-gaap_StatementClassOfStockAxis_us-gaap_RedeemablePreferredStockMember_Bc0A27Lk9E-J001CF2dvhg" decimals="-3" format="ixt:num-dot-decimal" name="asc:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares" scale="3" id="Tc_a0g3rOx0okKHf3uLOJ__bQ_12_1">40</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2022_us-gaap_StatementClassOfStockAxis_us-gaap_RedeemablePreferredStockMember_Bc0A27Lk9E-J001CF2dvhg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" scale="3" id="Tc_LgaGuxDO2kyCZ2TNG-PJLw_12_3">37,043</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_BeAo-t34mUqn1FNfWQSYgA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="3" id="Tc_ATZkp00wA0uyaVjdrlSQag_12_6">40,626</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_BeAo-t34mUqn1FNfWQSYgA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_qjXy_I731USKoLEm3NP2DQ_12_8">426</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember_FNIlF1gAq0-wiGwv5hL71A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_gOeDbQIhtE6jcn_kJsF31A_12_10">468,006</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember_pRLRtDNaQ0eLq3xXU3QCwA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_IPJ2-tcaaU-jO_lHpt2AIg_12_12">1,468</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockCommonMember_LgMrv6BsQUSufdmEu2LdCw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" sign="-" scale="3" id="Tc_r8qVq2RTmEyOQNS3dxUuMw_12_14">15,636</ix:nonFraction>)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2022_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember_HN9Rrlh9qEagkINHfTNsaw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_n7H197hmTkSWj-azuaTY6Q_12_16">15,135</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2022_X3pOdAfiVUOFTzfN4wGvFg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_2s1m_k2gbkWYbGr0hE5iWA_12_18">469,399</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Issue of common stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_FzMN0R5Y-0yHltBqAABw_g" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="3" id="Tc_ImPk46FTXES3EOutULmHYQ_13_6">678</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_FzMN0R5Y-0yHltBqAABw_g" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="3" id="Tc_4MLx7YFx0EqRDEICTx3Xpg_13_8">7</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember_76s3rG764k2lELriOQsxhA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" sign="-" scale="3" id="Tc_-s7NmXxVhU2t-PVrP5Ohyw_13_10">7</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Share-based compensation</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember_76s3rG764k2lELriOQsxhA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" scale="3" id="Tc_Wt5HfQru8kacKXqm8KAufA_14_10">3,217</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" scale="3" id="Tc_n9dH7-C_0k27FnkJkAAr9Q_14_18">3,217</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Changes in unrealized gain on cash flow hedges</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_StatementEquityComponentsAxis_us-gaap_AccumulatedOtherComprehensiveIncomeMember_MfiHIQLwrk2DrfYOX37TjA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent" sign="-" scale="3" id="Tc_Cb3_JzBbnUCh5-6tezPU4Q_15_12">1,468</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent" sign="-" scale="3" id="Tc_qU_yz26yP06Giue6sL1rBQ_15_18">1,468</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Preferred dividends</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember_noxaEUIStU2mxUmtRa0HfA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DividendsPreferredStock" scale="3" id="Tc_6JoGmFqG7kKfjD21VOnv4w_16_16">3,400</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DividendsPreferredStock" scale="3" id="Tc_Ut7YVllMMEWd1AhzQgRSXA_16_18">3,400</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Common dividends</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember_noxaEUIStU2mxUmtRa0HfA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DividendsCommonStock" scale="3" id="Tc_5SUnEYI3T0OGyqr1QWKO1A_17_16">47,154</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DividendsCommonStock" scale="3" id="Tc_tOFu873sfU-vE3Bi7HJO7w_17_18">47,154</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Net income</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember_noxaEUIStU2mxUmtRa0HfA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" id="Tc_lwq4L2vBTEejwhM7KvHb3A_18_16">116,808</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" id="Tc_YD9g4ns2Mka6o8HQhYmTjg_18_18">116,808</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="font-weight:bold;">Balance as of December&#160;31,&#160;2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_us-gaap_StatementClassOfStockAxis_us-gaap_RedeemablePreferredStockMember_p3KAoFSkAEOeEvod7jQtNg" decimals="-3" format="ixt:num-dot-decimal" name="asc:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares" scale="3" id="Tc_GRHqaP3FokOkexwrz4vLKA_19_1">40</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_StatementClassOfStockAxis_us-gaap_RedeemablePreferredStockMember_p3KAoFSkAEOeEvod7jQtNg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" scale="3" id="Tc_SPQmStvHbUShRQTvdwygUQ_19_3">37,043</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_TgGm6fCClkCClrwrtshRqw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="3" id="Tc_SsyNJzwumEGiNYsJUGGvrw_19_6">41,304</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_TgGm6fCClkCClrwrtshRqw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_93fgRnPtPEaHmu7M_Q9cfg_19_8">433</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember_bnmr0aK430-myTo35_ebvw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_AM7MjGDWT0CngXla-pk1iA_19_10">471,216</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockCommonMember_RjbZn_0t_Ua9cSHT5bcFXQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" sign="-" scale="3" id="Tc_CKU0fMNiZ0WinKoETpnY2g_19_14">15,636</ix:nonFraction>)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember__0kVU6kGU0GmaiPDh_Wfnw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_m6c4fYyFLUChLW9fEHg8jw_19_16">81,388</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_8wfT26jRSU6pKAPQncawzQ_19_18">537,401</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Repayment of redeemable preferred stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_RedeemablePreferredStockMember_rg9HQtNJiUqvJJiz68_A5w" decimals="-3" format="ixt:num-dot-decimal" name="asc:RepaymentOfRedeemablePreferredStockInShares" sign="-" scale="3" id="Tc_g_PGtMfh-EK3OMUYbB1Ixw_20_1">10</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_RedeemablePreferredStockMember_rg9HQtNJiUqvJJiz68_A5w" decimals="-3" format="ixt:num-dot-decimal" name="asc:RepaymentOfRedeemablePreferredStock" scale="3" id="Tc_iXByV3lG3EqoJ-NXMQpAUA_20_3">10,000</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Extinguishment of redeemable preferred stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_RedeemablePreferredStockMember_rg9HQtNJiUqvJJiz68_A5w" decimals="-3" format="ixt:num-dot-decimal" name="asc:ExtinguishmentOfRedeemablePreferredStock" scale="3" id="Tc_qrQ2O9hPqkOWnjnH66JMzA_21_3">739</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember_zxpAF5VAw0Kq66R_pUHu7g" decimals="-3" format="ixt:num-dot-decimal" name="asc:ExtinguishmentOfRedeemablePreferredStock" sign="-" scale="3" id="Tc_m1lVJ-5Uu0KD0md9p2EvBQ_21_16">739</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="asc:ExtinguishmentOfRedeemablePreferredStock" sign="-" scale="3" id="Tc_4E92DhH0UUqAHyveKZL3zg_21_18">739</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Issue of common stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_6ZJ5548pJkee4MMZFpSZYg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" scale="3" id="Tc_yvjbh0uG_Ei2KfRwJDLB9w_22_6">707</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_6ZJ5548pJkee4MMZFpSZYg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" scale="3" id="Tc_FT4f2EVhQU2qinLq1h3k5g_22_8">7</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember_49KNq_8aTUe8pk2z8wL4oQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" sign="-" scale="3" id="Tc_bxF2DjfVYECCZr89xscYzQ_22_10">7</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Share-based compensation</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember_49KNq_8aTUe8pk2z8wL4oQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" scale="3" id="Tc_O9ypayexn0-ekj9NszordQ_23_10">4,650</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockGrantedDuringPeriodValueSharebasedCompensation" scale="3" id="Tc_78n0NB7HlE-o-atIqMX5Mg_23_18">4,650</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Preferred dividends</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember_zxpAF5VAw0Kq66R_pUHu7g" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DividendsPreferredStock" scale="3" id="Tc_Gs9idxyBoke1sBypwtpFHA_24_16">3,660</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DividendsPreferredStock" scale="3" id="Tc_8xCDenAcKkyS7GPM3tnqEg_24_18">3,660</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Common dividends</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember_zxpAF5VAw0Kq66R_pUHu7g" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DividendsCommonStock" scale="3" id="Tc_5Gxx2k_FQUa2RJjdfFlopw_25_16">45,079</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DividendsCommonStock" scale="3" id="Tc_R12NqUddO0C3fSdB5Nv3xg_25_18">45,079</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Repurchase of common stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_6ZJ5548pJkee4MMZFpSZYg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchasedDuringPeriodShares" scale="3" id="Tc_ZxlXZ4B05ki0VtMPVqxW3A_26_6">1,556</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember_49KNq_8aTUe8pk2z8wL4oQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchasedDuringPeriodValue" scale="3" id="Tc_sd6llQZ3YUmEOFS-rpcgvQ_26_10">47</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockCommonMember_ooPEF1Nj6UC7dn42SojGTw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchasedDuringPeriodValue" scale="3" id="Tc_yp63MqHFKkumwlSz4MhmoA_26_14">17,888</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockRepurchasedDuringPeriodValue" scale="3" id="Tc_y6L9fuSLw0iu4n71RbFSlQ_26_18">17,935</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;">Net income</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;background:#cceeff;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember_zxpAF5VAw0Kq66R_pUHu7g" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" id="Tc_0GAk1IHQkEaM9kGoK6UBCw_27_16">133,006</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLoss" scale="3" id="Tc_Rgj3Zlc7cUSCT7jccdJIZw_27_18">133,006</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:24.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><b style="font-weight:bold;">Balance as of December&#160;31,&#160;2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.87%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_RedeemablePreferredStockMember_XifhT9VelkiOTwsms7voXg" decimals="-3" format="ixt:num-dot-decimal" name="asc:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares" scale="3" id="Tc_fy57NxHP8UaE1FPzrp2hdQ_28_1">30</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.88%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_RedeemablePreferredStockMember_XifhT9VelkiOTwsms7voXg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" scale="3" id="Tc_-D8ynivcWk6jdOm5pCQ4AA_28_3">27,782</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.7%;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_FhSnkQhsAEao49f0jYBWRQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CommonStockSharesOutstanding" scale="3" id="Tc_3XrTj1Tx8UyoFiH77crXDw_28_6">40,455</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_CommonStockMember_FhSnkQhsAEao49f0jYBWRQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_SxcjRIN1kU2m6UqgkPSKag_28_8">440</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_AdditionalPaidInCapitalMember_ke8-yb12BU6oh7huY7K5DQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_k7zYFd0gZ0CFLVzeQYslEw_28_10">475,812</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.12%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_TreasuryStockCommonMember__ZhwrIWJ00KBzok7scEfzA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" sign="-" scale="3" id="Tc_DLKuhFPgPkqGCzIG0tq8jQ_28_14">33,524</ix:nonFraction>)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.63%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_StatementEquityComponentsAxis_us-gaap_RetainedEarningsMember_TtqyhJMDLk6W-SqFxZkZHA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_0thxPLbpRUS3qlIXp5O9rg_28_16">164,914</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:7.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:StockholdersEquity" scale="3" id="Tc_KsgV2n8tEUS3EJp6BL3E6g_28_18">607,642</ix:nonFraction></b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p><a id="_Hlk96616082"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><i style="font-style:italic;">The accompanying notes are an integral part of these consolidated financial statements.</i></p><p style="display:none;line-height:0pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-8</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:84.04%;border:0;margin:30pt 7.98% 30pt 7.98%;"></div><div style="max-width:100%;padding-left:10.33%;padding-right:10.33%;position:relative;"><div style="margin-top:21.55pt;min-height:41.65pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_34e3c31c_9af1_405a_802d_62d428f097ff"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Ardmore Shipping Corporation</b></p><a id="ConsolidatedStatementsofCashFlows_304081"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Consolidated Statements of Cash Flows</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:7pt;text-align:center;margin:0pt;"><b style="font-size:10pt;font-weight:bold;">(Expressed in Thousands of U.S. Dollars</b><b style="font-size:7.5pt;font-weight:bold;">)</b></p><a id="_3d89f52c_5fa7_479e_b648_112ab052bfef"></a><a id="Tc_oW0QE5o2jkefKmgtbeQODg_1_4"></a><a id="Tc_VLDw-AyKC02r_jIRE1AiJQ_2_2"></a><a id="Tc_MOEDSTzESkOweygqVIMqiw_2_4"></a><a id="Tc_d4PoJHpknUSahBcrGDsDew_2_6"></a><a id="Tc_JBZD96ne-U6RNpyl1De2tg_2_8"></a><a id="Tc_p0rXpBWb8USi7TgR4rhYIA_3_0"></a><a id="Tc_SCv3V5bo4EW9fw8AL87DTA_5_0"></a><a id="Tc_AyIU4tfKq0icoWKFYk7TPQ_6_0"></a><a id="Tc_XkIkpyX2_UOd7L6KLd_kxg_7_0"></a><a id="Tc_rgiLdBi9bU2zm1mkm1CYBw_8_0"></a><a id="Tc_cNvjGkAiNkuCN6Tli4y3nQ_9_0"></a><a id="Tc_ZCvEK6r65k2J8Jgzt6pxlw_10_0"></a><a id="Tc_9l0tzAX1zkaE9lhGZit2Sw_10_2"></a><a id="Tc_dC1Rf3QvDkSTK-N2sseIhw_10_6"></a><a id="Tc_E7s4KpgirE6AEWPUX6mIxQ_11_0"></a><a id="Tc_OsIyi59lrkSQhSEOh4h0NQ_12_0"></a><a id="Tc_G6KssB9uB0iy-eE2cD9gpw_12_6"></a><a id="Tc_Vz_svIgg40a1HBRzKbxsrQ_13_0"></a><a id="Tc_kO1CNceekEy8snnHH1VJoA_14_0"></a><a id="Tc_cJyEhm8rikmbY6EaUdFxuw_15_0"></a><a id="Tc_-TlBxdbnrk2lsu5uJaAgwg_16_0"></a><a id="Tc_D3baqrvzZUe44pwhDXeuAw_17_0"></a><a id="Tc_JNcYZZjpNUqB38Wpk5eeiQ_18_0"></a><a id="Tc_3263LmlZe0SWsmcNBKGV9g_19_0"></a><a id="Tc_ORLHX9yQJ061TnGTmaQDuw_20_0"></a><a id="Tc_C1E_MQY-e0WBpHuheC-Ovg_21_0"></a><a id="Tc_PH4z8rRRykecZKboes-8eA_22_0"></a><a id="Tc_8fYzfZIJk0etFC0REYKi0Q_23_0"></a><a id="Tc_37k6dJl7W0KvMTuIjdNOTA_24_0"></a><a id="Tc_4LHIKoLiDkm9l1afDJn7Sw_25_0"></a><a id="Tc_fD5fNZ-swEu7oieldJuafQ_26_0"></a><a id="Tc_jo8YhvsP5ECj0Z8HJbdtHA_28_0"></a><a id="Tc_5-0ODfk7rUOxVyhQ0KecgQ_29_0"></a><a id="Tc_GzrmOYpLPkaKk4438Fe36w_29_6"></a><a id="Tc_vN5-Bvp-eU6rvuC_ImOZDg_30_0"></a><a id="Tc_cuhxnq8WdEuSDRPL5r2nbg_31_0"></a><a 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style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;width:11.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:47.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td 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style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;width:11.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;width:11.6%;border-bottom:1px solid 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style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:47.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:5pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:5.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:5pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;</p></td><td 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style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProfitLoss" scale="3" id="Tc_eKK6ZSV9fk6q8TdcGTPpRg_5_4">133,006</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:47.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 6pt;">Depreciation</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:5.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Depreciation" scale="3" id="Tc_F-X5-wiEnEqQ2nQlnjpO5A_7_4">30,244</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="asc:AmortizationOfDeferredDryDockExpenditure" scale="3" id="Tc_XH7fWrf7-0SDfhakn7HYTA_8_4">3,636</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:5.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForRepurchaseOfCommonStock" 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0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDividendsCommonStock" scale="3" id="Tc_haOlFNAU10igjPml5KcAYA_45_4">45,079</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDividendsCommonStock" scale="3" id="Tc_3f6cIkxaYE2dV6YPHMbl4w_45_6">47,154</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:47.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">Issuance of common stock, net</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:5.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromIssuanceOfCommonStock" scale="3" id="Tc_X92LH70eX0aYKh3HRtjOWQ_46_8">38,909</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:47.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">Repayment of preferred stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:5.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsForRepurchaseOfRedeemablePreferredStock" scale="3" id="Tc_kN6ohzKSfkyxLHWJzOgqlQ_47_4">10,000</ix:nonFraction>)</p></td><td 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style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" scale="3" id="Tc_iHVzC3CnFEujGhyFCy0Hlw_48_4">3,805</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" scale="3" id="Tc_fEEL61_MKUeBiX3TRgo5dg_48_6">3,400</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" 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Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:5.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:11.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:11.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:11.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:47.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Cash and cash equivalents at the end of the year</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:5.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.79%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" scale="3" id="Tc_DwkLl_ixlUm5xpqAwrZmug_55_4">46,988</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:11.79%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.35%;border:0;margin:30pt 10.33% 30pt 10.33%;"></div><div style="max-width:100%;padding-left:10.33%;padding-right:10.33%;position:relative;"><div style="margin-top:21.55pt;min-height:41.65pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="Tc_ZI7lwFiOwEKeh1xkpizXaQ_57_0"></a><a id="Tc_-k-86rCAPk2mrPHq6z6QZA_58_0"></a><a id="Tc_qU-IeweQF0mYQHrUEZNB9Q_59_0"></a><a id="Tc_Ci6Y5rCF90C-slRe1xFJ6A_60_0"></a><a id="Tc_s14NdK8WTUaUnLci9qJZUQ_61_0"></a><a id="Tc_6xSSfzE85U2vZZuu094MZw_62_0"></a><a id="Tc_5vKAKEPYSEWhFxnBs0SkMA_62_6"></a><a id="Tc_JqxKVaQu9k6qqPnGp-IdEw_62_8"></a><a id="Tc_6kx1az17u06MV5VFbdoY8w_63_0"></a><a id="Tc_8XaedjO_VE6VySs-m9u0LA_63_6"></a><a id="Tc_MPfBrEfPu06p0BewPG6qDg_63_8"></a><a id="Tc_MoltxCQQSk-oPiR1x0_YRQ_64_0"></a><a id="Tc_BRdZzVEHXkqVeHzacPovcQ_65_0"></a><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:bottom;width:47.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:5.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:11.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:11.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:11.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:47.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">Cash paid during the period for interest in respect of debt </p></td><td 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style="vertical-align:bottom;width:5.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeasePaymentsUse" scale="3" id="Tc_DiZzgw45bkqMD-CtDY66Lg_63_4">7,327</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:47.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">Non-cash financing activity: Accrued preferred dividends</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:5.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="asc:AccruedPreferredStockDividends" scale="3" id="Tc_yjLWXuW9Ok-XCldXZtirzg_64_4">433</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="asc:AccruedPreferredStockDividends" scale="3" id="Tc_lx6c3fOay0GTDERgxujiRw_64_6">578</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:AccruedPreferredStockDividends" scale="3" id="Tc_qLBdx0mv70e8Fwuak07Uuw_64_8">578</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:47.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 0.05pt 0pt;">Non-cash investing activity. Movement in accruals during the period in respect of ballast water treatment systems and scrubber systems</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:5.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="asc:NonCashInvestingActivityAccrualsDuringPeriod" sign="-" scale="3" id="Tc_dlEaifBpP06xK9pIg1OiWQ_65_4">194</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 3pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="asc:NonCashInvestingActivityAccrualsDuringPeriod" sign="-" scale="3" id="Tc_mhRTMU6wF0CS-BmEtbEPXg_65_6">765</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:9pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;width:11.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:NonCashInvestingActivityAccrualsDuringPeriod" scale="3" id="Tc_4eKfvcUM1EazUZNFmw-wcA_65_8">887</ix:nonFraction>)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:6pt 0pt 0pt 0pt;"><i style="font-style:italic;">The accompanying notes are an integral part of these consolidated financial statements</i><i style="font-size:10pt;font-style:italic;">.</i></p><p style="display:none;line-height:0pt;margin:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-10</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.35%;border:0;margin:30pt 10.33% 30pt 10.33%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_1e4afb7d_1e7e_4e44_9332_9fe85a4c37e3"></a><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Ardmore Shipping Corporation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Notes to the Consolidated Financial Statements </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><a id="a1Overview_999464"></a><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" id="Tb_7YL4JWq3GEyGqeIfcQ4lsA" continuedAt="Tb_7YL4JWq3GEyGqeIfcQ4lsA_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">1.&#160;&#160;&#160;Overview</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.1.&#160;&#160;&#160;Background</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping Corporation (NYSE: ASC) (&#8220;Ardmore&#8221;), together with its subsidiaries (collectively the &#8220;Company&#8221;), provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with its modern, fuel-efficient fleet of mid-size product and chemical tankers and the Company operates its business in <ix:nonFraction unitRef="Unit_Standard_segment_OFsVzKkhSU2s1-GKEdMPfw" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="INF" format="ixt-sec:numwordsen" name="us-gaap:NumberOfOperatingSegments" scale="0" id="Narr_is9ctSBvVE6dEoqbccok2g">one</ix:nonFraction> operating segment, the transportation of refined petroleum products and chemicals. As of December&#160;31,&#160;2024, the Company had <ix:nonFraction unitRef="Unit_Standard_item_FQiRDhHHbU-h1CZkGZogYw" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="0" format="ixt:num-dot-decimal" name="asc:NumberOfVesselsInOperation" scale="0" id="Narr_RQM0HqHfOEqAQMDPMYtS9g">22</ix:nonFraction> owned vessels and <ix:nonFraction unitRef="Unit_Standard_item_FQiRDhHHbU-h1CZkGZogYw" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="INF" format="ixt-sec:numwordsen" name="asc:NumberOfVesselsInOperationChartered" scale="0" id="Narr_SB8fCMa9hEef8W2H930LCw">four</ix:nonFraction> chartered-in vessels in operation. The average age of the Company&#8217;s owned fleet as of December&#160;31,&#160;2024 was <ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" format="ixt-sec:duryear" name="asc:AverageAgeOfVessels" id="Narr_fowYVb9edEevN1GqtqgEpw">10.3</ix:nonNumeric>&#160;years.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.2.&#160;&#160;&#160;Management and organizational structure</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore was incorporated in the Republic of the Marshall Islands on May 14, 2013. Ardmore commenced business operations through its predecessor company, Ardmore Shipping LLC, on April 15, 2010.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of December&#160;31,&#160;2024, Ardmore had (a) <ix:nonFraction unitRef="Unit_Standard_subsidiary_4UjuQMMon0G0rDPB6JR2rw" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="0" format="ixt:num-dot-decimal" name="asc:NumberOfWhollyOwnedSubsidiaries" scale="0" id="Narr_Upmxv6RG-ky272wWAd70Ag">79</ix:nonFraction> wholly owned subsidiaries, a significant number of which represent single ship-owning companies for Ardmore&#8217;s fleet, (b) <ix:nonFraction unitRef="Unit_Standard_item_FQiRDhHHbU-h1CZkGZogYw" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="INF" format="ixt-sec:numwordsen" name="asc:NumberOfJointVentures" scale="0" id="Narr_7AWsAwW1fkijG6cpkCd4sg">one</ix:nonFraction> <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_AngloArdmoreShipManagementLimitedMember_LUB6EahgwUazLKxVtI_M5A" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" id="Narr_Z-LIJO-iK0GzGpoen_pbOQ">50</ix:nonFraction>%-owned joint venture, Anglo Ardmore Ship Management Limited ("AASML"), which provides technical management services to the Ardmore fleet, and (c) a <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1CorpMember_TU1zJsLxckqQ19FbAqdcmw" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" id="Narr_F0Szu1IiA0S1p92cwux7Jg">10</ix:nonFraction>% equity stake in Element 1 Corp. which is included in Investments and other assets, net in the consolidated balance sheet as of December&#160;31,&#160;2024. Equity investments are disclosed below in Note 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Maritime Services (Asia) Pte. Limited, a wholly owned subsidiary incorporated in Singapore, carries out the Company&#8217;s management services and associated functions. Ardmore Shipping Services (Ireland) Limited, a wholly owned subsidiary incorporated in Ireland, provides the Company&#8217;s corporate, accounting, fleet administration and operations services. Each of Ardmore Shipping (Asia) Pte. Limited and Ardmore Shipping (Americas) LLC, wholly owned subsidiaries incorporated in Singapore and Delaware, respectively, performs commercial management and chartering services for the Company.</p></ix:nonNumeric></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-11</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);min-height:12.65pt;"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="Tc_KQM-SkLVCE-Am0uqiBcHRw_1_0"></a><a id="Tc_t10F3h6J8E-x5ZzUQI5o0A_1_2"></a><a id="Tc_JInhO8HYWk-FF5VdqKxB8w_1_4"></a><a id="Tc_dHedUhxSZEODEV4TLY94Ng_1_6"></a><a id="Tc_q8Gl4IMaTkqAIn6WS1Ee0w_1_8"></a><a id="Tc_b75oMTZLQ024OaHB69ik3Q_1_10"></a><a id="Tc_qLpofmNWh0GZllrtkIfSbQ_1_12"></a><a id="Tc_dl2DWK_uK02LT8ZoYl395w_2_0"></a><a id="Tc_UseNoc2v_EqnTxEW-nSikg_2_6"></a><a id="Tc_iM_bA-i6qUGqU9waI8PyTw_2_10"></a><a id="Tc_c4R4_TKvkE-zh6c1LJ7Dzw_3_0"></a><a id="Tc_0S2iVMz76km8B5tjCTSkGg_3_6"></a><a id="Tc_PLP9SZ7Zu0aUxqVb-M4rYQ_3_10"></a><a id="Tc_jDNQqfIuhkWlkdmUnOVsiQ_4_0"></a><a id="Tc_VvQpDH3ouk-aANHc4SyYKw_4_6"></a><a id="Tc_SvXIQY_kLEGnf0UpdkCCvA_4_10"></a><a id="Tc_k5rc793HRk6HXUzfw_s4bw_5_0"></a><a id="Tc_JgbCoa9S1kWYDILT0L0osA_5_6"></a><a id="Tc_Mml81rXkTUemMOp_jfCCtg_5_10"></a><a id="Tc_QV1jpHDjEES53zbdsRjTew_6_0"></a><a id="Tc_1qi3jnutv0KvgmyR6Xw0sQ_6_6"></a><a id="Tc_OfkKSMGGOE6Wqm7W6YsdGw_6_10"></a><a id="Tc_HuN0fU1sh0GxdpEkvtytDg_7_0"></a><a id="Tc_fNsnXRQtDke8NO7vAYXT-g_7_6"></a><a id="Tc_B9XGs5UZ0UmYBMi28oo52Q_7_10"></a><a id="Tc_OHfbw9R-lUq7WkRZNj0CGQ_8_0"></a><a id="Tc_bW5QDBAamUG7ub6vgJAm0g_8_6"></a><a id="Tc_HLuuIivMSE2N7AklatMtLw_8_10"></a><a id="Tc_Um7TWKW7zke8zlCBcrNvIA_9_0"></a><a 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Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:22.21%;border-bottom:1px solid 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Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Specification</b></p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Gibraltar</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreSeawolfMember_l9euKdhFOkeRLfskpUNyIA" name="asc:SpecificationTypeOfVessel" id="Tc_E73C-Fvbfkyal3aVt1X5nQ_4_12">Eco-Design</ix:nonNumeric></p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seafox</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreSeafoxMember_nIRTVEfsQkuV2zOFZV2bww" name="asc:VesselType" id="Tc_vyttQ8LISEW0X7QgrbL88w_5_2">Product/Chemical</ix:nonNumeric></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_t_f9K1Xkz3nEqbBNWuHreH9A" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreSeafoxMember_qvpnkPODlEST0gPsX3Ts6Q" decimals="0" format="ixt:num-dot-decimal" name="asc:DeadWeight" scale="0" id="Tc_k0NSXhtq-UOjjv45tbfB0g_5_4">49,999</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreSeafoxMember_nIRTVEfsQkuV2zOFZV2bww" name="asc:BuiltDate" id="Tc_VfhrCn6Ve0iigF37xbX1LQ_5_8">Jun-15</ix:nonNumeric></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. 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Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreSealionMember_jzYkINNqLUOENRGsBt4G_g" name="asc:SpecificationTypeOfVessel" id="Tc_90fkmlqOTEifVoiyJ15rIQ_6_12">Eco-Design</ix:nonNumeric></p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Engineer</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreEngineerMember_v-MAqgy-80el3q77g-91Ww" name="asc:VesselType" id="Tc_NK62B03_eEeVH5BeMsK0fQ_7_2">Product/Chemical</ix:nonNumeric></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_t_f9K1Xkz3nEqbBNWuHreH9A" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreEngineerMember_ENB7iU_D-kaa4tvaHMo3oQ" decimals="0" format="ixt:num-dot-decimal" name="asc:DeadWeight" scale="0" id="Tc_2saJDpJONUuVmWu0ZTHeDA_7_4">49,420</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreEngineerMember_v-MAqgy-80el3q77g-91Ww" name="asc:BuiltDate" id="Tc_2BY94orEl0umpfMQqjFUbQ_7_8">Mar-14</ix:nonNumeric></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreEngineerMember_v-MAqgy-80el3q77g-91Ww" name="asc:SpecificationTypeOfVessel" id="Tc_rI1yqxMjokKs5gWjNq7hMg_7_12">Eco-Design</ix:nonNumeric></p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seavanguard</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreSeavanguardMember_ZpOjMW7f4Eqd4usImNfmYg" name="asc:VesselType" id="Tc_CjOnbGHaAkqu7v3_lK4hzw_8_2">Product/Chemical</ix:nonNumeric></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_t_f9K1Xkz3nEqbBNWuHreH9A" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreSeavanguardMember_jmsGAw9WokKoqBGHt9-0ZQ" decimals="0" format="ixt:num-dot-decimal" name="asc:DeadWeight" scale="0" id="Tc_RiZasHP0JECRboaqCXKiug_8_4">49,998</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreSeavanguardMember_ZpOjMW7f4Eqd4usImNfmYg" name="asc:BuiltDate" id="Tc_UBcwKuaQHkeLYP2qz7-ueA_8_8">Feb-14</ix:nonNumeric></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. 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Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreExporterMember_Z-VS2bhjNUGEiTEedHnLVQ" name="asc:SpecificationTypeOfVessel" id="Tc_SmYqWPtyHUeEfjN_SHx9HA_9_12">Eco-Design</ix:nonNumeric></p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seavantage</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreSeavantageMember_L56p_o-Tp06kZJoUbXtwiQ" name="asc:VesselType" id="Tc_8QR0QVnv-kGkm0s4b-v1BQ_10_2">Product/Chemical</ix:nonNumeric></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_t_f9K1Xkz3nEqbBNWuHreH9A" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreSeavantageMember_y6UZrJaE70GEfkHhKg1VGw" decimals="0" format="ixt:num-dot-decimal" name="asc:DeadWeight" scale="0" id="Tc_4jFRjs6LNUGzGSNHFt4Y6Q_10_4">49,997</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreSeavantageMember_L56p_o-Tp06kZJoUbXtwiQ" name="asc:BuiltDate" id="Tc_y574UdItDkiFlqQ16yelNw_10_8">Jan-14</ix:nonNumeric></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreSeavantageMember_L56p_o-Tp06kZJoUbXtwiQ" name="asc:SpecificationTypeOfVessel" id="Tc_g9_F_9--3kaNk5rQU2TMrg_10_12">Eco-Design</ix:nonNumeric></p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Encounter</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreEncounterMember_k6WYLhq5XUCn_r1rMng15w" name="asc:VesselType" id="Tc_CpLCR6gIr0uCQz16pjstTQ_11_2">Product/Chemical</ix:nonNumeric></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_t_f9K1Xkz3nEqbBNWuHreH9A" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreEncounterMember_XOKej2zWl0WpapZZIZxnIQ" decimals="0" format="ixt:num-dot-decimal" name="asc:DeadWeight" scale="0" id="Tc_6sjziDS2G0uhVXj6Kc515A_11_4">49,478</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreEncounterMember_k6WYLhq5XUCn_r1rMng15w" name="asc:BuiltDate" id="Tc__48VcrmjSkyXpq1EbEfiJg_11_8">Jan-14</ix:nonNumeric></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. 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Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreExplorerMember_uxFmZC0EQkaZMfK_-hIMHg" name="asc:SpecificationTypeOfVessel" id="Tc_xE52AYJAWUqTSFaR2hvBeQ_12_12">Eco-Design</ix:nonNumeric></p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Endurance</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreEnduranceMember_zavJLk1bAUez8X4jS5V0kg" name="asc:VesselType" id="Tc_xRqYn3y60UeUp6wda4JrdQ_13_2">Product/Chemical</ix:nonNumeric></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_t_f9K1Xkz3nEqbBNWuHreH9A" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreEnduranceMember_d5PuGPM5HEaBiQKp6eGHiQ" decimals="0" format="ixt:num-dot-decimal" name="asc:DeadWeight" scale="0" id="Tc_S-po-tC3Mk-ViAGptJB9Qg_13_4">49,466</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_StatementGeographicalAxis_country_KR_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_ArdmoreEnduranceMember_zavJLk1bAUez8X4jS5V0kg" name="asc:BuiltDate" id="Tc_u1yCB96UnkSYID5w89144A_13_8">Dec-13</ix:nonNumeric></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. 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which include the accounts of Ardmore and its subsidiaries, have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;). All subsidiaries are <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreShippingCorporationMember_khjWLaACzUacdR2QoXc1xA" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" id="Narr_JwiTTNkeI0GOgJj_KwbJPQ">100</ix:nonFraction>% directly or indirectly owned by Ardmore. 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The Company&#8217;s <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1CorpMember_TU1zJsLxckqQ19FbAqdcmw" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" id="Narr_VHIe-kCENUGIsS-It3rL0Q">10</ix:nonFraction>% investment in Element 1 Corp. is also accounted for using the equity method as the Company is able to exercise significant influence. All intercompany balances and transactions have been eliminated on consolidation. </p></ix:nonNumeric></ix:nonNumeric></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-12</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="xref-external"></a><ix:continuation id="Tb_cRT-IpuhzEauUAtoawbmKQ_cont1" continuedAt="Tb_cRT-IpuhzEauUAtoawbmKQ_cont2"><ix:continuation id="Tb_PYo8GjvlgEOth7hNVfdkPA_cont1"></ix:continuation><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:UseOfEstimates" id="Tb_BX_7A_PvAUC6QUJQMOvqvQ" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">2.2.&#160;&#160;&#160;Uses of estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives for vessels, vessel valuations, residual value of vessels, expected future cash flows from vessels to support vessel impairment tests, provisions necessary for receivables from charterers, the selection of inputs used in the valuation model for share-based payment awards, provisions for legal disputes and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable. Actual results could differ from those estimates.</p></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" id="Tb_23k-rkpJRkaqBLsOXkbRXA" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">2.3.&#160;&#160;&#160;Reporting currency</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The consolidated financial statements are stated in U.S. Dollars. The functional currency of the Company is U.S. Dollars because the Company operates in international shipping markets in which most transactions are denominated in the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. Resulting gains and losses are included in the accompanying consolidated statements of operations.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock" id="Tb_rzfEGzmzbUqfZurbopCgEA" continuedAt="Tb_rzfEGzmzbUqfZurbopCgEA_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.4.&#160;&#160;&#160;Recently issued accounting pronouncements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Recently adopted</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">In November 2023 the FASB issued Accounting Standards Update 2023-07,<i style="font-style:italic;"> Improvements to Reportable Segment Disclosures</i>, which amends the existing segment reporting guidance (Accounting Standards Codification Topic 280) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (&#8220;CODM&#8221;) and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.<span style="font-size:12pt;"> </span>The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Issued but not yet effective</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">On December 14, 2023, the FASB issued&#160;Accounting Standards Update 2023-09,&#160;<i style="font-style:italic;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures&#160;(ASU 2023-09)</i>. The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 largely follows the proposed ASU issued earlier in 2023 with several important modifications and clarifications discussed below. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 and effective for all other business entities one year later. Entities should adopt this guidance on a prospective basis, though retrospective application is permitted. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">On March 21, 2024, the FASB issued&#160;Accounting Standards Update 2024-01, <i style="font-style:italic;">Compensation &#8211; Stock Compensation (Topic 718)</i> which clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718&#160;or (2) not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 is effective for public business entities for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">On November 4, 2024, the&#160;FASB&#160;issued&#160;Accounting Standards Update 2024-03, <i style="font-style:italic;">Disaggregation of Income Statement Expenses</i> (<i style="font-style:italic;">ASU 2024-03</i>), which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. On January 6, 2025, the FASB issued Accounting Standards Update 2025-01 which clarifies the effective date of ASU 2024-03 with respect to interim periods. </p></ix:nonNumeric></ix:continuation></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-13</p></div></div>
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The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">On November 26, 2024, the FASB issued&#160;Accounting Standard Update 2024-04, Debt &#8211; Debt with Conversion&#160;and Other Options (Subtopic 470-20), which amends ASC 470-202&#160;to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion.&#160;The amendments in this update are effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted if the entity has also adopted ASU 2020-06 <i style="font-style:italic;background:#ffffff;">Accounting for Convertible Instruments and Contracts in an Entity&#8217;s Own Equity</i><span style="background:#ffffff;"> </span>for that period. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.</p></ix:continuation><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock" id="Tb_nKDvsi_n00uHG2PRSTPNag" continuedAt="Tb_nKDvsi_n00uHG2PRSTPNag_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">2.5.&#160;&#160;&#160;Revenue, net</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Revenue is generated from spot charter arrangements and time charter arrangements, net of address commission and provisions for demurrage.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Spot charter arrangements</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In the Company&#8217;s spot charter arrangements, the charterer hires a vessel to transport a specific agreed-upon cargo for a single voyage that are generally short in duration (less than two months), which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The contract generally has standard payment terms of freight paid within three to seven days after completion of loading. Revenue from voyage charters is recognized when (i) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (ii) we can identify each party&#8217;s rights regarding the services to be transferred, (iii) we can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of our future cash flows is expected to change as a result of the contract) and (v) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the services that will be transferred to the charterer</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Spot charter arrangements do not contain a lease and are therefore considered service contracts that fall under the provisions of Accounting Standard Codification (&#8220;ASC&#8221;) 606 <i style="font-style:italic;">Revenue from Contracts with Customers</i>. Spot charter arrangements are considered service contracts which fall under the provisions of ASC 606 because the Company retain control over the operations of the vessel, including directing the routes taken and vessel speed. The Company determined that a spot charter arrangement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company have concluded that a contract for a spot charter arrangement meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company&#8217;s performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The consideration that the Company expects to be entitled to receive includes estimates of revenue associated with the loading or discharging time that exceed the originally estimated duration of the voyage, which is referred to as &#8220;demurrage revenue&#8221;, when it is determined there will be incremental time required to complete the contracted voyage. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Demurrage revenue, which is earned during a voyage charter and represents variable consideration, which is estimated at contract inception based on estimates for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited. It is not considered a separate deliverable in accordance with ASC 606 as it is part of the single performance obligation in a spot charter arrangement, which is to provide cargo transportation services to the completion of a contracted voyage. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, in addition to any port expenses incurred prior to arrival at the load port. </p></ix:nonNumeric></ix:continuation></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-14</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><ix:continuation id="Tb_cRT-IpuhzEauUAtoawbmKQ_cont3" continuedAt="Tb_cRT-IpuhzEauUAtoawbmKQ_cont4"><ix:continuation id="Tb_nKDvsi_n00uHG2PRSTPNag_cont1"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The fuel consumption and any port expenses incurred prior to arrival at the load port during this period are deferred and recorded in Inventories as deferred contract costs in the consolidated balance sheets and are amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and are expensed as part of voyage expenses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Time charter arrangements</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">From time to time the Company enters into time charter arrangements, which are for a specified period of time, and key decisions concerning the use of the vessel during the duration of the time charter period reside with the charterer. In time charter arrangements, the Company is responsible for the crewing, maintenance and insurance of the vessel, and the charterer is generally responsible for voyage specific costs, which typically include bunkers and port/canal costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"> <span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As the charterer holds sufficient latitude in its rights to determine how and when the vessel is used on voyages and the charterer is also responsible for costs incurred during the voyage, the charterer derives the economic benefits from the use of the vessel, as control over the right to use the vessel is transferred to the charterer during the specified time charter period. Accordingly, time charters are considered operating leases and the Company applies guidance for lessors in FASB Accounting Standards Codification 842 - <i style="font-style:italic;">Leases</i> (&#8220;ASC 842&#8221;). The Company has elected to apply the practical expedient under Accounting Standards Codification 842 &#8211; <i style="font-style:italic;">Leases </i>(&#8220;ASC 842&#8221;), which allows lessors to account for lease and non-lease components as a single lease component when certain criteria are met. Revenue for time charters is recognized on a straight-line basis ratably over the term of the charter.</p></ix:continuation><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"> &#160;<span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:VoyageAndVesselOperatingExpenses" id="Tb_tMZENv6udUu2b9chW2KrQg" continuedAt="Tb_tMZENv6udUu2b9chW2KrQg_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.6.&#160;&#160;&#160;Voyage and vessel operating expenses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Voyage expenses</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Voyage expenses represent costs the Company is responsible to incur in charter arrangements during a voyage that are directly related to a voyage. Voyage expenses include bunkers and port/canal costs, which are expensed as incurred. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Voyage expenses also include contract fulfillment costs that are incurred by the Company prior to a voyage. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">These costs are from the later of when a vessel departed from its prior charter discharge port and when a vessel entered a new charter to the arrival at the loading port for the new charter and are deferred and amortized ratably over the new charter for charters accounted for in accordance with ASC 606. Such costs are typically comprised of bunkers. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Vessel operating expenses</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Vessel operating expenses represent costs the Company incurs to operate its vessels that are not directly related to a voyage. Vessel operating expenses include costs for crew, repairs and maintenance, insurance, stores, lube oils, communications and technical management. Vessel operating expenses are expensed as incurred.</p></ix:nonNumeric></ix:continuation></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-15</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><ix:continuation id="Tb_cRT-IpuhzEauUAtoawbmKQ_cont4" continuedAt="Tb_cRT-IpuhzEauUAtoawbmKQ_cont5"><ix:continuation id="Tb_tMZENv6udUu2b9chW2KrQg_cont1"></ix:continuation><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock" id="Tb_Uv-VkoUP402X20KZfXiAkg" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.7.&#160;&#160;&#160;Cash and cash equivalents</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">The Company classifies investments with an original maturity date of three months or less as cash and cash equivalents. The Company is required to maintain a minimum cash balance in accordance with its long-term debt facility agreements (see Note 6) and finance lease facility agreements (see Note 7).</span></p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:TradeAndOtherAccountsReceivablePolicy" id="Tb_yBfXBofZkk6pMBrE5b0EVg" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.8.&#160;&#160;&#160;Receivables</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Receivables include amounts due from charterers for hire and other recoverable expenses due to the Company. As of the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate allowance for bad debt.</span></p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:PrepaidExpensesAndOtherAssetsPolicyTextBlock" id="Tb_be31KlvphU2eOHv8EHVyWQ" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.9.&#160;&#160;&#160;Prepaid expenses and other assets </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Prepaid expenses and other assets consist of payments made in advance for insurance or other expenses, and insurance claims outstanding and certain assets held by vessel managers. Insurance claims are recorded, net of any deductible amounts, for insured damages which are recognized when recovery is virtually certain under the related insurance policies and where the Company can make an estimate of the amount to be reimbursed following the insurance claim. As of the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate provision for doubtful accounts.</span></p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:AdvancesAndDepositsPolicyTextBlock" id="Tb_OhX_AzTBJkSuHa5oOygdRQ" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.10.&#160;&#160;&#160;Advances and deposits</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Advances and deposits primarily include amounts advanced to AASML for expenses incurred by them in operating the vessels, together with other necessary deposits paid during the course of business.</span></p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:InventoryPolicyTextBlock" id="Tb_V7oWnJrb-kiFAApvCVr9HQ" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.11.&#160;&#160;&#160;Inventories</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Inventories consist of bunkers, lubricating oils and other consumables on board the Company&#8217;s vessels. Inventories are valued at the lower of cost or net realizable value on a first-in first-out basis. Cost is based on the normal levels of cost and comprises the cost of purchase, being the suppliers&#8217; invoice price with the addition of charges such as freight or duty where appropriate. Spares are expensed as incurred.</span><span style="font-weight:normal;"> </span></p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:VesselsHeldForSalePolicyTextBlock" id="Tb_zEbfYDGNtUWMnqfpoNarCg" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.12.&#160;&#160;&#160;Vessel held for sale</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Assets are classified as held for sale when management, having the authority to approve the action, commits to a plan to sell the asset, the sale is probable within one year, and the asset is available for immediate sale in its present condition. Consideration is given to whether an active program to locate a buyer has been initiated, whether the asset is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When assets are classified as held for sale, they are measured at the lower of their carrying amount or fair value less cost to sell and they are tested for impairment. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">A gain is recognized when the carrying value of the asset is less than the estimated fair value, less transaction costs. A loss is recognized when the carrying value of the asset is greater than the estimated fair value, less transaction costs. Assets classified as held for sale are no longer depreciated.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock" id="Tb_W2pt1l2Y50usypEyjrqahA" continuedAt="Tb_W2pt1l2Y50usypEyjrqahA_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.13.&#160;&#160;&#160;Vessels and vessel equipment</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Vessels and vessel equipment are recorded at their cost less accumulated depreciation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Vessel cost comprises acquisition costs directly attributable to the vessel and the expenditures made to prepare the vessel for its initial voyage. Vessels are depreciated on a straight-line basis over their estimated useful economic life from the date of initial delivery from the shipyard. </p></ix:nonNumeric></ix:continuation></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-16</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_Hlk63840287"></a><ix:continuation id="Tb_cRT-IpuhzEauUAtoawbmKQ_cont5" continuedAt="Tb_cRT-IpuhzEauUAtoawbmKQ_cont6"><ix:continuation id="Tb_W2pt1l2Y50usypEyjrqahA_cont1"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The useful life of the Company&#8217;s vessels is estimated at <ix:nonNumeric contextRef="As_Of_12_31_2024_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_VesselsMember_a3TUKuYcXkem-v3Akp9Quw" format="ixt-sec:durwordsen" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="Narr_LIeTh5_mi0KcZ0Fqt8J2Tg">25 years</ix:nonNumeric> from the date of initial delivery from the shipyard. Depreciation is based on cost less the estimated residual scrap value of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="0" format="ixt:num-dot-decimal" name="asc:VesselsScrapValuePerLightweightTon" scale="0" id="Narr_FB0SoqkuSUG2_3_5Nhkyjg">400</ix:nonFraction> per lightweight ton (&#8220;lwt&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Vessel equipment comprises the costs of significant replacements, renewals and upgrades to the Company&#8217;s vessels. Vessel equipment is depreciated over the shorter of the vessel&#8217;s remaining useful life or the life of the renewal or upgrade. The amount capitalized is based on management&#8217;s judgment as to expenditures that extend a vessel&#8217;s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred.</p></ix:continuation><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:DeferredDrydockExpendituresPolicyTextBlock" id="Tb_NbRqGGKU6kq35tfJu-OlFw" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.14.&#160;&#160;&#160;Deferred drydock expenditures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company follows the deferral method of accounting for drydock expenditures whereby actual expenditures incurred are deferred and are amortized on a straight-line basis through to the date of the next scheduled drydocking, generally <ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_RangeAxis_srt_MinimumMember_bZsWxPw8oUqIFIKIOaN0cA" format="ixt-sec:durmonth" name="asc:VesselsScheduledDrydockingPeriod" id="Narr_oUHbQ1lBX0e7abkhgOIBAw">30</ix:nonNumeric> to <ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_srt_RangeAxis_srt_MaximumMember_JmB9cdnk502FOOiNnOg-aA" format="ixt-sec:durwordsen" name="asc:VesselsScheduledDrydockingPeriod" id="Narr_ZLFwBJ8WRUW9LPsmKJgiZg">60 months</ix:nonNumeric>. Expenditures deferred as part of the drydock include direct costs that are incurred as part of the drydocking to meet regulatory requirements. Direct expenditures that are deferred include the shipyard costs, parts, inspection fees, steel, blasting and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Unamortized drydock expenditures of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels&#8217; sale. Unamortized drydock expenditures are written off as drydock amortization if the vessels are drydocked before the expiration of the applicable amortization period.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:WaterTreatmentSystemPolicyTextBlock" id="Tb_l9o8oM21cU6YkPkNhCTueA" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.15.&#160;&#160;&#160;Advances for ballast water treatment systems</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company is in the process of installing ballast water treatment systems on each of its vessels that do not currently have the system installed. This is a requirement of the International Maritime Organization. The Company capitalizes and depreciates the costs of ballast water treatment systems, including installation costs, on each vessel from the date of completion of the system over the remaining useful life of the vessel.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:PropertyPlantAndEquipmentImpairment" id="Tb_yVTYeImte0OiO-QMS_CfzA" continuedAt="Tb_yVTYeImte0OiO-QMS_CfzA_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.16.&#160;&#160;&#160;Vessel impairment</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Management regularly reviews the carrying amounts of the Company&#8217;s vessels that are &#8220;held and used&#8221; for recoverability. &#160;Vessels are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. When such indicators are present, a vessel held and used is tested for recoverability by comparing the <span style="background:#ffffff;">estimate of undiscounted future cash flows</span> expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount together with the carrying value of deferred drydock expenditures and special survey costs related to the vessel. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">For purposes of testing for recoverability, undiscounted future<span style="background:#ffffff;"> cash flows are determined by applying various assumptions based on historical trends as well as future expectations. In estimating future revenue, the Company considers charter rates for each vessel class over the estimated remaining lives of the vessels using both historical average rates for the Company over the last five years, where available, and historical average one-year time charter rates for the industry over the last 10 years. </span>Recognizing that rates tend to be cyclical and considering market volatility based on factors beyond the Company&#8217;s control, management believes it is reasonable to use estimates based on a combination of more recent internally generated rates and the 10-year average historical average industry rates. <span style="background:#ffffff;">Undiscounted future cash flows are determined by applying various assumptions regarding future revenue net of voyage expenses, vessel operating expenses, scheduled drydockings, expected off-hire and scrap values, and taking into account historical market and Company specific revenue data as discussed above, and also considering other external market sources, including analysts&#8217; reports and freight forward agreement curves. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company will evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties. Management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company's vessels. The Company did not recognize a vessel impairment charge for the years ended December 31, 2024, 2023 or 2022.</p></ix:nonNumeric></ix:continuation></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-17</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><ix:continuation id="Tb_cRT-IpuhzEauUAtoawbmKQ_cont6" continuedAt="Tb_cRT-IpuhzEauUAtoawbmKQ_cont7"><ix:continuation id="Tb_yVTYeImte0OiO-QMS_CfzA_cont1"></ix:continuation><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:OtherNonCurrentAssetsPolicyTextBlock" id="Tb_m1i-TBS4nkWTlTjywUEdHw" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2</b><b style="font-weight:bold;">.17.&#160;&#160;&#160;Other non-current assets</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Other non-current assets relate to office equipment, fixtures and fittings and leasehold improvements. Office equipment and fixtures and fittings are recorded at their cost less accumulated depreciation and are depreciated based on an estimated useful life of <ix:nonNumeric contextRef="As_Of_12_31_2024_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_OfficeEquipmentAndFixturesAndFittingsMember_K9-rhugAlUGnSHyeDkg5Ng" format="ixt-sec:durwordsen" name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="Narr_wf57BPS1Eki0z9cgkCOOaA">five years</ix:nonNumeric>. Leasehold improvements relate to fit-out costs for work completed on the Company&#8217;s offices in Ireland and Singapore. Leasehold improvements are recorded at their cost less accumulated depreciation and are depreciated over the shorter of the useful life of those leasehold improvements and the remaining lease term.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:RevenueRecognitionLeasesOperatingPolicyTextBlock" id="Tb_ZSFg5QSWuEKgp7bb6sCntQ" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.18.&#160;&#160;&#160;Operating leases </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Under ASC 842, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The standard continues to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. For operating leases, ASC 842 requires recognition in an entity&#8217;s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. Operating lease right-of-use assets are assessed for any potential impairment on each balance sheet date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">At lease commencement, a lessee must determine a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. When determining the discount rate to be used at lease commencement, a lessee must use the rate implicit in the lease unless that rate cannot be readily determined. When the rate implicit in the lease cannot be readily determined, the lessee should use its incremental borrowing rate. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:FinanceLeasesPolicyTextBlock" id="Tb_33sL99AtTkSEu4e8EVa5nQ" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.19.&#160;&#160;&#160;Finance leases</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">From time to time the Company enters into finance leases, which relate to financing arrangements for vessels in operation. Interest costs are expensed to interest expense and finance costs in the consolidated statements of operations using the effective interest method over the life of the lease. </p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:PayablesTradePolicyTextBlock" id="Tb_VjOjlUmX50ePPOJRu2JH4g" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.20.&#160;&#160;&#160;Accounts payable</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Accounts payable include all financial obligations to vendors for goods or services that have been received.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:AccruedExpensesAndOtherLiabilitiesPolicyTextBlock" id="Tb_1X9dgP4Sd0-AVuMeoiANXw" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.21.&#160;&#160;&#160;Accrued expenses and other liabilities</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Accrued expenses and other liabilities include all accrued liabilities in relation to the operating and running of the vessels, along with amounts accrued for interest as well as general and administrative expenses.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:DerivativesPolicyTextBlock" id="Tb_5PZAPSLxGk-3DDPO7u4xRA" continuedAt="Tb_5PZAPSLxGk-3DDPO7u4xRA_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.22.&#160;&#160;&#160;Derivatives </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As required by FASB Accounting Standards Codification 815 - Derivatives and Hedging (&#8220;ASC 815&#8221;), the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. </p></ix:nonNumeric></ix:continuation></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-18</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><ix:continuation id="Tb_cRT-IpuhzEauUAtoawbmKQ_cont7" continuedAt="Tb_cRT-IpuhzEauUAtoawbmKQ_cont8"><ix:continuation id="Tb_5PZAPSLxGk-3DDPO7u4xRA_cont1"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company elected to classify settlement payments as operating activities within the statement of cash flows. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future SOFR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. &#160;The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></ix:continuation><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:EquityMethodInvestmentsPolicy" id="Tb_GirnovxCdUe9o5Y-ZvpdYA" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.23.&#160;&#160;&#160;Equity method investments</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company&#8217;s investments in AASML and Element 1 Corp. are accounted for, and until the Company sold its interest in the e1 Marine joint venture in May 2024, its investment in e1 Marine was accounted for using the equity method of accounting. Under the equity method of accounting, the Company initially recorded the investments in AASML, Element 1 Corp. and e1 Marine at cost and adjusts the carrying amounts of the investments to recognize their respective share of earnings or losses of the investee. As of December&#160;31,&#160;2024, the carrying value of the Company&#8217;s total investment in Element 1 Corp. is $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentAggregateCost" scale="6" id="Narr_umZzARLlc0-tXevAhUAbWg">4.5</ix:nonFraction> million. This consists of the carrying value of the Company&#8217;s investment in the ordinary shares of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1CorpMember_TU1zJsLxckqQ19FbAqdcmw" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:CommonStockValue" scale="6" id="Narr_N36cdaI8G0ycaw4ALuE2ww">4.5</ix:nonFraction> million. The carrying amount of the investment is adjusted to recognize the Company&#8217;s share of earnings or losses of the investee. Dividends received from an investee reduce the carrying amount of the equity investments. The Company evaluates its equity method investment for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other than temporary decline in value below their carrying values. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company&#8217;s consolidated statements of operations. &#160;During the year ended December&#160;31,&#160;2024, the Company recorded an impairment of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1CorpMember_FIXnijmWEEeQh4n11sJ7SA" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOtherThanTemporaryImpairment" scale="6" id="Narr_SaPN5zClJEaozZjxYGBiZg">4.4</ix:nonFraction> million in its investment in Element 1 Corp. </p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:CommitmentsAndContingenciesPolicyTextBlock" id="Tb_DFy2Up04W0usIWayfk3CrA" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.24.&#160;&#160;&#160;Contingencies</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Claims, lawsuits and contingencies arise in the ordinary course of the Company&#8217;s business. The Company provides for these contingencies when (i)&#160;it is probable that a liability has been incurred at the date of the financial statements and (ii)&#160;the amount of the loss can be reasonably estimated. Disclosure in the notes to the financial statements is required for contingencies that do not meet both these conditions if there is a reasonable possibility that a liability may have been incurred as of the balance sheet date.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:DistributionsToShareholderPolicyTextBlock" id="Tb_PkiPZur6b0ej33MaSyLiiQ" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.25.&#160;&#160;&#160;Distributions to shareholders</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Subject to the Board of Directors&#8217; approval, distributions to common shareholders are applied first to accumulated surplus. When accumulated surplus is not sufficient, distributions are applied to the additional paid in capital account.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:EquityIssuanceCostsPolicyTextBlock" id="Tb_nlUIbo-PAk-04a5yBVm3pg" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.26.&#160;&#160;&#160;Equity issuance costs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Incremental costs incurred that are directly attributable to a proposed or actual offering of equity securities are deferred and deducted from the related proceeds of the offering, and the net amount is recorded as contributed shareholders&#8217; equity in the period when such shares are issued. Other costs incurred that are not directly attributable, but are related, to a proposed or actual offering are expensed as incurred.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:DebtPolicyTextBlock" id="Tb_vkY8n4MXr0yyzh-Y0DI-hg" continuedAt="Tb_vkY8n4MXr0yyzh-Y0DI-hg_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.27.&#160;&#160;&#160;Debt and finance lease issuance costs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financing charges which include fees, commissions and legal expenses associated with securing loan facilities are presented in the consolidated balance sheets as a direct deduction from the carrying amount of the debt liability or finance lease obligation. These costs are amortized to interest expense and finance costs in the consolidated statements of operations using the effective interest rate method over the life of the related debt or finance lease.</p></ix:nonNumeric></ix:continuation></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-19</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><ix:continuation id="Tb_cRT-IpuhzEauUAtoawbmKQ_cont8" continuedAt="Tb_cRT-IpuhzEauUAtoawbmKQ_cont9"><ix:continuation id="Tb_vkY8n4MXr0yyzh-Y0DI-hg_cont1"></ix:continuation><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy" id="Tb_OCrTsfEE5kSg75mAA2COGg" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.28.&#160;&#160;&#160;Share-based compensation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company may grant share-based payment awards, such as time-based restricted stock units (&#8220;TRSUs&#8221;), performance-based RSUs (&#8220;PRSUs&#8221;), which are subject to market conditions and service, and stock appreciation rights (&#8220;SARs&#8221;) as incentive-based compensation to certain employees and directors. The Company measures the cost of such awards, which are equity-settled transactions, using the grant date fair value of the award and recognizes that cost, over the requisite service period, which generally equals the vesting period. Once the fair value has been determined, the associated expense is recognized in the consolidated statements of operations over the requisite service period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The SARs are settled through the delivery of Ardmore&#8217;s shares, not cash. Hence, in accordance with the guidance in the FASB Accounting Standards Codification 718, <i style="font-style:italic;">Compensation &#8212; Stock Compensation</i> (&#8220;ASC 718&#8221;), the Company has classified the plan as an equity settled share-based payment plan. The cost of each tranche of SARs is being recognized by the Company on a straight-line basis. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Under a TRSU award, the grantee is entitled to receive a share of Ardmore&#8217;s common stock for each RSU at the end of the vesting period. Under a PRSU award, the grantee is entitled to receive a share of Ardmore&#8217;s common stock for each earned PRSU. Payment under the TRSU and PRSU will be made in the form of shares of Ardmore&#8217;s common stock. The cost of TRSUs and PRSUs is recognized by the Company on a straight-line basis over the vesting period. The Company&#8217;s policy for issuing shares upon the vesting of the RSUs is to register and issue new common shares to the grantee.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:StockholdersEquityPolicyTextBlock" id="Tb_c4uwQAA6FkiDPJfLTokTVg" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.29.&#160;&#160;&#160;Treasury stock</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">When shares are acquired for a reason other than formal or constructive retirement, the shares are presented separately as a deduction from equity. If the shares are retired or subsequently sold, any gain would be allocated as an increase in additional paid in capital and cumulative losses as an increase to accumulated deficit.</p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:FairValueOfFinancialInstrumentsPolicy" id="Tb_mAXnWP6fuUS4kDZoN37KHg" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.30.&#160;&#160;&#160;Financial instruments</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The carrying values of cash and cash equivalents, accounts receivable and accounts payable reported in the consolidated balance sheets are reasonable estimates of their fair values due to their short-term nature. The fair values of long-term debt approximate the recorded values due to the variable interest rates payable. The hierarchies of inputs used when determining fair value are described below:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><i style="font-style:italic;">Level 1: </i>Valuations based on quotes prices in active markets for identical instruments that the Company is able to access. &#160;Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><i style="font-style:italic;">Level 2:</i> Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><span style="font-style:italic;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><i style="font-style:italic;">Level 3: </i>Valuations based on inputs that are unobservable and significant to the overall fair value measurement<i style="font-style:italic;">.</i></p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:IncomeTaxPolicyTextBlock" id="Tb_KN1X4mOpM0uwnasKWv8-hw" continuedAt="Tb_KN1X4mOpM0uwnasKWv8-hw_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.31.&#160;&#160;&#160;Income taxes</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Republic of the Marshall Islands</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping Corporation, Ardmore Shipping LLC, Ardmore Maritime Services LLC, and all vessel owning subsidiaries are incorporated in the Republic of the Marshall Islands with the exception of Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited, both of which are incorporated in Singapore. Ardmore Shipping Corporation believes that neither it, nor its subsidiaries, are subject to taxation under the laws of the Republic of the Marshall Islands and that distributions by its subsidiaries to Ardmore Shipping Corporation will not be subject to any taxes under the laws of the Republic of the Marshall Islands.</p></ix:nonNumeric></ix:continuation></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-20</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><ix:continuation id="Tb_cRT-IpuhzEauUAtoawbmKQ_cont9" continuedAt="Tb_cRT-IpuhzEauUAtoawbmKQ_cont10"><ix:continuation id="Tb_KN1X4mOpM0uwnasKWv8-hw_cont1" continuedAt="Tb_KN1X4mOpM0uwnasKWv8-hw_cont2"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Bermuda</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping (Bermuda) Limited is incorporated in Bermuda. Ardmore Shipping Corporation, Ardmore Shipping LLC and Ardmore Shipping (Bermuda) Limited are managed and controlled in Bermuda. Ardmore Shipping Corporation is subject to taxation under the laws of Bermuda and distributions by its subsidiaries to Ardmore Shipping Corporation will be subject to any taxes under the laws of Bermuda.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Ireland</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping Services (Ireland) Limited and Ardmore E1 Marine Ventures Limited, which was established to act as the immediate parent company of e1 Marine, the joint venture jointly owned by Ardmore, Element 1 Corp. and Maritime Partners, are incorporated in Ireland. Trading profits are taxable at the standard corporation tax rate which is currently <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="3" format="ixt:num-dot-decimal" name="asc:StandardCorporationTaxRate" scale="-2" id="Narr_O-UYdRjrC06ofSElcz8t5g">12.5</ix:nonFraction>% based on generally accepted accounting principles in Ireland. Any non-trading / passive income is taxed at the higher corporation tax rate which is currently <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="2" format="ixt:num-dot-decimal" name="asc:HigherCorporationTaxRate" scale="-2" id="Narr_L61ba_AFB0GJnGgeASy0tg">25</ix:nonFraction>%.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">United States of America</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping (Americas) LLC (&#8220;ASUSA&#8221;) and Ardmore Trading (USA) LLC (&#8220;ATUSA&#8221;) are incorporated in Delaware and treated as corporations for U.S. tax purposes. ASUSA and ATUSA will be subject to U.S. tax on their worldwide net income.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Singapore</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping (Asia) Pte. Limited, Ardmore Tanker Trading (Asia) Pte. Limited, Ardmore Maritime Services (Asia) Pte. Limited, Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited are incorporated in Singapore. Ardmore Shipping (Asia) Pte. Limited qualified as an &#8220;Approved International Shipping Enterprise&#8221; by the Singapore authorities with effect from August&#160;1, 2015. This entitles the Company to tax exemption on profits derived from ship operations for any vessels which are owned or chartered in by Ardmore Shipping (Asia) Pte. Limited. Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited are ship-owning companies and therefore exempt from taxes under the law of Singapore. Ardmore Tanker Trading (Asia) Pte. Limited and Ardmore Maritime Services (Asia) Pte. Limited are subject to Singapore tax on their worldwide profits.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Deferred taxation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statements and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. Deferred income tax balances included on the consolidated balance sheets reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future&#160;years. The recoverability of these future tax deductions is evaluated by assessing the adequacy of future taxable income, including the reversal of temporary differences and forecasted operating earnings. If it is deemed more likely than not that the deferred tax assets will not be realized, the Company provides for a valuation allowance. Income taxes have been provided for all items included in the consolidated statements of operations regardless of when such items were reported for tax purposes or when the taxes were actually paid or refunded. Deferred tax for the&#160;year ended December&#160;31, 2024 amounted to $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt-sec:numwordsen" name="us-gaap:DeferredIncomeTaxExpenseBenefit" scale="3" id="Narr_lx7TTXS8QUe0XMsWwItF6g">Nil</ix:nonFraction> (2023: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt-sec:numwordsen" name="us-gaap:DeferredIncomeTaxExpenseBenefit" scale="3" id="Narr_9hP52gYl20qRsUrSO1w6kw">Nil</ix:nonFraction> , 2022: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt-sec:numwordsen" name="us-gaap:DeferredIncomeTaxExpenseBenefit" scale="3" id="Narr_NOYilxkQj0enzs0x_wxbIg">Nil</ix:nonFraction>).</p></ix:continuation></ix:continuation></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-21</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="Tc_vewKqO5i7kmQJUOGPc4wnA_1_2"></a><a id="Tc_kmuOBXs9EEOWW02kBLyMhA_2_0"></a><a id="Tc_E5yS5uaWl0yXY911ve5PEQ_2_2"></a><a id="Tc_7sG-q3mnOkyNNYtGh6x3wQ_2_4"></a><a id="Tc_C6SiQ_0kTkaYth39zaQW1g_2_6"></a><a id="Tc_bz-UnzTFmE-nS6Plhhxoiw_3_0"></a><a id="Tc_DfBNnUl78EiiD5Lhxpqe3g_3_4"></a><a id="Tc_3x-Nj6S6c0C73UIcdoxnHQ_4_0"></a><a id="Tc_FYlYjR3cAkuQL1JJhTd9AA_4_2"></a><a id="Tc_zwkKcfqN2UeWXR7T4sNKeQ_4_4"></a><a id="Tc_q_M_Ogtgc06Zcv8DO6GX3Q_5_0"></a><ix:continuation id="Tb_cRT-IpuhzEauUAtoawbmKQ_cont10"><ix:continuation id="Tb_KN1X4mOpM0uwnasKWv8-hw_cont2"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Uncertainties related to income taxes</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Companies are to determine whether it is more-likely-than-not that the tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not threshold it is measured to determine the amount of benefit to recognize in the financial statements. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Uncertainties related to income taxes recognized for the&#160;year ended December&#160;31, 2024 amounted to $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt-sec:numwordsen" name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" scale="3" id="Narr_FXQtFM5fm0ewvw33-ho4Aw">Nil</ix:nonFraction> (2023: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt-sec:numwordsen" name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" scale="3" id="Narr_JA2L_UTa9U25dwkscnwU7g">Nil</ix:nonFraction>, 2022: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2022_X3pOdAfiVUOFTzfN4wGvFg" decimals="-3" format="ixt-sec:numwordsen" name="us-gaap:UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" scale="3" id="Narr_ip5aSxPJfUeHAC3tGzdT-A">Nil</ix:nonFraction>).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:ConcentrationRiskCreditRisk" id="Tb_RuqSZJWvEUmMaq736cNW4w" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.32.&#160;&#160;&#160;Concentration of credit risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable due from charterers and cash and cash equivalents.&#160; There is a concentration of credit risk with respect to the Company&#8217;s cash and cash equivalents to the extent that substantially all of the amounts are held in several institutions and are generally not covered by insurance in the event of default by these financial institutions. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers&#8217; financial condition. &#160;The Company may be exposed to a credit risk in relation to vessel employment and at times may have multiple vessels employed by one charterer. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following table presents consolidated revenues for charterers that accounted for more than 10% of the 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style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Charterer A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 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0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_MajorCustomersAxis_asc_ChartererMember_uUWAi01yOEKy9aEk3o0cqw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="3" id="Tc_Zz8aKQUSCk23m_EQqT2RlQ_3_6">55,626</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Charterer B</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span 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style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_MajorCustomersAxis_asc_ChartererBMember_-JfigW4npEW_gYt53CaLcg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="3" id="Tc_MUXNmF65TkStkvAndByZ1g_4_6">53,345</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">* None over 10%</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr></table></ix:nonNumeric></ix:nonNumeric></ix:continuation><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></ix:continuation><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:SegmentReportingDisclosureTextBlock" id="Tb_6vV1beBW2Uyhxk2BT7JuUw" continuedAt="Tb_6vV1beBW2Uyhxk2BT7JuUw_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">3.&#160;&#160;&#160;Business and Segment Reporting </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company primarily engages in the ocean transportation of petroleum and chemical products internationally through its fleet of tankers. These tankers are not bound to specific ports or schedules, allowing them to respond to market opportunities by moving between trade lanes and geographical areas. The Company charters its vessels to its customers through a combination of spot and time-charter arrangements, with the majority of its revenue generated from spot voyages, which typically last less than three months.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The CODM reviews overall operating results on a fleet-wide basis using time charter equivalent rates (&#8220;TCE&#8221;) and consolidated expenses. When the Company charters-out a vessel, the charterer is free to trade the vessel worldwide (subject to certain sanctions-related restrictions and certain operational-related constraints), making the disclosure of geographic information impracticable. The Company operates under <ix:nonFraction unitRef="Unit_Standard_segment_OFsVzKkhSU2s1-GKEdMPfw" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="INF" format="ixt-sec:numwordsen" name="us-gaap:NumberOfReportableSegments" scale="0" id="Narr_T0BWpkR-mU-MvZY2x_7jtQ">one</ix:nonFraction> reportable segment for its vessel operations, based on how internally reported financial information is reviewed by the CODM to analyze performance, make decisions and allocate resources.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accounting policies of the vessel operations segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the vessel operations segment and decides how to allocate resources based on consolidated net income. The Company does not have intra-entity sales or transfers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company&#8217;s CODM is the senior management team that includes the chief executive officer, president and chief financial officer, chief operating officer, senior vice president of commercial and the senior director of corporate services.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></ix:nonNumeric></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-22</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="Tc_ugCckqVYjkqp8vJEQtCFyQ_1_2"></a><a id="Tc_C-eRwwbuOkmMbLYME7sF0A_2_0"></a><a id="Tc_cclRCs9IzE-seO8O5pcn6w_2_2"></a><a id="Tc_r43zt0CqpkiAAMZZNvhQcQ_2_4"></a><a id="Tc_YF2p_Wk_0kWQGCEV_Bmfnw_2_6"></a><a id="Tc_nLNwh60WEk6-Ua_ttRsy3g_3_0"></a><a id="Tc_-Odn5Rk_s02ilT2lycn4aQ_4_0"></a><a id="Tc_wSOWl0XF3EWsGg7Zf-ff_g_4_4"></a><a id="Tc_w5_xg3znjEWfu5GqT_q5Gw_5_0"></a><a id="Tc_0Kb9dlv6cUqFPG8s6tInkA_5_2"></a><a id="Tc_XaD0STCQ30yMDIUH5SkfFg_5_4"></a><a id="Tc_MvvbACdJ7EOLWgzl3qBPfg_6_0"></a><ix:continuation id="Tb_6vV1beBW2Uyhxk2BT7JuUw_cont1"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The CODM uses consolidated net income to analyze income generated by the Company&#8217;s assets and how to allocate the corresponding cash flow according to the Company&#8217;s capital and resources focusing on maintaining the Company&#8217;s fleet, deleveraging, pursuing accretive growth opportunities, and returning capital to shareholders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></span><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The CODM monitors budget versus actual results and the results of publicly reported competitors to assess the performance of the segment and establish a basis for management&#8217;s discretionary compensation. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">The following table presents the Company&#8217;s revenue contributions by nature of vessel employment.</span></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" 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style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:44.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Spot charters <sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" 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Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_asc_NatureOfVesselEmploymentAxis_asc_PoolingArrangementsMember_ee8mLixZBkyn9s9C0Yntpw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="3" id="Tc_RcqhFlH1dk2EPnn2YIY7BA_5_6">3</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Other revenue <sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">(4)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid 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format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="3" id="Tc_5bu_Kq1L6UuiW3POnX1svg_6_6">632</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="3" id="Tc_fBzpCs-yokue0cqCmzY0xQ_7_2">405,784</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="3" id="Tc_Jx0vLg2ueUCgDvYqy3bD8A_7_4">395,978</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:Revenues" scale="3" id="Tc_Wdp6Yn2DSk6Zo1QQXhn2vw_7_6">445,741</ix:nonFraction></b></p></td></tr></table></ix:nonNumeric><p style="font-family:'Times New 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Equity Investments</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Element 1 Corp.</span> - On June 17, 2021, the Company purchased a <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_6_17_2021_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1CorpMember_vodmUOR8FEWog8Vwllx98w" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" id="Narr_qDqh4Ib1X0-r-T_2zk-Tew">10</ix:nonFraction>% equity stake in Element 1 Corp. 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The Company&#8217;s total investment in E1 amounted to $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_6_17_2021_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1CorpMember_vodmUOR8FEWog8Vwllx98w" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentAggregateCost" scale="6" id="Narr_cd-tI0T49EGm9ukTA6IRIA">9.3</ix:nonFraction> million and is allocated to investment in the ordinary shares and warrants based on their relative fair values as of the date of acquisition. The Company holds <ix:nonFraction unitRef="Unit_Standard_item_FQiRDhHHbU-h1CZkGZogYw" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="INF" format="ixt-sec:numwordsen" name="asc:NumberOfBoardSeatsHeld" scale="0" id="Narr_eetIlY7fRUKRlqaF4izkYQ">one</ix:nonFraction> board seat out of <ix:nonFraction unitRef="Unit_Standard_item_FQiRDhHHbU-h1CZkGZogYw" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="INF" format="ixt-sec:numwordsen" name="asc:TotalNumberOfBoardSeats" scale="0" id="Narr_8dAk5qBURkilZGw-oH3XbQ">five</ix:nonFraction>, resulting in <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_6_17_2021_To_6_17_2021_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1CorpMember_ZSnCwhGLX0aYnaztzueFtA" decimals="2" format="ixt:num-dot-decimal" name="asc:EquityMethodInvestmentVotingPercentage" scale="-2" id="Narr_Kj9fJYSMy0-yynzMcQKbmA">20</ix:nonFraction>% voting rights and thus an ability to exercise significant influence in E1. Accordingly, the Company accounts for the investment in the common shares of E1 using the equity method in accordance with FASB Accounting Standards Codification 323 - <i style="font-style:italic;">Investments &#8211; Equity Method and Joint Ventures</i> (&#8220;ASC 323&#8221;). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company records its share of earnings and losses in its investment in Element 1 Corp. on a quarterly basis, with an aggregate loss of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1MarineLlcMember_uanaWbYVLk2NHC6WWvVf-w" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" sign="-" scale="6" id="Narr_i-OCEY3-MkqSrfA3zvpNGw">0.4</ix:nonFraction> million recognized in the year ended December&#160;31,&#160;2024 (2023: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1MarineLlcMember_k3EkKuE63UeOwrtrsv-x7w" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="6" id="Narr_NUlvxvmlnEq_is5RMRQQ0Q">0.1</ix:nonFraction> million and 2022: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1MarineLlcMember_z4F4U_Ecp0-4L4rYVX0flQ" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:IncomeLossFromEquityMethodInvestments" scale="6" id="Narr_i8lIny7dF0e7RWVfLsBiUQ">0.2</ix:nonFraction> million profit). During the year ended December&#160;31,&#160;2024, the Company recognized an impairment loss of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1CorpMember_FIXnijmWEEeQh4n11sJ7SA" decimals="-5" format="ixt:num-dot-decimal" name="asc:EquityMethodInvestmentImpairmentLoss" scale="6" id="Narr_bH6wlwl0106KSjVYWITDpA">4.4</ix:nonFraction> million related to its equity method investment in Element 1 Corp. The impairment was due to a decline in the fair value of the investment, which was determined to be other than temporary. The fair value was assessed based on market conditions and the financial performance of Element 1 Corp. During the years ended December&#160;31,&#160;2023 and 2022, the Company did not record any impairment relating to its investment in Element 1 Corp. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company recorded an investment of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1CorpAndMaritimePartnersLlcMember_0XCvATCoFE-qHs2dP71ejQ" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentAggregateCost" scale="6" id="Narr_KR_s7h1PYUGmwPYEtaoEFQ">4.5</ix:nonFraction> million, inclusive of transaction costs which is included in investments and other assets, net in the consolidated balance sheet as of December&#160;31,&#160;2024.</p></ix:nonNumeric></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-23</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><ix:continuation id="Tb_YLjtosXoVkq7_YIpZ8boNg_cont1"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">e1 Marine LLC</span> - On June 17, 2021, the Company established a joint venture, e1 Marine LLC, with E1. and an affiliate of Maritime Partners LLC (&#8220;MP&#8221;), which seeks to deliver E1&#8217;s hydrogen delivery system to the marine sector, with each joint venture partner owning <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_6_17_2021_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1MarineLlcMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_CorporateJointVentureMember_cL0Xo6tciEi79SNLDIlJEQ" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" id="Narr_QBy7I_XffUCR0Btv4Lm3jw">33.33</ix:nonFraction>% of e1 Marine LLC. In May 2024, the Company sold its <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_5_1_2024_To_5_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1MarineLlcMember_Oynwb1Yhjkyfn4gS_tVJ9Q" decimals="4" format="ixt:num-dot-decimal" name="asc:EquityMethodInvestmentVotingPercentage" scale="-2" id="Narr_1otSe7-oYUCAFm0K2m40dg">33.33</ix:nonFraction>% stake in e1 Marine for $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_5_1_2024_To_5_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1MarineLlcMember_Oynwb1Yhjkyfn4gS_tVJ9Q" decimals="-4" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromSaleOfEquityMethodInvestments" scale="6" id="Narr_jdNL1FOrC0CXEuyakNCUTw">1.65</ix:nonFraction> million and recognized a gain of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_5_1_2024_To_5_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1MarineLlcMember_Oynwb1Yhjkyfn4gS_tVJ9Q" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentRealizedGainLossOnDisposal" scale="6" id="Narr_mX50gDq9-kOza8KlaCPFVA">0.5</ix:nonFraction> million. This gain is included as a component in loss from equity method investments, in the consolidated statement of operations for the year ended December 31, 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></ix:continuation><a id="Tc_Xxdm1lJDSU6yvFpgRvw56A_1_2"></a><a id="Tc_x5Ss6I2dMEOFSFG_4wfSqg_2_0"></a><a id="Tc_TiY6K5Zo80iK1mfo_96MrA_2_2"></a><a id="Tc_ITCy2SaP4k-DpLdIQmLXIw_2_4"></a><a id="Tc_9UDfol7JB0Gq9knQJzT5JA_3_0"></a><a id="Tc_2najkBec4E-M4GctXo5hJA_4_0"></a><a id="Tc_a25uwbIqJEe6l4lFtpdUTA_5_0"></a><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock" id="Tb_4-0eiE5JSE6DpUQG7Dnhtg" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">5.&#160;&#160;&#160;Accrued expenses and other liabilities</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Accrued expenses and other liabilities consist of the following as of December&#160;31, 2024 and 2023:</p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock" id="Tb_0gXqHBqx0EarQ4gbLlToCg" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times 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style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:34.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">As of December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:61.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;">Accrued vessel operating expenses and voyage expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="asc:AccruedVesselOperatingExpensesAndVoyageExpensesCurrent" scale="3" id="Tc_Dw5F9zs9gUqgd6NnqPLFcA_3_2">11,794</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="asc:AccruedVesselOperatingExpensesAndVoyageExpensesCurrent" scale="3" id="Tc_EeKKE5oX7U6KFfDqvbP9_g_3_4">12,961</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;">Other accrued expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherAccruedLiabilitiesCurrent" scale="3" id="Tc_zJPqaBLQG0m_7rngb26GZw_4_2">6,519</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OtherAccruedLiabilitiesCurrent" scale="3" id="Tc_ev7GiwhYJEy31SbO75aTsQ_4_4">5,304</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:61.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total accrued 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Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><a id="Tc_fDHMiG-8B02qYDjqVt88-w_1_2"></a><a id="Tc_gdzaPmUQ3Uy_aNmk82b1HQ_2_0"></a><a id="Tc_V9NlDN3-ckyPt6IFJEm2Vg_2_2"></a><a id="Tc_DRnJ00_YYUC1johwPVGiDg_2_4"></a><a id="Tc_nYq0-AWkhUmlA6Ew5irvNA_3_0"></a><a id="Tc_lLvByRiTska9Xh0SxRX3hg_3_4"></a><a id="Tc_1K0-Fhjo8kifUtYNLVHOWA_4_0"></a><a id="Tc_dRznz2LOHkiAtiL_bHhKNQ_4_2"></a><a id="Tc_Xd1UJCbFAUm13xR3a5vdbw_5_0"></a><a id="Tc_gDT4CYA6cE21PxotJuTnHw_5_2"></a><a id="Tc_wT_vn115JU2a0Z1a-TBKbw_5_4"></a><a id="Tc_O8jjFovcHEWbzruRxs_NzQ_6_0"></a><a id="Tc_j5JQY-hlqkK6jx5ktW40BA_7_0"></a><a id="Tc_Slp5SNKym0-yqJQ5cL2kmA_8_0"></a><a id="Tc_VY3pdmPnrk6HgTXs5veNQA_8_2"></a><a id="Tc_ylOSb7unuUCzW8417wWTtA_9_0"></a><a id="Tc_dx62Vc1i5EqiUG9r20HmHg_10_0"></a><a id="Tc_9n-uIirGt0mxuHDCPK4v7Q_10_2"></a><a id="Tc_Cf34qhiNs0mKOmg2KHSXIg_11_0"></a><a id="Tc_-Zexh7Z0h0iEMdRYVFyRnQ_11_2"></a><a 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Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:37.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">As&#160;of&#160;December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Nordea/SEB Revolving Facility</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_LongtermDebtTypeAxis_asc_NordeaSebRevolvingFacilityMember_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_g9_Z2Tho6E2PX30nL8LczQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentCarryingAmount" scale="3" id="Tc_6awsAbLLt0e0lgqJWLgzgQ_3_2">37,500</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">ABN/CACIB Joint Bank Facility</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_LongtermDebtTypeAxis_asc_AbnCacibJointBankFacilityMember_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_0SEon4CmUk2YqWAMvrZy_w" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentCarryingAmount" scale="3" id="Tc_FpyD3nU000qtPWMlB_dShg_4_4">45,872</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">ABN/CACIB Revolving Facility</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">ABN AMRO Revolving Facility</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_LongtermDebtTypeAxis_asc_AbnAmroRevolvingFacilityMember_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_7OAAX-Eu1kajtcmyhs1s1g" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentCarryingAmount" scale="3" id="Tc_tT8E585zuUCWUSbsQwKocw_6_2">1,296</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_LongtermDebtTypeAxis_asc_AbnAmroRevolvingFacilityMember_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_vHPxb53hoU2Ge3YjGIZvjQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentCarryingAmount" scale="3" id="Tc_ryU4QWHCAUqQ3xcckuGeyg_6_4">932</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total debt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_S4DjPZs-f0qNydCZ_hIq_A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentCarryingAmount" scale="3" id="Tc_CLlI5liag0mpJDT28HnMnw_7_2">38,796</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_SiZqHMy3lUujyHSBHGcDNg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentCarryingAmount" scale="3" id="Tc_Kn6scWbW50GhYnwaciQpiA_7_4">46,804</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_SiZqHMy3lUujyHSBHGcDNg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredFinanceCostsNet" scale="3" id="Tc_k10bOuBeUECNZ8KHcoeWWg_8_4">778</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Net total debt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_S4DjPZs-f0qNydCZ_hIq_A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebt" scale="3" id="Tc_tBWLdsP3S0ux_GYRJr_wgQ_9_2">38,796</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_SiZqHMy3lUujyHSBHGcDNg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebt" scale="3" id="Tc_NL0Y20M38EG7cRYm4Z6yXA_9_4">46,026</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current portion of long-term debt</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_SiZqHMy3lUujyHSBHGcDNg" decimals="-3" format="ixt:num-dot-decimal" name="asc:LongTermDebtCurrentGross" scale="3" id="Tc_GlDwB6gUnkyha39oDOKXuA_10_4">6,713</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current portion of deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_SiZqHMy3lUujyHSBHGcDNg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredFinanceCostsCurrentNet" scale="3" id="Tc_1NiE4FUF5k6aRi769tEnuQ_11_4">277</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Total current portion of long-term debt</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_SiZqHMy3lUujyHSBHGcDNg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtCurrent" scale="3" id="Tc_JlI2hf3LhkGxEWkTFXOxCw_12_4">6,436</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Non-current portion of long-term debt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_S4DjPZs-f0qNydCZ_hIq_A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtNoncurrent" scale="3" id="Tc_CWimnu6WY0SwRkBJQm0ZWg_13_2">38,796</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_ShortTermDebtTypeAxis_us-gaap_LoansPayableMember_SiZqHMy3lUujyHSBHGcDNg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtNoncurrent" scale="3" id="Tc_F7P0wMmy0ESQt9CN1TeehQ_13_4">39,590</ix:nonFraction></b></p></td></tr></table></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></ix:nonNumeric></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-24</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="Tc_qyea9yHs9UuFJQu69nJyNw_1_2"></a><a id="Tc_YD5xiJHib0GfrkFw6yK5NQ_2_2"></a><a id="Tc_4azxel0HwEK8niDO79E9fA_3_0"></a><a id="Tc_a5TZgM0RjE2gGK9rRublTw_3_2"></a><a id="Tc_lqywq_I0EkW0vyG3UTyL2Q_4_0"></a><a id="Tc_dJOYXskHFU2e1lrCmqAc9Q_4_2"></a><a id="Tc_3XIW61DhMEufLvcRxC9alg_5_0"></a><a id="Tc_OgiElu9vQk2OM9kt69V6dw_6_0"></a><a id="Tc_kaXPuuvQdUuj-24RgQ_jjQ_7_0"></a><a id="Tc_JRydauWWwEKnjcgMrvCSyg_7_2"></a><ix:continuation id="Tb_KZpoyTi8s0i4vR3U6QQgKQ_cont1" continuedAt="Tb_KZpoyTi8s0i4vR3U6QQgKQ_cont2"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Future minimum scheduled repayments under the Company&#8217;s loan facilities for each&#160;year are as follows:</p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" id="Tb_DKpVKSlH3kilw7vTlhswLQ" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">As&#160;of</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">2025</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">2026</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" scale="3" id="Tc_l8hy8ChRxkSYGngg7sNBCw_5_2">1,296</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">2027</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" scale="3" id="Tc_tzpf_Lts8UGZBYgiZ3Qypg_6_2">37,500</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">2028</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentCarryingAmount" scale="3" id="Tc_Tvd6pRof90yGG6OCdX0SVg_8_2">38,796</ix:nonFraction></b></p></td></tr></table></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Nordea / SEB Revolving Facility</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On August 5, 2022, <ix:nonFraction unitRef="Unit_Standard_subsidiary_4UjuQMMon0G0rDPB6JR2rw" contextRef="Duration_8_5_2022_To_8_5_2022_us-gaap_LongtermDebtTypeAxis_asc_NordeaSebRevolvingFacilityMember_FzNHmnEf3USVdKbELq7S6w" decimals="INF" format="ixt:num-dot-decimal" name="asc:NumberOfSubsidiaries" scale="0" id="Narr_-XzQ_GVUwkmrQUY4Zj-cSQ">12</ix:nonFraction> of Ardmore&#8217;s subsidiaries entered into a $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_8_5_2022_us-gaap_LongtermDebtTypeAxis_asc_NordeaSebRevolvingFacilityMember_Bw4YEU21WEG-c7z0vfiC9g" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" scale="6" id="Narr_OgjleuXeJUyxcs4-Mn6yEg">185.5</ix:nonFraction> million sustainability-linked revolving credit facility with Nordea and SEB (the &#8220;Nordea / SEB Revolving Facility&#8221;), the proceeds of which were used to refinance <ix:nonFraction unitRef="Unit_Standard_item_FQiRDhHHbU-h1CZkGZogYw" contextRef="Duration_8_5_2022_To_8_5_2022_us-gaap_LongtermDebtTypeAxis_asc_NordeaSebRevolvingFacilityMember_FzNHmnEf3USVdKbELq7S6w" decimals="INF" format="ixt:num-dot-decimal" name="asc:NumberOfSubsidiaries" scale="0" id="Narr_S6qKce61tkag6fVuAvfsMg">12</ix:nonFraction> vessels, including <ix:nonFraction unitRef="Unit_Standard_item_FQiRDhHHbU-h1CZkGZogYw" contextRef="Duration_8_5_2022_To_8_5_2022_us-gaap_LongtermDebtTypeAxis_asc_NordeaSebRevolvingFacilityMember_FzNHmnEf3USVdKbELq7S6w" decimals="INF" format="ixt-sec:numwordsen" name="asc:NumberOfVesselsPreviouslyFinanced" scale="0" id="Narr_wkGSYT7MwEW8ZAqkgpbTfA">six</ix:nonFraction> vessels previously financed under lease arrangements. Interest is calculated at a rate of <ix:nonNumeric contextRef="Duration_8_5_2022_To_8_5_2022_us-gaap_LongtermDebtTypeAxis_asc_NordeaSebRevolvingFacilityMember_FzNHmnEf3USVdKbELq7S6w" name="us-gaap:DebtInstrumentDescriptionOfVariableRateBasis" id="Narr_NfEZfh5qXUCK5GQIKC3PfQ">SOFR plus 2.5% </ix:nonNumeric>(Adjusted SOFR, equivalent to LIBOR, plus a margin of <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_8_5_2022_To_8_5_2022_us-gaap_LongtermDebtTypeAxis_asc_NordeaSebRevolvingFacilityMember_FzNHmnEf3USVdKbELq7S6w" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="Narr_4_EZzHFlbEesTjjK3jHOCQ">2.25</ix:nonFraction>%). The revolving credit facility may be drawn down or repaid with <ix:nonNumeric contextRef="Duration_8_5_2022_To_8_5_2022_us-gaap_LongtermDebtTypeAxis_asc_NordeaSebRevolvingFacilityMember_FzNHmnEf3USVdKbELq7S6w" format="ixt-sec:durwordsen" name="asc:NumberOfDaysToProvideNoticeForDrawDownOrRepaymentOfDebt" id="Narr_0RI2Npm_HUCib4g7KqXBFg">five days</ix:nonNumeric>&#8216; notice. The revolving credit facility matures in June 2027. As of December&#160;31,&#160;2024, $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_LongtermDebtTypeAxis_asc_NordeaSebRevolvingFacilityMember_VXBpnTrh-064s7qnTdOazg" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LineOfCredit" scale="6" id="Narr_nPYCpRb6_UmgMLby9cLePw">37.5</ix:nonFraction> million of the revolving credit facility was drawn down and $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_LongtermDebtTypeAxis_asc_NordeaSebRevolvingFacilityMember_VXBpnTrh-064s7qnTdOazg" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" scale="6" id="Narr_Nvm4T7Ezl0CeaEne6rJ_ww">104.4</ix:nonFraction> million was available and undrawn.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;">ABN/CACIB Joint Bank Term Loan and Revolving Credit Facility</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On August 5, 2022, <ix:nonFraction unitRef="Unit_Standard_subsidiary_4UjuQMMon0G0rDPB6JR2rw" contextRef="Duration_8_5_2022_To_8_5_2022_us-gaap_LongtermDebtTypeAxis_asc_AbnCacibRevolvingBankFacilityMember_PhlC8cMHCk2GmT4FjUFYGA" decimals="INF" format="ixt-sec:numwordsen" name="asc:NumberOfSubsidiaries" scale="0" id="Narr_x3mh1deaykCd7YvQShmkEQ">seven</ix:nonFraction> of Ardmore&#8217;s subsidiaries entered into a $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_8_5_2022_us-gaap_LongtermDebtTypeAxis_asc_AbnCacibJointBankFacilityMember_sMziq2Xopkamff47ce9MwQ" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:LineOfCredit" scale="6" id="Narr_Yb_8CnwmrkKXBLPLIjlwhw">108</ix:nonFraction> million sustainability-linked long-term loan facility with ABN AMRO Bank N.V (&#8220;ABN AMRO&#8221;) and Credit Agricole Corporate and Investment Bank (&#8220;CACIB&#8221;) (the &#8220;ABN/CACIB Joint Bank Facility&#8221;), the proceeds of which were used to finance seven vessels, including three vessels financed under lease arrangements. Interest is calculated at <ix:nonNumeric contextRef="Duration_8_5_2022_To_8_5_2022_us-gaap_LongtermDebtTypeAxis_asc_AbnCacibRevolvingBankFacilityMember_PhlC8cMHCk2GmT4FjUFYGA" name="us-gaap:DebtInstrumentDescriptionOfVariableRateBasis" id="Narr_FYjSLOU_BEeb_4Gsw49mWQ">SOFR plus 2.5%</ix:nonNumeric>. Principal repayments on the term loans are made on a quarterly basis, with a balloon payment payable with the final installment. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On June 15, 2023, this credit facility was amended to convert <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_6_15_2023_us-gaap_LongtermDebtTypeAxis_asc_AbnCacibRevolvingBankFacilityMember_zwbDap0E80uB7ieIz7LxJg" decimals="2" format="ixt:num-dot-decimal" name="asc:PercentageOfOutstandingBalanceRevolvingCreditFacility" scale="-2" id="Narr_bREtFeUJgEWykQMD-CPT6g">50</ix:nonFraction>% of the outstanding balance under the facility into a revolving credit facility with the remaining <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_6_15_2023_us-gaap_LongtermDebtTypeAxis_asc_AbnCacibRevolvingBankFacilityMember_zwbDap0E80uB7ieIz7LxJg" decimals="2" format="ixt:num-dot-decimal" name="asc:PercentageOfOutstandingBalanceTermLoanFacility" scale="-2" id="Narr_Fnx_K5_6jkeRXbUO_OIZ8A">50</ix:nonFraction>% of the outstanding balance, or $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_6_15_2023_To_6_15_2023_us-gaap_LongtermDebtTypeAxis_asc_AbnCacibRevolvingBankFacilityMember_Kdh5MlS4rEWX9MFw1tpn1w" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityAverageOutstandingAmount" scale="6" id="Narr_oYd_GDx8pUuH8nWbcgv-8w">49.2</ix:nonFraction> million, continuing as a term loan facility. On March 14, 2024, the credit facility was further amended to convert the entire term loan outstanding balance under the facility into the revolving credit facility. The revolving credit facility matures in August 2027. As of December&#160;31,&#160;2024, <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_LongtermDebtTypeAxis_asc_AbnCacibRevolvingBankFacilityMember_tjKD0uN9Y0qZheGnBlCl1w" decimals="-5" format="ixt-sec:numwordsen" name="us-gaap:LineOfCredit" scale="6" id="Narr_IqPC4WsyvkmteA6xpVemMw">none</ix:nonFraction> of the revolving credit facility was drawn down and $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_LongtermDebtTypeAxis_asc_AbnCacibRevolvingBankFacilityMember_tjKD0uN9Y0qZheGnBlCl1w" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" scale="6" id="Narr_8qCQwsxM-UKJjQnV6e8cNw">78.3</ix:nonFraction> million was undrawn.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;">ABN AMRO Revolving Facility</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On August 9, 2022, the Company entered into a new sustainability-linked $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_8_9_2022_us-gaap_LongtermDebtTypeAxis_asc_AbnAmroRevolvingFacilityMember_MBPO1VqibUuAo7aMOqcg8Q" decimals="-6" format="ixt:num-dot-decimal" name="us-gaap:LineOfCredit" scale="6" id="Narr_1R3rSzhRMk2dy_jNa4bzQA">15</ix:nonFraction> million revolving credit facility with ABN AMRO to fund working capital. Interest under this facility is calculated at a rate of <ix:nonNumeric contextRef="Duration_8_9_2022_To_8_9_2022_us-gaap_LongtermDebtTypeAxis_asc_AbnCacibJointBankFacilityMember_7uI1_GWWw0SsiLpk3r985w" name="us-gaap:DebtInstrumentDescriptionOfVariableRateBasis" id="Narr_T0TSu_9TMUWsPt8lU_7mpA">SOFR plus <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_8_9_2022_To_8_9_2022_us-gaap_LongtermDebtTypeAxis_asc_AbnAmroRevolvingFacilityMember_kQkw1oSQE0q912o431IGpA" decimals="3" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="Narr_rySBn0KSTkqncVAa_P4KHw">3.9</ix:nonFraction>%</ix:nonNumeric>. Interest payments are payable on a quarterly basis. The facility matures in August 2026. As of December&#160;31,&#160;2024, $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_LongtermDebtTypeAxis_asc_AbnAmroRevolvingFacilityMember_i5_DMYXxFUCkMF81-tWG_g" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LineOfCredit" scale="6" id="Narr_MNdZmIF-Vkyofu3j_FX4mQ">1.3</ix:nonFraction> million of the revolving credit facility was drawn down and $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_LongtermDebtTypeAxis_asc_AbnAmroRevolvingFacilityMember_i5_DMYXxFUCkMF81-tWG_g" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LineOfCreditFacilityRemainingBorrowingCapacity" scale="6" id="Narr_8eMyw_aOiUGt5HYNx1US8Q">13.7</ix:nonFraction> million was undrawn.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;">Long-term debt financial covenants</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">The Company&#8217;s existing long-term debt facilities described above include certain covenants. The financial covenants require that the Company:</p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">maintain minimum solvency of not less than </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_srt_RangeAxis_srt_MinimumMember_bZsWxPw8oUqIFIKIOaN0cA" decimals="2" format="ixt:num-dot-decimal" name="asc:RequiredMinimumSolvencyCovenant" scale="-2" id="Narr_ekAyi0_GZU6wYPjIVCr-vw">30</ix:nonFraction>%</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">maintain minimum cash and cash equivalents (of which at least </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2024_srt_RangeAxis_srt_MinimumMember_us-gaap_LongtermDebtTypeAxis_asc_NordeaSebJointBankFacilityMember_8AQzj7P5wEeizvjfRlU6gQ" decimals="2" format="ixt:num-dot-decimal" name="asc:CashAndCashEquivalentPercentage" scale="-2" id="Narr_dcr8ZBfJ-Uur39IeFKmvRA">60</ix:nonFraction>%</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> of such minimum amount is held in cash; the remaining </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="2" format="ixt:num-dot-decimal" name="asc:FairMarketValuePercentage" scale="-2" id="Narr_K5onsoxHEEyhwJ74QE2KLw">40</ix:nonFraction>%</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> can include cash and cash equivalents undrawn under the revolving facilities), based on the number of vessels owned and chartered-in and </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2024_srt_RangeAxis_srt_MinimumMember_B9swzRybDEy0yhtRmkPI-g" decimals="2" format="ixt:num-dot-decimal" name="asc:CashAndCashEquivalentPercentage" scale="-2" id="Narr_tPy0x-Nav0C9Msu1hVaQFA">5</ix:nonFraction>%</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> of outstanding debt; the required minimum cash and cash equivalents as of December&#160;31,&#160;2024, was </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_srt_RangeAxis_srt_MinimumMember_B9swzRybDEy0yhtRmkPI-g" decimals="-4" format="ixt:num-dot-decimal" name="asc:RequiredMinimumCashBalance" scale="6" id="Narr_2RgdFyrpPky4kACTc74arg">18.75</ix:nonFraction></span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> million;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">ensure that the aggregate fair market value of the applicable vessels plus any additional collateral is, depending on the facility, no less than </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_srt_RangeAxis_srt_MinimumMember_bZsWxPw8oUqIFIKIOaN0cA" decimals="2" format="ixt:num-dot-decimal" name="asc:FairMarketValuePercentage" scale="-2" id="Narr_Z2Zj0xwsZUCp8sIkoDfAZg">130</ix:nonFraction>%</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> of the debt outstanding for the applicable facility;</span></td></tr></table></ix:continuation></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-25</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="Tc_oeyEvIZ-30mdmZK8mrizEg_1_2"></a><a id="Tc_gwlrzF3XYkaB806sgzUYTQ_2_2"></a><a id="Tc_vo8hdwkad06ppinu6CZbwA_2_4"></a><a id="Tc_ulN4d-Z1w0mGAMfdx9C5iQ_2_6"></a><a id="Tc_UmDlRmVLGkyyTNnkJV9zcQ_3_0"></a><a id="Tc_w9_WkFgzz0mNlHv8t0HJBw_4_0"></a><a id="Tc_gfVLFOE4T0-4VQk_Yf6EOg_4_2"></a><a id="Tc_MN8BB4huYkG15alqGSD2mA_4_4"></a><a id="Tc_8GKWH1NKy02GyQn7vxyv8Q_4_6"></a><a id="Tc_fZpBfs9gQ0KpBIiS0-uY3A_1_2"></a><a id="Tc_Nn-7Pf3fOkO_fZDzZi5uNw_2_2"></a><a id="Tc_hBotuYN9MUmQLA6v21grcQ_2_4"></a><a id="Tc_YGnBq-425Eiv-p_C0xHJaQ_2_6"></a><a id="Tc_y1cb40P5H0Soe4Os0W9YUw_3_0"></a><ix:continuation id="Tb_KZpoyTi8s0i4vR3U6QQgKQ_cont2"><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">maintain an adjusted net worth of not less than </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_srt_RangeAxis_srt_MinimumMember_B9swzRybDEy0yhtRmkPI-g" decimals="-6" format="ixt:num-dot-decimal" name="asc:MinimumNetWorthRequired" scale="6" id="Narr_QX4ldpGjbkKL74ljqiZ6dg">200</ix:nonFraction></span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> million; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">maintain positive working capital, excluding current portion of debt and leases, balloon repayments and amounts outstanding under the ABN AMRO Revolving Facility, provided that the facility has a remaining maturity of more than three months.</span></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company was in full compliance with all of its long-term debt financial covenants as of December&#160;31,&#160;2024 and 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Interest rates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Aptos';font-size:9pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following tables set forth the effective interest rate associated with the interest expense for the Company&#8217;s debt facilities noted above. The effective interest rate below does not include the effect of any interest rate swap agreements, which the Company may enter into from time to time. The following tables also include the range of interest rates on the debt, excluding the impact of commitment fees, if applicable:</p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:ScheduleOfEffectiveInterestRateAssociatedWithInterestExpenseForCompanysDebtTableTextBlock" id="Tb_jL___RFFBkCBIqDhYfnCow" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Effective interest rate, excluding commitment fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="4" format="ixt:num-dot-decimal" name="asc:EffectiveInterestRateExcludingCommitmentFees" scale="-2" id="Tc_WlcGxnrc6kaAJ5UNVJSTlw_3_2">7.54</ix:nonFraction>%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="4" format="ixt:num-dot-decimal" name="asc:EffectiveInterestRateExcludingCommitmentFees" scale="-2" id="Tc_paSbf3Ij7UCS3EFzyRboYA_3_4">7.83</ix:nonFraction>%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2022_X3pOdAfiVUOFTzfN4wGvFg" decimals="4" format="ixt:num-dot-decimal" name="asc:EffectiveInterestRateExcludingCommitmentFees" scale="-2" id="Tc_8OMrJC2-NEGQBMZ16NI25A_3_6">4.38</ix:nonFraction>%</p></td></tr><tr><td style="vertical-align:bottom;width:42.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Range of interest rates (SOFR)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_srt_RangeAxis_srt_MinimumMember_bZsWxPw8oUqIFIKIOaN0cA" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="Narr_iRYGylH8_kqopYMgyAh5gw">4.69</ix:nonFraction> % to <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_srt_RangeAxis_srt_MaximumMember_JmB9cdnk502FOOiNnOg-aA" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="Narr_HpAJoUiIUkS-NBGKd-2HkQ">5.37</ix:nonFraction>%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2023_To_12_31_2023_srt_RangeAxis_srt_MinimumMember_FeozQj78XUeWRN3kYUlw1w" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="Narr_sYyRB9lpCEON4UEsTdJRBw">4.50</ix:nonFraction> % to <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2023_To_12_31_2023_srt_RangeAxis_srt_MaximumMember_zEJM0OmTTUiJYCQFPVLPsg" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="Narr_9au-qXDHXkW2OqICAnb64g">5.36</ix:nonFraction>%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2022_To_12_31_2022_srt_RangeAxis_srt_MinimumMember_sHaItVaU6EGjQksSOTMVtQ" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="Narr_OOaKlV8-L0-pXurKyvKFmQ">0.10</ix:nonFraction> % to <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2022_To_12_31_2022_srt_RangeAxis_srt_MaximumMember_9hByeGSdlES96eBfV8JHlg" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" scale="-2" id="Narr_4sI6lJ9ZSU2LPEDY2ogi1A">4.50</ix:nonFraction>%</p></td></tr></table></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following table presents the weighted average effective interest rate on the Company&#8217;s debt obligations, including the impact on interest from interest rate swap agreements designated as hedging instruments and excluding commitment fees, if applicable, for the years ended December&#160;31,&#160;2024, 2023 and 2022.</p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:ScheduleOfWeightedAverageEffectiveInterestRateOnCompanysDebtObligationsTableTextBlock" id="Tb_1O8XT0XvD0K27W_pdh5y8Q" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Effective interest rate, excluding commitment fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.62%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.07%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="Tc_1emaE78WBUmOPEEZuXRgIQ_3_2">7.54</ix:nonFraction>%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="Tc_gkfwhj8BIU2o50trQ5elGQ_3_4">5.80</ix:nonFraction>%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.57%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2022_X3pOdAfiVUOFTzfN4wGvFg" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:DebtWeightedAverageInterestRate" scale="-2" id="Tc_x75tz7SfZEKqJyJBlyEzYA_3_6">1.61</ix:nonFraction>%</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></ix:nonNumeric></ix:continuation><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:LesseeFinanceLeasesTextBlock" id="Tb_vGuLB5-Ax0eCB6ynpos7fw" continuedAt="Tb_vGuLB5-Ax0eCB6ynpos7fw_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">7.&#160;&#160;&#160;Finance lease</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On June 25,<b style="font-weight:bold;"> </b>2021, <ix:nonFraction unitRef="Unit_Standard_subsidiary_4UjuQMMon0G0rDPB6JR2rw" contextRef="Duration_6_25_2021_To_6_25_2021_srt_ConsolidatedEntitiesAxis_asc_CmbflShandongMember_9SsmRo1PRUez7PRG0G_msQ" decimals="INF" format="ixt-sec:numwordsen" name="asc:NumberOfSubsidiaries" scale="0" id="Narr_olviqvkk802iX_mzxdrU1w">two</ix:nonFraction> of Ardmore&#8217;s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the <i style="font-style:italic;">Ardmore Seawolf</i> and <i style="font-style:italic;">Ardmore Seahawk</i> with CMB Financial Leasing Co., Ltd (&#8220;CMBFL&#8221;) / Shandong, resulting in gross proceeds of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_6_25_2021_srt_ConsolidatedEntitiesAxis_asc_CmbflShandongMember_k7jprTkaa0etENyqcT4BOA" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:SaleLeasebackTransactionHistoricalCost" scale="6" id="Narr_2z_s3lB5tkuO5k_rOokV9A">49.0</ix:nonFraction> million less fees of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_6_25_2021_To_6_25_2021_srt_ConsolidatedEntitiesAxis_asc_CmbflShandongMember_9SsmRo1PRUez7PRG0G_msQ" decimals="-5" format="ixt:num-dot-decimal" name="asc:SaleLeasebackTransactionFees" scale="6" id="Narr_2_nWu0RV1EKy2-qtmkUx5Q">1.0</ix:nonFraction> million. The facility was drawn down in June 2021. Principal repayments on the leases were made on a monthly basis. The finance leases were scheduled to expire in 2026, with options to extend up to 2029. On February 14, 2024, the Company gave notice to exercise its purchase options, for both the <i style="font-style:italic;">Ardmore Seawolf</i> and <i style="font-style:italic;">Ardmore Seahawk</i>, which were under sale-leaseback arrangements. The vessel purchases, which were effectively refinancings, concluded on June 25, 2024, with the Company repaying the remaining $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_6_25_2024_srt_ConsolidatedEntitiesAxis_asc_CmbflShandongMember_RL56g1tNoEiOV-NYN79iGQ" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:FinanceLeaseLiabilityPaymentsDue" scale="6" id="Narr_xDiu_mWXpkaeul-5K1hh8Q">41.0</ix:nonFraction> million outstanding under the finance lease facility associated with those two vessels.</p></ix:nonNumeric></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-26</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="Tc_teE0_IF22UyIJLDNBfFWdA_1_2"></a><a id="Tc_RbyhIU44mUiIY2zSwDPW3Q_2_0"></a><a id="Tc_iCPl7g_bQ0e8PFcj1tv8wA_2_2"></a><a id="Tc_H1l--xP9KUW0MAOQzWoAhQ_2_4"></a><a id="Tc_6nf9p6KjNUyd9wJWUmnZ6g_3_0"></a><a id="Tc_VlPurE7nNkGvmgDBIjS5GA_4_0"></a><a id="Tc_cdzW5xUptUOWu45GytvzFg_5_0"></a><a id="Tc_P0Fq20atB0mf8qFg5YOgHg_6_0"></a><a id="Tc_KSQ9wZ7rL0KvJS4lm4KYYQ_7_0"></a><a id="Tc_G7LdCD2f_0KHB49gLZXIcw_8_0"></a><a id="Tc_y868V-CS6EWk4d4_561SOA_9_0"></a><a id="Tc_qkwi5SqNyE6GEe9dqWbeqA_10_0"></a><a id="Tc_J6TIPrmyTE2xMCZNyIBSXw_11_0"></a><ix:continuation id="Tb_vGuLB5-Ax0eCB6ynpos7fw_cont1"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The outstanding principal balances pertaining to the finance lease facility as of December&#160;31,&#160;2024 and 2023 were as follows:</p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:ScheduleOfComponentsOfLeveragedLeaseInvestmentsTableTextBlock" id="Tb_8e6CGo3Ji0OVVIewH4Bdzw" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:31.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">As&#160;of&#160;December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">CMBFL / Shandong</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td 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contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:fixed-zero" name="asc:FinanceLeaseLiabilityGrossCurrent" scale="3" id="Tc_Y7LhD66XrkG_DB-unjew7g_7_2">&#8212;</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="asc:FinanceLeaseLiabilityGrossCurrent" scale="3" id="Tc_MstuE0cYmkqQ0wCcqfglfQ_7_4">2,151</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Current portion of deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:fixed-zero" name="us-gaap:DeferredFinanceCostsCurrentGross" scale="3" id="Tc_M0ntCclAjkOB8Uqisam32A_8_2">&#8212;</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredFinanceCostsCurrentGross" scale="3" id="Tc_bg2J-X_ID0GOZzpJUqRJYQ_8_4">122</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Non-current portion of finance lease obligations</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:fixed-zero" name="asc:FinanceLeaseLiabilityNoncurrentGross" scale="3" id="Tc_PNLRhShQA0WvlUeOixD9wQ_9_2">&#8212;</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="asc:FinanceLeaseLiabilityNoncurrentGross" scale="3" id="Tc_9iiLvgbCs02zGUyPv71YUA_9_4">42,177</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Non-current portion of deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:fixed-zero" name="us-gaap:DeferredFinanceCostsNoncurrentGross" scale="3" id="Tc_h2sJCYwV0EOraWc4IpQrpA_10_2">&#8212;</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:DeferredFinanceCostsNoncurrentGross" scale="3" id="Tc_MWM9XNVKGkmhaU7fCsPOfg_10_4">563</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total finance lease obligations, net of deferred finance fees</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:fixed-zero" name="asc:FinanceLeaseLiabilityGross" scale="3" id="Tc_lu-6dZKY2k-ens2Q9W7Asg_11_2">&#8212;</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction 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0pt;">8.&#160;&#160;&#160;Operating leases</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The following are the types of contracts the Company has, which are accounted for under lease guidance, ASC 842:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Time charter-in contracts: Long term operating leases</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company sold the <i style="font-style:italic;">Ardmore Sealeader</i>, the <i style="font-style:italic;">Ardmore Sealifter</i> and <i style="font-style:italic;">Ardmore Sealancer</i> on June 5, 2022, July 16, 2022 and July 31, 2022, respectively and subsequently chartered the vessels back from the buyer for a period of <ix:nonNumeric contextRef="As_Of_7_31_2022_z4tAmLR4wUOCi4gUKFL9Pw" format="ixt-sec:durwordsen" name="us-gaap:LessorOperatingLeaseTermOfContract" id="Narr_fF0xM3uXeEO82f2lD5tyLA">24 months</ix:nonNumeric>, with an option to extend for a further <ix:nonNumeric contextRef="As_Of_7_31_2022_z4tAmLR4wUOCi4gUKFL9Pw" format="ixt-sec:durwordsen" name="asc:OperatingLeaseOptionToExtend" id="Narr_rFS-GqGRZUmsrsYSCj6j4g">12 months</ix:nonNumeric>. On March 8, 2024, the Company exercised its option to extend the charter-in period for the renamed <i style="font-style:italic;">Hansa Sealeader</i> by an additional <ix:nonNumeric contextRef="As_Of_3_8_2024_-Ms2aUqD1kqiSWRy558F2w" format="ixt-sec:durwordsen" name="asc:OperatingLeaseOptionToExtend" id="Narr_VvM7esby406H9l42yDv_OA">12 months</ix:nonNumeric>, starting from July 5, 2024. In April 2024, the Company exercised its options to extend the charter-in period for the renamed <i style="font-style:italic;">Hansa Sealifter</i> and <i style="font-style:italic;">Hansa Sealancer</i> by an additional 12 months, starting from August 17, 2024 and September 1, 2024 respectively. Chartered-in vessels include both lease and non-lease components. &#160;The lease component relates to the cost to a lessee to control the use of the vessel and the non-lease components relate to the cost to the lessee for the lessor to operate the vessel. &#160;For time charters-in, the Company has elected to separate lease and non-lease components. During the year ended December&#160;31,&#160;2024, revenue recognized on vessels that have been time-chartered in was $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_LeaseContractualTermAxis_asc_TimeCharterMember_TBDwrFzVNE2nMz6z7q9q6w" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:SubleaseIncome" scale="6" id="Narr_P2WC_Ks3OkCiOWm6gmzCVw">50.0</ix:nonFraction> million (2023: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_LeaseContractualTermAxis_asc_TimeCharterMember_AgnFMwXqW0-c5xw0X4rhDA" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:SubleaseIncome" scale="6" id="Narr_y2ptD6IZWkuUENsmgTYSRw">43.6</ix:nonFraction> million)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"> <span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Operating leases are included in operating lease, right-of-use (&#8220;ROU&#8221;) asset, current portion of operating lease obligations, and non-current portion of operating lease obligations in the Company&#8217;s consolidated balance sheets. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The ROU asset represents our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. &#160;Lease expense for lease payments is recognized on a straight-line basis over the lease term.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate used by the Company of <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="3" format="ixt:num-dot-decimal" name="asc:OperatingLeasesOfLesseeIncrementalBorrowingRatePercentage" scale="-2" id="Narr_c7Jfd3IRkUiEQ_KEhXjDrw">4.5</ix:nonFraction>% is obtained independently and is comparable with what the Company would have had to borrow at the time of the transactions to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The weighted average remaining lease term for the chartered-in vessels is <ix:nonNumeric contextRef="As_Of_12_31_2024_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_TimeCharterMember_JDyY2_k960G2Qs0eI9nA0Q" format="ixt-sec:duryear" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1" id="Narr_Uo8EbYcp_02P3k0RpglUlA">0.6</ix:nonNumeric> years.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company makes significant judgments and assumptions to separate the lease component from the non-lease component of its time chartered-in vessels. The Company uses readily determinable and observable data for the purposes of determining the standalone cost of the vessel lease and operating service components of the Company&#8217;s time charters. &#160;The Company proportionately allocates the consideration of the contract to lease and non-lease components based on their relative standalone prices.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></ix:nonNumeric></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-27</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><ix:continuation id="Tb_0hZlsW0FEkyqEjh6hNmlOg_cont1" continuedAt="Tb_0hZlsW0FEkyqEjh6hNmlOg_cont2"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Time charter-in contracts: Short term operating leases</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company entered into a short term lease agreement in September 2023 to charter-in a vessel for a period of <ix:nonNumeric contextRef="As_Of_12_31_2024_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_TimeCharterMember_JDyY2_k960G2Qs0eI9nA0Q" format="ixt-sec:durwordsen" name="us-gaap:LessorOperatingLeaseTermOfContract" id="Narr_Dnk7FPb3VkyQwYsJk5wHSA">12 months</ix:nonNumeric> with the option to extend for a further <ix:nonNumeric contextRef="As_Of_12_31_2024_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_TimeCharterMember_JDyY2_k960G2Qs0eI9nA0Q" format="ixt-sec:durwordsen" name="asc:OperatingLeaseOptionToExtend" id="Narr_5nJ88C395ECWXmOFV-65kg">six months</ix:nonNumeric>. The Company elected the <ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" format="ixt:fixed-true" name="us-gaap:LeasePracticalExpedientsPackage" id="Narr_rNDYK1w230qAYUkVqQoB-Q">practical expedient </ix:nonNumeric>of FASB Accounting Standards Codification 842- <i style="font-style:italic;">Leases</i> (&#8220;ASC 842&#8221;), which allows for leases with an initial lease term of 12 months or less to be excluded from the operating lease right-of-use assets and lease liabilities. The Company recognizes the lease costs for all vessel-related operating leases as charter hire expenses, split between lease and non-lease components, on the consolidated statements of operations on a straight-line basis over the lease term. For office operating leases, the Company has elected to combine lease and non-lease components on the consolidated balance sheets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Office leases</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company&#8217;s consolidated balance sheets include a right-of-use asset and a corresponding liability for operating lease contracts for the Company&#8217;s offices in Cork, Ireland, Singapore and Houston, Texas. For office operating leases, the Company has elected to combine lease and non-lease components on the consolidated balance sheets. The discount rate used to measure the lease liability is the incremental cost of borrowing since the rate implicit in the lease cannot be determined. The Company has used a weighted average discount rate of <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2024_us-gaap_PropertyPlantAndEquipmentByTypeAxis_asc_OfficeSpaceMember_NaVHF-fQPkyA6_KLpv415w" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" scale="-2" id="Narr_JjlBZGJby0WbHFajARDt5Q">4</ix:nonFraction>% as a basis for determining the lease liability. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Lease costs recorded in the consolidated statement of operations </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">There was $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseCost" scale="6" id="Narr_486NMSE5d0Gi0fm-eNcwmw">15.1</ix:nonFraction> million of operating lease costs and $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ShortTermLeaseCost" scale="6" id="Narr_sfD6U286yku5m2InI9I2VA">8.2</ix:nonFraction> million of short-term lease costs recorded during the year ended December 31, 2024 (2023: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseCost" scale="6" id="Narr_GaJEODFOQUysgvBC0NQy-A">13.4</ix:nonFraction> million and $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ShortTermLeaseCost" scale="6" id="Narr_uF0AEYt_nkKmstbQQdsg-g">6.8</ix:nonFraction> million respectively and 2022: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseCost" scale="6" id="Narr_CnLPZX4x-EOSoqDqH4VFGw">6.5</ix:nonFraction> million and $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ShortTermLeaseCost" scale="6" id="Narr_3NoQpH8XBkWtokN62xsX1Q">9.0</ix:nonFraction> million respectively). Of this, $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_IncomeStatementLocationAxis_asc_CharterHireCostsMember_7CSEFvWF-UCoa7Oel-39vA" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LeaseCost" scale="6" id="Narr_YJPqQ3-f-0aeeVJBNflbYA">22.7</ix:nonFraction> million was recorded in charter-hire costs (2023: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_IncomeStatementLocationAxis_asc_CharterHireCostsMember_Y-XhDX1jbEePJgSci3lRdw" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LeaseCost" scale="6" id="Narr_pPUolPJp_0iZ2ZhSz9R1Ow">19.6</ix:nonFraction> million and 2022: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_IncomeStatementLocationAxis_asc_CharterHireCostsMember_lHJtZaCamU-NoIi2pG2paw" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LeaseCost" scale="6" id="Narr_ucPJEDyDRUOSC8YpxgqHgA">15.0</ix:nonFraction> million), and $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_IncomeStatementLocationAxis_us-gaap_GeneralAndAdministrativeExpenseMember_pnESMCj4PE6HQ-PdrEOfzg" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LeaseCost" scale="6" id="Narr_WREr5Bsxu0mILeAOTOWcUw">0.6</ix:nonFraction> million was recorded in General and administrative expenses (2023: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_IncomeStatementLocationAxis_us-gaap_GeneralAndAdministrativeExpenseMember_5sBuz94z4k6mXgKIbOnnRw" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LeaseCost" scale="6" id="Narr_iGUPRxf2ykuX8JfRxo2g0w">0.6</ix:nonFraction> million and 2022: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_IncomeStatementLocationAxis_us-gaap_GeneralAndAdministrativeExpenseMember_w7IDXIVuUky9whCO3ixY8w" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:LeaseCost" scale="6" id="Narr_OlZ8Ik3F4U-AuUInz8ciqQ">0.5</ix:nonFraction> million) in the consolidated statements of operations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p></ix:continuation></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-28</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_1b06dd96_f988_4a89_a172_b6d524931865"></a><a id="Tc_a2ZNzc8lzkierLQAniflYg_1_2"></a><a id="Tc_0kURcO71xU--8j_X70o5Fw_2_0"></a><a id="Tc_3u4mqzs2q02OkZvEz_9sVA_2_2"></a><a id="Tc_RcDB09Sc4kKWQ12AIkXAnQ_2_4"></a><a id="Tc_wHzTN4lq9EWDoK4kLRFPuQ_3_0"></a><a id="Tc_Ru5bIZZMVEaXqfswYoELcg_4_0"></a><a id="Tc_Bj4txhYIpUKnrzxNBjHZmQ_5_0"></a><a id="Tc_KvSqyzYYYUSnoWOJIbIvjA_8_0"></a><a id="Tc_p3bSyTs31ESA13vVXY4qEA_9_0"></a><a id="Tc_kbWTRCYJmU2_o12NjBXa8w_10_0"></a><a id="Tc_CofVvX72aUWMpOCbgThwwQ_13_0"></a><a id="Tc_Ql3J_VFhukuba-IW4fRXAg_14_0"></a><a id="Tc_hq0RDgIWKUGJrvfKgBnhTg_14_2"></a><a id="Tc_uLRGMER-REGpCVmKTIrmMA_14_4"></a><a id="Tc_LUfG1UXWdUmSUqC91FAp_g_15_0"></a><a id="Tc_sBbyFV_pQ02Afy8jbOLLuQ_18_0"></a><a id="Tc_rJUHmk3zWUicN0JF-om3BQ_20_0"></a><a id="_e39c598d_7448_476d_8acc_005bca1425d7"></a><a id="Tc_0Tp-XxkrBkC3EV1_l7MdtA_1_2"></a><a id="Tc_m97sM7tPWUqZtw074C15NQ_2_2"></a><a id="Tc_6gKuzYf_fEawTfcRfTQ5HQ_3_0"></a><a id="Tc_ubJWU6ZM3EamZdpO4sp87w_3_2"></a><a id="Tc_UmFR49bD1UehHdGLKP1Y5g_4_0"></a><a id="Tc_kOORpdl6Bkqnje-7h1AWhA_5_0"></a><a id="Tc_JGCyCr2uW0usuk6u2OU8wA_6_0"></a><a id="Tc_IBW-moQCKUC1_POZm83HDg_7_0"></a><a id="Tc_taVLUhniCUCgTyFVkuRgDw_8_0"></a><a id="Tc_cOtQ9KBJik6UtINew978eQ_9_0"></a><a id="Tc_4unZQ4EA20OTyL3xwlUOxg_10_0"></a><a id="Tc_lN2JmaebLEmSPDC2nDGUeA_11_0"></a><ix:continuation id="Tb_0hZlsW0FEkyqEjh6hNmlOg_cont2"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The liabilities described below are denominated in various currencies. The weighted average remaining term of the office leases as of December&#160;31,&#160;2024 was <span style="-sec-ix-hidden:Hidden_2aqG_CdYjEKAq7aO_W7a_Q;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">2.6</span></span>&#160;years. Under ASC 842, the right-of-use asset is a nonmonetary asset and is remeasured using the exchange rate as of the commencement date of the lease. The operating lease liability is a monetary liability and is remeasured quarterly using the current exchange rates, with changes recognized in a manner consistent with other foreign-currency-denominated liabilities in general and administrative expenses in the consolidated statements of operations.</p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:LeaseBalanceSheetDisclosureTableTextBlock" id="Tb_9_fq4Hllxki7MNZEGEfXPQ" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">As&#160;of&#160;December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Non-Current Assets</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Operating lease, right-of-use asset - Time Charter in Vessels</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_LeaseContractualTermAxis_asc_TimeCharterMember_P8MrdY6DUEm73L4wMxYTjg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="3" id="Tc_siffauA5r0-YQRGDD7B9IA_4_2">4,418</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_LeaseContractualTermAxis_asc_TimeCharterMember_0I-y1ZDBZkqff4km-wu1BQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="3" id="Tc_FR6cG8qEhk6v5QCKKxJkFA_4_4">3,492</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Operating lease, right-of-use asset - Offices</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_LeaseContractualTermAxis_asc_OfficeSpaceMember_KvdIVfibMkC-oIN75irBKQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="3" id="Tc_z7cFhSvlOkiAvoUAXPXqkg_5_2">1,159</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_LeaseContractualTermAxis_asc_OfficeSpaceMember_WQFyPgvqc02xJF66onLWQg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="3" id="Tc_1Pc-gEkENkOR9MbsXdjlYw_5_4">1,007</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td 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0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="3" id="Tc_mghOSPmDbESpcwQyEmGNzg_6_4">4,499</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Lease liabilities - Current portion</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current portion of lease liabilities - Time Charter in Vessels</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_LeaseContractualTermAxis_asc_TimeCharterMember_P8MrdY6DUEm73L4wMxYTjg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityCurrent" scale="3" id="Tc_5IHGEZrZE02YdRqPOgaSMA_9_2">4,418</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Lease liabilities - Non-current portion</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Non-current portion of lease liabilities - Time Charter in Vessels</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Non-current portion of lease liabilities - Offices</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_LeaseContractualTermAxis_asc_OfficeSpaceMember_KvdIVfibMkC-oIN75irBKQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="3" id="Tc_tGzmLkDUkUq8heBvBFPuxQ_15_2">476</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_LeaseContractualTermAxis_asc_OfficeSpaceMember_WQFyPgvqc02xJF66onLWQg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="3" id="Tc_8UTuGBSpS0CJ6qP5U9xxVg_15_4">510</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="3" id="Tc_UJx7pILRu06wsuPb5L8sCQ_16_2">476</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiabilityNoncurrent" scale="3" id="Tc_Hi5dyrlfLkqqw9vQssGoOQ_16_4">510</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total operating lease, right of use assets</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="3" id="Tc_rhFd5duC0Eu5bjZKsg4nqA_18_2">5,577</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseRightOfUseAsset" scale="3" id="Tc_WPoHRptr3EW-2L9YJJ1kCQ_18_4">4,499</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total lease liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiability" scale="3" id="Tc_NJmAuwd0Z0-uphDO0x8zXw_20_2">5,441</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiability" scale="3" id="Tc_iw4MbMtcUE-x2m-grnttlA_20_4">4,317</ix:nonFraction></b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></ix:nonNumeric><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock" id="Tb_RZoycuHGuECMgufEBTJmkA" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December 31, 2024, the Company had the following maturity of operating lease obligations:</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">As of</b></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2025</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" scale="3" id="Tc_o339pqjTHEmFglAJBJ9Hew_4_2">5,032</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2026</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" scale="3" id="Tc_fYZ4FolHQku6wyJrV_jf8A_5_2">348</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2027</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" scale="3" id="Tc_isqsBHwyBEqCNemOvqLqmw_6_2">59</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2028</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearFour" scale="3" id="Tc_wl65smZ3OUmBcE0IR4hcpw_7_2">37</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2029 - 2030</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="asc:LesseeOperatingLeaseLiabilityToBePaidAfterYearFour" scale="3" id="Tc_kxmfAun16keUE9C-7gVZCw_8_2">77</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Total lease payments</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDue" scale="3" id="Tc_kc1xtp3LyUa20ehjhTI2wg_9_2">5,553</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Less imputed interest</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" scale="3" id="Tc__oQU9ZFNhk-ikrMuxNu7lg_10_2">112</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Present value of lease liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:OperatingLeaseLiability" scale="3" id="Tc_GgX92m4hVEOr_fTlCFDikg_11_2">5,441</ix:nonFraction></b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></ix:nonNumeric></ix:continuation><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-29</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="Narr_6RmqWg_RRkGDRExcE06N8g"></a><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:TemporaryEquityDisclosureTextBlock" id="Tb_Gstjl5QKrEOViKvxVoZa1A" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">9. Preferred Stock<span style="font-weight:normal;"> </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><span style="font-weight:normal;">On June 17, 2021 and on December 3, 2021, Ardmore issued </span><span style="font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_6_17_2021_To_6_17_2021_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_1guDHlQ42k6HCzsYT1rCbg" decimals="INF" format="ixt:num-dot-decimal" name="asc:TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" scale="0" id="Narr_wUmjF0LrZE6v0AhqAb3D6A">25,000</ix:nonFraction></span><span style="font-weight:normal;"> shares and </span><span style="font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_12_3_2021_To_12_3_2021_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_PWKnc8Jfk0-oWDecgQOHQg" decimals="INF" format="ixt:num-dot-decimal" name="asc:TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" scale="0" id="Narr_Go6G2MHgqkWXEoxnJoRzXQ">15,000</ix:nonFraction></span><span style="font-weight:normal;"> shares, respectively, of Series A Cumulative Redeemable Perpetual Preferred Shares (&#8220;Series A Preferred Stock&#8221;) to an affiliate of Maritime Partners LLC. The liquidation preference of the Series A Preferred Stock is </span><span style="font-weight:normal;">$<ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_un8qTwbis0qlxqf5IlNAfg" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityLiquidationPreferencePerShare" scale="0" id="Narr_GS_2sXWOA06Lwkh7nFlllA">1,000.00</ix:nonFraction></span><span style="font-weight:normal;"> per share. The shares of Series A Preferred Stock accrue cumulative dividends, whether or not declared, at an initial annual rate of </span><span style="font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_NA99QXh9JUmwGbFXxFcmFA" decimals="3" format="ixt:num-dot-decimal" name="asc:TemporaryEquityAnnualDividendRatePercentage" scale="-2" id="Narr_sD7HcEO71UWttSdlMnFsSw">8.5</ix:nonFraction>%</span><span style="font-weight:normal;"> per </span><span style="font-weight:normal;">$<ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_un8qTwbis0qlxqf5IlNAfg" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:TemporaryEquityLiquidationPreferencePerShare" scale="0" id="Narr_mgsjwlt4uki5Owa-i1-6Kg">1,000.00</ix:nonFraction></span><span style="font-weight:normal;"> of liquidation preference per share, which rate may change based on certain matters. Dividends are payable on January 30, April 30, July 30 and October 30 of each year, commencing July 30, 2021. So long as any share of the Series A Preferred Stock remains outstanding, </span><span style="font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_NA99QXh9JUmwGbFXxFcmFA" decimals="-3" format="ixt-sec:numwordsen" name="asc:DividendsTemporaryEquityCash" scale="3" id="Narr_pADqBr9EBEin4TUoqq_5Vw">no</ix:nonFraction></span><span style="font-weight:normal;"> cash dividend may be declared or paid on Ardmore&#8217;s common stock unless, among other things, all accrued and unpaid dividends have been paid on the Series A Preferred Stock. The Company may redeem, in whole or in part, the shares of Series A Preferred Stock outstanding, at a cash redemption price equal to (a) </span><span style="font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_asc_AnniversaryAxis_asc_ThirdMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_v86rdU8nI0qzQi3A2l91hA" decimals="2" format="ixt:num-dot-decimal" name="asc:TemporaryEquityRedemptionPricePercentage" scale="-2" id="Narr_iYZy-XtFzUi7P9vhDxn28g">103</ix:nonFraction>%</span><span style="font-weight:normal;"> of the liquidation preference per share plus any accumulated and unpaid dividends on or after the third anniversary of the original issuance date of the Series A Preferred Stock and prior to the fourth anniversary, (b) </span><span style="font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_asc_AnniversaryAxis_asc_FourthMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_b8oAXUNYfEOGFX9oypfFAg" decimals="2" format="ixt:num-dot-decimal" name="asc:TemporaryEquityRedemptionPricePercentage" scale="-2" id="Narr_vSHSwSoDL0mCxOXLX4J8lQ">102</ix:nonFraction>%</span><span style="font-weight:normal;"> of the liquidation preference per share plus any accumulated and unpaid dividends after such fourth anniversary and prior to the fifth anniversary and (c) </span><span style="font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_asc_AnniversaryAxis_asc_FifthMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_X2mrIvbY80K9nCajCs_PMA" decimals="2" format="ixt:num-dot-decimal" name="asc:TemporaryEquityRedemptionPricePercentage" scale="-2" id="Narr_tAFxOXq3wkG9BKOdQLxpLw">100</ix:nonFraction>%</span><span style="font-weight:normal;"> of the liquidated preference per share plus any accumulated and unpaid dividends after such fifth anniversary. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><span style="font-weight:normal;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><span style="font-weight:normal;">The Series A Preferred Stock is redeemable, in whole or in part, upon the election of the Company or the holder of shares of Series A Preferred Stock, upon the occurrence of certain change of control events, including if a person or group becomes the beneficial owner of a majority of Ardmore&#8217;s total voting power. As it is possible, regardless of the probability of such occurrence, that a person or group could acquire beneficial ownership of a majority of the voting power of Ardmore&#8217;s outstanding common stock without Company approval and thereby trigger a &#8220;change of control,&#8221; the Series A Preferred Stock is classified as temporary equity for accounting purposes. The Company&#8217;s obligations to the holder of shares of Series A Preferred Stock are secured by a pledge of the Company&#8217;s stake in E1. The Series A Preferred Stock is presented in the Company&#8217;s financial statements net of the related stock issuance costs.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><span style="font-weight:normal;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">As part of the issuance of the Preferred Stock to Maritime Partners, the Company agreed that Maritime Partners shall have the right to a profits interest of </span><span style="font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_NA99QXh9JUmwGbFXxFcmFA" decimals="2" format="ixt:num-dot-decimal" name="asc:TemporaryEquityProfitInterestsOnDistributionsPercentage" scale="-2" id="Narr_Xp_JltShKEyAHOV4bLdJ0g">20</ix:nonFraction>%</span><span style="font-weight:normal;"> of all cash or in-kind distributions and proceeds received in respect of the E1 investment which can only be distributed after the Company receives its return of its initial investment of </span><span style="font-weight:normal;">$<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_Element1CorpMember_TU1zJsLxckqQ19FbAqdcmw" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentAggregateCost" scale="6" id="Narr_L7hyDFvurEe6ed7lnenEPA">9.3</ix:nonFraction></span><span style="font-weight:normal;"> million.&#160; As the agreement includes a mandatory redemption date for the profits interest that is the 10th anniversary of the date of the agreement, it renders the profits interest as a liability which is required to be marked to fair value each period with changes in the fair value recorded directly in earnings.&#160; The Company recorded a liability of </span><span style="font-weight:normal;">$</span><span style="font-weight:normal;"><ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_BalanceSheetLocationAxis_us-gaap_OtherNoncurrentLiabilitiesMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_j2s2kDTT7UWdHnASbP8SWg" decimals="-5" format="ixt:num-dot-decimal" name="asc:ProfitInterestsDistributionLiability" scale="6" id="Narr_mTscdlQmoE6B9ax_VZu1QQ">0.3</ix:nonFraction></span><span style="font-weight:normal;"> million, which is included in non-current liabilities in the consolidated balance sheet as of December&#160;31,&#160;2024 (December&#160;31,&#160;2023 </span><span style="font-weight:normal;">$<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_BalanceSheetLocationAxis_us-gaap_OtherNoncurrentLiabilitiesMember_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_YK3f61Z39kqbFtG49S-PLw" decimals="-5" format="ixt:num-dot-decimal" name="asc:ProfitInterestsDistributionLiability" scale="6" id="Narr_qB00L_T-M0C6qxQV-vWUxw">1.0</ix:nonFraction></span><span style="font-weight:normal;"> million).</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On December 10, 2024, the Company completed the redemption of <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_un8qTwbis0qlxqf5IlNAfg" decimals="INF" format="ixt:num-dot-decimal" name="asc:RedeemablePreferredStockRedemptionShares" scale="0" id="Narr_AElTzxCbV0CPdhz_fs3SBQ">10,000</ix:nonFraction> shares of its Series A Preferred Stock at a redemption value of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_10_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_4GRO_c3Y4E-lyu0uRFYEHA" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockRedemptionAmount" scale="6" id="Narr_YIXnOl1hDUKYzKiPvBQcew">10.3</ix:nonFraction> million. This equates to <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_12_10_2024_To_12_10_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_uP8mYY1PNUeCG9eJaRxdyA" decimals="2" format="ixt:num-dot-decimal" name="asc:TemporaryEquityRedemptionPricePercentage" scale="-2" id="Narr_tzsY2VyTXUqe4Fw-v8Mjaw">103</ix:nonFraction>% of the liquidation preference per share, plus any accumulated and unpaid dividends, which was recorded in Preferred dividends in the consolidated statements of operations. The redemption of <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_10_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_4GRO_c3Y4E-lyu0uRFYEHA" decimals="INF" format="ixt:num-dot-decimal" name="asc:RedeemablePreferredStockRedemptionShares" scale="0" id="Narr_ukSiaBY5IkqJILZ04MZo1w">10,000</ix:nonFraction> shares equates to <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_10_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_4GRO_c3Y4E-lyu0uRFYEHA" decimals="2" format="ixt:num-dot-decimal" name="asc:PercentageOfSharesRedeemed" scale="-2" id="Narr_Katj-VzmjkygLkC9di8WJQ">25</ix:nonFraction>% of the Company&#8217;s outstanding Series A Preferred Stock. As the fair value of the preferred stock redemption was greater than the carrying amount, a loss on extinguishment of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_12_10_2024_To_12_10_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_uP8mYY1PNUeCG9eJaRxdyA" decimals="-5" format="ixt:num-dot-decimal" name="asc:ExtinguishmentOfRedeemablePreferredStock" scale="6" id="Narr_TmMoMon8pE2nIsPwFpU9iw">0.7</ix:nonFraction> million was recognized during the year ended December&#160;31,&#160;2024, which was recorded in Extinguishment of Preferred Stock in the consolidated statements of operations. <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_vQMaPKkb_UGvkeeLwb_QNg" decimals="-5" format="ixt-sec:numwordsen" name="asc:ExtinguishmentOfRedeemablePreferredStock" scale="6" id="Narr_5q_GCKRnF0eEq6sabj18Tw">No</ix:nonFraction> corresponding extinguishment of preferred stock was recorded during the year ended December&#160;31,&#160;2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company paid $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_NA99QXh9JUmwGbFXxFcmFA" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" scale="6" id="Narr_2KSgRa0SXkmZGCEMCQ8IpA">3.8</ix:nonFraction> million, including $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_NA99QXh9JUmwGbFXxFcmFA" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PreferredStockRedemptionPremium" scale="6" id="Narr_vFTVhX1Je0y1jXSt0lCobw">0.3</ix:nonFraction> million in premium on the redemption of <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_SeriesAPreferredStockMember_un8qTwbis0qlxqf5IlNAfg" decimals="INF" format="ixt:num-dot-decimal" name="asc:RedeemablePreferredStockRedemptionShares" scale="0" id="Narr_cGJBXpS3ik2Tl6AWdlyy_g">10,000</ix:nonFraction> shares of its Series A Preferred Stock during the year ended December&#160;31,&#160;2024. The Company paid $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" scale="6" id="Narr_DUbQrPuJNEu7fRAX3q9kYQ">3.4</ix:nonFraction> million in preferred stock dividends during the year ended December&#160;31,&#160;2023. The Company accrued $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:DividendsPayableCurrentAndNoncurrent" scale="6" id="Narr_icAWVl74o0GvVCgBKESdJg">0.4</ix:nonFraction> million and $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:DividendsPayableCurrentAndNoncurrent" scale="6" id="Narr_7x1iG5Gs10uYjJE3lGBgEg">0.6</ix:nonFraction> million of preferred stock dividends as of December&#160;31,&#160;2024 and December&#160;31,&#160;2023 respectively.</p></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:LongLivedAssetsHeldForSaleDisclosureTextBlock" id="Tb_qNRe40fm60KJ4yvaKsWSww" continuedAt="Tb_qNRe40fm60KJ4yvaKsWSww_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">10. Gain / (loss) on sale of vessels</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In February 2024, the Company agreed to sell the 2010-built <i style="font-style:italic;">Ardmore Seafarer </i>for $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_2_1_2024_To_2_29_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSeafarerMember_vgRNPzyZYk-9QVB3zvm-dQ" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment" scale="6" id="Narr_Vpga60FQgkaCxFE6xRpoFw">27.1</ix:nonFraction> million. Effective February 14, 2024, the Company reclassified the vessel as held for sale and ceased to depreciate it. A gain of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_4_1_2024_To_4_30_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSeafarerMember_EtSr498jC0C_Atke8XQmqg" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="6" id="Narr_cgpsES7LuESaYmKqXlXYeg">12.3</ix:nonFraction> million was recognized when the vessel was delivered to the buyer in April 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_dei_LegalEntityAxis_asc_ArdmoreSeafarerMember_3H-5D8iPdEiB2oywwI4k1w" name="us-gaap:DisclosureOfLongLivedAssetsHeldForSaleTextBlock" id="Tb_32EWyR2Rake9FF_WPMihWA" continuedAt="Tb_32EWyR2Rake9FF_WPMihWA_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></ix:nonNumeric></ix:nonNumeric></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-30</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_478c928a_ea84_45c3_b45e_d446a791ec4b"></a><a id="Tc_Q-4BUHEJYUCHf2IGX164Vw_1_0"></a><a id="Tc_haOr4Rf9NUqvRPVppSOftw_1_2"></a><a id="Tc_3QS3vU8P_E24jpawqe3deg_2_0"></a><a id="Tc_-2hX2tcsbEC3nvQWZuwsEQ_3_0"></a><a id="Tc_ryMys3ui4Umyw69ZjBv6nQ_4_0"></a><a id="Tc_7Y-poKxU8EW26OcOmHdl2A_5_0"></a><a id="_727539aa_ba52_4af6_a584_253a68018619"></a><a id="Tc_6NKImlFgiU2QkeC4HRqUmQ_1_0"></a><a id="Tc_zjpf2jbfzUmvuAJs3BDf4g_1_2"></a><a id="Tc_X7gJL8GpjkG6ferkHj25sQ_1_4"></a><a id="Tc_1lDEtjFTK0WOBD_mSr0deg_1_6"></a><a id="Tc_xDIrT-jHDkqZxSXwwY6CIw_1_8"></a><a id="Tc_-KT1o6TTS0uSf2qtTgM2pw_2_0"></a><a id="Tc_vIXfqn1jEkyo3-VvbjZOyg_3_0"></a><a id="Tc_YTpyd-n6UEOUYKnMdrCBpw_4_0"></a><a id="Tc_8-GsLr1QikS_X-1k-1QZVQ_5_0"></a><ix:continuation id="Tb_qNRe40fm60KJ4yvaKsWSww_cont1"><ix:continuation id="Tb_32EWyR2Rake9FF_WPMihWA_cont1"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The gain on the sale of the <i style="font-style:italic;">Ardmore Seafarer </i>for the year ended December&#160;31,&#160;2024 is calculated as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Seafarer</b></p></td></tr><tr><td style="vertical-align:bottom;width:79.83%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Sales proceeds</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSeafarerMember__dZJwgI8iUC35NBbZpg5iw" decimals="-3" format="ixt:num-dot-decimal" name="asc:IncomeOnSaleOfPropertyPlantEquipmentGross" scale="3" id="Tc_9yIkb8G0D0OYEmzo_H5hww_2_2">27,100</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Net book value of vessel</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSeafarerMember__dZJwgI8iUC35NBbZpg5iw" decimals="-3" format="ixt:num-dot-decimal" name="asc:ValueOfVessels" scale="3" id="Tc_thCyzH-1tkyjj1x-V9FldQ_3_2">14,583</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:79.83%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Sales related costs</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSeafarerMember__dZJwgI8iUC35NBbZpg5iw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:SellingExpense" scale="3" id="Tc_dHJmcFm82kqsN4YrQaEp-Q_4_2">195</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Gain on sale of vessel</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSeafarerMember__dZJwgI8iUC35NBbZpg5iw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" scale="3" id="Tc_3Uwd6xVlXkuh7WSUK5Y9Cw_5_2">12,322</ix:nonFraction></b></p></td></tr></table></ix:continuation><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In March 2022, the Company agreed to terms for the sale of the <i style="font-style:italic;">Ardmore Sealeader, Ardmore Sealifter </i>and <i style="font-style:italic;">Ardmore Sealancer</i>. Effective March 28, 2022, the Company reclassified the vessels as held for sale and ceased to depreciate them. The Company repaid the outstanding lease facilities on the <i style="font-style:italic;">Ardmore Sealeader </i>and <i style="font-style:italic;">Ardmore Sealifter </i>in May 2022 and on the <i style="font-style:italic;">Ardmore Sealancer </i>in July 2022. The sales proceeds received for the vessels were $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_6_1_2022_To_6_30_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealeaderArdmoreSealifterMember_CI4Q9voxj02LMHGUWk6fJw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment" scale="6" id="Narr_cQeOdSQt7Eux1mpB9y6vLQ">40.7</ix:nonFraction> million, in aggregate, resulting in a loss of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_6_1_2022_To_6_30_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealeaderArdmoreSealifterMember_CI4Q9voxj02LMHGUWk6fJw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" sign="-" scale="6" id="Narr_39xf0Hj2zEyz0LCOnrjL0w">6.9</ix:nonFraction> million when the vessels were delivered to the buyer in June 2022 and July 2022.</p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:DisclosureOfLongLivedAssetsHeldForSaleTextBlock" id="Tb_TiC8luftNE-93_qKzXdshw" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The loss on the sale of vessels for the&#160;year ended December 31, 2022 is calculated as follows:</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Sealeader</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Sealifter</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Sealancer</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total</b></p></td></tr><tr><td style="vertical-align:bottom;width:47.07%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Sales proceeds</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealeaderMember_oCJm7cKfS02XZxgla-H_lg" decimals="-3" format="ixt:num-dot-decimal" name="asc:IncomeOnSaleOfPropertyPlantEquipmentGross" scale="3" id="Tc_hDbLe4j6w0iizR3QGdJQ-Q_2_2">13,239</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealifterMember_yLwDpl7_4kqeZJn4jI4fJQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:IncomeOnSaleOfPropertyPlantEquipmentGross" scale="3" id="Tc_rdxpBTOUB0i9Zg-6lAufIw_2_4">13,239</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealancerMember_cwjXCCoZ8EGARqiSPgipBQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:IncomeOnSaleOfPropertyPlantEquipmentGross" scale="3" id="Tc_1G7KSwQ_BUyA3O1NXrXddQ_2_6">14,249</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:IncomeOnSaleOfPropertyPlantEquipmentGross" scale="3" id="Tc_rAQPDaozfkq_2C5Wwyr5Nw_2_8">40,727</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Net book value of vessels</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealeaderMember_oCJm7cKfS02XZxgla-H_lg" decimals="-3" format="ixt:num-dot-decimal" name="asc:ValueOfVessels" scale="3" id="Tc__vflyKZPHEiNm4yqOCZHzA_3_2">16,251</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealifterMember_yLwDpl7_4kqeZJn4jI4fJQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:ValueOfVessels" scale="3" id="Tc_SBsxHNhRL0KY7ulU-ah3BA_3_4">15,886</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealancerMember_cwjXCCoZ8EGARqiSPgipBQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:ValueOfVessels" scale="3" id="Tc_5NaDmjNXykuRKUd_2S2SLQ_3_6">14,692</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:ValueOfVessels" scale="3" id="Tc_4uIBF9DRK0aKXW8J1jRBkg_3_8">46,829</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:47.07%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Sales related costs</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealeaderMember_oCJm7cKfS02XZxgla-H_lg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:SellingExpense" scale="3" id="Tc_PIaH99KHqkubmYwL5WoyXQ_4_2">265</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealifterMember_yLwDpl7_4kqeZJn4jI4fJQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:SellingExpense" scale="3" id="Tc_aupc6rW9BkyTk4M1z0MCxA_4_4">265</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealancerMember_cwjXCCoZ8EGARqiSPgipBQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:SellingExpense" scale="3" id="Tc_Cq7lrG1RUESfE2mrtrkx0w_4_6">285</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:SellingExpense" scale="3" id="Tc_prOTozxvPUGw9rHC8Am3fg_4_8">815</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Loss on sale of vessels</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealeaderMember_oCJm7cKfS02XZxgla-H_lg" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" sign="-" scale="3" id="Tc_-lDvZV0fqkO8N3sbfshAfg_5_2">3,277</ix:nonFraction>)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealifterMember_yLwDpl7_4kqeZJn4jI4fJQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GainLossOnSaleOfPropertyPlantEquipment" sign="-" scale="3" id="Tc_WQh0bnGmOUKjQDb7BGnkMA_5_4">2,912</ix:nonFraction>)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b 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style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" 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style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Interest incurred &#8211; debt</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" 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style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:AmortizationOfFinancingCosts" scale="3" id="Tc_tTgA9gPd6kyYX_8eHsEG7A_5_4">1,237</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td 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style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:SwapInterestExpense" sign="-" scale="3" id="Tc_IazL4Y8TDUCPQztaeNa9aQ_6_6">3,408</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="3" id="Tc_1nebjN2DxUq4sGMVBcuB2w_7_2">6,778</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="3" id="Tc_W_g9wUJFmEaQCyB7ZNyKiQ_7_4">11,408</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:InterestExpense" scale="3" id="Tc_NSAcEVfhjUK11MBFQQ1lMQ_7_6">15,537</ix:nonFraction></b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.8%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(Gain) / loss on extinguishment</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" scale="3" id="Tc_-L7uU6bxZ0GsazSBuMGQGw_11_2">1,432</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" sign="-" scale="3" id="Tc_wy3D6oLIV0-qlYGMvN7Znw_11_6">1,576</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" scale="3" id="Tc_dnY90u7WTEOEm9z3qAOEAA_12_2">1,432</ix:nonFraction>)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" sign="-" scale="3" id="Tc_CSH5VReayUG_VbShz_PWPQ_12_6">1,576</ix:nonFraction></b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></ix:nonNumeric></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><a id="_c7d8a068_fc75_4485_907c_ef66a778cccf"></a><a id="Tc_WRfVE5X0FUGwfcbK5_ju4A_1_2"></a><a id="Tc_VIMLjiXDMUmRHFhY27STUQ_2_0"></a><a id="Tc_pCS9q4sV1Um-vLJ3bx2j1Q_2_2"></a><a id="Tc_WNryr60TIkmuF7smrhXNrg_2_4"></a><a id="Tc_FNYe7TbkZ0OntMin1EZ9cg_2_6"></a><a id="Tc_v8NWDXewTESALKZ_KzZUFw_3_0"></a><a id="Tc_OllA_VRjskejDQzJlQ4uwg_4_0"></a><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:IncomeTaxDisclosureTextBlock" id="Tb_se0d1JzTskqlksbQ0-Tlqg" continuedAt="Tb_se0d1JzTskqlksbQ0-Tlqg_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">12.&#160;&#160;&#160;Income taxes</p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" id="Tb_-b5KPcd9B0iBouQ-axlaKg" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The components of income tax are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.78%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current tax expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="3" id="Tc_p3lZwkrfC0C4YvkGbO8yCw_3_2">215</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="3" id="Tc__Fh-XRNURkiaFik_Vv-v8g_3_4">435</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="3" id="Tc_AkMRSUOGw0alMdcS_fQeLA_3_6">207</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Income tax expense for year</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="3" id="Tc_AntHFjmsIUmMwRy-B8snCg_4_2">215</ix:nonFraction>)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="3" id="Tc_2tyjMIn7K0iBbsLjUBsNXA_4_4">435</ix:nonFraction>)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:CurrentIncomeTaxExpenseBenefit" scale="3" id="Tc_GIQtLvZOr0mAthNCV2Rrqw_4_6">207</ix:nonFraction>)</b></p></td></tr></table></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></ix:nonNumeric></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-31</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="_ad29a045_3166_4592_8239_2ecef153e30a"></a><a id="Tc_teOEPCAN4EGRzYHr5CIPNQ_1_2"></a><a id="Tc_xvaxWToZZkilxwvrBKbxIQ_2_2"></a><a id="Tc_Ca62LZM3H0i2gfm4dl3Bqg_2_4"></a><a id="Tc_Hi6u7LmI0UeDqPJcP3sDjA_2_6"></a><a id="Tc_62n_30BvVE2B9wbHT0P2rg_3_0"></a><a id="Tc_8NotjoUoQUqhhSG6yBLLow_3_3"></a><a id="Tc_lglNEx47EEWKLSribhfdgQ_3_5"></a><a id="Tc_jthAp74gDkeyFdcLj_kvVQ_3_7"></a><a id="Tc_Oj2iPDjjxUaDiq5s9U9PMg_4_0"></a><a id="Tc_9AnxVUcYXkiYhTOZFB7xLg_4_3"></a><a id="Tc_5aev2PkD9kScZMDeEyaJUg_4_5"></a><a id="Tc_XsMm7AoE6k-l0ytZH_LGQA_4_7"></a><a id="Tc_E_1RPNl_ZUuIIDcZZyx_nQ_5_0"></a><a id="Tc_nafKi8JxXUKKQEjMPr4dyA_5_3"></a><a id="Tc_bTKHGPMgHUCNWW96aNG9JA_5_5"></a><a id="Tc_erV0p4l2HEGUmUPg7GoleQ_5_7"></a><ix:continuation id="Tb_se0d1JzTskqlksbQ0-Tlqg_cont1"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" id="Tb_IxqV8eGYGkGNqiawbN8aZg" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The differences between income taxes expected at the Marshall Islands statutory income tax rate for non-resident companies of zero percent and the reported income tax expense are summarized as follows.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;">Marshall Islands statutory income tax rate</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" id="Tc_cdKmIsRfjk6SM5Y02Yr1DQ_3_2">0.00</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" id="Tc_JY5mkjKX4Uq--E3LhtQBvQ_3_4">0.00</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" scale="-2" id="Tc_vcvh-ntGAECa-nJTuU8BzQ_3_6">0.00</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" scale="-2" id="Tc_vEIHVtu30kO4_WH6_yNYTA_4_4">0.37</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" scale="-2" id="Tc_u7LZvxaZ6UaLD8BF2z6CQw_4_6">0.15</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;width:46.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><b 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style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">%&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:EffectiveIncomeTaxRateContinuingOperations" scale="-2" id="Tc_POviJ6YSh0mVARap2dSDyA_5_4">0.37</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times 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0pt;">13.&#160;&#160;&#160;Net income per share and common dividends</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Basic and diluted net income per share is calculated by dividing the net income available to common shareholders by the average number of common shares outstanding during the periods. 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style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:46.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:49.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars and shares, except per share amount</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Net income attributable to common stockholders</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" id="Tc_FxHEzyeK3UyQ1IexJw0dIQ_3_2">128,607</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" id="Tc_-RRL8HgoOkexIbVk-fnKUg_3_4">113,408</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" scale="3" id="Tc_bkr8EdfnrUKSVBUazmAHOw_3_6">135,054</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Weighted average shares - Basic</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_XMuYebGRhEG8Rb2LhEQa4w;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 41,656</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_023EhiTtW0CgmHldx93Clw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 41,130</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_gAuc65Vo_ESgLXSrZ0yqxw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 37,236</span></span></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Weighted average shares - Diluted</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_EhEnQvs1aU2FqDDq1XLbpQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 42,042</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_1L6w_0NOHE6MO3ENONoePg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 41,822</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_vayokac8-kKgy5VV7caCFA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 38,360</span></span></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Basic net income per share</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" id="Tc_DTV2rdnGHUiiQmg5stz5wg_6_2">3.09</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" id="Tc_LF8Fmhcpx0eSuj8IoGIGKg_6_4">2.76</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareBasic" scale="0" id="Tc_CA1_2u7VCU2jBku0U9pU2w_6_6">3.63</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Diluted net income per share</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareDiluted" scale="0" id="Tc_E-zCE7Htg0SaqHEzRMigCg_7_2">3.06</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareDiluted" scale="0" id="Tc_tK1zvHGY90am5Ipcp4MaDg_7_4">2.71</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2022_To_12_31_2022_2IASm1DaF0-Gp_mFl5SCuQ" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EarningsPerShareDiluted" scale="0" id="Tc_j21g7C9s9kuTVLYzgD4EbA_7_6">3.52</ix:nonFraction></p></td></tr></table></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">For the&#160;year ended December&#160;31,&#160;2024, <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_us-gaap_StockAppreciationRightsSARSMember_ums7E9lieUqliHRCuyTrwA" decimals="INF" format="ixt-sec:numwordsen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" scale="0" id="Narr_mVxD7oEm9kGBE97gjfG9VQ">no</ix:nonFraction> SARs were outstanding (2023: <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_us-gaap_AwardTypeAxis_us-gaap_StockAppreciationRightsSARSMember_1dsVlcAspkqdm5qJt-OTJA" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" scale="0" id="Narr_5kdRbv8_UUG-7fWmEXHyPA">176,360</ix:nonFraction>, 2022: <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2022_us-gaap_AwardTypeAxis_us-gaap_StockAppreciationRightsSARSMember_THm92fkd4kyiitMOuRX4Ug" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" scale="0" id="Narr_m_lPQOH-5kyDUlWjJvY1JA">532,642</ix:nonFraction>) and <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_us-gaap_RestrictedStockUnitsRSUMember_MoKl0GVueUiD1X2WTgWTsA" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" scale="0" id="Narr_PKCNA-AfUkSkigr6GeFdxw">370,364</ix:nonFraction> RSUs (2023: <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_us-gaap_AwardTypeAxis_us-gaap_RestrictedStockUnitsRSUMember_S__FLIm9_kCeg_yxI1KysA" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" scale="0" id="Narr_pQPJZjAgGkqJF1f043bv9g">716,452</ix:nonFraction>, 2022: <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2022_us-gaap_AwardTypeAxis_us-gaap_RestrictedStockUnitsRSUMember_ECjQTm1bhkqWI17-GmnWKw" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" scale="0" id="Narr_QTawwtxwRkWP1GlPkBhzFg">908,209</ix:nonFraction>) were outstanding. For the year ended December&#160;31,&#160;2024, there were <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_AwardTypeAxis_us-gaap_StockAppreciationRightsSARSMember_4rAj_cvHvE6XjpOb1zPiDw" decimals="0" format="ixt-sec:numwordsen" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="0" id="Narr_ymvchRm8sU-EJgMEoKFR3A">no</ix:nonFraction> <span style="-sec-ix-hidden:Hidden_jVNE0Sb-00W1dHXzRnAOjw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">anti-dilutive </span></span>SARs and RSUs. <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_AwardTypeAxis_us-gaap_StockAppreciationRightsSARSMember_mnQIJvKRAkSWLmT1gZVt-g" decimals="0" format="ixt:num-dot-decimal" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="0" id="Narr_ME9j-T7ook68I6rdr5WNkg">131,895</ix:nonFraction> SARs at an exercise price of $<ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_AwardTypeAxis_us-gaap_StockAppreciationRightsSARSMember_4rAj_cvHvE6XjpOb1zPiDw" decimals="2" format="ixt:num-dot-decimal" name="asc:ShareBasedCompensationArrangementShareBasedPaymentAwardNonOptionEquityInstrumentsExercisePrice" scale="0" id="Narr_69WHh4v1h02a5sHX_wHqOA">9.20</ix:nonFraction> and <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_AwardTypeAxis_us-gaap_RestrictedStockUnitsRSUMember_9ejJYolu9Eilx8yXJMHIEg" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" scale="0" id="Narr_EreBFtsKjEqPKbbZOsAoNA">89,042</ix:nonFraction> RSUs were not included in the computation of the net income per share for the year ended December 31, 2022 as their impact was anti-dilutive. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the year ended December&#160;31,&#160;2024, the Company paid cash dividends on its outstanding shares of common stock aggregating $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember_g7K8QySe_kCNgt-6Dy1gIQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfOrdinaryDividends" scale="6" id="Narr_f2d_TGh7o0CDrYZfRLg6QA">45.1</ix:nonFraction> million (2023: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember_DsTBkfCvkEW2nCj2bvLGsw" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfOrdinaryDividends" scale="6" id="Narr_XQ-x-KAqtUec3y0pMuwz7Q">47.2</ix:nonFraction> million).</p></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" id="Tb_MK9XlUEJ5ECuj4Zh7xFFgg" continuedAt="Tb_MK9XlUEJ5ECuj4Zh7xFFgg_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">14.&#160;&#160;&#160;Related party transactions</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Anglo Ardmore Ship Management Limited ("AASML")</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">AASML is a joint venture entity owned <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="As_Of_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_AngloArdmoreShipManagementLimitedMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_CorporateJointVentureMember_K-HJLSckT0iwywMICNsG0Q" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:EquityMethodInvestmentOwnershipPercentage" scale="-2" id="Narr_EffbkKnf5U2tlgLASP1zKQ">50</ix:nonFraction>% each by the third-party technical manager Anglo-Eastern and Ardmore Shipping (Bermuda) Limited. AASML is accounted for under the equity method of accounting. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The carrying value of the investment as of December&#160;31,&#160;2024 and 2023 was not significant. AASML was incorporated in June 2017 and began providing technical management services exclusively to the Ardmore fleet on January 1, 2018.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company has entered into standard Baltic and International Maritime Council (&#8220;BIMCO&#8221;) ship management agreements with AASML for the provision of technical management services to <ix:nonFraction unitRef="Unit_Standard_item_FQiRDhHHbU-h1CZkGZogYw" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_asc_AngloArdmoreShipManagementLimitedMember_-MRMJ1B18EaNY9arvID16w" decimals="INF" format="ixt:num-dot-decimal" name="asc:TechnicalManagementServicesProvidedNumberOfVessels" scale="0" id="Narr_0cwzBitE0UeDUKXjLIHO_g">22</ix:nonFraction> owned vessels of the Company&#8217;s fleet as of December&#160;31,&#160;2024 (2023: <ix:nonFraction unitRef="Unit_Standard_item_FQiRDhHHbU-h1CZkGZogYw" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_asc_AngloArdmoreShipManagementLimitedMember_T9LTyfozsEywjJTgWMnM2w" decimals="INF" format="ixt:num-dot-decimal" name="asc:TechnicalManagementServicesProvidedNumberOfVessels" scale="0" id="Narr_JokG4GMzTEeueSgPlxA4aQ">22</ix:nonFraction> vessels). AASML provides the vessels with a wide range of shipping services such as repairs and maintenance, provisioning and crewing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Total management fees paid to AASML for the year ended December&#160;31,&#160;2024 were $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_asc_AngloArdmoreShipManagementLimitedMember_-MRMJ1B18EaNY9arvID16w" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:OperatingCostsAndExpenses" scale="6" id="Narr_tV_Fzwtk8U292uCCSDqgvA">3.7</ix:nonFraction> million (2023: &#160;$<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2023_To_12_31_2023_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_AngloArdmoreShipManagementLimitedMember_d5abBXDlykSnlAJDAiIDbw" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:OperatingCostsAndExpenses" scale="6" id="Narr_NmrRo0kg-0OiMgGIRsDJkw">3.2</ix:nonFraction> million and 2022: &#160;$<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_1_1_2022_To_12_31_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_AngloArdmoreShipManagementLimitedMember_BmhCFVQuj0mXDDrFSf2Lvg" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:OperatingCostsAndExpenses" scale="6" id="Narr_UHLxqfrb_EeGtHmiHHnwfQ">2.7</ix:nonFraction> million), which are included in vessel operating expenses in the consolidated statements of operations. </p></ix:nonNumeric></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-32</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="Narr_2w_Dc8yPwU6LINxcmOjPAg"></a><ix:continuation id="Tb_MK9XlUEJ5ECuj4Zh7xFFgg_cont1"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Amounts due from/(to) AASML in respect of management fees were $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember_4nQAiBp-1kio07y0kXv3kw" decimals="-6" format="ixt-sec:numwordsen" name="asc:AmountsDueFromToRelatedPartyManagementFees" scale="6" id="Narr_Mc28dy1rnEO2ADic7B20dg">Nil</ix:nonFraction> as of December&#160;31,&#160;2024 (2023: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember_tmtNu70nFkWw-sveeovwfw" decimals="-6" format="ixt-sec:numwordsen" name="asc:AmountsDueFromToRelatedPartyManagementFees" scale="6" id="Narr_XsYPS8a3lEaVzefdGyfAJQ">Nil</ix:nonFraction>). Advances to AASML for technical management services as of December&#160;31,&#160;2024 were $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember_4nQAiBp-1kio07y0kXv3kw" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivables" scale="6" id="Narr_JIwR3Xs0I0qBx2nVMyCrYg">2.6</ix:nonFraction> million (2023: &#160;$<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember_tmtNu70nFkWw-sveeovwfw" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:OtherReceivables" scale="6" id="Narr_5qiSoFW5G0O29geTrFMzXQ">5.2</ix:nonFraction> million) and are included in Advances and deposits in the consolidated balance sheets. Amounts payable to AASML for technical management services as of December&#160;31,&#160;2024 were $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember_4nQAiBp-1kio07y0kXv3kw" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrentAndNoncurrent" scale="6" id="Narr_n8lTPiH3M02SoIG1ngtoBA">0.4</ix:nonFraction> million (2023: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember_tmtNu70nFkWw-sveeovwfw" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrentAndNoncurrent" scale="6" id="Narr_x66dd6VeqUOyFNOnItzNHA">0.0</ix:nonFraction> million), with $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_BalanceSheetLocationAxis_us-gaap_AccountsPayableMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember_IeID6t0SS0yKqceYcHMTdA" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrentAndNoncurrent" scale="6" id="Narr_Wz1Jb3dROkeFBvWRYWxlAA">0.2</ix:nonFraction> million (2023: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_BalanceSheetLocationAxis_us-gaap_AccountsPayableMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember_BneX2QEkr0GJXDI085U5nQ" decimals="-5" format="ixt-sec:numwordsen" name="us-gaap:AccountsPayableCurrentAndNoncurrent" scale="6" id="Narr_h-svKcnVFUi5icAG9_nBRw">Nil</ix:nonFraction>) included in Accounts payable and $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_BalanceSheetLocationAxis_asc_AccruedExpensesAndOtherLiabilitiesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember_qyeX1ydKIEStOLJOMwH95A" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrentAndNoncurrent" scale="6" id="Narr_EUQs4VsiqkypaF7mgJiNMQ">0.2</ix:nonFraction> million (2023: $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2023_us-gaap_BalanceSheetLocationAxis_asc_AccruedExpensesAndOtherLiabilitiesMember_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_us-gaap_RelatedPartyMember_RHJvc-nJbk2euTdzeYwExQ" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:AccountsPayableCurrentAndNoncurrent" scale="6" id="Narr_DnxZ_IEcCE-e9vaHcvXH-A">0.0</ix:nonFraction> million) included in Accrued expenses and other liabilities in the consolidated balance sheets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></ix:continuation><a id="Tc_1QAaoUfMkEuQ7pFUID_7YA_2_4"></a><a id="Tc_9wombzqOTkifmms_k60S3w_3_2"></a><a id="Tc_Nl-NzKH_okeirOsZp-EHQA_3_4"></a><a id="Tc_rdkoOeDAgEGsa12PR_gi7Q_4_0"></a><a id="Tc_gsq4cVQisU63qzijKydvsg_4_4"></a><a id="Tc_vi41KwTTAkineJskf5HJVA_5_0"></a><a id="Tc_GztdWH6ZwUyKqH7F-g0uYQ_6_0"></a><a id="Tc_VL3Rk11CFkiHazfnaIf8HQ_6_4"></a><a id="Tc__86kUSxWv0moxj-aqnVozw_7_0"></a><a id="Tc_FkuJlGgu00CK_eEmjf91Pw_7_4"></a><a id="Tc_gXa2fRwswEGgiibPFT6VVg_1_2"></a><a id="Tc_QjG77pwifE-JMGYQ4w3NWA_1_7"></a><a id="Tc_qjKer1i9_0uLfXtGxKJRBA_1_12"></a><a id="Tc_326O6uRUyU2qAIdRyOA97g_2_4"></a><a id="Tc_r3c-T4RTQUSctZHp9wGIzw_2_9"></a><a id="Tc_i5X0I36xyUWlEod8TaWFeQ_2_14"></a><a id="Tc_rmsvI1Igq0S9JbXbmo32cQ_3_2"></a><a id="Tc_FnsGGwlpuEmOzXayktj5gA_3_4"></a><a id="Tc_VqVLjWy_AUG0vARKMi_GVw_3_7"></a><a id="Tc_B9GTPMStCkeMd_lzIAsUfg_3_9"></a><a id="Tc_eKbhkGCZSESSD_UwDHGqxg_3_12"></a><a id="Tc_Wma0NbcNrEe7QaoMxrcOIw_3_14"></a><a id="Tc_xzoSqmvH1UW6Q9KQCCuNpg_4_2"></a><a id="Tc_eLUcMlWLr0yLL0rzgJCV5A_4_4"></a><a id="Tc_1ao9n15wFEKPRFRh4Go8XA_4_7"></a><a id="Tc_PqSweV98XU2sWP_Pc_gZ2w_4_9"></a><a id="Tc_rX9wslHIW0yxJM_uFuTtTQ_4_12"></a><a id="Tc_s4ccYjjcRkWgFlcms8Vazg_4_14"></a><a id="Tc_I_tTiGLl_0itbzbJzTDVyQ_5_0"></a><a id="Tc_ZdvF39yEIEyqb0c0L8cN_w_5_4"></a><a id="Tc_0BgSK1Y6kUymN6Xcg6h6iw_5_9"></a><a id="Tc_CMSsHy-y00OW114H5iELzg_5_14"></a><a id="Tc_oIztiP7eH0SVCAJrpcmhdw_6_0"></a><a id="Tc_jaw00IUiWUOVLZ3YHMi2Qg_6_4"></a><a id="Tc_R-OZoIIJQ0KAaCyhU-iL8g_6_9"></a><a id="Tc_i45cZs7uB02DHWVIjpS3IQ_6_14"></a><a id="Tc_vbXfrs_K_0m0ErcHMzyTQQ_7_0"></a><a id="Tc_tVSh8AALpEyC4q2sf1SlmA_7_4"></a><a id="Tc_9cIps7lWjE2igxMRkA1geg_7_9"></a><a id="Tc_tNJuY0yXdEyVDhIWPMhB-g_7_14"></a><a id="Tc_d6NWehkxVEG8A7jdrzEtdA_8_0"></a><a id="Tc_-wkR39SdoESFSnJoYP5Gsg_8_4"></a><a id="Tc_CNoiucVLb0yvXxBZuIKPGQ_8_9"></a><a id="Tc_m6Rw1IRMT0ufjFAPMtx0sg_8_14"></a><a id="Tc_Fab3Ui6AYUuoZ10dqZm6sQ_1_0"></a><a id="Tc__sSb2ksZOECMUrRlfJPq-w_2_0"></a><a id="Tc_sUDlvGzqd0ugJZJBgYPXAQ_2_2"></a><a id="Tc_vPzz_O66A0OtY6XIgriEgQ_3_0"></a><a id="Tc_I-p_uMoVckWhvQV25KQkbQ_4_0"></a><a id="Tc_Pq1ye4jCKUSXeSqDpnFEPw_5_0"></a><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" id="Tb_mseoJZil00u7c47FQLpkug" continuedAt="Tb_mseoJZil00u7c47FQLpkug_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">15.&#160;&#160;&#160;Share-based compensation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Stock appreciation rights</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024, <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_us-gaap_StockAppreciationRightsSARSMember_ums7E9lieUqliHRCuyTrwA" decimals="INF" format="ixt-sec:numwordsen" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" scale="0" id="Narr_QUO6LKsyp0CffnQtA0Yfhw">no</ix:nonFraction> SARs were outstanding under the Company&#8217;s 2013 Equity Incentive Plan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Changes in the SARs for the&#160;year ended December&#160;31,&#160;2024 are set forth below:</p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_AwardTypeAxis_us-gaap_StockAppreciationRightsSARSMember_4rAj_cvHvE6XjpOb1zPiDw" name="asc:ShareBasedCompensationIssueNewCommonSharesTableTextBlock" id="Tb_q56aeXlJFEabCy15rCWuZQ" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weighted&#160;average</b>&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.&#160;of</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">&#160;</b><b style="font-weight:bold;">SARs</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">exercise&#160;price</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance as of January 1, 2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_us-gaap_AwardTypeAxis_us-gaap_StockAppreciationRightsSARSMember_1dsVlcAspkqdm5qJt-OTJA" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" scale="0" id="Tc_aBaVi7iLckO_y8IckuYmCA_4_2">176,360</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2023_us-gaap_AwardTypeAxis_us-gaap_StockAppreciationRightsSARSMember_1dsVlcAspkqdm5qJt-OTJA" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" scale="0" id="Tc_aeTlENTx6kOXm39aElMMrA_4_5">4.28</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">SARs granted during the year ended December&#160;31,&#160;2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="INF" format="ixt:fixed-zero" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" scale="0" id="Tc_A10CnDQP0Ea-xjDr-A9gOA_5_2">&#8212;</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="2" format="ixt:fixed-zero" name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" scale="0" id="Tc_ldXgWR9pskOU4V4s4YKOgw_5_5">&#8212;</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">SARs exercised during the year ended December&#160;31,&#160;2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" scale="0" id="Tc_JBggdi96-Ey9O4vqZLxRnw_6_2">176,360</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" scale="0" id="Tc_i9zG2tRfoUSUYa4XeOyqJg_6_5">4.28</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Balance as of December&#160;31,&#160;2024 (none of which are exercisable or convertible)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_us-gaap_StockAppreciationRightsSARSMember_ums7E9lieUqliHRCuyTrwA" decimals="INF" format="ixt:fixed-zero" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" scale="0" id="Tc_QK025YnkLkSJuoe7UNJDMg_7_2">&#8212;</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_us-gaap_StockAppreciationRightsSARSMember_ums7E9lieUqliHRCuyTrwA" decimals="2" format="ixt:fixed-zero" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" scale="0" id="Tc_06dv36VXAkqbruZrVtxIlA_7_5">-</ix:nonFraction></b></p></td></tr></table></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Time Restricted stock units</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024, the Company has granted <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2024_To_12_31_2024_srt_TitleOfIndividualAxis_asc_OfficersAndDirectorsMember_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_us-gaap_PlanNameAxis_asc_EquityIncentivePlan2013Member_49GZFmHCJkCY-9BFjXPFVw" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" id="Narr_ImnhyIkA3UewcvEPNIoD7w">2,017,203</ix:nonFraction> TRSUs to certain of its officers and directors under its 2013 Equity Incentive Plan, that will vest in three equal annual tranches from the date of grant. 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style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.72%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.77%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.78%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weighted&#160;average</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weighted&#160;average</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weighted&#160;average</b></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">fair&#160;value&#160;at&#160;grant</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">fair&#160;value&#160;at&#160;grant</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">fair&#160;value&#160;at&#160;grant</b></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TRSUs</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">date</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TRSUs</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">date</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TRSUs</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">date</b></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance as of January 1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_U7liOmJx0EK5k6CfP0HqtA" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" scale="0" id="Tc_pgmmsJ4_gEWdEk7vhDUu6g_5_2">677,739</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2023_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_U7liOmJx0EK5k6CfP0HqtA" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" scale="0" id="Tc_BUXtKJfChEip4Bma_H2W6g_5_5">7.70</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2022_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_LHTJ15EY8k6aGAWyrqPmTA" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" scale="0" id="Tc_jzLwBNaiwkqnuYW_rQT6xA_5_7">908,209</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2022_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_LHTJ15EY8k6aGAWyrqPmTA" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" scale="0" id="Tc_8iPzGCAWNkWL9nynStk9-A_5_10">5.31</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2021_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_WwP-kFx1qk2KQOCVG1HamQ" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" scale="0" id="Tc_xXiIjw07LECPCZ33Gi_H0g_5_12">546,935</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2021_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_WwP-kFx1qk2KQOCVG1HamQ" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" scale="0" id="Tc_IFZuEW65yEaMCddVmumLCw_5_15">4.44</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">TRSUs granted during the year </p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_FljDZiJagE6bCmAX_RyPBw" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" id="Tc_bh-kogEc8UGo8NKA3jBk6A_6_2">134,175</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_FljDZiJagE6bCmAX_RyPBw" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" scale="0" id="Tc_E2fguY12RE-MTnH-kXECBA_6_5">16.99</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_rlxO36WHqkuBWqMyLyuqeg" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" id="Tc_dew545TNV0mhjrntPnlyLw_6_7">172,034</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_rlxO36WHqkuBWqMyLyuqeg" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" scale="0" id="Tc_cCpji4ltaUeDOGaHL2ScKg_6_10">14.70</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_KxjESjrYvE2NJKNuIRH47w" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" id="Tc_nOWccsG0q0qDJE7-QONe9g_6_12">760,810</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_KxjESjrYvE2NJKNuIRH47w" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" scale="0" id="Tc_rhc2tcXfg0e2YVX-lQ0TCA_6_15">5.50</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">TRSUs vested during the year </p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_FljDZiJagE6bCmAX_RyPBw" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" scale="0" id="Tc_Tw-_Hvu2mUy5C8ckhKI_gw_7_2">528,157</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_FljDZiJagE6bCmAX_RyPBw" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" scale="0" id="Tc_PwtSdt4Vpk6VwQNu9U7gDg_7_5">7.19</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_rlxO36WHqkuBWqMyLyuqeg" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" scale="0" id="Tc_gnKTBPQLt0Cj5Vqitv3VtA_7_7">402,504</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_rlxO36WHqkuBWqMyLyuqeg" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" scale="0" id="Tc_GSVxraGdiEq_ZlP34x286Q_7_10">5.30</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_KxjESjrYvE2NJKNuIRH47w" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" scale="0" id="Tc_XTE-Lf0WPE20a-gvDg1cqw_7_12">399,536</ix:nonFraction>)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (<ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2022_To_12_31_2022_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_KxjESjrYvE2NJKNuIRH47w" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" scale="0" id="Tc_vmDui_7M6E24ibMsz501Jw_7_15">4.47</ix:nonFraction>)</p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Balance as of December&#160;31,&#160;2024 </b><b style="font-weight:bold;"><br/></b><b style="font-weight:bold;">(none of which are vested)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_XaQWvPWh2U2l5ZdqYBZTlQ" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" scale="0" id="Tc_RR8DJQMdk0GiFz6HLw5L0A_8_2">283,757</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_XaQWvPWh2U2l5ZdqYBZTlQ" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" scale="0" id="Tc_LOEQPZUNIUGY4yvileOhkA_8_5">13.04</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_U7liOmJx0EK5k6CfP0HqtA" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" scale="0" id="Tc_l906u-JW30mpo7fCUxzY4A_8_7">677,739</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2023_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_U7liOmJx0EK5k6CfP0HqtA" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" scale="0" id="Tc_eaAils1RqUec9vp5nRnxBw_8_10">7.70</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2022_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_LHTJ15EY8k6aGAWyrqPmTA" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" scale="0" id="Tc_daR1Scfha0yBb7XHF4JXmw_8_12">908,209</ix:nonFraction></b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2022_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_LHTJ15EY8k6aGAWyrqPmTA" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" scale="0" id="Tc_f6cezHq1RkKV1q_6HfzMhQ_8_15">5.31</ix:nonFraction></b></p></td></tr></table></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The total cost related to non-vested awards expected to be recognized through 2027 is set forth below:</p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_FljDZiJagE6bCmAX_RyPBw" name="us-gaap:ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock" id="Tb_1JjXFwYLkU250nZdCrmaiw" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Period</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TOTAL</b></p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2025</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_XaQWvPWh2U2l5ZdqYBZTlQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths" scale="3" id="Tc_FcCgOk_QiUWfDrFi2truzw_3_2">1,272</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2026</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_XaQWvPWh2U2l5ZdqYBZTlQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo" scale="3" id="Tc_LCmtLxH1nUOckALbXy8Cvw_4_2">457</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2027</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_XaQWvPWh2U2l5ZdqYBZTlQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree" scale="3" id="Tc_V0f0QLJkcUCwXyUqpM5n7g_5_2">67</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_asc_TimeBasedRestrictedStockUnitsMember_XaQWvPWh2U2l5ZdqYBZTlQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" scale="3" id="Tc_L0ZqyVy0xU6vVf6r45h92g_6_2">1,796</ix:nonFraction></b></p></td></tr></table></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p></ix:nonNumeric></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-33</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><a id="Tc__G2EbJqc70mPDp-z07RNAQ_1_1"></a><a id="Tc_KM2CAVvjE0S5dIvYxSfiVg_2_1"></a><a id="Tc_WKjD04C5UUSOpTEoZ50Wpw_2_3"></a><a id="Tc_O6aPwfkR50GcRwtdK2e0Hw_3_1"></a><a id="Tc_Fpcw1D5tRU6nqtazdOIzzA_3_3"></a><a id="Tc_m3-TqtmnSEGNmXnapmHDIA_4_0"></a><a id="Tc_SxHr0Ry3hUyo7tSb2kn2pQ_4_3"></a><a id="Tc_AiN9hAgYWUm7h1sANNWFOA_5_0"></a><a id="Tc_FQ8M6QIn9EWwQiAQgGct2g_6_0"></a><a id="Tc_kvte7SvtxEy2rHd6SP6kHA_6_1"></a><a id="Tc_54XSkvbRbEaxhWPriFZluA_6_3"></a><a id="Tc_BZQ5GKWukUWcl6rxQzmdpA_8_0"></a><a id="Tc_E4FMgOT_CUCGfRTZGVuE3Q_1_2"></a><a id="Tc_QonYasaCIE2y1APjcDNmAg_1_3"></a><a id="Tc_EK3K325OtUyKlJ58POt-_g_2_0"></a><a id="Tc_LZ6s6Ifkr0y1wFBzBVI84Q_3_0"></a><a id="Tc_yCdPX7JWxkCybzzoIOIlhw_4_0"></a><a id="Tc_V5-gsJRBY0GKhPYAYlZooA_5_0"></a><a id="Tc_Ey7QeIOHY0qWLaYAjLi_Cg_6_0"></a><a id="Tc_4Z3Tj63IxkKC8-WtXDcOdQ_1_0"></a><a id="Tc_FWK3dMy-FEqy1vu9UJWlIw_2_0"></a><a id="Tc_ZTk8OQZBQkydteEidFhGow_2_2"></a><a id="Tc_3UbvYJCW_UCtEDN7lcHWCw_3_0"></a><a id="Tc_Omra5v0evEOSw27GPZTkUQ_4_0"></a><a id="Tc_F_F9JX2NlkOSRvYoYZ2f6A_5_0"></a><ix:continuation id="Tb_mseoJZil00u7c47FQLpkug_cont1"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Performance-Based Restricted stock units</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024, the Company has granted <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_jsg36jPSPEKSMPk0w0zufQ" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" scale="0" id="Narr_J-3rZkNgsECmNAEFp5NmOA">86,607</ix:nonFraction> PRSUs to certain of its officers and directors under its 2013 Equity Incentive Plan, that will vest in one tranche to the extent earned which are contingent upon the Company&#8217;s relative total shareholder return (&#8220;TSR&#8221;), which represents a market condition, and the grantee&#8217;s continued employment with the Company through the vesting date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The TSR is calculated based on the Company&#8217;s total shareholder return compared to that of certain peer companies specified in the award agreements over the performance period and is calculated based on the change in the average daily closing stock price over a <ix:nonFraction unitRef="Unit_Standard_D_cQ_91SQevUu8V6DsGSRhoQ" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="INF" format="ixt:num-dot-decimal" name="asc:ShareBasedCompensationArrangementByShareBasedPaymentAwardThresholdNumberOfTradingDaysToDetermineTotalShareholderReturn" scale="0" id="Narr_6aeFi_bu7Ui-JIdrsn16Pw">30</ix:nonFraction> trading-day period from the beginning to the end of the performance period, including reinvested dividends. The total quantity of PRSUs eligible to vest under these awards range from <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_srt_RangeAxis_srt_MinimumMember_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_yVyDPizT00aPD9fY7aAh0Q" decimals="2" format="ixt-sec:numwordsen" name="asc:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodPercentage" scale="-2" id="Narr_oyJ-YMb-LUum4RhN3DosDw">zero</ix:nonFraction> to <ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_srt_RangeAxis_srt_MaximumMember_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_y2Jy8FCW1UCnrzJqelcHWQ" decimals="2" format="ixt:num-dot-decimal" name="asc:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodPercentage" scale="-2" id="Narr_FERaUtPJ1k2njKna-9gQaQ">200</ix:nonFraction>% of the target based on actual relative TSR performance during the performance period. The grant date fair value of the TSR awards was estimated using a Monte Carlo simulation model. &#160;Compensation for these awards is being amortized over the service period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Changes in the PRSUs for the year ended December&#160;31,&#160;2024 is set forth below:</p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_Vca7zPQXTUqqxmCbbeI1XQ" name="asc:ShareBasedCompensationIssueNewCommonSharesTableTextBlock" id="Tb_0VJFPSRwdk-DJoYsi4eElw" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:19.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:19.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:43.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Number of PRSUs</p></td><td style="vertical-align:middle;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Number of PRSUs</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Outstanding as of January 1</p></td><td style="vertical-align:middle;width:19.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_vw8AWsbq3kuyfzohzoIQyw" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" scale="0" id="Tc_48SBmt3RJ025XDBo5weZBA_4_1">38,713</ix:nonFraction></p></td><td style="vertical-align:middle;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> -</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Granted</p></td><td style="vertical-align:middle;width:19.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_Vca7zPQXTUqqxmCbbeI1XQ" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" id="Tc_eYIcgmaCMEuhiFfy7N55bg_5_1">47,894</ix:nonFraction></p></td><td style="vertical-align:middle;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="Duration_1_1_2023_To_12_31_2023_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_a2T6FCKo1EWpue2-4yR2Mw" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" scale="0" id="Tc_hUSX8NZ3pkSkR-uDDiM2Vg_5_3">38,713</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Vested</p></td><td style="vertical-align:middle;width:19.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> -</p></td><td style="vertical-align:middle;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> -</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.52%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Balance as of December&#160;31,&#160;2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.54%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_jsg36jPSPEKSMPk0w0zufQ" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" scale="0" id="Tc_mLwddqOz90mSr3sc6nbJzQ_8_1">86,607</ix:nonFraction></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.52%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_vw8AWsbq3kuyfzohzoIQyw" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" scale="0" id="Tc_ETklz9VFz0GmGuKzMnxv3g_8_3">38,713</ix:nonFraction></p></td></tr></table></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Significant inputs used in the estimation of the fair value of these awards granted during 2024 and 2023 are as follows:</p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="asc:ScheduleOfShareBasedPaymentAwardValuationAssumptionsTableTextBlock" id="Tb_3_7TVWFGhU-qrk091wEIrQ" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Closing share price of our common stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$<ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" id="Tc_0V2y64SHx0qdLwExpd-LWw_2_2">16.25</ix:nonFraction> </p></td><td style="vertical-align:middle;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$<ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:SharePrice" scale="0" id="Tc_iBibWvXN8EGRtRbQSuVlmw_2_3">18.53</ix:nonFraction> </p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Risk-free rate of return</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" scale="-2" id="Tc__dk44IAUJEifM_59_NERjQ_3_2">4.27</ix:nonFraction>%</p></td><td style="vertical-align:middle;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" scale="-2" id="Tc_ZZdZfDEqdE2fZZx8_2PAOA_3_3">4.56</ix:nonFraction>%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Expected volatility of our common stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" scale="-2" id="Tc_5WLs__JRJESlUaRX1DUdbg_4_2">52.11</ix:nonFraction>%</p></td><td style="vertical-align:middle;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" scale="-2" id="Tc_ecC8VwWYXUeMo4NoOPsogg_4_3">67.33</ix:nonFraction>%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Holding period discount</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions" scale="-2" id="Tc_tr-qMcB3N0q2yZrZL0UWkw_5_2">0.00</ix:nonFraction>%</p></td><td style="vertical-align:middle;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonFraction unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ" contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" decimals="4" format="ixt:num-dot-decimal" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions" scale="-2" id="Tc_zARSINeHIESfrcpL9WHhuA_5_3">0.00</ix:nonFraction>%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Simulation term (in years)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" id="Tc_AOEsUPyBEkqspNBIr2vxaw_6_2">3.00</ix:nonNumeric></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><ix:nonNumeric contextRef="Duration_1_1_2023_To_12_31_2023_UnJbmdPvJE-UjsF7lDeylA" format="ixt-sec:duryear" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1" id="Tc_f_JXl2CqHkiEZ88pyfq9gw_6_3">3.00</ix:nonNumeric></p></td></tr></table></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The total cost related to non-vested awards expected to be recognized through 2027 is set forth below:</p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_Vca7zPQXTUqqxmCbbeI1XQ" name="us-gaap:ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock" id="Tb_bGTULtru9UCnd7Y3Pg8Vkg" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Period</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TOTAL</b></p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2025</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_jsg36jPSPEKSMPk0w0zufQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths" scale="3" id="Tc_ZE_NskXjLUikA67cRPzVOw_3_2">412</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2026</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_jsg36jPSPEKSMPk0w0zufQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo" scale="3" id="Tc_ggk-e5nHlEqNbmZDX0hZug_4_2">254</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2027</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_jsg36jPSPEKSMPk0w0zufQ" decimals="-3" format="ixt:num-dot-decimal" name="asc:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree" scale="3" id="Tc_PtBC4W9_FUWq8MG4ixt5Xw_5_2">37</ix:nonFraction></p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> <ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_us-gaap_AwardTypeAxis_asc_PerformanceBasedRestrictedStockUnitsMember_jsg36jPSPEKSMPk0w0zufQ" decimals="-3" format="ixt:num-dot-decimal" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" scale="3" id="Tc_1a1y-QVas0CO0xaRMiaZSQ_6_2">703</ix:nonFraction></b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></ix:nonNumeric></ix:continuation><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;background:#ffff00;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:TreasuryStockTextBlock" id="Tb_0PZsD-MWC0addmjik-d6jw" continuedAt="Tb_0PZsD-MWC0addmjik-d6jw_cont1" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></ix:nonNumeric></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-34</p></div></div>
<div style="background-color:#000000;clear:both;height:2pt;page-break-after:always;width:79.3%;border:0;margin:30pt 10.35% 30pt 10.35%;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><span style="font-style:normal;font-weight:normal;">Table of Contents</span></a></p></div><div style="clear:both;margin-left:-10.0pt;margin-right:-10.0pt;max-width:100%;position:relative;width:calc(100% + 20.0pt);"><div style="padding-left:10pt;padding-right:10pt;position:relative;width:100%;"><ix:continuation id="Tb_0PZsD-MWC0addmjik-d6jw_cont1"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">16.&#160;&#160;&#160;Repurchase of common stock </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In September 2023, the Company's Board of Directors authorized a new share repurchase plan, expanding and replacing the Company's earlier plan. Pursuant to the 2023 share repurchase plan, the Company may purchase up to $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_9_30_2023_srt_RangeAxis_srt_MaximumMember_7kx8YSr_1Ui3DX9oGu8PTg" decimals="-6" format="ixt:num-dot-decimal" name="srt:StockRepurchaseProgramAuthorizedAmount1" scale="6" id="Narr_75B-9Q7LGkCpU3j1IH-VZw">50</ix:nonFraction> million of its common shares at times and at prices that are considered to be appropriate by the Company. The Company may repurchase these shares in the open market or in privately negotiated transactions, but is not obligated under the terms of the plan to repurchase any shares, and at any time, the Company may suspend, delay or discontinue the plan. During the year ended December&#160;31,&#160;2024, the Company repurchased <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2024_srt_ShareRepurchaseProgramAxis_asc_RepurchasePlanMember_amoUGHSGd0qJ2cDtbto5AQ" decimals="INF" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockCommonShares" scale="0" id="Narr_tLcYucSdJk-osp8ZYCewdQ">1,556,203</ix:nonFraction> common shares at a weighted-average per share price of $<ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2024_To_12_31_2024_srt_ShareRepurchaseProgramAxis_asc_RepurchasePlanMember_YZsq7NwxwEau7YCtzrpPUQ" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockAcquiredAverageCostPerShare" scale="0" id="Narr_T9fx7T3wJ02MnqvV6HeZkQ">11.49</ix:nonFraction> (including fees and commission of $<ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2024_To_12_31_2024_srt_ShareRepurchaseProgramAxis_asc_RepurchasePlanMember_YZsq7NwxwEau7YCtzrpPUQ" decimals="2" format="ixt:num-dot-decimal" name="asc:TreasuryStockAcquiredFeesAndCommissionCostPerShare" scale="0" id="Narr_1Os6SD4KHEySNUot7mV5xg">0.03</ix:nonFraction> per share) for a total cost of $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="As_Of_12_31_2024_srt_ShareRepurchaseProgramAxis_asc_RepurchasePlanMember_amoUGHSGd0qJ2cDtbto5AQ" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:TreasuryStockValue" scale="6" id="Narr_pm-XvG8f7EWcQqZx4Ycx1g">17.9</ix:nonFraction> million. The shares were repurchased on the open market and were therefore at market price.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">During the&#160;years ended December 31, 2023 and 2022, the Company effected <ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2022_srt_TitleOfIndividualAxis_srt_DirectorMember_HAHWQZeRSUef_Wg6k0XFtA" decimals="INF" format="ixt-sec:numwordsen" name="us-gaap:TreasuryStockCommonShares" scale="0" id="Narr_7bakUPaLd0Ss7lnOBUjEfw"><ix:nonFraction unitRef="Unit_Standard_shares_GYHhmuo33kW0EscMcYfn1g" contextRef="As_Of_12_31_2023_srt_TitleOfIndividualAxis_srt_DirectorMember_a-KQmUTPDECYhVB11T3WpQ" decimals="INF" format="ixt-sec:numwordsen" name="us-gaap:TreasuryStockCommonShares" scale="0" id="Narr_VE79gVLdnEW2Kq6zrtJ48g">no</ix:nonFraction></ix:nonFraction> common share repurchases.</p></ix:continuation><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock" id="Tb_ZMbDtCsH00Gj4QZK9v6h_A" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">17. Commitments and Contingencies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any such legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows. </p></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><ix:nonNumeric contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw" name="us-gaap:SubsequentEventsTextBlock" id="Tb_VOhBBP9zHUKZ9N-imyoMYA" escape="true"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">18. Subsequent Events</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On <ix:nonNumeric contextRef="Duration_2_13_2025_To_2_13_2025_us-gaap_DividendsAxis_asc_O2024Q4DividendsMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember_BxD16rwFRE2akroJjqkA3A" format="ixt:date-monthname-day-year-en" name="us-gaap:DividendsPayableDateDeclaredDayMonthAndYear" id="Narr_OJs_tMXUuUOBexVnyo30hg">February 13, 2025</ix:nonNumeric>, Ardmore announced that its Board of Directors declared a cash dividend of $<ix:nonFraction unitRef="Unit_Divide_USD_shares_8Jm0AIlqkkymnnzxiJER9w" contextRef="Duration_1_1_2025_To_2_13_2025_us-gaap_DividendsAxis_asc_O2024Q4DividendsMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember_4YJm6QxmJ0WAxgoRGJMutA" decimals="2" format="ixt:num-dot-decimal" name="us-gaap:CommonStockDividendsPerShareDeclared" scale="0" id="Narr_4Phz5CteEU-5FCXtAjX_GA">0.08</ix:nonFraction> per common share for the quarter ended December 31, 2024. The cash dividend of approximately $<ix:nonFraction unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig" contextRef="Duration_3_14_2025_To_3_14_2025_us-gaap_DividendsAxis_asc_O2024Q4DividendsMember_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember_S4ExPXFJ9U-IyKJVbDRSeA" decimals="-5" format="ixt:num-dot-decimal" name="us-gaap:PaymentsOfDividendsCommonStock" scale="6" id="Narr_wbVRt89COk-gnwKWssy61g">3.2</ix:nonFraction> million will be paid on <ix:nonNumeric contextRef="Duration_3_14_2025_To_3_14_2025_us-gaap_DividendsAxis_asc_O2024Q4DividendsMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember_DNk2bA0h-EyBcfGRmDw9xw" format="ixt:date-monthname-day-year-en" name="us-gaap:DividendPayableDateToBePaidDayMonthAndYear" id="Narr_7nwrtlNdHk-2wHFZqFCeeg">March 14, 2025</ix:nonNumeric>, to all common shareholders of record on <ix:nonNumeric contextRef="Duration_2_28_2025_To_2_28_2025_us-gaap_DividendsAxis_asc_O2024Q4DividendsMember_us-gaap_SubsequentEventTypeAxis_us-gaap_SubsequentEventMember_j07NNR73RUisaJCjlt_u6g" format="ixt:date-monthname-day-year-en" name="us-gaap:DividendsPayableDateOfRecordDayMonthAndYear" id="Narr_aPYCdVJXCkWlVdk4IFefFQ">February 28, 2025</ix:nonNumeric>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p></ix:nonNumeric><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">F-35</p></div></div>
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<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>2
<FILENAME>asc-20241231xex2d2.htm
<DESCRIPTION>EX-2.2
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<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/7/2025 04:23:12 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 2.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">DESCRIPTION OF THE REGISTRANT&#8217;S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December 31, 2024, Ardmore Shipping Corporation (&#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221;) had one class of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;): our common stock, par value $0.01 per share.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">DESCRIPTION OF COMMON STOCK</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following description is a summary of the material provisions of our common stock, including the rights, preferences and restrictions attaching to our common stock. Because the following is a summary, it does not contain all information that an investor may find useful. For more complete information, please read our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws, each of which is incorporated by reference as an exhibit to the Annual Report on Form 20-F of which this Exhibit 2.2 is a part.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Authorized Capital Stock</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under our Amended and Restated Articles of Incorporation, our authorized capital stock consists of 225,000,000 common shares, par value $0.01 per share, of which 44,031,496 shares were issued and 40,455,240 were outstanding as of December 31, 2024, and 25,000,000 preferred shares, par value $0.01 per share, of which 40,000 shares were issued and 30,000 were outstanding as of December 31, 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-style:italic;font-weight:bold;">Common Shares</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to any preferences that may be applicable to any outstanding preferred shares, holders of common shares are entitled to receive ratably all dividends, if any, declared by our board of directors out of funds legally available for dividends. Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred shares having liquidation preferences, if any, the holders of our common shares are entitled to receive pro rata our remaining assets available for distribution. Holders of common shares do not have conversion, redemption or pre-emptive rights to subscribe for any of our securities. The rights, preferences and privileges of holders of common shares are subject to the rights of the holders of any preferred shares.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-style:italic;font-weight:bold;">Preferred Shares</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our Amended and Restated Articles of Incorporation authorize our board of directors to establish one or more series of preferred shares and to determine, with respect to any series of preferred shares, the terms and rights of that series, including:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the designation of the series;</font></td></tr></table><div style="margin-top:3pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the number of shares of the series;</font></td></tr></table><div style="margin-top:3pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the preferences and relative, participating, option or other special rights, if any, and any qualifications, limitations or restrictions of such series; and</font></td></tr></table><div style="margin-top:3pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the voting rights, if any, of the holders of the series.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">One series of preferred shares has been established: the 8.5% Cumulative Redeemable Perpetual Preferred Shares&#8212;Series A (the &#8220;Series A Preferred Shares&#8221;). 40,000 Series A Preferred Shares were issued and 30,000 Series A Preferred Shares were outstanding as of December 31, 2024. For more information, including the rights, preferences and restrictions attaching to our Series A Preferred Shares, please read our Statement of Designation of the 8.5% Cumulative Redeemable Perpetual Preferred Shares&#8212;Series A of the Company, which is incorporated by reference as an exhibit to the Annual Report on Form 20-F of which this Exhibit 2.2 is a part.</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Limitations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">There are no limitations on the rights to own our securities, including the rights of non-resident or foreign shareholders to hold or exercise voting rights on the securities, imposed by the laws of the Republic of The Marshall Islands or by our Amended and Restated Articles of Incorporation or Amended and Restated Bylaws.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Registrar and Transfer Agent</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The registrar and transfer agent for our common shares is Computershare Trust Company N.A.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Listing</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">Our common shares are currently listed on the NYSE under the symbol &#8220;ASC.&#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Anti-takeover Effect of Certain Provisions of Our Organizational Documents</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Several provisions of our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws, which are summarized below, may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our board of directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions, which are summarized below, could also discourage, delay or prevent (a) the merger or acquisition of us by means of a tender offer, a proxy contest or otherwise that a shareholder may consider in its best interest or (b) the removal of incumbent officers and directors.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-style:italic;font-weight:bold;">Blank Check Preferred Shares</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Under the terms of our Amended and Restated Articles of Incorporation, our board of directors has authority, without any further vote or action by our shareholders, to issue up to 25,000,000 blank check preferred shares. Our board of directors may issue preferred shares on terms calculated to discourage, delay or prevent a change of control of us or the removal of our management.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-style:italic;font-weight:bold;">Election and Removal of Directors</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our Amended and Restated Articles of Incorporation prohibit cumulative voting in the election of directors. Our Amended and Restated Bylaws require parties other than the board of directors to give advance written notice of nominations for the election of directors. Our Amended and Restated Articles of Incorporation also provide that our directors may be removed only for cause upon the affirmative vote of not less than two-thirds of the outstanding shares of our capital stock entitled to vote for those directors. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-style:italic;font-weight:bold;">Classified Board of Directors</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our Amended and Restated Articles of Incorporation provide for the division of our board of directors into three classes of directors, with each class as nearly equal in number as possible, serving staggered three-year terms. Accordingly, approximately one-third of our board of directors generally will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of us. It could also delay shareholders who do not agree with the policies of our board of directors from removing a majority of our board of directors for two years.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-style:italic;font-weight:bold;">Limited Actions by Shareholders</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our Amended and Restated Articles of Incorporation and our Amended and Restated Bylaws provide that any action required or permitted to be taken by our shareholders must be effected at an annual or special meeting of shareholders or by the unanimous written consent of our shareholders. Our Amended and Restated Articles of Incorporation and our Amended and Restated Bylaws provide that, unless otherwise prescribed by law, only a majority of our board of directors, the chair of our board of directors or the president of the Company may call special meetings of our shareholders and the business transacted at the special meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may </p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">be prevented from calling a special meeting for shareholder consideration of a proposal over the opposition of our board of directors and shareholder consideration of a proposal may be delayed until the next annual meeting.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-style:italic;font-weight:bold;">Advance Notice Requirements for Shareholder Proposals and Director Nominations</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our Amended and Restated Bylaws provide that shareholders seeking to nominate candidates for election as directors or to bring business before an annual meeting of shareholders must provide timely notice of their proposal in writing to the corporate secretary. Generally, to be timely, a shareholder&#8217;s notice must be received at our principal executive offices not less than 120 days nor more than 150 days prior to the one-year anniversary of the immediately preceding annual meeting of shareholders. Our Amended and Restated Bylaws also specify requirements as to the form and content of a shareholder&#8217;s notice. These provisions may impede shareholders&#8217; ability to bring matters before an annual meeting of shareholders or make nominations for directors at an annual meeting of shareholders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-style:italic;font-weight:bold;">Business Combinations</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">Although the BCA does not contain specific provisions regarding &#8220;business combinations&#8221; between companies organized under the laws of the Republic of the Marshall Islands and &#8220;interested shareholders,&#8221; we have included these provisions in our Amended and Restated Articles of Incorporation. Specifically, our Amended and Restated Articles of Incorporation prohibit us from engaging in a &#8220;business combination&#8221; with certain persons for three years following the date the person becomes an &#8220;interested shareholder.&#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Interested shareholders generally include:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">any person who is the beneficial owner of 15% or more of our outstanding voting stock; or</font></td></tr></table><div style="margin-top:3pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">any person who is our affiliate or associate and who held 15% or more of our outstanding voting stock at any time within three years before the date on which the person&#8217;s status as an interested shareholder is determined, and the affiliates and associates of such person.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Subject to certain exceptions, a business combination includes, among other things:</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">certain mergers or consolidations of us or any direct or indirect majority-owned subsidiary of ours;</font></td></tr></table><div style="margin-top:3pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">any sale, lease, exchange, mortgage, pledge, transfer or other disposition of our assets or of any subsidiary of ours having an aggregate market value equal to 10% or more of either the aggregate market value of all of our assets, determined on a combined basis, or the aggregate value of all of our outstanding stock;</font></td></tr></table><div style="margin-top:3pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">certain transactions that result in the issuance or transfer by us of any stock of ours to the interested shareholder;</font></td></tr></table><div style="margin-top:3pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">any transaction involving us or any of our subsidiaries that has the effect of increasing the proportionate share of any class or series of stock, or securities convertible into any class or series of stock, of ours or any such subsidiary that is owned directly or indirectly by the interested shareholder or any affiliate or associate of the interested shareholder; and</font></td></tr></table><div style="margin-top:3pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">any receipt by the interested shareholder of the benefit directly or indirectly (except proportionately as a shareholder) of any loans, advances, guarantees, pledges or other financial benefits provided by or through us.</font></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt;">These provisions of our Amended and Restated Articles of Incorporation do not apply to a business combination if:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">before a person became an interested shareholder, our board of directors approved either the business combination or the transaction in which the shareholder became an interested shareholder;</font></td></tr></table><div style="margin-top:3pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">upon consummation of the transaction which resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than certain excluded shares;</font></td></tr></table><div style="margin-top:3pt;"></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">at or following the transaction in which the person became an interested shareholder, the business combination is approved by our board of directors and authorized at an annual or special meeting of shareholders, and not by written consent, by the affirmative vote of the holders of at least two-thirds of our outstanding voting stock that is not owned by the interest shareholder;</font></td></tr></table><div style="margin-top:3pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the shareholder was or became an interested shareholder prior to the closing of our initial public offering;</font></td></tr></table><div style="margin-top:3pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">a shareholder became an interested shareholder inadvertently and (i) as soon as practicable divested itself of ownership of sufficient shares so that the shareholder ceased to be an interested shareholder; and (ii) would not, at any time within the three-year period immediately prior to a business combination between us and such shareholder, have been an interested shareholder but for the inadvertent acquisition of ownership; or</font></td></tr></table><div style="margin-top:3pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the business combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement or the notice required under our Amended and Restated Articles of Incorporation which (i) constitutes one of the transactions described in the following sentence; (ii) is with or by a person who either was not an interested shareholder during the previous three years or who became an interested shareholder with the approval of the board; and (iii) is approved or not opposed by a majority of the members of the board of directors then in office (but not less than one) who were directors prior to any person becoming an interested shareholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors. The proposed transactions referred to in the preceding sentence are limited to:</font></td></tr></table><div style="margin-top:3pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(i)</p></td><td style="vertical-align:top;width:92.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">a merger or consolidation of us (except for a merger in respect of which, pursuant to the BCA, no vote of our shareholders is required);</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(ii)</p></td><td style="vertical-align:top;width:92.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), whether as part of a dissolution or otherwise, of assets of us or of any direct or indirect majority-owned subsidiary of ours (other than to any direct or indirect wholly-owned subsidiary or to us) having an aggregate market value equal to 50% or more of either the aggregate market value of all of our assets determined on a consolidated basis or the aggregate market value of all the outstanding shares; or</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:3.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(iii)</p></td><td style="vertical-align:top;width:92.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">a proposed tender or exchange offer for 50% or more of our outstanding voting stock.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">MARSHALL ISLANDS COMPANY CONSIDERATIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Our corporate affairs are governed by our Amended and Restated Articles of Incorporation and Amended and Restated Bylaws and by the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. While the BCA also provides that it is to be interpreted according to the laws of the State of Delaware and other states with substantially similar legislative provisions, there have been few, if any, court cases interpreting the BCA in the Marshall Islands and we cannot predict whether Marshall Islands courts would reach the same conclusions as courts in the United States. As a result, you may have more difficulty protecting your interests in the face of actions by our management, directors or controlling shareholders than would shareholders of a corporation incorporated in a U.S. jurisdiction which has developed a substantial body of case law. The following table provides a comparison between the statutory provisions of the BCA and the General Corporation Law of the State of Delaware relating to shareholders&#8217; rights.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:48%;margin:0pt;padding:0.25pt 0.25pt 2pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt 0.25pt 2pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:48%;margin:0pt;padding:0.25pt 0.25pt 2pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:48%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 2pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Marshall Islands</b></p></td><td style="vertical-align:bottom;width:3.99%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0.25pt 0.25pt 2pt 0.25pt;"></td><td style="vertical-align:bottom;width:48%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 2pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Delaware</b></p></td></tr><tr><td colspan="3" style="vertical-align:bottom;width:100%;border-bottom:1.0pt solid #000000;margin:0pt;padding:1.75pt 0.25pt 2pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Shareholders&#8217; Voting Rights</b></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Unless otherwise provided in the articles of incorporation, any action required to be taken at a meeting of shareholders may be taken without a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, is signed by all the shareholders entitled to vote with respect to the subject matter thereof, or if the articles of incorporation so provide, by the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"></td><td style="vertical-align:top;width:48%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any action required to be taken at a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not fewer than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any person authorized to vote may authorize another person or persons to act for him by proxy.</p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:bottom;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any person authorized to vote may authorize another person or persons to act for him by proxy.</p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Unless otherwise provided in the articles of incorporation or bylaws, a majority of shares entitled to vote constitutes a quorum. In no event shall a quorum consist of fewer than one-third of the shares entitled to vote at a meeting.</p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:bottom;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">For stock corporations, the certificate of incorporation or bylaws may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum.</p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:bottom;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The articles of incorporation may provide for cumulative voting in the election of directors.</p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:bottom;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The certificate of incorporation may provide for cumulative voting in the election of directors.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td colspan="3" style="vertical-align:middle;width:100%;margin:0pt;padding:0.25pt;"></td></tr><tr><td colspan="3" style="vertical-align:bottom;width:100%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Merger or Consolidation</b></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any two or more domestic corporations may merge into a single corporation if approved by the board and if authorized by a majority vote of the holders of outstanding shares at a shareholder meeting.</p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"></td><td style="vertical-align:bottom;width:48%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any two or more corporations existing under the laws of the state may merge into a single corporation pursuant to a board resolution and upon the majority vote by shareholders of each constituent corporation at an annual or special meeting.</p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:48%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any sale, lease, exchange or other disposition of all or substantially all the assets of a corporation, if not made in the corporation&#8217;s usual or regular course of business, once approved by the board, shall be authorized by the affirmative vote of two-thirds of the shares of those entitled to vote at a shareholder meeting.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:bottom;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Every corporation may at any meeting of the board sell, lease or exchange all or substantially all of its property and assets as its board deems expedient and for the best interests of the corporation when so authorized by a resolution adopted by the holders of a majority of the outstanding stock of the corporation entitled to vote.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:bottom;width:48.13%;border-bottom:1.0pt solid #000000;margin:0pt;padding:1.75pt 0.25pt 2pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Marshall Islands</b></p></td><td style="vertical-align:bottom;width:4.32%;border-bottom:1.0pt solid transparent;margin:0pt;padding:1.75pt 0.25pt 2pt 0.25pt;"></td><td style="vertical-align:bottom;width:47.54%;border-bottom:1.0pt solid #000000;margin:0pt;padding:1.75pt 0.25pt 2pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Delaware</b></p></td></tr><tr><td style="vertical-align:top;width:48.13%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any domestic corporation owning at least 90% of the outstanding shares of each class of another domestic corporation may merge such other corporation into itself without the authorization of the shareholders of any corporation.</p></td><td style="vertical-align:bottom;width:4.32%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"></td><td style="vertical-align:bottom;width:47.54%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any corporation owning at least 90% of the outstanding shares of each class of another corporation may merge the other corporation into itself and assume all of its obligations without the vote or consent of shareholders; however, in case the parent corporation is not the surviving corporation, the proposed merger shall be approved by a majority of the outstanding stock of the parent corporation entitled to vote at a duly called shareholder meeting.</p></td></tr><tr><td style="vertical-align:top;width:48.13%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font 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style="vertical-align:bottom;width:4.32%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:47.54%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any mortgage or pledge of a corporation&#8217;s property and assets may be authorized without the vote or consent of shareholders, except to the extent that the certificate of incorporation otherwise provides.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td colspan="3" style="vertical-align:bottom;width:100%;border-bottom:1.0pt solid #000000;margin:0pt;padding:1.75pt 0.25pt 2pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Directors</b></p></td></tr><tr><td style="vertical-align:top;width:48.13%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The board of directors must consist of at least one member.</p></td><td style="vertical-align:bottom;width:4.32%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;width:47.54%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The board of directors must consist of at least one member.</p></td></tr><tr><td style="vertical-align:top;width:48.13%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;width:4.32%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:47.54%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The number of board members may be changed by an amendment to the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw.</p></td><td style="vertical-align:bottom;width:4.32%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:47.54%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The number of board members shall be fixed by, or in a manner provided by, the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made only by an amendment to the certificate of incorporation.</p></td></tr><tr><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;width:4.32%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:top;width:47.54%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If the board is authorized to change the number of directors, it can only do so by a majority of the entire board and so long as no decrease in the number shall shorten the term of any incumbent director.</p></td><td style="vertical-align:bottom;width:4.32%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:47.54%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If the number of directors is fixed by the certificate of incorporation, a change in the number shall be made only by an amendment of the certificate.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Removal:</p></td><td style="vertical-align:bottom;width:4.32%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:47.54%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Removal:</p></td></tr><tr><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;width:4.32%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:47.54%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;&#160;</p></td></tr><tr><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any or all of the directors may be removed for cause by vote of the shareholders.</p></td><td style="vertical-align:bottom;width:4.32%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:47.54%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote unless the certificate of incorporation otherwise provides.</p></td></tr><tr><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:4.32%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:47.54%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48.13%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">If the articles of incorporation or the bylaws so provide, any or all of the directors may be removed without cause by vote of the shareholders.</p></td><td style="vertical-align:bottom;width:4.32%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:47.54%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In the case of a classified board, shareholders may effect removal of any or all directors only for cause.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:bottom;width:48%;border-bottom:1.0pt solid #000000;margin:0pt;padding:1.75pt 0.25pt 2pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Marshall Islands</b></p></td><td style="vertical-align:bottom;width:3.99%;border-bottom:1.0pt solid transparent;margin:0pt;padding:1.75pt 0.25pt 2pt 0.25pt;"></td><td style="vertical-align:bottom;width:48%;border-bottom:1.0pt solid #000000;margin:0pt;padding:1.75pt 0.25pt 2pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Delaware</b></p></td></tr><tr><td colspan="3" style="vertical-align:top;width:100%;border-bottom:1.0pt solid #000000;margin:0pt;padding:1.75pt 0.25pt 2pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Dissenters&#8217; Rights of Appraisal</b></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Shareholders have a right to dissent from any plan of merger, consolidation or sale of all or substantially all assets not made in the usual course of business, and receive payment of the fair value of their shares. 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or</font></div></div></div></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt 0.25pt 0.25pt 36.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:-9.35pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt 0.25pt 0.25pt 36.25pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:13.5pt;padding:0pt;">&#9679;</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Creates, alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or</font></div></div></div></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt 0.25pt 0.25pt 36.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:-9.35pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt 0.25pt 0.25pt 36.25pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:13.5pt;padding:0pt;">&#9679;</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Alters or abolishes any preemptive right of such holder to acquire shares or other securities; or</font></div></div></div></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt 0.25pt 0.25pt 36.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:-9.35pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt 0.25pt 0.25pt 36.25pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:13.8pt;padding:0pt;">&#9679;</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Excludes or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares then being authorized of any existing or new class.</font></div></div></div></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:48.01%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:3.86%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:top;width:48.12%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td colspan="3" style="vertical-align:top;width:100%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Shareholder&#8217;s Derivative Actions</b></p></td></tr><tr><td style="vertical-align:top;width:48.01%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">An action may be brought in the right of a corporation to procure a judgment in its favor, by a holder of shares or of voting trust certificates or of a beneficial interest in such shares or certificates. It shall be made to appear that the plaintiff is such a holder at the time of bringing the action and that he was such a holder at the time of the transaction of which he complains, or that his shares or his interest therein devolved upon him by operation of law.</p></td><td style="vertical-align:bottom;width:3.86%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"></td><td style="vertical-align:top;width:48.12%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In any derivative suit instituted by a shareholder of a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the transaction of which he complains or that such shareholder&#8217;s stock thereafter devolved upon such shareholder by operation of law.</p></td></tr><tr><td style="vertical-align:top;width:48.01%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.86%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.12%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48.01%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board or the reasons for not making such effort.</p></td><td style="vertical-align:bottom;width:3.86%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:48.12%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Other requirements regarding derivative suits have been created by judicial decision, including that a shareholder may not bring a derivative suit unless he or she first demands that the corporation sue on its own behalf and that demand is refused (unless it is shown that such demand would have been futile).</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:48%;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:48%;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:48%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Marshall Islands</b></p></td><td style="vertical-align:bottom;width:3.99%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"></td><td style="vertical-align:bottom;width:48%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0.25pt 0.25pt 0.5pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Delaware</b></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Such action shall not be discontinued, compromised or settled, without the approval of the High Court of the Republic of the Marshall Islands.</p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"></td><td style="vertical-align:top;width:48%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48%;margin:0pt;padding:3.25pt 0.25pt 0.25pt 0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Reasonable expenses including attorney&#8217;s fees may be awarded if the action is successful.</p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A corporation may require a plaintiff bringing a derivative suit to give security for reasonable expenses if the plaintiff owns less than 5% of any class of outstanding shares or holds voting trust certificates or a beneficial interest in shares representing less than 5% of any class of such shares and the shares, voting trust certificates or beneficial interest of such plaintiff has a fair value of $50,000 or less.</p></td><td style="vertical-align:bottom;width:3.99%;margin:0pt;padding:0.25pt;"></td><td style="vertical-align:top;width:48%;margin:0pt;padding:0.25pt;"></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:avoid;width:79.3%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.3
<SEQUENCE>3
<FILENAME>asc-20241231xex4d3.htm
<DESCRIPTION>EX-4.3
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/7/2025 04:23:12 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-bottom:12pt;text-align:right;background:#ffffff;margin:0pt;"><b style="font-weight:bold;">Exhibit 4.3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;background:#ffffff;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">AMENDMENT TO PREFERRED STOCK PURCHASE AGREEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;">THIS AMENDMENT TO PREFERRED STOCK PURCHASE AGREEMENT (this &#8220;<font style="font-style:italic;font-weight:bold;">Amendment</font>&#8221;) is made as of June 17, 2021, by and between Ardmore Shipping Corporation, a Marshall Islands corporation (the &#8220;<font style="font-style:italic;font-weight:bold;">Company</font>&#8221;) and ARF Innovation, LLC, a Delaware limited liability company (the &#8220;<font style="font-style:italic;font-weight:bold;">Purchaser</font>&#8221;). &#160;Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings given such terms in the Purchase Agreement (as defined below).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">RECITALS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">WHEREAS</b>, the Company and the Purchaser are parties to that certain Preferred Stock Purchase Agreement, dated as of June 3, 2021 (the &#8220;<font style="font-style:italic;font-weight:bold;">Purchase Agreement</font>&#8221;);</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">WHEREAS</b>, pursuant to Section 9.4 of the Purchase Agreement, the Purchase Agreement shall not be amended, modified or supplemented except by a written instrument signed by each Party to the Purchase Agreement; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">WHEREAS</b>, the Company and the Purchaser desire to amend the Purchase Agreement as set forth below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-transform:uppercase;">Agreement</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">NOW</b>, <b style="font-weight:bold;">THEREFORE</b>, in consideration of the mutual covenants and agreements in this Amendment and other good and valuable consideration, the receipt and sufficiency are hereby acknowledged, the parties hereto hereby agree as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">1.</b><font style="display:inline-block;width:27pt;"></font><b style="font-weight:bold;">Amendment to Purchase Agreement</b>. &#160;Section 3.1(z) of the Purchase Agreement is hereby deleted in its entirety and replaced with the following:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 72pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 72pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font>&#8220;(i) An aggregate of 50,000 shares of Preferred Stock have been authorized pursuant to the Statement of Designation and no other shares of Preferred Stock have been authorized for issuance and (ii) other than the sale and issuance of the Shares to the Purchaser at the First Closing and the Second Closing (if applicable), the Company has no other agreement to sell and has not offered or sold any shares of Preferred Stock to any other Person.&#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 72pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:justify;text-indent:31.5pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:40.5pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">2.</b></font>Amendment to Form of Registration Rights Agreement<font style="font-weight:normal;">. &#160;The first Recital in the form of Registration Rights Agreement attached as </font><u style="font-weight:normal;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Exhibit H</u><font style="font-weight:normal;"> to the Purchase Agreement is hereby deleted in its entirety and replaced with the following:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 72pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font>WHEREAS, pursuant to the Preferred Stock Purchase Agreement dated as of June 3, 2021, by and between the Company and the Investor, as the same may be amended, supplemented or otherwise modified from </p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"> <font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 72pt;">time to time (the &#8220;<u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Purchase Agreement</u>&#8221;), the Company has agreed to issue and sell to the Investor and the Investor has agreed to purchase from the Company, the Shares (as defined below) on the terms and subject to the conditions of the Purchase Agreement. </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 72pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:justify;text-indent:31.5pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:40.5pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">3.</b></font>Amendments to Form of Statement of Designation<font style="font-weight:normal;">. &#160;The second paragraph in the form of Statement of Designation attached as </font><u style="font-weight:normal;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Exhibit I</u><font style="font-weight:normal;"> to the Purchase Agreement is hereby deleted in its entirety and replaced with the following:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 72pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;"> </b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;"> &#160;</font></font>The Board of Directors of the Corporation has adopted the following resolution creating a series of 50,000 preferred shares of the Corporation designated as &#8220;8.5% Cumulative Redeemable Perpetual Preferred Shares&#8212;Series A.&#8221; &#160;Terms used herein shall have the same meaning as in the Articles of Incorporation, unless otherwise specified in this Statement of Designation or unless the context otherwise requires.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 72pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:justify;text-indent:31.5pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:normal;">Section 2(a) of the form of Statement of Designation attached as </font><u style="font-weight:normal;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Exhibit I</u><font style="font-weight:normal;"> to the Purchase Agreement is hereby deleted in its entirety and replaced with the following:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 72pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">(a)</font></font><i style="font-style:italic;">Number</i>. &#160;The authorized number of Series A Preferred Shares shall be 50,000. &#160;Subject to <u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Section 5(b)(2)</u>, the authorized number of Series A Preferred Shares may be increased by resolution of the Board of Directors. &#160;Series A Preferred Shares that are purchased or otherwise acquired by the Corporation shall be cancelled and shall revert to authorized but unissued preferred shares, undesignated as to series. The Series A Preferred Shares will be represented by one or more certificates registered in the name of the applicable Holder or, if requested by Holder, in book-entry form. &#160; </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 36pt 0pt 72pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:justify;text-indent:31.5pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:40.5pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">4.</b></font>Representations and Warranties<font style="font-weight:normal;">. &#160;The representations and warranties of the Parties in the Purchase Agreement are true and correct in all respects on and as of the date hereof.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:justify;text-indent:31.5pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:40.5pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">5.</b></font>Full Force and Effect<font style="font-weight:normal;">. &#160;Other than as amended in accordance with the terms hereof, the terms of the Purchase Agreement remain in full force and effect. &#160;Except as contemplated by this Amendment, this Amendment shall not operate as a waiver of any condition or obligation imposed on the Parties under the Purchase Agreement.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">6.</b></font><b style="font-weight:bold;">Successors and Assigns</b>. &#160;The provisions of this Amendment shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">7.</b></font><b style="font-weight:bold;">Execution in Counterparts; Effectiveness</b>. &#160;This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument, and shall become binding when one or more counterparts have been signed by and delivered to each of the Parties. &#160;Delivery of .pdf or other electronic copies of this Amendment executed by a Party shall be deemed delivery of an original executed copy of this Amendment by such Party.</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36.6pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">2</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:10.0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"> <font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font><b style="font-weight:bold;">8.</b><font style="display:inline-block;width:27pt;"></font><b style="font-weight:bold;">Governing Law</b>. &#160;This Amendment shall be governed by and construed in accordance with the substantive laws of the State of New York without regard to its conflict of laws principles.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;">[Signature Page Follows]</p><p style="display:none;font-size:12pt;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36.6pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">3</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:10.0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:36pt;background:#ffffff;margin:0pt 0pt 12pt 0pt;">IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:50.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">COMPANY</b>:</p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:50.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:50.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b></p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:43.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:43.22%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">/s/ Anthony Gurnee</p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Name:</p></td><td style="vertical-align:top;width:43.22%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Anthony Gurnee</p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Title</p></td><td style="vertical-align:top;width:43.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Chief Executive Officer</p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:43.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:43.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:50.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">PURCHASER:</b></p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:50.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:50.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">ARF INNOVATION, LLC</b></p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:43.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:43.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Maritime Partners, LLC, its Manager</p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:43.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:43.22%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">/s/ E. Bickford Brooks</p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Name:</p></td><td style="vertical-align:top;width:43.22%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">E. Bickford Brooks</p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Title:</p></td><td style="vertical-align:top;width:43.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">President</p></td></tr><tr><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:6.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:43.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border-width:0;"></body></html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.4
<SEQUENCE>4
<FILENAME>asc-20241231xex4d4.htm
<DESCRIPTION>EX-4.4
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/7/2025 04:23:22 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;min-height:35.45pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:right;margin:0pt;">Execution version</p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Exhibit&#160;4.4</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;margin:24pt 0pt 12pt 0pt;">Dated 2 August 2022 as amended and restated on _________________ 2023</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;margin:0pt;"><font style="margin-bottom:120pt;margin-top:24pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><b style="font-weight:bold;">$160,457,686</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">TERM, REVOLVING AND ACCORDION FACILITIES</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><b style="font-weight:bold;">FITZROY SHIPCO LLC</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">BAILEY SHIPCO LLC </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><b style="font-weight:bold;">CROMARTY SHIPCO LLC</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">DOGGER SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><b style="font-weight:bold;">LUNDY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><b style="font-weight:bold;">VIKING SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><b style="font-weight:bold;">TRAMORE SHIPCO LLC</b><b style="font-weight:bold;"><br></b>as joint and several Original Borrowers<br>and as Hedge Guarantors</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">ARDMORE SHIPPING LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">as Corporate Guarantor</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">ARDMORE SHIPPING CORPORATION</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">as Parent Guarantor</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">The Banks and Financial Institutions</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">listed in Schedule 2, Part B<br>as Lenders</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">the banks and financial institutions</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">listed in Schedule 2, Part B<br>as Hedge Counterparties</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">cr&#201;dit agricole corporate and investment bank</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">as Mandated Lead Arrangers</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">ABN AMRO BANK N.V.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">as Facility Agent</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">ABN AMRO BANK N.V.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">as Security Agent</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;">and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">ABN AMRO BANK N.V.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;">as Sustainability Coordinator</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:right;margin:0pt;">EUROPE/73091764v9</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="AgreementTitle"></a>FACILITIES AGREEMENT</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;">relating to the financing or refinancing of m.ts. </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;">&quot;ARDMORE SEAVALIANT&quot;, &quot;ARDMORE SEAVENTURE&quot;, &quot;ARDMORE CHEROKEE&quot;, &quot;ARDMORE CHEYENNE&quot;, &quot;ARDMORE DEFENDER&quot;, &quot;ARDMORE SEAVANGUARD&quot; and &quot;ARDMORE EXPORTER&quot;<br><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>2</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">Index</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Clause</b></font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Page</b></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536003">Section 1 Interpretation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536003"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536003">7</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536004">1</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536004"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536004">Definitions and Interpretation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536004"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536004">7</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536005">Section 2 The Facilities</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536005"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536005">41</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536006">2</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536006"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536006">The Facilities</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536006"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536006">41</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536007">3</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536007"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536007">Purpose</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536007"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536007">42</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536008">4</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536008"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536008">Conditions of Utilisation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536008"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536008">43</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536009">Section 3 Utilisation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536009"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536009">45</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536010">5</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536010"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536010">Utilisation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536010"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536010">45</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536011">6</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536011"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536011">Establishment of an Accordion Facility</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536011"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536011">47</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536012">Section 4 Repayment, Prepayment and Cancellation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536012"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536012">54</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536013">7</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536013"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536013">Repayment</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536013"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536013">54</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536014">8</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536014"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536014">Payment and Cancellation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536014"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536014">57</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536015">Section 5 Costs of Utilisation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536015"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536015">64</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536016">9</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536016"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536016">Interest</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536016"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536016">64</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536017">10</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536017"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536017">Rate Switch</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536017"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536017">67</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536018">11</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536018"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536018">Interest Periods</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536018"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536018">68</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536019">12</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536019"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536019">Changes to the Calculation of Interest</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536019"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536019">69</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536020">13</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536020"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536020">Fees</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536020"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536020">71</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536021">Section 6 Additional Payment Obligations</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536021"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536021">73</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536022">14</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536022"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536022">Tax Gross Up and Indemnities</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536022"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536022">73</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536023">15</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536023"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536023">Increased Costs</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536023"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536023">77</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536024">16</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536024"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536024">Other Indemnities</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536024"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536024">79</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536025">17</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536025"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536025">Mitigation by the Finance Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536025"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536025">82</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536026">18</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536026"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536026">Costs and Expenses</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536026"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536026">82</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536027">Section 7 Guarantees and Joint and Several Liability of Guarantors and the Borrowers</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536027"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536027">84</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536028">19</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536028"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536028">Guarantee and Indemnity &#8211; Guarantors</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536028"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536028">84</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536029">20</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536029"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536029">Joint and Several Liability of the Guarantors</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536029"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536029">86</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536030">21</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536030"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536030">Joint and Several Liability of the Borrowers</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536030"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536030">88</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536031">Section 8 Guarantee and Indemnity - Hedge Guarantors</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536031"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536031">91</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536032">22</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536032"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536032">Guarantee and Indemnity &#8211; Hedge Guarantors</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536032"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536032">91</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536033">Section 9 Representations, Undertakings and Events of Default</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536033"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536033">94</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536034">23</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536034"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536034">Representations</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536034"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536034">94</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536035">24</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536035"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536035">Information Undertakings</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536035"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536035">101</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536036">25</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536036"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536036">Financial Covenants</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536036"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536036">105</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536037">26</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536037"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536037">General Undertakings</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536037"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536037">109</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536038">27</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536038"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536038">Insurance Undertakings</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536038"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536038">116</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536039">28</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536039"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536039">Ship Undertakings</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536039"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536039">121</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536040">29</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536040"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536040">Security Cover</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536040"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536040">127</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536041">30</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536041"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536041">Application of Earnings</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536041"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536041">129</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536042">31</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536042"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536042">Events of Default</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536042"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536042">130</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536043">Section 10 Changes to Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536043"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536043">134</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536044">32</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536044"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536044">Changes to the Lenders</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536044"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536044">134</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536045">33</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536045"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536045">Changes to the Obligors</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536045"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536045">139</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536046">Section 11 The Finance Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536046"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536046">141</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536047">34</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536047"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536047">The Facility Agent and the Mandated Lead Arrangers</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536047"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536047">141</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536048">35</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536048"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536048">The Security Agent</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536048"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536048">149</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536049">36</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536049"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536049">Conduct of Business by the Finance Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536049"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536049">161</a></font></font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>3</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536050">37</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536050"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536050">Sharing Among the Finance Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536050"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536050">161</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536051">Section 12 Administration</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536051"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536051">163</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536052">38</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536052"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536052">Payment Mechanics</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536052"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536052">163</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536053">39</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536053"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536053">Set-Off</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536053"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536053">166</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536054">40</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536054"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536054">Bail-In</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536054"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536054">167</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536055">41</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536055"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536055">Notices</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536055"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536055">167</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536056">42</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536056"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536056">Calculations and Certificates</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536056"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536056">169</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536057">43</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536057"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536057">Remedies and Waivers</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536057"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536057">170</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536058">44</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536058"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536058">Settlement or Discharge Conditional</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536058"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536058">170</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536059">45</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536059"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536059">Irrevocable Payment</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536059"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536059">170</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536060">46</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536060"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536060">Amendments and Waivers</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536060"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536060">170</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536061">47</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536061"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536061">Confidentiality</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536061"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536061">174</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536062">48</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536062"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536062">Confidentiality of Funding Rates</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536062"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536062">178</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536063">49</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536063"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536063">Counterparts</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536063"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536063">179</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536064">Section 13 Governing Law and Enforcement</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536064"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536064">180</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536065">50</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536065"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536065">Governing Law</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536065"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536065">180</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536066">51</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536066"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536066">Enforcement</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536066"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536066">180</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Schedules</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536067">Schedule 1 Repayment and Reduction Schedules</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536067"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536067">181</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536068">Part A</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536068"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536068">181</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536069">Part B</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536069"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536069">183</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536070">Schedule 2 The Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536070"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536070">185</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536071">Part A The Obligors</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536071"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536071">185</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536072">Part B The Original Lenders</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536072"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536072">188</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536073">Part C The Servicing Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536073"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536073">190</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536074">Schedule 3 Conditions Precedent</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536074"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536074">191</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536075">Part A Conditions Precedent to Initial Utilisation Request</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536075"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536075">191</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536076">Part B Conditions Precedent to Utilisation of an Advance Under Term Facility</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536076"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536076">193</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536077">Part C Conditions Precedent To Utilisation of an Advance Under an Accordion Facility</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536077"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536077">195</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536078">Schedule 4 Utilisation Request</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536078"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536078">198</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536079">Schedule 5 Form of Accession Deed</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536079"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536079">201</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536080">Schedule 6 Form of Transfer Certificate</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536080"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536080">205</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536081">Schedule 7 Form of Assignment Agreement</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536081"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536081">207</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536082">Schedule 8 Form of Compliance Certificate</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536082"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536082">210</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536083">Schedule 9 Form of Sustainability Certificate</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536083"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536083">212</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536084">Schedule 10 Sustainability Pricing Adjustment Schedule</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536084"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536084">213</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536085">Schedule 11 List of Approved Valuers</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536085"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536085">217</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536086">Schedule 12 Repayment Instalment and Reduction Instalment Formula</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536086"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536086">218</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536087">Part A</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536087"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536087">218</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536088">Part B</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536088"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536088">218</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536089">Schedule 13 Timetables</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536089"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536089">219</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536090">Schedule 14 Form of Accordion Facility Notice</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536090"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536090">220</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536091">Schedule 15 Benchmark Terms</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536091"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536091">224</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536092">Schedule 16 Daily Non-Cumulative Compounded RFR Rate</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536092"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536092">228</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536093">Schedule 17 Cumulative Compounded RFR Rate</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536093"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536093">230</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Execution</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536094">Execution Pages</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536094"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc137536094">231</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>4</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THIS AGREEMENT </b>is made on ______________________ 2023</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;text-transform:uppercase;"><a name="_Ref136857437"></a>PARTIES</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(1)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857438"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">FITZROY SHIPCO LLC (&quot;Borrower A&quot;), BAILEY</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">SHIPCO LLC (&quot;Borrower B&quot;),</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">CROMARTY SHIPCO LLC (&quot;Borrower C&quot;),</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">DOGGER SHIPCO LLC (&quot;Borrower D&quot;), LUNDY SHIPCO LLC (&quot;Borrower E&quot;), VIKING SHIPCO LLC (&quot;Borrower F&quot;) </b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">and</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> TRAMORE SHIPCO LLC (&quot;Borrower G&quot;) </b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each a limited liability company formed in the Republic of the Marshall Islands whose registered address is at The Trust Company of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 as joint and several borrowers (together the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Original</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Borrowers</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; and each an &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Original Borrower</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(2)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857439"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ARDMORE SHIPPING LLC</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, a limited liability company formed in the Republic of the Marshall Islands whose registered address is at The Trust Company of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 as a guarantor (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Corporate Guarantor</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(3)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857440"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ARDMORE SHIPPING CORPORATION</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, a corporation incorporated in the Republic of the Marshall Islands whose registered address is at The Trust Company of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 as a guarantor (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Parent Guarantor</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(4)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857441"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">THE COMPANIES </b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">listed in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part A</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Obligors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as hedge guarantors (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedge Guarantors</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(5)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857442"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ABN AMRO BANK N.V. and CR&#201;DIT AGRICOLE CORPORATE AND INVESTMENT BANK </b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as mandated lead arrangers (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mandated Lead Arrangers</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(6)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857443"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">THE BANKS AND FINANCIAL INSTITUTIONS</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> listed in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part B</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as lenders (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Original Lenders</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(7)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857444"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">THE BANKS AND FINANCIAL INSTITUTIONS</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> listed in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part B</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as hedge counterparties (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedge Counterparties</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(8)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857445"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ABN AMRO BANK N.V.</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, acting in such capacity through its office at Gustav Mahlerlaan, 1082PP Amsterdam, The Netherlands as agent for the other Finance Parties (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Facility Agent</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(9)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857446"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ABN AMRO BANK N.V.</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, acting in such capacity through its office at Gustav Mahlerlaan, 1082PP Amsterdam, The Netherlands as security agent for the Secured Parties (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security Agent</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(10)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857447"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ABN AMRO BANK N.V.</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, acting in such capacity through its office at Gustav Mahlerlaan, 1082PP Amsterdam, The Netherlands as sustainability coordinator (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sustainability Coordinator</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;text-transform:uppercase;"><a name="_Ref136857448"></a>BACKGROUND</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857449"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Lenders have agreed to make available to the Borrowers loan facilities of up to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk109998129"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk136617818"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">160,457,686 </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">comprising:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857450"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a term loan facility in a principal amount of $49,228,843 for the purposes of financing or refinancing the Initial Ships and for general corporate purposes, all of which has been advanced and is outstanding at the date of this Agreement;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>5</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857451"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a revolving credit facility in a principal amount not exceeding $49,228,843 for general corporate purposes of the Borrowers, all of which has been advanced and is outstanding at the date of this Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857452"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a maximum of three accordion facilities, each of which shall comprise 50 per cent. a term loan facility and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4728"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">50</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> per cent. a revolving credit facility, in an aggregate principal amount not exceeding the lower of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef5"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> $62,000,000 or (ii) 58 per cent. of the aggregate Fair Market Value of the Accordion Ships as determined on the relevant Utilisation Date for the purposes of financing or refinancing the Accordion Ships and for general corporate and working capital purposes.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857453"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Hedge Counterparties may enter into interest rate swap transactions with the Borrowers from time to time to hedge the Borrowers&#39; exposure under this Agreement to interest rate fluctuations.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">OPERATIVE PROVISIONS</b></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>6</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 1</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413610"></a><a name="_Toc371413826"></a><a name="_Toc371932704"></a><a name="_Toc378965661"></a><a name="_Toc380566874"></a><a name="_Toc380579010"></a><a name="_Toc382507866"></a><a name="_Toc384670117"></a><a name="_Toc442833342"></a><a name="_Toc444194806"></a><a name="_Toc445290384"></a><a name="_Ref136857454"></a><a name="_Toc137536003"></a>Interpretation</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093887"></a><a name="_Toc360097788"></a><a name="_Toc360191427"></a><a name="_Toc360191544"></a><a name="_Toc360191660"></a><a name="_Toc362504339"></a><a name="_Toc362518386"></a><a name="_Toc362605333"></a><a name="_Toc363549773"></a><a name="_Toc367198616"></a><a name="_Toc367792004"></a><a name="_Toc367866991"></a><a name="_Toc371413611"></a><a name="_Toc371413827"></a><a name="_Toc371932705"></a><a name="_Toc378965662"></a><a name="_Toc380566875"></a><a name="_Toc380579011"></a><a name="_Toc382507867"></a><a name="_Toc384670118"></a><a name="_Toc442833343"></a><a name="_Toc444194807"></a><a name="_Toc445290385"></a><a name="_Ref136857455"></a><a name="_Toc137536004"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Definitions and Interpretation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360099424"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Definitions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In this Agreement:</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref513850441"></a>&quot;<b style="font-weight:bold;">Accession Deed</b>&quot; means a document substantially in the form set out in Schedule 5 (<i style="font-style:italic;">Form of Accession Deed</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404084"></a>&quot;<b style="font-weight:bold;">Accordion Facility</b>&quot; means any term loan facility that may be established and made available under this Agreement as described in Clause 6 (<i style="font-style:italic;">Establishment of an Accordion Facility</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404088"></a>&quot;<b style="font-weight:bold;">Accordion Facility Commitment</b>&quot; means in relation to a Lender which is an Accordion Facility Lender, the dollar amount set opposite its name under the heading &quot;Accordion Facility Commitment&quot; in the Accordion Facility Notice, to the extent not cancelled, reduced or transferred by it under this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404091"></a>&quot;<b style="font-weight:bold;">Accordion Facility Date</b>&quot; means the later of:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404095"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the proposed Accordion Facility Date specified in the relevant Accordion Facility Notice; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404098"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date on which the Facility Agent executes the relevant Accordion Facility Notice.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404101"></a>&quot;<b style="font-weight:bold;">Accordion Facility Finance Documents</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404105"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Accordion Facility Notice;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404108"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Finance Document;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404112"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other document reasonably required by the Facility Agent (acting on the instructions of the Lenders) as a condition to the occurrence of any Accordion Facility Date; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404115"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other document designated as such by the Facility Agent and the Borrowers.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404119"></a>&quot;<b style="font-weight:bold;">Accordion Facility Lender</b>&quot; means any entity which is listed as such in the relevant Accordion Facility Notice.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404122"></a>&quot;<b style="font-weight:bold;">Accordion Facility Notice</b>&quot; means a notice substantially in the form set out in Schedule 14 (<i style="font-style:italic;">Form of Accordion Facility Notice</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref513850448"></a>&quot;<b style="font-weight:bold;">Accordion Ship</b>&quot; means any ship which may become subject to Security for an Advance under an Accordion Facility pursuant to this Agreement in accordance with Clause 2.4 (<i style="font-style:italic;">Accordion Ships</i>) and which must satisfy the Accordion Ship Criteria.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref513850449"></a>&quot;<b style="font-weight:bold;">Accordion Ship Criteria</b>&quot; means, in relation to an Accordion Ship, a ship nominated by the Corporate Guarantor:</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>7</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857456"></a><a name="_Ref513850450"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that is a product tanker or chemical tanker built at a reputable yard not older than eight and a half years at the date it becomes subject to Security pursuant to any Finance Document, or if there is more than one Accordion Ship, the average age of all the Accordion Ships is not more than eight and a half years; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857457"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that is registered in the name of an Additional Borrower on an Approved Flag and classed with an Approved Classification Society</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref513850451"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857458"></a>&quot;<b style="font-weight:bold;">Accordion</b> <b style="font-weight:bold;">Tranche</b>&quot; means, following the establishment of an Accordion Facility in accordance with Clause 6 (<i style="font-style:italic;">Establishment of an Accordion Facility</i>), that part of the Loan made or to be made available to the Borrowers to finance the acquisition of an Accordion Ship and for general corporate and working capital purposes in a principal amount not exceeding 58 per cent. of the Fair Market Value of that Accordion Ship. </div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857459"></a>&quot;<b style="font-weight:bold;">Account Bank</b>&quot; means Nordea Bank Abp, filial i Norge acting through its office at Essendropsgate 7, 0368 Oslo, Norway or any other bank acceptable to the Majority Lenders.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857460"></a>&quot;<b style="font-weight:bold;">Account Security</b>&quot; means a document creating Security over any Earnings Account in agreed form.</div><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref84935867"></a><a name="_Ref136857461"></a><a name="_Ref106404136"></a>&quot;<b style="font-weight:bold;">Additional Borrower</b>&quot; means each wholly and directly owned Subsidiary of the Parent Guarantor which becomes an Additional Borrower in accordance with Clause 33.2 (<a name="DocXTextRef4729"></a><i style="font-style:italic;">Additional Borrowers</i>).</div><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857462"></a>&quot;<b style="font-weight:bold;">Additional Business Day</b>&quot; means any day specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857463"></a>&quot;<b style="font-weight:bold;">Advance</b>&quot; means a borrowing of all or part of Term Facility or any Utilisation of the Revolving Facility or an Accordion Facility under this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857464"></a>&quot;<b style="font-weight:bold;">Affiliate</b>&quot; means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857465"></a>&quot;<b style="font-weight:bold;">Amendment and Restatement Agreement</b>&quot; means the amendment and restatement agreement dated _____________________ 2023 entered into between the parties to this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857466"></a>&quot;<b style="font-weight:bold;">Annex VI</b>&quot; means Annex VI of the Protocol of 1997 to amend the International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857467"></a>&quot;<b style="font-weight:bold;">Anti-Corruption Laws</b>&quot; means the England and Wales Bribery Act 2010, the United States Foreign Corrupt Practices Act 1977 or other applicable anti-corruption legislation in any other jurisdictions.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857468"></a>&quot;<b style="font-weight:bold;">Approved Brokers</b>&quot; means such insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, war risks and protection and indemnity risks associations as have been approved by the Facility Agent, acting with the authorisation of the Majority Lenders in writing in advance.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857469"></a>&quot;<b style="font-weight:bold;">Approved Classification</b>&quot; means as at the date of this Agreement:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857470"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to Ship A and Ship B, +A1, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef8"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(E)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> OIL/CHEMICAL CARRIER SHIP TYPE 2, ESP, +AMS, +ACCU, CPS, CSR, AB-CM; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>8</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857471"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to Ship C and Ship D, +A1 </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&#9402;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, Chemical Carrier, Oil Carrier, + AMS, + ACCU, VEC, BWT, CPS, CRC, ESP, UWILD,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">with the Approved Classification Society.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857472"></a>&quot;<b style="font-weight:bold;">Approved Classification Society</b>&quot; means, in relation to a Ship, as at the date of this Agreement, DNV GL, Bureau Veritas, Lloyds Register of Shipping, American Bureau of Shipping, Nippon Kaiji Kyokai or any other classification society which is a member of the International Association of Classification Societies approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857473"></a>&quot;<b style="font-weight:bold;">Approved Commercial Manager</b>&quot; <font style="color:#242424;font-family:'-apple-system';">in relation to a Ship, Ardmore Maritime Services (Asia) PTE Limited, an Affiliate of Ardmore Maritimes Services (Asia) PTE Limited, or any other person approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders, as the commercial manager of that Ship and, for the avoidance of doubt, this shall include Ardmore MR Pool LLC or any pool manager (which shall be an affiliate of Ardmore MR Pool LLC) under a pool agreement (if any), in relation to the Ships which may be approved by the Facility Agent acting with the authorisation of the Majority Lenders.</font></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857474"></a>&quot;<b style="font-weight:bold;">Approved Flag</b>&quot; means, in relation to a Ship, Marshall Islands, or such other flag approved in writing by the Facility Agent acting with the authorisation of all the Lenders.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857475"></a>&quot;<b style="font-weight:bold;">Approved Manager</b>&quot; means, in relation to a Ship, the Approved Commercial Manager or the Approved Technical Manager of that Ship.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857476"></a>&quot;<b style="font-weight:bold;">Approved Technical Manager</b>&quot; means, in relation to a Ship, Anglo Ardmore Ship Management Limited or an Affiliate of Anglo Ardmore Ship Management Limited, Anglo-Eastern Investment Holdings Ltd or an Affiliate of Anglo-Eastern Investment Holdings Ltd, Thome Ship Management Pte. Ltd. or an Affiliate of &#160;Thome Ship Management Pte. Ltd., Ardmore &#160;Shipping (Bermuda) Limited, a Subsidiary or an Affiliate of Ardmore Shipping (Bermuda) Limited, or any other person agreed between the Borrowers and the Majority Lenders.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857477"></a>&quot;<b style="font-weight:bold;">Approved Valuer</b>&quot; means, in relation to a Ship, at any time during the Security Period, any of the firms listed in Schedule 11 (<i style="font-style:italic;">List of Approved Valuers</i>) or any other firm or firms of shipbrokers approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857478"></a>&quot;<b style="font-weight:bold;">Article </b><a name="DocXTextRef9"></a><b style="font-weight:bold;">55</b><b style="font-weight:bold;"> BRRD</b>&quot; means Article <a name="DocXTextRef10"></a>55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857479"></a>&quot;<b style="font-weight:bold;">Assignment Agreement</b>&quot; means an agreement substantially in the form set out in Schedule 7 (<i style="font-style:italic;">Form of Assignment Agreement</i>) or any other form agreed between the relevant assignor and assignee.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404217"></a>&quot;<b style="font-weight:bold;">Assumed Accordion Facility Commitment</b>&quot; has the meaning given to it in Clause 6.7 (<i style="font-style:italic;">Establishment of an Accordion Facility</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857480"></a>&quot;<b style="font-weight:bold;">Authorisation</b>&quot; means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, legalisation or registration.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857481"></a>&quot;<b style="font-weight:bold;">Availability Period</b>&quot; means the period from and including the date of this Agreement to and including:</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>9</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857482"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to the Term Facility, 15 December 2022;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857483"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to the Revolving Facility, the date falling 3 Months before the Termination Date; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857484"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to any Accordion Facility, 2 August 2023.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857485"></a>&quot;<b style="font-weight:bold;">Available Commitment</b>&quot; means, in relation to a Tranche or a Facility, a Lender&#39;s Commitment under that Tranche or Facility minus:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857486"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the amount of its participation in the outstanding Advances under that Tranche or Facility; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857487"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to any proposed Utilisation, the amount of its participation in any other Advance that is due to be made under that Tranche or Facility or on or before the proposed Utilisation Date.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">For the purposes of calculating a Lender&#39;s Available Commitment in relation to any proposed Utilisation under the Revolving Facility only, that Lender&#39;s participation in any Advance under the Revolving Facility that is due to be repaid or prepaid on or before the proposed Utilisation Date shall not be deducted from that Lender&#39;s Revolving Commitment.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857488"></a>&quot;<b style="font-weight:bold;">Available Facility</b>&quot; means, in relation to Tranche or a Facility, the aggregate for the time being of each Lender&#39;s Available Commitment in respect of that Tranche or Facility.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857489"></a>&quot;<b style="font-weight:bold;">Bail-In Action</b>&quot; means the exercise of any Write-down and Conversion Powers.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857490"></a>&quot;<b style="font-weight:bold;">Bail-In Legislation</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857491"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to an EEA Member Country which has implemented, or which at any time implements, Article </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef11"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">55</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404259"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857492"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to the United Kingdom, the UK Bail-In Legislation.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857493"></a>&quot;<b style="font-weight:bold;">BASEL III</b>&quot;<a name="_Ref106404263"></a> has the meaning given to it in Clause 15.1 (<i style="font-style:italic;">Increased costs</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404295"></a>&quot;<b style="font-weight:bold;">Benchmark Terms</b>&quot; means the terms set out in Schedule 15 (<i style="font-style:italic;">Benchmark Terms</i>) or in any Compounded Rate Supplement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref84935902"></a>&quot;<b style="font-weight:bold;">Borrower</b>&quot; means an Original Borrower or any Additional Borrower and &quot;<b style="font-weight:bold;">Borrowers</b>&quot; means all of them.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857494"></a>&quot;<b style="font-weight:bold;">Blocking Law</b>&quot; means: </div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857495"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any provision of Council Regulation (EC) No 2271/1996 of 22 November 1996 (or any law or regulation implementing such Regulation in any member state of the European Union or the United Kingdom); or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>10</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857496"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any similar blocking or anti-boycott law applicable to that Finance Party.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404278"></a>&quot;<b style="font-weight:bold;">Break Costs</b>&quot; means the amount (if any) by which:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404291"></a><a name="_Ref136857497"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in respect of any Compounded Rate Loan, any amount specified as such in the Benchmark Terms</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404281"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In respect of any Term SOFR Loan, the amount (if any) by which:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404284"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the interest (excluding the Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in the Loan or that Unpaid Sum to the last day of the current Interest Period in relation to the Loan, the relevant part of the Loan or that Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">exceeds</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857498"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank &#160;for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857499"></a>&quot;<b style="font-weight:bold;">Bursary Percentage</b>&quot; means, with respect to any calendar year, the percentage of bursaries provided to women cadets as a percentage of total bursaries provided and to be evidenced by back-up documentation.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857500"></a>&quot;<b style="font-weight:bold;">Bursary Percentage Target</b>&quot; means, with respect to any calendar year, a Bursary Percentage of at least 25 per cent.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857501"></a>&quot;<b style="font-weight:bold;">Business Day</b>&quot; means a day (other than a Saturday or Sunday) on which banks are open for general business in London, Cork, Paris, Amsterdam, Singapore and New York and, in relation to:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857502"></a><a name="_Ref106404306"></a><a name="_Ref106404302"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any date for payment or purchase of an amount relating to a Compounded Rate Loan;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857503"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the determination of the first day or the last day of an Interest Period for a Compounded Rate Loan or otherwise in relation to the determination of the length of such an Interest Period; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857504"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the fixing of an interest rate in respect of a Term SOFR Loan</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">,</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857505"></a>which is an Additional Business Day relating to that Term SOFR Loan or Compounded Rate Loan (as the case may be).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857506"></a>&quot;<b style="font-weight:bold;">Carbon Intensity and Climate Alignment Certificate</b>&quot; means a certificate from a Recognised Organisation relating to a Ship and a calendar year setting out:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857507"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the average efficiency ratio of that Ship for all voyages performed by it over that calendar year using ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI in respect of that calendar year; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857508"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the climate alignment of that Ship for such calendar year:</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>11</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857509"></a>in each case as calculated in accordance with the Poseidon Principles.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404313"></a>&quot;<b style="font-weight:bold;">Central Bank Rate</b>&quot; has the meaning given to that term in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404316"></a>&quot;<b style="font-weight:bold;">Central Bank Rate Adjustment</b>&quot; has the meaning given to that term in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404320"></a>&quot;<b style="font-weight:bold;">Central Bank Rate Spread</b>&quot; has the meaning given to that term in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857510"></a>&quot;<b style="font-weight:bold;">Change in Ultimate Beneficial Owner</b>&quot; means, in respect of an Obligor, any event by which a private individual <a name="DocXTextRef12"></a>(i) acquires the legal and/or beneficial ownership (directly or indirectly) of 25 per cent. or more of the issued share capital of that Obligor or (ii) acquires the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to (directly or indirectly) cast, or control the casting of, 25 per cent. or more of the votes that might be cast at a general meeting of that Obligor or (iii) gains effective control over that Obligor (such private individual being referred to as the &quot;<b style="font-weight:bold;">Ultimate Beneficial Owner</b>&quot;).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857511"></a>&quot;<b style="font-weight:bold;">Charged Property</b>&quot; means all of the assets which from time to time are, or are expressed to be, the subject of the Transaction Security.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857512"></a>&quot;<b style="font-weight:bold;">Charter</b>&quot; means, in relation to a Ship, any charter relating to that Ship, or other contract for its employment, whether or not already in existence.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857513"></a>&quot;<b style="font-weight:bold;">Code</b>&quot; means the United States Internal Revenue Code of 1986.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857514"></a>&quot;<b style="font-weight:bold;">Commitment</b>&quot; means a Term Facility Commitment or a Revolving Commitment or an Accordion Facility Commitment.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857515"></a>&quot;<b style="font-weight:bold;">Compliance Certificate</b>&quot; means a certificate in the form set out in Schedule 8 (<i style="font-style:italic;">Form of Compliance Certificate</i>) or in any other form agreed between the Parent Guarantor and the Facility Agent.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404387"></a>&quot;<b style="font-weight:bold;">Compounded Market Disruption Rate</b>&quot; means the rate specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404390"></a>&quot;<b style="font-weight:bold;">Compounded Rate Interest Payment</b>&quot; means the aggregate amount of interest that:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404394"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is, or is </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef13"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">scheduled</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to become, payable under any Finance Document; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404397"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relates to a Compounded Rate Loan.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404400"></a>&quot;<b style="font-weight:bold;">Compounded Rate Loan</b>&quot; means the Loan, part of the Loan or, if applicable, Unpaid Sum which is not a Term SOFR Loan.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404404"></a>&quot;<b style="font-weight:bold;">Compounded Rate Supplement</b>&quot; means a document which:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404408"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is agreed in writing by the Borrowers and the Facility Agent (in its own capacity) and the Facility Agent (acting on the instructions of the Majority Lenders);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404411"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">specifies the relevant terms which are expressed in this Agreement to be determined by reference to the Benchmark Terms; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404415"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has been made available to the Borrowers and each Finance Party.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>12</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;"><a name="_Ref106404418"></a>&quot;<b style="font-weight:bold;">Compounded Reference Rate</b>&quot; means, in relation to any RFR Banking Day during the Interest Period of a Compounded Rate Loan, the percentage rate per annum which is <a name="_Ref106404421"></a>the Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404428"></a>&quot;<b style="font-weight:bold;">Compounding Methodology Supplement</b>&quot; means, in relation to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate, a document which:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404431"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is agreed in writing by the Borrower, the Facility Agent (in its own capacity) and the Facility Agent (acting on the instructions of the Majority Lenders);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404435"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">specifies a calculation methodology for that rate; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404438"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has been made available to the Borrowers and each Finance Party.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857516"></a>&quot;<b style="font-weight:bold;">Confidential Information</b>&quot; means all information relating to any Transaction Obligor, the Group, the Finance Documents or the Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255651"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any member of the Group or any of its advisers; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255657"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857517"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">information that:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857518"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">47</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Confidentiality</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857519"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857520"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857521"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Funding Rate.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857522"></a>&quot;<b style="font-weight:bold;">Confidentiality Undertaking</b>&quot; means a confidentiality undertaking in substantially the appropriate form recommended by the LMA from time to time or in any other form agreed between the Borrowers and the Facility Agent.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>13</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857523"></a>&quot;<b style="font-weight:bold;">Corresponding Debt</b>&quot; means any amount, other than any Parallel Debt, which an Obligor owes to a Secured Party under or in connection with the Finance Documents.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404475"></a>&quot;<b style="font-weight:bold;">Cumulative Compounded RFR Rate</b>&quot; means, in relation to an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Facility Agent (or by any other Finance Party which agrees to determine that rate in place of the Facility Agent) in accordance with the methodology set out in Schedule 17 (<i style="font-style:italic;">Cumulative Compounded RFR Rate</i>) or in any relevant Compounding Methodology Supplement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404478"></a>&quot;<b style="font-weight:bold;">Daily Non-Cumulative Compounded RFR Rate</b>&quot; means, in relation to any RFR Banking Day during an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Facility Agent (or by any other Finance Party which agrees to determine that rate in place of the Facility Agent) in accordance with the methodology set out in Schedule 16 (<i style="font-style:italic;">Daily Non-Cumulative Compounded RFR Rate</i>) or in any relevant Compounding Methodology Supplement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404482"></a>&quot;<b style="font-weight:bold;">Daily Rate</b>&quot; means the rate specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857524"></a>&quot;<b style="font-weight:bold;">CRD IV</b>&quot; means: </div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857525"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857526"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857527"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other law or regulation which implements Basel III.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857528"></a>&quot;<b style="font-weight:bold;">Deed of Release</b>&quot; means a deed releasing the Existing Security in form acceptable to the Facility Agent.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857529"></a>&quot;<b style="font-weight:bold;">Default</b>&quot; means an Event of Default or a Potential Event of Default.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857530"></a>&quot;<b style="font-weight:bold;">Defaulting Lender</b>&quot; means any Lender:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857531"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">which has failed to make available the relevant proportion of its Commitment in respect of any part of the Loan or has given notice to the Facility Agent that it will not make such amount available by the Utilisation Date pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Lenders&#39; participation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857532"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">which has otherwise rescinded or repudiated a Finance Document; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857533"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">with respect to which an Insolvency Event has occurred and is continuing,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">unless, in the case of paragraph (a) above:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857534"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its failure to pay is caused by:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857535"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">administrative or technical error; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857536"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Disruption Event; and</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>14</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857537"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">payment is made within five Business Days of its due date; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857538"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Lender is disputing in good faith whether it is contractually obliged to make the relevant payment.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857539"></a>&quot;<b style="font-weight:bold;">Delegate</b>&quot; means any delegate, agent, attorney, co-trustee or other person appointed by the Security Agent.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857540"></a>&quot;<b style="font-weight:bold;">Disruption Event</b>&quot; means either or both of:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857541"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facilities (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857542"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other, Party:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857543"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">from performing its payment obligations under the Finance Documents; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857544"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">from communicating with other Parties in accordance with the terms of the Finance Documents,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857545"></a>&quot;<b style="font-weight:bold;">Document of Compliance</b>&quot; has the meaning given to it in the ISM Code.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857546"></a>&quot;<b style="font-weight:bold;">dollars</b>&quot; and &quot;<b style="font-weight:bold;">$</b>&quot; mean the lawful currency, for the time being, of the United States of America.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857547"></a>&quot;<b style="font-weight:bold;">Earnings</b>&quot; means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to a Borrower or the Security Agent and which arise out of or in connection with or relate to the use or operation of that Ship, including (but not limited to): </div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref23519941"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the following, save to the extent that any of them is, with the prior written consent of the Facility Agent, pooled or shared with any other person:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255691"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all freight, hire and passage moneys including, without limitation, all moneys payable under, arising out of or in connection with a Charter or a related guarantee;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857548"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the proceeds of the exercise of any lien on sub-freights;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857549"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compensation payable to a Borrower or the Security Agent in the event of requisition of that Ship for hire or use;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857550"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">remuneration for salvage and towage services;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857551"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">demurrage and detention moneys;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>15</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857552"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">without prejudice to the generality of sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of that Ship;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255697"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all moneys which are at any time payable under any Insurances in relation to loss of hire;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref24047875"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all monies which are at any time payable to a Borrower in relation to general average contribution; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857553"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if and whenever that Ship is employed on terms whereby any moneys falling within sub-paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(viii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to that Ship.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857554"></a>&quot;<b style="font-weight:bold;">Earnings Account</b>&quot; means, in relation to a Borrower:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857555"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an account in the name of that Borrower with the Account Bank designated &quot;Earnings Account&quot;;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref457481023"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other account in the name of that Borrower with the Account Bank or any other bank which may, with the prior written consent of the Facility Agent, be opened in the place of the account referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, irrespective of the number or designation of such replacement account; or</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857556"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any sub-account of any account referred to in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857557"></a>&quot;<b style="font-weight:bold;">EEA Member Country</b>&quot; means any member state of the European Union, Iceland, Liechtenstein and Norway.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857558"></a>&quot;<b style="font-weight:bold;">Eligible Institution</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857559"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Lender; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857560"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other bank or financial institution selected by the Corporate Guarantor and subject to approval to by the Lenders in their sole discretion </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk106957892"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">and which, in each case, is not an Affiliate of any Obligor or a member of the Group</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857561"></a>&quot;<b style="font-weight:bold;">Environmental Approval</b>&quot; means any present or future permit, ruling, variance or other Authorisation required under Environmental Laws.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857562"></a>&quot;<b style="font-weight:bold;">Environmental Claim</b>&quot; means any claim by any governmental, judicial or regulatory authority or any other person which arises out of an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law and, for this purpose, &#160;&quot;<b style="font-weight:bold;">claim</b>&quot; includes a claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment of any kind, including in relation to clean-up and removal, whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857563"></a>&quot;<b style="font-weight:bold;">Environmental Incident</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857564"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any release, emission, spill or discharge of Environmentally Sensitive Material that is:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>16</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857565"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">within a Ship or from a Ship; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857566"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">into any other vessel or into or upon the air, water, land or soils (including the seabed) or surface water; or</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857567"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, water, land or soils (including the seabed) or surface water from a vessel other than any Ship and which involves a collision between any Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which a Ship is actually or potentially liable to be arrested, attached, detained or injuncted and/or a Ship and/or any Obligor and/or any operator or manager of a Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857568"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, water, land or soils (including the seabed) or surface water otherwise than from a Ship and in connection with which a Ship is actually or potentially liable to be arrested and/or where any Obligor and/or any operator or manager of a Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action, other than in accordance with an Environmental Approval.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857569"></a>&quot;<b style="font-weight:bold;">Environmental Law</b>&quot; means any present or future law relating to pollution or protection of human health or the environment, to conditions in the workplace, to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857570"></a>&quot;<b style="font-weight:bold;">Environmentally Sensitive Material</b>&quot; means and includes all contaminants, oil, oil products, toxic substances and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857571"></a>&quot;<b style="font-weight:bold;">EU Bail-In Legislation Schedule</b>&quot; means the document described as such and published by the Loan Market Association (or any successor person) from time to time.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857572"></a>&quot;<b style="font-weight:bold;">EU Ship Recycling Regulation</b>&quot; means Regulation (EU) No 1257/2013 of the European Parliament and of the Council of 20 November 2013 on ship recycling and amending Regulation (EC) No 1013/2006 and Directive 2009/16/EC.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857573"></a>&quot;<b style="font-weight:bold;">Event of Default</b>&quot; means any event or circumstance specified as such in Clause 31 (<i style="font-style:italic;">Events of Default</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857574"></a>&quot;<b style="font-weight:bold;">Existing Facility Agent</b>&quot; means the &quot;Facility Agent&quot; as such term is defined in the Existing Facility Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857575"></a>&quot;<b style="font-weight:bold;">Existing Facility Agreement</b>&quot; means the facility agreement entered into between, <i style="font-style:italic;">inter alia</i>, <a name="DocXTextRef15"></a>(i) Borrower A, Borrower B, Borrower C and Borrower D as joint and several borrowers and (ii) Existing Facility Agent as facility agent and security agent dated 11 December 2019, in relation to a $61,500,000 facility. </div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106431978"></a>&quot;<b style="font-weight:bold;">Existing Indebtedness</b>&quot; means, at any date and in respect of the Existing Facility Agreement, the outstanding Financial Indebtedness relating to the relevant Initial Ships on that date under the Existing Facility Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857576"></a>&quot;<b style="font-weight:bold;">Existing Security</b>&quot; means any security created to secure the Existing indebtedness.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>17</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857577"></a>&quot;<b style="font-weight:bold;">Facility</b>&quot; means the Term Facility or the Revolving Facility or an Accordion Facility.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857578"></a>&quot;<b style="font-weight:bold;">Facility Office</b>&quot; means the office or offices notified by a Lender to the Facility Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days&#39; written notice) as the office or offices through which it will perform its obligations under this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857579"></a>&quot;<b style="font-weight:bold;">Fair </b><b style="font-weight:bold;">Market</b> <b style="font-weight:bold;">Value</b>&quot; means, in relation to a Ship, at any date, the market value of that Ship shown by the arithmetic average of two valuations each prepared:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857580"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as at a date not more than 30 days previously (except in relation to valuations provided in connection with the first Utilisation Date, in which case such valuations shall be prepared as at a date not more than 36 days previously);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857581"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">by an Approved Valuer appointed by the Borrowers;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857582"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">with or without physical inspection of that Ship or vessel (as the Facility Agent may require); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857583"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the basis of a sale for prompt delivery for cash on normal arm&#39;s length commercial terms as between a willing seller and a willing buyer, free of any Charter,</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857584"></a>after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857585"></a>&quot;<b style="font-weight:bold;">FATCA</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255757"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">sections 1471 to 1474 of the Code or any associated regulations;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255762"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857586"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857587"></a>&quot;<b style="font-weight:bold;">FATCA Application Date</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref374957186"></a><a name="_Ref136857588"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to a &quot;withholdable payment&quot; described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857589"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to a &quot;passthru payment&quot; described in section 1471(d)(7) of the Code not falling within paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the first date from which such payment may become subject to a deduction or withholding required by FATCA.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857590"></a>&quot;<b style="font-weight:bold;">FATCA Deduction</b>&quot; means a deduction or withholding from a payment under a Finance Document required by FATCA.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857591"></a>&quot;<b style="font-weight:bold;">FATCA Exempt Party</b>&quot; means a Party that is entitled to receive payments free from any FATCA Deduction. </div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>18</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857592"></a>&quot;<b style="font-weight:bold;">Fee Letter</b>&quot; means any letter or letters dated on or about the date of this Agreement between the Facility Agent and the Borrowers or Parent Guarantor setting out any of the fees referred to in Clause 13 (<i style="font-style:italic;">Fees</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857593"></a>&quot;<b style="font-weight:bold;">Finance Document</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857594"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857595"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Fee Letter;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857596"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Membership Interests Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857597"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Mortgage;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857598"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any General Assignment;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857599"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Accounts Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857600"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Manager&#39;s Undertaking;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857601"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Accordion Facility Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857602"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Hedging Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857603"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Hedging Agreement Assignment;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(k)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857604"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Sustainability Certificate;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(l)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857605"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Compounded Rate Supplement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(m)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857606"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Compounded Methodology Supplement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(n)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857607"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other document (whether or not it creates Security) which is executed as security for, or for the purpose of establishing any priority or subordination arrangement in relation to, the Secured Liabilities; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(o)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857608"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other document designated as such by the Facility Agent and the Borrowers.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857609"></a>&quot;<b style="font-weight:bold;">Finance Party</b>&quot; means the Facility Agent, the Security Agent, the Mandated Lead Arrangers, the Sustainability Coordinator, a Lender or a Hedge Counterparty.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857610"></a>&quot;<b style="font-weight:bold;">Financial Indebtedness</b>&quot; means any indebtedness for or in relation to:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255828"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">moneys borrowed and debit balances at banks or other financial institutions;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857611"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857612"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857613"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the amount of any liability in relation to any lease or hire purchase contract which would, in accordance with GAAP, be treated as a balance sheet liability (other than </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>19</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any liability in respect of a lease or hire purchase contract in force prior to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef16"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> January 2019 which would, in accordance with GAAP have been treated as an operating lease);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857614"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857615"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowing under GAAP;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857616"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken into account);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255835"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any counter-indemnity obligation in relation to a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref381377517"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amount raised by the issue of shares which are redeemable (other than at the option of the Issuer) before the Termination Date or are otherwise classified as borrowings under GAAP; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857617"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the amount of any liability in relation to any guarantee or indemnity for any of the items referred to in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Hlk42090139"></a><a name="_Ref106432021"></a><b style="font-weight:bold;">&quot;Fleet Sustainability Score</b>&quot;<b style="font-weight:bold;"> </b>has the meaning given to such term in the Sustainability Pricing Adjustment Schedule.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432022"></a>&quot;<b style="font-weight:bold;">Funding Rate</b>&quot; means any individual rate notified by a Lender to the Facility Agent pursuant to sub-paragraph (ii) of paragraph (a) of Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857618"></a>&quot;<b style="font-weight:bold;">GAAP</b>&quot; means generally accepted accounting principles in the United States of America.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857619"></a>&quot;<b style="font-weight:bold;">General Assignment</b>&quot; means, in relation to a Ship, the general assignment creating Security over that Ship&#39;s Earnings, its Insurances and any Requisition Compensation in relation to that Ship and any charter entered into or to be entered into with a term exceeding or capable of exceeding 14 months (including a redelivery allowance of between 30 to 60 days) and any supporting guarantee in relation to such charter in agreed form and including, in relation to each Ship, the Supplemental General Assignment (as defined in the Amendment and Restatement Agreement).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857620"></a>&quot;<b style="font-weight:bold;">Group</b>&quot; means, at any time, the Parent Guarantor and its Subsidiaries at that time.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857621"></a>&quot;<b style="font-weight:bold;">Guarantor</b>&quot; means the Corporate Guarantor or the Parent Guarantor.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857622"></a>&quot;<b style="font-weight:bold;">Hedging Agreement</b>&quot; means any master agreement, confirmation, transaction, schedule, off-balance sheet instrument or other agreement in agreed form entered into or to be entered into by a Borrower or the Borrowers for the purpose of hedging interest payable under this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857623"></a>&quot;<b style="font-weight:bold;">Hedging Agreement Assignment</b>&quot; means, in relation to a Borrower, a first assignment of that Borrower&#39;s rights and interests in any Hedging Agreement, in agreed form and including, in </div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>20</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;">relation to each Borrower, the Supplemental Hedging Assignment (as defined in the Amendment and Restatement Agreement).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857624"></a>&quot;<b style="font-weight:bold;">Hedging Close Out Liabilities</b>&quot; means, as at any relevant date, the aggregate amount certified by each Hedge Counterparty to the Facility Agent as the net aggregate amount in dollars which would be payable by either Borrower or both Borrowers (as the case may be) under the Hedging Agreements to which it is a party at the relevant determination date as a result of termination or closing out under such Hedging Agreements.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857625"></a>&quot;<b style="font-weight:bold;">Hedging Prepayment Proceeds</b>&quot; means any amount payable to a Borrower or the Borrowers (as the case may be) as a result of termination or closing out under a Hedging Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432031"></a>&quot;<b style="font-weight:bold;">Historic Term SOFR</b>&quot; means, in relation to any Term SOFR Loan, the most recent applicable Term SOFR for a period equal in length to the Interest Period of that Term SOFR Loan and which is as of a day which is no more than three Additional Business Days before the Quotation Day.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857626"></a>&quot;<b style="font-weight:bold;">Holding Company</b>&quot; means, in relation to a person, any other person in relation to which it is a Subsidiary.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857627"></a>&quot;<b style="font-weight:bold;">Indemnified Person</b>&quot; has the meaning given to it in Clause 16.2 (<i style="font-style:italic;">Other indemnities</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857628"></a>&quot;<b style="font-weight:bold;">Initial</b> <b style="font-weight:bold;">Ship</b>&quot; means Ship A, Ship B, Ship C, Ship D, Ship E, Ship F or Ship G.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857629"></a>&quot;<b style="font-weight:bold;">Initial</b> <b style="font-weight:bold;">Tranche</b>&quot; means Tranche A, Tranche B, Tranche C, Tranche D, Tranche E, Tranche F and Tranche G.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857630"></a>&quot;<b style="font-weight:bold;">Insolvency Event</b>&quot; in relation to a Lender means that Lender:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432036"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is dissolved (other than pursuant to a consolidation, amalgamation or merger);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432037"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432038"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">makes a general assignment, arrangement, or composition with or for the benefit of its creditors;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432039"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors&#39; rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432040"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors&#39; rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above and:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>21</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432041"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432042"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432043"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432044"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432045"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(k)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432046"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(h)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above; or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432047"></a></font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(l)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857631"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857632"></a>&quot;<b style="font-weight:bold;">Insurances</b>&quot; means, in relation to a Ship:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857633"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all policies and contracts of insurance, including entries of that Ship in any protection and indemnity or war risks association, effected in relation to that Ship, the Earnings or otherwise in relation to that Ship whether before, on or after the date of this Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857634"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all rights and other assets relating to, or derived from, any of such policies, contracts or entries, including any rights to a return of premium and any rights in relation to any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432051"></a>&quot;<b style="font-weight:bold;">Interest Payment Date</b>&quot; has the meaning given to it in Clause 9.4 (<i style="font-style:italic;">Payment of interest</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857635"></a>&quot;<b style="font-weight:bold;">Interest Period</b>&quot; means, in relation to an Advance, the Loan or any part of the Loan, each period determined in accordance with Clause 11 (<i style="font-style:italic;">Interest Periods</i>) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 9.5 (<i style="font-style:italic;">Default interest</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432053"></a>&quot;<b style="font-weight:bold;">Interpolated Historic Term SOFR</b>&quot; means, in relation to any Term SOFR Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432054"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">either:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>22</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857636"></a><a name="_Ref106432055"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the most recent applicable Term SOFR (as of a day which is not more than three Additional Business Days before the Quotation Day) for the longest period (for which Term SOFR is available) which is less than the Interest Period of that Term SOFR Loan; or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432056"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if no such Term SOFR is available for a period which is less than the Interest Period of that Term SOFR Loan, the RFR for a day which is no more than five Additional Business Days (and no less than &#160;two Additional Business Days) before the Quotation Day; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432057"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the most recent applicable Term SOFR (as of a day which is not more than three Additional Business Days before the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of that Term SOFR Loan.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432058"></a><b style="font-weight:bold;">&quot;Interpolated Term SOFR</b>&quot; means, in relation to any Term SOFR Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432059"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">either:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432060"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the applicable Term SOFR (as of the Specified Time) for the longest period (for which Term SOFR is available) which is less than the Interest Period of that Term SOFR Loan; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432061"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if no such Term SOFR is available for a period which is less than the Interest Period of that Term SOFR Loan, the RFR for the day which is two Additional Business Days before the Quotation Day; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432062"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the applicable Term SOFR (as of the Specified Time) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of that Term SOFR Loan.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857637"></a>&quot;<b style="font-weight:bold;">Inventory of Hazardous Material</b>&quot; means an inventory certificate or statement of compliance (as applicable) issued by the relevant classification society/shipyard authority which is supplemented by a list of any and all materials known to be potentially hazardous utilised in the construction of that Ship pursuant to the requirements of the EU Ship Recycling Regulation.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857638"></a>&quot;<b style="font-weight:bold;">ISM Code</b>&quot; means the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (including the guidelines on its implementation), adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857639"></a>&quot;<b style="font-weight:bold;">ISPS Code</b>&quot; means the International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization&#39;s (IMO) Diplomatic Conference of December 2002, as the same may be amended or supplemented from time to time.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857640"></a>&quot;<b style="font-weight:bold;">ISSC</b>&quot; means an International Ship Security Certificate issued under the ISPS Code.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857641"></a>&quot;<b style="font-weight:bold;">Lender</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432068"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Original Lender; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432069"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any bank, financial institution, trust, fund or other entity which has become a Party as a &quot;Lender&quot; in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Establishment of an Accordion Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to the Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>23</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">which in each case has not ceased to be a Party in accordance with this Agreement.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857642"></a>&quot;<b style="font-weight:bold;">Limitation</b> <b style="font-weight:bold;">Acts</b>&quot; means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857643"></a>&quot;<b style="font-weight:bold;">LMA</b>&quot; means the Loan Market Association (or any successor person).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857644"></a>&quot;<b style="font-weight:bold;">Loan</b>&quot; means the aggregate amount of Advances to be made available under the Facilities or the aggregate principal amount outstanding for the time being of the borrowings under the Facilities and a &quot;<b style="font-weight:bold;">part of the Loan</b>&quot; means an Advance, a Tranche, a part of a Tranche or any other part of the Loan as the context may require.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432073"></a>&quot;<b style="font-weight:bold;">Lookback Period</b>&quot; means the number of days specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857645"></a>&quot;<b style="font-weight:bold;">Major</b> <b style="font-weight:bold;">Casualty</b>&quot; means, in relation to a Ship, any casualty to that Ship in relation to which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857646"></a>&quot;<b style="font-weight:bold;">Majority</b> <b style="font-weight:bold;">Lenders</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857647"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if no Advance has yet been made, a Lender or Lenders whose Commitments aggregate more than 66&#8532; per cent. of the Total Commitments; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857648"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 66&#8532; per cent. of the amount of the Loan then outstanding or, if the Loan has been repaid or prepaid in full, a Lender or Lenders whose participations in the Loan immediately before repayment or prepayment in full aggregate more than 66&#8532; per cent. of the Loan immediately before such repayment.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857649"></a>&quot;<b style="font-weight:bold;">Manager&#39;s</b> <b style="font-weight:bold;">Undertaking</b>&quot; means, in relation to a Ship, the letter of undertaking from its Approved Technical Manager and the letter of undertaking from its Approved Commercial Manager subordinating the rights of such Approved Technical Manager and such Approved Commercial Manager respectively against that Ship and the relevant Borrower to the rights of the Finance Parties in agreed form.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857650"></a>&quot;<b style="font-weight:bold;">Mandatory Costs</b>&quot; has the meaning given to it in Clause 16.3 (<i style="font-style:italic;">Mandatory Cost</i>);</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432079"></a>&quot;<b style="font-weight:bold;">Margin</b>&quot; means <a name="DocXTextRef17"></a><a name="_Hlk43387086"></a>2.50 per cent. per annum, as adjusted as of first day of the next Interest Period for that Advance, in accordance with the <a name="_Hlk42684303"></a>Sustainability Pricing Adjustment Schedule.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857651"></a>&quot;<b style="font-weight:bold;">Material</b> <b style="font-weight:bold;">Adverse</b> <b style="font-weight:bold;">Effect</b>&quot; means, in the reasonable opinion of the Majority Lenders, a material adverse effect on:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857652"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the business, operations, property, condition (financial or otherwise) or prospects of any member of the Group or the Group as a whole; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857653"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the ability of any Transaction Obligor to perform its obligations under any Finance Document; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857654"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the validity or enforceability of, or the effectiveness or ranking of any Security granted or intended to be granted pursuant to any of, the Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>24</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;"><a name="_Ref106432085"></a>&quot;<b style="font-weight:bold;">Membership Interests Security</b>&quot; means, <a name="DocXTextRef18"></a>(i) in relation to an Original Borrower, a document from the Corporate Guarantor creating Security in respect of the membership interests in that Original Borrower in agreed form or (ii) in relation to an Additional Borrower, a document creating Security in respect of the membership interests in that Additional Borrower if that Additional Borrower is a limited liability company or a document creating Security in respect of the shares in that Additional Borrower if that Additional Borrower is a limited company or corporation, in agreed form.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432086"></a>&quot;<b style="font-weight:bold;">Month</b>&quot; means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432087"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Other than where paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> applies:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432088"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432089"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255921"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432090"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to an Interest Period for any Compounded Rate Loan (or any other period for the accrual of commission or fees after the Rate Switch Date) for which there are rules specified as &quot;Business Day Conventions&quot; in the Benchmark Terms, those rules shall apply</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref65498696"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The above rules will only apply to the last Month of any period.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857655"></a>&quot;<b style="font-weight:bold;">Mortgage</b>&quot; means, in relation to a Ship, a first preferred or priority ship mortgage (as applicable for the Approved Flag of that Ship) and, if as applicable for the Approved Flag of the Ship, a deed of covenant collateral to the said mortgage in agreed form and including, in relation to each Ship, the Mortgage Amendment (as defined in the Amendment and Restatement Agreement).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857656"></a>&quot;<b style="font-weight:bold;">Non-Consenting Lender</b>&quot; means any Lender which does not and continues not to consent or agree to a request of the Borrowers or the Facility Agent (at the request of the Borrowers) to give a consent in relation to, or to agree to a waiver or amendment of, any provision of the Finance Documents when:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857657"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the consent, waiver or amendment in question requires the approval of all of the Lenders; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857658"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Lenders whose commitments aggregate more than 66&#8532; per cent. of the Total Commitments have consented or agreed to such waiver or amendment.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857659"></a>&quot;<b style="font-weight:bold;">Obligor</b>&quot; means a Borrower, a Hedge Guarantor, the Corporate Guarantor or the Parent Guarantor.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>25</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857660"></a>&quot;<b style="font-weight:bold;">Original</b> <b style="font-weight:bold;">Financial</b> <b style="font-weight:bold;">Statements</b>&quot; means in relation to the Parent Guarantor, the audited consolidated financial statements of the Group for its financial year ended 31 December 2021.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857661"></a>&quot;<b style="font-weight:bold;">Overseas</b> <b style="font-weight:bold;">Regulations</b>&quot; means the Overseas Companies Regulations 2009 (SI 2009/1801).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857662"></a>&quot;<b style="font-weight:bold;">Parallel</b> <b style="font-weight:bold;">Debt</b>&quot; means any amount which an Obligor owes to the Security Agent under Clause 35.2 (<i style="font-style:italic;">Parallel Debt (Covenant to pay the Security Agent)</i>) or under that Clause as incorporated by reference or in full in any other Finance Document.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432100"></a>&quot;<b style="font-weight:bold;">Participating Member State</b>&quot; means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857663"></a>&quot;<b style="font-weight:bold;">Party</b>&quot; means a party to this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857664"></a>&quot;<b style="font-weight:bold;">Permitted</b> <b style="font-weight:bold;">Charter</b>&quot; means, in relation to a Ship, a charter:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857665"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">which is a time or consecutive voyage charter;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857666"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the duration of which does not exceed and is not capable of exceeding, by virtue of any optional extensions, 14 months;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857667"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">which is entered into on </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">bona fide</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> arm&#39;s length terms at the time at which that Ship is fixed; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857668"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to which not more than two months&#39; hire is payable in advance,</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857669"></a>and any other charter which is approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857670"></a>&quot;<b style="font-weight:bold;">Permitted</b> <b style="font-weight:bold;">Financial</b> <b style="font-weight:bold;">Indebtedness</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857671"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Financial Indebtedness incurred under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857672"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">until the Utilisation Date, the Existing Indebtedness;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857673"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance Documents in a manner and on terms satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857674"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Financial Indebtedness reasonably incurred in connection with the normal commercial operation of the Ship.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857675"></a>&quot;<b style="font-weight:bold;">Permitted</b> <b style="font-weight:bold;">Security</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857676"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Security created by the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857677"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances, any netting or right of pledge under the general base conditions of a Lender and any right of pledge and set off in connection with permitted cash pool arrangements;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857678"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">liens for unpaid master&#39;s and crew&#39;s wages in accordance with usual maritime practice and not being enforced through arrest;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>26</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857679"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">liens for salvage;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857680"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">liens for master&#39;s disbursements incurred in the ordinary course of trading and not being enforced through arrest; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857681"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of any Ship:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857682"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not as a result of any default or omission by any Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857683"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not being enforced through arrest; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857684"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">subject, in the case of liens for repair or maintenance, to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Restrictions on chartering, appointment of managers etc.</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 72pt;">provided such lien does not secure amounts more than 30 days overdue (unless the overdue amount is being contested in good faith by appropriate steps and for the payment of which adequate reserves are held and provided further that such proceedings do not give rise to a material risk of the relevant Ship or any interest in it being seized, sold, forfeited or lost).</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857685"></a>&quot;<b style="font-weight:bold;">Pool Agreement</b>&quot; means, in relation to a Ship, any pool agreement which that Ship is a party to subject to the prior written approval of the Facility Agent acting with the authorisation of the Majority Lenders, provided the pool agreements for the Ships entered into the Ardmore MR Pool are approved.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857686"></a>&quot;<b style="font-weight:bold;">Poseidon Principles</b>&quot; means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced from time to time.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857687"></a>&quot;<b style="font-weight:bold;">Potential</b> <b style="font-weight:bold;">Event</b> <b style="font-weight:bold;">of</b> <b style="font-weight:bold;">Default</b>&quot; means any event or circumstance specified in Clause 31 (<i style="font-style:italic;">Events of Default</i>) which would (with the expiry of a grace period, the giving of notice or any combination of any of the foregoing) be an Event of Default.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857688"></a>&quot;<b style="font-weight:bold;">Protected</b> <b style="font-weight:bold;">Party</b>&quot; has the meaning given to it in Clause 14.1 (<i style="font-style:italic;">Definitions</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857689"></a>&quot;<b style="font-weight:bold;">Quotation</b> <b style="font-weight:bold;">Day</b>&quot; means, in relation to a Term SOFR Loan and in relation to any period for which an interest rate is to be determined, two Additional Business Days before the first day of that period unless market practice differs in the relevant syndicated loan market in which case the Quotation Day will be determined by the Facility Agent in accordance with that market practice (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432126"></a><b style="font-weight:bold;">&quot;Quoted Tenor&quot;</b> means any period for which Term SOFR is customarily displayed on the relevant page or screen of an information service.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432127"></a><a name="_Ref136857690"></a>&quot;<b style="font-weight:bold;">Rate Switch Date</b>&quot; means, if the Borrowers request a switch from a Compounded Reference Rate to a Term SOFR Reference Rate, the date (which shall be the last day of an Interest Period) on which <a name="_Ref90468486"></a>the Facility Agent, acting in its individual capacity and on behalf and on the instructions of the Lenders, agree in writing that interest under this Agreement should be calculated by reference to the Term SOFR Reference Rate.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857691"></a>&quot;<b style="font-weight:bold;">Receiver</b>&quot; means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>27</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857692"></a>&quot;<b style="font-weight:bold;">Reduction Date</b>&quot; means each date by which the Revolving Facility must be reduced as set out in Schedule 1 Part B (<i style="font-style:italic;">Revolving Facility Reduction Schedule</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857693"></a>&quot;<b style="font-weight:bold;">Reduction Instalment</b>&quot; means each instalment for reduction of the Advances under the Revolving Facility referred to in paragraph (a) of Clause &#8206;7.2 (<i style="font-style:italic;">Reduction of Revolving Facility</i>).</div><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;"><a name="_Ref106432138"></a>&quot;<b style="font-weight:bold;">Recognised Organisation</b>&quot; has the meaning given to such term in the Sustainability Pricing Adjustment Schedule.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857694"></a>&quot;<b style="font-weight:bold;">Related</b> <b style="font-weight:bold;">Fund</b>&quot; in relation to a fund (the &quot;first fund&quot;), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857695"></a>&quot;<b style="font-weight:bold;">Relevant</b> <b style="font-weight:bold;">Jurisdiction</b>&quot; means, in relation to a Transaction Obligor:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857696"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its jurisdiction of incorporation;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857697"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any jurisdiction where any asset subject to, or intended to be subject to, any of the Transaction Security created, or intended to be created, under the Finance Documents to which it is a party is situated;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857698"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any jurisdiction where it conducts its business; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857699"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the jurisdiction whose laws govern the perfection of any of the Transaction Security created, or intended to be created, under the Finance Documents to which it is a party.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857700"></a>&quot;<b style="font-weight:bold;">Relevant Nominating Body</b>&quot; means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857701"></a>&quot;<b style="font-weight:bold;">Relevant Person</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref20475223"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref20475231"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each subsidiary of any Obligor; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857702"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all respective directors, officers, employees, agents and representatives of each of the persons mentioned in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432149"></a>&quot;<b style="font-weight:bold;">Relevant Market</b>&quot; means <a name="_Ref67328185"></a>the market specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857703"></a><a name="_Hlk136869341"></a>&quot;<b style="font-weight:bold;">Repayment</b> <b style="font-weight:bold;">Date</b>&quot; means each date on which a Repayment Instalment is required to be paid under Clause 7.1 (<i style="font-style:italic;">Repayment of Term Loan Facility</i>) or Clause 7.3 (<i style="font-style:italic;">Repayment of Accordion Facilities</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857704"></a>&quot;<b style="font-weight:bold;">Repayment</b> <b style="font-weight:bold;">Instalment</b>&quot; has the meaning given to it in Clause 7.1 (<i style="font-style:italic;">Repayment of Term Loan Facility</i>) or Clause 7.3 (<i style="font-style:italic;">Repayment of Accordion Facilities</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857705"></a>&quot;<b style="font-weight:bold;">Repeating</b> <b style="font-weight:bold;">Representation</b>&quot; means each of the representations set out in Clause 23 (<i style="font-style:italic;">Representations</i>) except Clause 23.10 (<i style="font-style:italic;">Insolvency</i>) and Clause 23.12 (<i style="font-style:italic;">Deduction of Tax</i>) and any representation of any Transaction Obligor made in any other Finance Document that is expressed to be a &quot;Repeating Representation&quot; or is otherwise expressed to be repeated.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>28</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432153"></a>&quot;<b style="font-weight:bold;">Reporting Day</b>&quot; means the day specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432154"></a>&quot;<b style="font-weight:bold;">Reporting Time</b>&quot; means the relevant time (if any) specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857706"></a>&quot;<b style="font-weight:bold;">Representative</b>&quot; means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857707"></a>&quot;<b style="font-weight:bold;">Requisition</b>&quot; means, in relation to a Ship:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857708"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any expropriation, confiscation, requisition or acquisition of that Ship, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition for hire for a fixed period not exceeding one year without any right to an extension) unless it is within 30 days redelivered to the full control of the relevant Borrower; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857709"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any arrest, capture, seizure or detention of that Ship (including any hijacking or theft) unless it is within 30 days redelivered to the full control of the relevant Borrower.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857710"></a>&quot;<b style="font-weight:bold;">Requisition</b> <b style="font-weight:bold;">Compensation</b>&quot; includes all compensation or other moneys payable by reason of any Requisition.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857711"></a>&quot;<b style="font-weight:bold;">Resolution Authority</b>&quot; means any body which has authority to exercise any Write-down and Conversion Powers.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857712"></a>&quot;<b style="font-weight:bold;">Restricted Party</b>&quot; means a person that is:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857713"></a><a name="_Ref20921284"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">listed on or directly or indirectly owned or controlled by a person or persons listed on any Sanctions List; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857714"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">located in, organised under the laws of or directly or indirectly owned or controlled by, or acting on behalf of, a person located in or organised under the laws of a country or territory which is a subject of country-wide or territory-wide Sanctions (including, without limitation, at the date of this Agreement, Cuba, Iran, North Korea, Syria, Sudan, Crimea and the so-called People&#8217;s Republic of Donetsk and People&#8217;s Republic of Luhansk of the Ukraine); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857715"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">otherwise a subject of Sanctions.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857716"></a><a name="_Ref106432166"></a>&quot;<b style="font-weight:bold;">Revolving Facility</b>&quot; means the revolving credit facility made available under this Agreement as described in Clause 2.1 (<i style="font-style:italic;">The Facilities</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857717"></a>&quot;<b style="font-weight:bold;">Revolving Commitment</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857718"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to an Original Lender, the amount set opposite its name under the heading &quot;Revolving Commitment&quot; in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part B</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the amount of any other Revolving Commitment transferred to it under this Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857719"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to any other Lender, the amount of any Revolving Commitment transferred to it under this Agreement,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">to the extent not cancelled, reduced or transferred by it under this Agreement.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>29</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857720"></a>&quot;<b style="font-weight:bold;">Rollover Advance</b>&quot; means one or more Advances under the Revolving Facility:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857721"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">made or to be made on the same day that a maturing Advance under the Revolving Facility is due to be repaid;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857722"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the aggregate amount of which is equal to or less than the amount of the maturing Advance under the Revolving Facility; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857723"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">made or to be made for the purpose of refinancing that maturing Advance under the Revolving Facility.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857724"></a>&quot;<b style="font-weight:bold;">RFR</b>&quot; means the rate specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432167"></a>&quot;<b style="font-weight:bold;">RFR Banking Day</b>&quot; means any day specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857725"></a>&quot;<b style="font-weight:bold;">Sanctions</b>&quot; means any trade, economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by a Sanctions Authority.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857726"></a>&quot;<b style="font-weight:bold;">Safety</b> <b style="font-weight:bold;">Management</b> <b style="font-weight:bold;">Certificate</b>&quot; has the meaning given to it in the ISM Code.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857727"></a>&quot;<b style="font-weight:bold;">Safety</b> <b style="font-weight:bold;">Management</b> <b style="font-weight:bold;">System</b>&quot; has the meaning given to it in the ISM Code.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857728"></a>&quot;<b style="font-weight:bold;">Sanctions Authority</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857729"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Security Council of the United Nations;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857730"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the United States;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857731"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the United Kingdom;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857732"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the European Union;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857733"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any member state of the European Union (including, without limitation, The Netherlands and France);</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref478982337"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any country in which any Obligor is registered or has material (financial or otherwise) interests or operations); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857734"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the governments and institutions or agencies of any of paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(f)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) above, including without limitation the U.S. Office of Foreign Asset Control (&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">OFAC</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;), the U.S. Department of State, and Her Majesty&#39;s Treasury (&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">HMT</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;).</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857735"></a>&quot;<b style="font-weight:bold;">Sanctions List</b>&quot; means the Specially Designated Nationals and Blocked Persons list maintained by OFAC, the Consolidated List of Financial Sanctions Targets maintained by HMT, or any other list maintained by, or public announcement of a Sanctions designation made by, a Sanctions Authority, each as amended, supplemented or substituted from time to time.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857736"></a>&quot;<b style="font-weight:bold;">Secured</b> <b style="font-weight:bold;">Liabilities</b>&quot; means all present and future obligations and liabilities, (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of each Transaction Obligor to any Secured Party under or in connection with each Finance Document.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857737"></a>&quot;<b style="font-weight:bold;">Secured</b> <b style="font-weight:bold;">Party</b>&quot; means each Finance Party from time to time party to this Agreement and any Receiver or Delegate.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>30</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857738"></a>&quot;<b style="font-weight:bold;">Security</b>&quot; means a mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement having the effect of conferring security.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857739"></a>&quot;<b style="font-weight:bold;">Security</b> <b style="font-weight:bold;">Period</b>&quot; means the period starting on the date of this Agreement and ending on the date on which the Facility Agent is satisfied that there is no outstanding Commitment in force and that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857740"></a>&quot;<b style="font-weight:bold;">Security</b> <b style="font-weight:bold;">Property</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857741"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Transaction Security expressed to be granted in favour of the Security Agent as trustee for the Secured Parties and all proceeds of that Transaction Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857742"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all obligations expressed to be undertaken by a Transaction Obligor to pay amounts in relation to the Secured Liabilities to the Security Agent as trustee for the Secured Parties and secured by the Transaction Security together with all representations and warranties expressed to be given by a Transaction Obligor or any other person in favour of the Security Agent as trustee for the Secured Parties;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857743"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Security Agent&#39;s interest in any turnover trust created under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857744"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or contingent, which the Security Agent is required by the terms of the Finance Documents to hold as trustee on trust for the Secured Parties,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">except:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857745"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">rights intended for the sole benefit of the Security Agent; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857746"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any moneys or other assets which the Security Agent has transferred to the Facility Agent or (being entitled to do so) has retained in accordance with the provisions of this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857747"></a>&quot;<b style="font-weight:bold;">Seller</b>&quot; means the seller of any Ship, as more particularly indicated in a memorandum of agreement to be made between that seller and a Borrower for the purchase of a Ship.</div><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">Servicing</b> <b style="font-weight:bold;">Party</b>&quot; means the Facility Agent or the Security Agent.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857748"></a>&quot;<b style="font-weight:bold;">Ship</b> <b style="font-weight:bold;">A</b>&quot; means the 49,998 dwt 2013 built MR product tanker registered in the name of Borrower A on <a name="_Hlk24384954"></a>Marshall Islands flag under the name m.t. &quot;ARDMORE SEAVALIANT&quot;.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857749"></a>&quot;<b style="font-weight:bold;">Ship</b> <b style="font-weight:bold;">B</b>&quot; means the 49,998 dwt 2013 built MR product tanker registered in the name of Borrower B on Marshall Islands flag under the name m.t. &quot;ARDMORE SEAVENTURE&quot;.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857750"></a>&quot;<b style="font-weight:bold;">Ship C</b>&quot; means the 25,215 dwt 2015 built chemical tanker registered in the name of Borrower C on Marshall Islands flag under the name m.t. &quot;ARDMORE CHEROKEE&quot;.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857751"></a>&quot;<b style="font-weight:bold;">Ship</b> <b style="font-weight:bold;">D</b>&quot; means the 25,217 dwt 2015 built chemical tanker registered in the name of Borrower D on Marshall Islands flag under the name m.t. &quot;ARDMORE CHEYENNE&quot;.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857752"></a>&quot;<b style="font-weight:bold;">Ship</b> <b style="font-weight:bold;">E</b>&quot; means the 37,800 dwt 2015 built chemical tanker registered in the name of Borrower D on Marshall Islands flag under the name m.t. &quot;ARDMORE DEFENDER&quot;.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>31</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857753"></a>&quot;<b style="font-weight:bold;">Ship</b> <b style="font-weight:bold;">F</b>&quot; means the 50,000 dwt 2014 built chemical tanker registered in the name of Borrower D on Marshall Islands flag under the name m.t. &quot;ARDMORE SEAVANGUARD&quot;.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857754"></a>&quot;<b style="font-weight:bold;">Ship</b> <b style="font-weight:bold;">G</b>&quot; means the 49,500 dwt 2014 built chemical tanker registered in the name of Borrower D on Marshall Islands flag under the name m.t. &quot;ARDMORE EXPORTER&quot;.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857755"></a>&quot;<b style="font-weight:bold;">Ship</b>&quot; means an Initial Ship, an Accordion Ship or any replacement vessel over which Security is provided in accordance with paragraph (f) of Clause 8.6 (<i style="font-style:italic;">Mandatory prepayment or replacement on sale or Total Loss</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857756"></a>&quot;<b style="font-weight:bold;">Specified</b> <b style="font-weight:bold;">Time</b>&quot; means a time determined in accordance with Schedule 13 (<i style="font-style:italic;">Timetables</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857757"></a><a name="_Hlk26351129"></a>&quot;<b style="font-weight:bold;">Statement of Compliance</b>&quot; means a Statement of Compliance related to fuel oil consumption pursuant to regulations <a name="DocXTextRef4733"></a>6.6 and <a name="DocXTextRef4734"></a>6.7 of Annex VI.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857758"></a>&quot;<b style="font-weight:bold;">Subsidiary</b>&quot; means a subsidiary within the meaning of section 1159 of the Companies Act 2006.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432231"></a>&quot;<b style="font-weight:bold;">Sustainability Certificate&quot; </b>means a certificate signed by one officer of the Parent Guarantor, in a form and substance reasonably satisfactory to the Facility Agent and substantially in the form of Schedule 9 (<i style="font-style:italic;">Form of Sustainability Certificate</i>), delivered pursuant to Clause 24.3 (<i style="font-style:italic;">Compliance Certificate and Sustainability Certificate</i>), that sets forth the Sustainability Pricing Adjustment.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432232"></a><b style="font-weight:bold;">&quot;Sustainability Pricing Adjustment&quot; </b>has the meaning given to this term in the Sustainability Pricing Adjustment Schedule.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432233"></a><b style="font-weight:bold;">&quot;Sustainability Pricing Adjustment Schedule&quot; </b>means Schedule 10 (<i style="font-style:italic;">Sustainability Pricing Adjustment Schedule</i>), as amended from time to time in accordance with Clause 46 (<i style="font-style:italic;">Amendments and waivers</i>) of this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857759"></a>&quot;<a name="_Hlk109130646"></a><b style="font-weight:bold;">Sustainability Report</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857760"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an annual sustainability and progress report commencing with the year 2022 (published in 2023), prepared by the Parent Guarantor and delivered to the Facility Agent on an annual basis together with the Sustainability Certificate in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4736"></a></font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Compliance Certificate and Sustainability Certificate</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk109823481"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">and following any applicable adjustments to be made by the Facility Agent to the Margin, to be shared with the Lenders</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, which shall include:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857761"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">commentary on the AER performance of the fleet, drivers of development in AER performance, initiatives to improve the AER performance of the fleet and details on diversity KPIs (i.e. the bursary program);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857762"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">supporting calculations of the Fleet Sustainability Score (i.e. KPI 1) including the AER data for each vessel in the fleet as independently verified by a Recognised Organisation and reported on a consolidated basis in the annual sustainability and progress report; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857763"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">details of bursaries awarded (i.e. KPI 2) verified by an independent competent party (appointed from time to time by the Borrowers and such appointment to be confirmed by the Facility Agent, acting on the instructions of the Majority Lenders) and subject to legal and GDPR compliance; and</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>32</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857764"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a separate report (if applicable), prepared and signed by a director of the Parent Guarantor and delivered to the Facility Agent (to be shared with the Lenders), to include any reporting which is not available in the annual sustainability and progress report.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857765"></a>&quot;<b style="font-weight:bold;">Tax</b>&quot; means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857766"></a>&quot;<b style="font-weight:bold;">Tax</b> <b style="font-weight:bold;">Credit</b>&quot; has the meaning given to it in Clause 14.1 (<i style="font-style:italic;">Definitions</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857767"></a>&quot;<b style="font-weight:bold;">Tax</b> <b style="font-weight:bold;">Deduction</b>&quot; has the meaning given to it in Clause 14.1 (<i style="font-style:italic;">Definitions</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857768"></a>&quot;<b style="font-weight:bold;">Tax</b> <b style="font-weight:bold;">Payment</b>&quot; has the meaning given to it in Clause 14.1 (<i style="font-style:italic;">Definitions</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857769"></a>&quot;<b style="font-weight:bold;">Term</b> <b style="font-weight:bold;">Facility</b> <b style="font-weight:bold;">Commitment</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857770"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to an Original Lender, the amount set opposite its name under the heading &quot;Term Facility Commitment&quot; in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part B</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the amount of any other Term Facility Commitment transferred to it under this Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857771"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to any other Lender, the amount of any Term Facility Commitment transferred to it under this Agreement,</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857772"></a>to the extent not cancelled, reduced or transferred by it under this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857773"></a>&quot;<b style="font-weight:bold;">Term</b> <b style="font-weight:bold;">Facility</b>&quot; means the term loan facility made available under this Agreement as described in paragraph (a) of Clause 2.1 (<a name="DocXTextRef4738"></a><i style="font-style:italic;">The Facilities</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857774"></a><a name="_Ref106432238"></a>&quot;<b style="font-weight:bold;">Term</b> <b style="font-weight:bold;">Loan</b>&quot; means the aggregate amount of Advances to be made available under the Term Facility or the aggregate principal amount outstanding for the time being of the borrowings under the Term Facility.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857775"></a>&quot;<b style="font-weight:bold;">Term Market Disruption Rate</b>&quot; means the Term SOFR Reference Rate.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432243"></a>&quot;<b style="font-weight:bold;">Term SOFR</b>&quot; means the term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432239"></a>&quot;<b style="font-weight:bold;">Term SOFR Loan</b>&quot; means the Loan, any part of the Loan or, if applicable, Unpaid Sum which is or becomes, a &quot;Term SOFR Loan&quot; pursuant to Clause 9 (<i style="font-style:italic;">Rate Switch</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432240"></a>&quot;<b style="font-weight:bold;">Term SOFR Reference Rate</b>&quot; means, in relation to a Term SOFR Loan:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432241"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the applicable Term SOFR as of the Specified Time and for a period equal in length to the Interest Period of that Term SOFR Loan; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432242"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as otherwise determined pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Unavailability of Term SOFR</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857776"></a>and if, in either case, that rate is less than zero, the Term SOFR Reference Rate shall be deemed to be zero.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>33</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857777"></a>&quot;<b style="font-weight:bold;">Termination</b> <b style="font-weight:bold;">Date</b>&quot; means 2 August 2027. </div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857778"></a>&quot;<b style="font-weight:bold;">Third</b> <b style="font-weight:bold;">Parties</b> <b style="font-weight:bold;">Act</b>&quot; has the meaning given to it in Clause 1.5 (<i style="font-style:italic;">Third party rights</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432249"></a>&quot;<b style="font-weight:bold;">Total Accordion Facility Commitments</b>&quot; means the aggregate of the Accordion Facility Commitments, being $0 at the date of this Agreement, but which may be increased to $62,000,000 in accordance with and subject to the terms of this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857779"></a>&quot;<b style="font-weight:bold;">Total</b> <b style="font-weight:bold;">Commitments</b>&quot; means the aggregate of the <a name="_Hlk136602212"></a>Term Facility Commitments and the Revolving Commitments and the Total Accordion Facility Commitments, being $107,880,000 at the date of this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857780"></a>&quot;<b style="font-weight:bold;">Total Revolving</b> <b style="font-weight:bold;">Commitments</b>&quot; means the aggregate of the Revolving Commitments, being $49,228,843 at the date of this Agreement.</div><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">&quot;<b style="font-weight:bold;">Total</b> <b style="font-weight:bold;">Term</b> <b style="font-weight:bold;">Facility</b> <b style="font-weight:bold;">Commitments</b>&quot; means the aggregate of the Term Facility Commitments, being $49,228,843 at the date of this Agreement.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857781"></a>&quot;<b style="font-weight:bold;">Total</b> <b style="font-weight:bold;">Loss</b>&quot; means, in relation to a Ship:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857782"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">actual, constructive, compromised, agreed or arranged total loss of that Ship; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857783"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Requisition.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857784"></a>&quot;<b style="font-weight:bold;">Total Loss Date</b>&quot; means, in relation to the Total Loss of a Ship:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857785"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of an actual loss of that Ship, the date on which it occurred or, if that is unknown, the date when that Ship was last heard of;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857786"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of a constructive, compromised, agreed or arranged total loss of that Ship, the earlier of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857787"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date on which a notice of abandonment is given to the insurers; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857788"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date of any compromise, arrangement or agreement made by or on behalf of the relevant Borrower with that Ship&#39;s insurers in which the insurers agree to treat that Ship as a total loss; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857789"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of any other type of total loss, the date (or the most likely date) on which it appears to the Facility Agent that the event constituting the total loss occurred.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857790"></a>&quot;<b style="font-weight:bold;">Tranche</b>&quot; means an Initial Tranche and any Accordion Tranche.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857791"></a>&quot;<b style="font-weight:bold;">Tranche</b> <b style="font-weight:bold;">A</b>&quot; means that part of the Loan made or to be made available to the Borrowers to enable the Borrowers to refinance the Existing Indebtedness in relation to Ship A and for general corporate and working capital purposes in a principal amount not exceeding 58 per cent. of the Fair Market Value of Ship A.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857792"></a>&quot;<b style="font-weight:bold;">Tranche</b> <b style="font-weight:bold;">B</b>&quot; means that part of the Loan made or to be made available to the Borrowers to enable the Borrowers to refinance the Existing Indebtedness in relation to Ship B and for general corporate and working capital purposes in a principal amount not exceeding 58 per cent. of the Fair Market Value of Ship B.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>34</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857793"></a>&quot;<b style="font-weight:bold;">Tranche</b> <b style="font-weight:bold;">C</b>&quot; means that part of the Loan made or to be made available to the Borrowers to enable the Borrowers to refinance the Existing Indebtedness in relation to Ship C and for general corporate and working capital purposes in a principal amount not exceeding 58 per cent. of the Fair Market Value of Ship C.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857794"></a>&quot;<b style="font-weight:bold;">Tranche</b> <b style="font-weight:bold;">D</b>&quot; means that part of the Loan made or to be made available to the Borrowers to enable the Borrowers to refinance the Existing Indebtedness in relation to Ship D and for general corporate and working capital purposes in a principal amount not exceeding 58 per cent. of the Fair Market Value of Ship D.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857795"></a>&quot;<b style="font-weight:bold;">Tranche</b> <b style="font-weight:bold;">E</b>&quot; means that part of the Loan made or to be made available to the Borrowers to enable the Borrowers to finance the acquisition of Ship E and for general corporate and working capital purposes in a principal amount not exceeding 58 per cent. of the Fair Market Value of Ship E.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857796"></a>&quot;<b style="font-weight:bold;">Tranche</b> <b style="font-weight:bold;">F</b>&quot; means that part of the Loan made or to be made available to the Borrowers to enable the Borrowers to finance the acquisition of Ship F and for general corporate and working capital purposes in a principal amount not exceeding 58 per cent. of the Fair Market Value of Ship F.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857797"></a>&quot;<b style="font-weight:bold;">Tranche</b> <b style="font-weight:bold;">G</b>&quot; means that part of the Loan made or to be made available to the Borrowers to enable the Borrowers to finance the acquisition of Ship G and for general corporate and working capital purposes in a principal amount not exceeding 58 per cent. of the Fair Market Value of Ship G.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857798"></a>&quot;<b style="font-weight:bold;">Transaction</b> <b style="font-weight:bold;">Document</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857799"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Finance Document;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857800"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Pool Agreement (if any); or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857801"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other document designated as such by the Facility Agent and the Borrower.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857802"></a>&quot;<b style="font-weight:bold;">Transaction</b> <b style="font-weight:bold;">Obligor</b>&quot; means an Obligor, an Approved Manager which is a member of the Group or any other person, except a Finance Party who executes a Finance Document.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857803"></a>&quot;<b style="font-weight:bold;">Transaction</b> <b style="font-weight:bold;">Security</b>&quot; means the Security created or intended to be created in favour of the Security Agent pursuant to the Finance Documents.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857804"></a>&quot;<b style="font-weight:bold;">Transfer</b> <b style="font-weight:bold;">Certificate</b>&quot; means a certificate substantially in the form set out in Schedule 6 (<i style="font-style:italic;">Form of Transfer Certificate</i>) or any other form agreed between the Facility Agent and the Borrowers.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857805"></a>&quot;<b style="font-weight:bold;">Transfer</b> <b style="font-weight:bold;">Date</b>&quot; means, in relation to an assignment or a transfer, the later of:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857806"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857807"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date on which the Facility Agent executes the relevant Assignment Agreement or Transfer Certificate.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432271"></a>&quot;<b style="font-weight:bold;">UK Bail-In Legislation</b>&quot; means <a name="DocXTextRef28"></a>Part 1 of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or </div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>35</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;">failing banks, investment firms or other financial institutes or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857808"></a>&quot;<b style="font-weight:bold;">UK</b> <b style="font-weight:bold;">Establishment</b>&quot; means a UK establishment as defined in the Overseas Regulations.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857809"></a>&quot;<b style="font-weight:bold;">Unpaid</b> <b style="font-weight:bold;">Sum</b>&quot; means any sum due and payable but unpaid by an Obligor under the Finance Documents.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857810"></a>&quot;<b style="font-weight:bold;">Utilisation</b>&quot; means a utilisation of the Facility.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857811"></a>&quot;<b style="font-weight:bold;">Utilisation</b> <b style="font-weight:bold;">Date</b>&quot; means the date of a Utilisation, being the date on which the relevant Advance is to be made.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857812"></a>&quot;<b style="font-weight:bold;">Utilisation</b> <b style="font-weight:bold;">Request</b>&quot; means a notice substantially in the form set out in Schedule 4 (<i style="font-style:italic;">Utilisation</i> <i style="font-style:italic;">Request</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857813"></a>&quot;<b style="font-weight:bold;">VAT</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432278"></a><a name="_Ref376255978"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any value added tax imposed by the Value Added Tax Act 1994;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857814"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857815"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other tax of a similar nature, whether imposed in the United Kingdom or in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, or imposed elsewhere.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857816"></a>&quot;<b style="font-weight:bold;">Write-down and Conversion Powers</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857817"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432284"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857818"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to any other applicable Bail-In Legislation:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857819"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>36</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857820"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any similar or analogous powers under that Bail-In Legislation.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107921608"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Construction</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857821"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless a contrary indication appears, a reference in this Agreement to:</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857822"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Account</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Bank</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mandated</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Lead</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Arrangers</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Facility</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Agent</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Finance</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Party</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedge</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Counterparty</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Lender</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Obligor</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Party</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Secured</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Party</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Agent</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Transaction</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Obligor</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, the &quot;Sustainability Coordinator&quot; or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857823"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">assets</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes present and future properties, revenues and rights of every description;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857824"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">contingent liability</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means a liability which is not certain to arise and/or the amount of which remains unascertained;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857825"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">document</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes a deed and also a letter or telex;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857826"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">expense</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable Tax including VAT;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432295"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Lender&#39;s &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">cost of funds</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; in relation to its participation in the Loan or any part of the Loan is a reference to the average cost (determined either on an actual or a notional basis) which that Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of that participation in the Loan or that part of the Loan for a period equal in length to the Interest Period of the Loan or that part of the Loan;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857827"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Finance</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Document</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; or &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Transaction</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Document</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; or any other agreement or instrument is a reference to that Finance Document or Transaction Document or other agreement or instrument as amended, replaced, novated, supplemented, extended or restated;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857828"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">group of Lenders</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes all the Lenders;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ix)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857829"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">indebtedness</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(x)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857830"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">law</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857831"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">proceedings</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means, in relation to any enforcement provision of a Finance Document, proceedings of any kind, including an application for a provisional or protective measure;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>37</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857832"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">person</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xiii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857833"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">regulation</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xiv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857834"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a reference to the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Ship</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, its name, its flag and, if applicable, its port of registry shall include any replacement name, flag and, if applicable, replacement port of registry, in each case, as may be approved in writing from time to time by the Facility Agent acting with the authorisation of the Majority Lenders;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857835"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a provision of law is a reference to that provision as amended or re-enacted from time to time;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xvi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857836"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a time of day is a reference to London time;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xvii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857837"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of a jurisdiction other than England, be deemed to include that which most nearly approximates in that jurisdiction to the English legal term;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xviii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857838"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">words denoting the singular number shall include the plural and vice versa; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xix)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857839"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">including</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; and &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">in</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">particular</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; (and other similar expressions) shall be construed as not limiting any general words or expressions in connection with which they are used.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432308"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The determination of the extent to which a rate is &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">for a period equal in length</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857840"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Section, Clause and Schedule headings are for ease of reference only and are not to be used for the purposes of construction or interpretation of the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857841"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under, or in connection with, any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432311"></a><a name="_Hlk70081393"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A reference in this Agreement to a page or screen of an information service displaying a rate shall include:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432312"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any replacement page of that information service which displays that rate; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432313"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the appropriate page of such other information service which displays that rate from time to time in place of that information service,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and, if such page or service ceases to be available, shall include any other page or service displaying that rate specified by the Facility Agent after consultation with the Borrower.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432314"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A reference in this Agreement to a Central Bank Rate shall include any successor rate to, or replacement rate for, that rate.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>38</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432315"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Compounded Rate Supplement overrides anything in:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432316"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 15</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Benchmark Terms</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432317"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any earlier Compounded Rate Supplement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432318"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Compounding Methodology Supplement relating to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate overrides anything relating to that rate in:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432319"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 16</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Daily Non-Cumulative Compounded RFR Rate</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 17</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cumulative Compounded RFR Rate</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), as the case may be; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432320"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any earlier Compounding Methodology Supplement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857842"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Potential Event of Default is &quot;continuing&quot; if it has not been remedied or waived and an Event of Default is &quot;continuing&quot; if it has not been waived.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360099218"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Construction of insurance terms</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In this Agreement:</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857843"></a>&quot;<b style="font-weight:bold;">approved</b>&quot; means, for the purposes of Clause 27 (<i style="font-style:italic;">Insurance Undertakings</i>), approved in writing by the Facility Agent;</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857844"></a>&quot;<b style="font-weight:bold;">excess</b> <b style="font-weight:bold;">risks</b>&quot; means, in respect of a Ship, the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of that Ship in consequence of its insured value being less than the value at which that Ship is assessed for the purpose of such claims;</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857845"></a>&quot;<b style="font-weight:bold;">obligatory</b> <b style="font-weight:bold;">insurances</b>&quot; means all insurances effected, or which any Borrower is obliged to effect, under Clause 27 (<i style="font-style:italic;">Insurance Undertakings</i>) or any other provision of this Agreement or of another Finance Document;</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857846"></a>&quot;<b style="font-weight:bold;">policy</b>&quot; includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms;</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857847"></a>&quot;<b style="font-weight:bold;">protection</b> <b style="font-weight:bold;">and</b> <b style="font-weight:bold;">indemnity</b> <b style="font-weight:bold;">risks</b>&quot; means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause <a name="DocXTextRef30"></a>1 of the Institute Time Clauses (Hulls) (1/10/82) or clause <a name="DocXTextRef4740"></a>8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision; and</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857848"></a>&quot;<b style="font-weight:bold;">war</b> <b style="font-weight:bold;">risks</b>&quot; includes the risk of mines and all risks excluded by clauses <a name="DocXTextRef4741"></a>29, 30 or <a name="DocXTextRef4742"></a>31 of the International Hull Clauses (1/11/02), clauses <a name="DocXTextRef4743"></a>29 or <a name="DocXTextRef4744"></a>30 of the International Hull Clauses (1/11/03), clauses <a name="DocXTextRef4745"></a>24, 25 or <a name="DocXTextRef4746"></a>26 of the Institute Time Clauses (Hulls) (1/11/95) or clauses <a name="DocXTextRef4747"></a>23, 24 or <a name="DocXTextRef4748"></a>25 of the Institute Time Clauses (Hulls) (1/10/83) or any equivalent provision.</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857849"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Agreed forms of Finance Documents</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">References in Clause 1.1 (<i style="font-style:italic;">Definitions</i>) to any Finance Document being in &quot;agreed form&quot; are to that Finance Document:</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>39</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857850"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in a form attached to a certificate dated the same date as this Agreement (and signed by each Borrower and the Facility Agent); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857851"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in any other form agreed in writing between each Borrower and the Facility Agent acting with the authorisation of the Majority Lenders or, where Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">All Lender matters</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies, all the Lenders.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360099662"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Third party rights</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857852"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Third Parties</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Act</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) to enforce or to enjoy the benefit of any term of this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857853"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857854"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Receiver, Delegate or any other person described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Other indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.10</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Exclusion of liability</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.15</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">No proceedings</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) may, subject to this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Third party rights</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the Third Parties Act, rely on any Clause of this Agreement which expressly confers rights on it.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><a name="_Ref136857855"></a><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>40</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 2</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413612"></a><a name="_Toc371413828"></a><a name="_Toc371932706"></a><a name="_Toc378965663"></a><a name="_Toc380566876"></a><a name="_Toc380579012"></a><a name="_Toc382507868"></a><a name="_Toc384670119"></a><a name="_Toc442833344"></a><a name="_Toc444194808"></a><a name="_Toc445290386"></a><a name="_Ref136857856"></a><a name="_Toc137536005"></a>The Facilities</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093888"></a><a name="_Toc360097789"></a><a name="_Ref360098155"></a><a name="_Ref360098156"></a><a name="_Ref360113738"></a><a name="_Toc360191428"></a><a name="_Toc360191545"></a><a name="_Toc360191661"></a><a name="_Toc362504340"></a><a name="_Toc362518387"></a><a name="_Toc362605334"></a><a name="_Toc363549774"></a><a name="_Toc367198617"></a><a name="_Toc367792005"></a><a name="_Toc367866992"></a><a name="_Toc371413613"></a><a name="_Toc371413829"></a><a name="_Toc371932707"></a><a name="_Toc378965664"></a><a name="_Toc380566877"></a><a name="_Toc380579013"></a><a name="_Toc382507869"></a><a name="_Toc384670120"></a><a name="_Toc442833345"></a><a name="_Toc444194809"></a><a name="_Toc445290387"></a><a name="_Ref136857857"></a><a name="_Ref360113737"></a><a name="_Toc137536006"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">The Facilit</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">ies</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107921036"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">The Facilities</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Subject to the terms of this Agreement, the Lenders make available to the Borrowers:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857858"></a><a name="_Ref107921012"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a dollar term loan facility in seven Tranches in an aggregate amount not exceeding the Total Term Facility Commitments;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857859"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a dollar revolving credit facility in an aggregate amount not exceeding the Total Revolving Commitments; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857860"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">dollar term loan accordion facilities in an aggregate amount not exceeding the Total Accordion Facility Commitments, each of which shall comprise 50 per cent. a term loan facility and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4749"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">50</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> per cent. a revolving credit facility.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857861"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Finance Parties&#39; rights and obligations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857862"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The obligations of each Finance Party under the Finance Documents are several. &#160;Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857863"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a separate and independent debt.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857864"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857865"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Notwithstanding any other provision of the Finance Documents, a Finance Party may separately sue for any Unpaid Sum due to it without the consent of any other Finance Party or joining any other Finance Party to the relevant proceedings.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432343"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Borrowers&#39; Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432344"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower and the Corporate Guarantor by its execution of this Agreement irrevocably appoints the Parent Guarantor to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432345"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Parent Guarantor on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions (including Utilisation Requests), to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Borrower notwithstanding that they may affect the Borrower, without further reference to or the consent of that Borrower </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk106380877"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">and/or the Corporate Guarantor</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>41</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432346"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Finance Party to give any notice, demand or other communication to that Borrower and/or the Corporate Guarantor pursuant to the Finance Documents to the Parent Guarantor,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and in each case each Borrower and/or the Corporate Guarantor shall be bound as though that Borrower and/or the Corporate Guarantor itself had given the notices and instructions (including, without limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432347"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Parent Guarantor or given to the Parent Guarantor under any Finance Document on behalf of a Borrower and/or the Corporate Guarantor or in connection with any Finance Document (whether or not known to any Borrower and/or the Corporate Guarantor) shall be binding for all purposes on that Borrower and/or the Corporate Guarantor as if that Borrower and/or the Corporate Guarantor had expressly made, given or concurred with it.&#160; In the event of any conflict between any notices or other communications of the Parent Guarantor and any Borrower and/or the Corporate Guarantor, those of the Parent Guarantor shall prevail.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref69884981"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accordion Ships</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><a name="_Ref513850803"></a>Subject to the terms of this Agreement, before the end of the Availability Period in respect of the Accordion Facilities, the Borrowers may utilise the Available Commitment in respect of an Accordion Facility provided that:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref513850804"></a><a name="_Ref136857866"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> have complied with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Establishment of an Accordion Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref513850805"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the relevant Additional Borrower accedes to this Agreement in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">33.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4750"></a></font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Additional Borrowers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref513850806"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Accordion Ship owned by that Additional Borrower satisfies the Accordion Ship Criteria;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857867"></a><a name="_Ref513850807"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no Default has occurred and is continuing; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref513850808"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the relevant conditions precedent referred to in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">4.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Initial conditions precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and/or Clause&#160;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">4.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Further conditions precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in relation to that Additional Borrower and that Accordion Ship have been satisfied.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093889"></a><a name="_Toc360097790"></a><a name="_Ref360113885"></a><a name="_Toc360191429"></a><a name="_Toc360191546"></a><a name="_Toc360191662"></a><a name="_Toc362504341"></a><a name="_Toc362518388"></a><a name="_Toc362605335"></a><a name="_Toc363549775"></a><a name="_Toc367198618"></a><a name="_Toc367792006"></a><a name="_Toc367866993"></a><a name="_Toc371413614"></a><a name="_Toc371413830"></a><a name="_Toc371932708"></a><a name="_Toc378965665"></a><a name="_Toc380566878"></a><a name="_Toc380579014"></a><a name="_Toc382507870"></a><a name="_Toc384670121"></a><a name="_Toc442833346"></a><a name="_Toc444194810"></a><a name="_Toc445290388"></a><a name="_Ref136857868"></a><a name="_Ref360113884"></a><a name="_Toc137536007"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Purpose</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857869"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Purpose</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall apply all amounts borrowed by it under the Facilities only for the purpose stated in the preamble (<i style="font-style:italic;">Background</i>) to this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857870"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Monitoring</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>42</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093890"></a><a name="_Toc360097791"></a><a name="_Ref360098404"></a><a name="_Ref360098405"></a><a name="_Ref360105848"></a><a name="_Ref360105849"></a><a name="_Ref360105895"></a><a name="_Ref360105896"></a><a name="_Ref360105975"></a><a name="_Toc360191430"></a><a name="_Toc360191547"></a><a name="_Toc360191663"></a><a name="_Toc362504342"></a><a name="_Toc362518389"></a><a name="_Toc362605336"></a><a name="_Toc363549776"></a><a name="_Toc367198619"></a><a name="_Toc367792007"></a><a name="_Toc367866994"></a><a name="_Toc371413615"></a><a name="_Toc371413831"></a><a name="_Toc371932709"></a><a name="_Toc378965666"></a><a name="_Ref380051106"></a><a name="_Ref380051107"></a><a name="_Toc380566879"></a><a name="_Toc380579015"></a><a name="_Toc382507871"></a><a name="_Toc384670122"></a><a name="_Toc442833347"></a><a name="_Toc444194811"></a><a name="_Toc445290389"></a><a name="_Ref136857871"></a><a name="_Ref360105974"></a><a name="_Toc137536008"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Conditions of Utilisation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100029"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Initial conditions precedent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers may not deliver the initial Utilisation Request unless the Facility Agent has received all of the documents and other evidence listed in Part A of Schedule 3 (<i style="font-style:italic;">Conditions Precedent</i>) in form and substance satisfactory to the Facility Agent.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100083"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Further conditions precedent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Lenders will only be obliged to comply with Clause 5.4 (<i style="font-style:italic;">Lenders&#39; participation</i>) if on the date of the Utilisation Request and on the proposed Utilisation Date and before the Advance is made available:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857872"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no Default is continuing or would result from the proposed Advance;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857873"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Repeating Representations to be made by each Obligor are true;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857874"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no event described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory prepayment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">or replacement on sale or Total Loss</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) has occurred in relation to any Ship;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857875"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers are in compliance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) immediately after the making of any Advance;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857876"></a><a name="_Ref380051083"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no breach of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">25</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial Covenants</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) has occurred or will occur as a result of the proposed Advance under an Accordion Facility;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857877"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of an Advance under the Term Facility, the Facility Agent has received, or is satisfied it will receive when the Advance is made available, all of the documents and other evidence listed in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part B</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions Precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in form and substance satisfactory to the Facility Agent</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857878"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of an Advance under an Accordion Facility the Facility Agent has received, or is satisfied it will receive when that Advance is advanced, all of the documents and other evidence listed in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part C</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions Precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in form and substance satisfactory to the Facility Agent.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857879"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of satisfaction of conditions precedent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256331"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall notify the Borrowers and the Lenders promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">4.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Initial conditions precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">4.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Further conditions precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857880"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the Lenders authorise (but do not require) the Facility Agent to give that notification. &#160;The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360109219"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Waiver of conditions precedent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;">If the Lenders, at their discretion, permit an Advance to be borrowed before any of the conditions precedent referred to in Clause 4.1 (<i style="font-style:italic;">Initial conditions precedent</i>) or Clause 4.2 </p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>43</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">(<i style="font-style:italic;">Further conditions precedent</i>) has been satisfied, the Borrowers shall ensure that that condition is satisfied within five Business Days after the relevant Utilisation Date or such later date as the Facility Agent, acting with the authorisation of the Lenders, may agree in writing with the Borrowers.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>44</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 3</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413616"></a><a name="_Toc371413832"></a><a name="_Toc371932710"></a><a name="_Toc378965667"></a><a name="_Toc380566880"></a><a name="_Toc380579016"></a><a name="_Toc382507872"></a><a name="_Toc384670123"></a><a name="_Toc442833348"></a><a name="_Toc444194812"></a><a name="_Toc445290390"></a><a name="_Ref136857881"></a><a name="_Toc137536009"></a>Utilisation</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093891"></a><a name="_Toc360097792"></a><a name="_Ref360113970"></a><a name="_Toc360191431"></a><a name="_Toc360191548"></a><a name="_Toc360191664"></a><a name="_Toc362504343"></a><a name="_Toc362518390"></a><a name="_Toc362605337"></a><a name="_Toc363549777"></a><a name="_Toc367198620"></a><a name="_Toc367792008"></a><a name="_Toc367866995"></a><a name="_Toc371413617"></a><a name="_Toc371413833"></a><a name="_Toc371932711"></a><a name="_Toc378965668"></a><a name="_Toc380566881"></a><a name="_Toc380579017"></a><a name="_Toc382507873"></a><a name="_Toc384670124"></a><a name="_Toc442833349"></a><a name="_Toc444194813"></a><a name="_Toc445290391"></a><a name="_Ref136857882"></a><a name="_Ref360113969"></a><a name="_Toc137536010"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Utilisation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360142398"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Delivery of a Utilisation Request</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857883"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers may utilise the Facilities or any part of them by delivery to the Facility Agent of a duly completed Utilisation Request not later than the Specified Time.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857884"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers may not deliver more than four Utilisation Requests in respect of the Term Loan, comprising:</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857885"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">one Utilisation Request in respect of Tranche A, Tranche B, Tranche C and Tranche D;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857886"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">one Utilisation Request in respect of Tranche E;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857887"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">one Utilisation Request in respect of Tranche F; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857888"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">one Utilisation Request in respect of Tranche G.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857889"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrower may not deliver a Utilisation Request if, as a result of the proposed Utilisation, more than 1 Advance with a different Interest Period in respect of the Revolving Facility or, once the Accordion Facility has been established in accordance with this Agreement, more than 2 Advances with different Interest Periods in total would have been made under the Revolving Facility and the Accordion Facility and are still outstanding.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857890"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Completion of a Utilisation Request</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857891"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857892"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">it identifies the Facility and, if applicable, Tranche, to be utilised;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857893"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the proposed Utilisation Date is a Business Day within the relevant Availability Period;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857894"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the currency and amount of the Utilisation comply with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Currency and amount</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857895"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the proposed Interest Period complies with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">11</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Interest Periods</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857896"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Only one Advance may be requested in each Utilisation Request.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100253"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Currency and amount</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857897"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The currency specified in a Utilisation Request must be dollars.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857898"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The amount of the proposed Loan must be an amount which is no more than:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857899"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Term Facility, the Available Commitment in relation to the Term Facility;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>45</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857900"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Revolving Facility, the Available Commitment in relation to the Revolving Facility; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857901"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of an Accordion Facility, the Available Commitment in relation to the Accordion Facilities.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857902"></a><a name="_Ref106432368"></a><a name="_Ref376256368"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, the amount of the proposed Advance must be:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857903"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of an Advance under each Tranche of the Term Facility an amount which, on the proposed Utilisation Date, does not exceed 58 per cent. of the Fair Market Value of the Ship to be financed or refinanced by that Tranche; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857904"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of an Advance under the Revolving Facility, a minimum of $1,000,000.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857905"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The amount of the proposed Advance must be an amount which, when aggregated with any previous Advances utilised under this Facility, is not more than the Available Facility.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432370"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The amount of the proposed Loan and the amount of any Advance under the Revolving Facility must, in each case, be an amount which would not oblige the Borrowers to provide additional security or prepay part of the Loan if the ratio set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef913"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) were applied and notice was given by the Facility Agent under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum required security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) immediately after the Loan or the relevant Advance under the Revolving Facility (as the case may be) was advanced.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432371"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Total Commitments after any Advance which is to be secured by a Mortgage shall not exceed 58 per cent. of the Fair Market Value of the Ships that will be subject to a Mortgage upon the making of that Advance, determined by valuations prepared as at a date not more than 30 days before the proposed Utilisation Date (except in relation to the first Utilisation Date when valuations may be prepared as at a date not more than 36 days before the proposed Utilisation Date).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360099724"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Lenders&#39; participation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857906"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the conditions set out in this Agreement have been met and subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4753"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction of Revolving Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) each Lender shall make its participation in each Advance available by the Utilisation Date through its Facility Office.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857907"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The amount of each Lender&#39;s participation in each Advance will be equal to the proportion borne by its Available Commitment to the relevant Available Facility immediately before making that Advance.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857908"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall notify each Lender of the amount of each Advance and the amount of its participation in that Advance and, in the case of an Advance under the Revolving Facility, if different, the amount of that participation to be made available in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payment Mechanics</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in each case by the Specified Time.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107921274"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Cancellation of Commitments</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857909"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Term Facility Commitments which are unutilised following the end of the Availability Period for the Term Facility shall then be cancelled.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857910"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Revolving Commitments which are unutilised at the end of the Availability Period for the Revolving Facility shall then be cancelled.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>46</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857911"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Accordion Facilities Commitments which are unutilised at the end of the Availability Period for the Accordion Facilities shall then be cancelled.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100557"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Payment to third parties</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Facility Agent shall, on each Utilisation Date in relation to any Tranche, pay to, or for the account of, the relevant Borrower which is to utilise the relevant Advance the amounts which the Facility Agent receives from the Lenders in respect of the Advance. &#160;That payment shall be made in like funds as the Facility Agent received from the Lenders in respect of the Advance to the account of a Borrower, the Corporate Guarantor or of the relevant Existing Facility Agent under the relevant Existing Facility Agreement which the Borrowers specify in the relevant Utilisation Request.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857912"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disbursement of Advance to third party</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">A payment by the Facility Agent under Clause 5.6 (<i style="font-style:italic;">Payment to third parties</i>) to a person other than a Borrower shall constitute the making of the relevant Advance and the Borrowers shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender&#39;s participation in that Advance.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857913"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Prepositioning of funds</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If, in respect of the Utilisation of any Advance, the Lenders, at the request of the Borrowers and on terms acceptable to all the Lenders and in their absolute discretion, preposition funds with any bank, each Borrower and each Guarantor:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857914"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">agree to pay interest on the amount of the funds so prepositioned at the rate described in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Calculation of interest</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) on the basis of successive interest periods of one day and so that interest shall be paid together with the first payment of interest on such Advance after the Utilisation Date in respect of it or, if such Utilisation Date does not occur, within three Business Days of demand by the Facility Agent; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857915"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">shall, without duplication, indemnify each Finance Party against any costs, loss or liability it may occur in connection with such arrangement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref468288214"></a><a name="_Ref468288215"></a><a name="_Ref468288281"></a><a name="_Ref468288282"></a><a name="_Ref468786455"></a><a name="_Ref468786456"></a><a name="_Ref468786842"></a><a name="_Ref468786843"></a><a name="_Ref468787590"></a><a name="_Ref468787591"></a><a name="_Ref468789538"></a><a name="_Ref468789539"></a><a name="_Ref468789570"></a><a name="_Ref468789571"></a><a name="_Ref69884841"></a><a name="_Ref69886407"></a><a name="_Toc106392620"></a><a name="_Toc107319265"></a><a name="_Toc137536011"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Establishment of an Accordion Facili</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">ty</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref473115042"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Selection of Accordion Facility Lenders</b></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857916"></a><a name="_Ref106432383"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Definitions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In this Clause 6 (<i style="font-style:italic;">Establishment of</i> <i style="font-style:italic;">an</i> <i style="font-style:italic;">Accordion Facility</i>):</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432384"></a>&quot;<b style="font-weight:bold;">Further Accordion Facility Shortfall</b>&quot; means, in relation to the Proposed Facility Size, any amount by which the Proposed Facility Size exceeds the aggregate of the proposed Accordion Facility Commitments offered by the Participating Lenders following the operation of paragraph (f) below.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432385"></a>&quot;<b style="font-weight:bold;">Accordion Facility Proportion</b>&quot; means, in relation to the Proposed Facility Size, the proportion borne from time to time by a Participating Lender&#39;s proposed Accordion Facility Commitment to the Proposed Facility Size.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>47</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432386"></a>&quot;<b style="font-weight:bold;">Accordion Facility Proposal</b>&quot; means a notice from the Borrowers addressed to each Lender which:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432387"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">invites each Lender to participate in a proposed Accordion Facility; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432388"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">sets out the proposed Accordion Facility Terms applicable to the Accordion Facility and any fee or commission proposed to be payable to lenders under the proposed Accordion Facility.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432389"></a>&quot;<b style="font-weight:bold;">Accordion Facility Shortfall</b>&quot; means, in relation to the Proposed Facility Size, any amount by which the Proposed Facility Size exceeds the aggregate of the proposed Accordion Facility Commitments offered by the Participating Lenders pursuant to paragraph (c) below (as adjusted, if applicable, pursuant to paragraph (e) below).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432390"></a>&quot;<b style="font-weight:bold;">Accordion Facility Solicitation Period</b>&quot; means, in relation to the Accordion Facility Proposal, the period of time starting on the date of the Accordion Facility Proposal and ending on the date which falls 20 Business Days (or such longer period as the Borrowers and the Facility Agent may agree) after the date of the Accordion Facility Proposal.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432391"></a>&quot;<b style="font-weight:bold;">Participating Lender</b>&quot; means, in relation to the Accordion Facility Proposal, any Eligible Institution which makes an offer in respect of the Accordion Facility proposed in the Accordion Facility Proposal pursuant to paragraph (c) below.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432392"></a>&quot;<b style="font-weight:bold;">Proposed Facility Size</b>&quot; means, in relation to the Accordion Facility Proposal, the proposed Total Accordion Facility Commitments set out in the Accordion Facility Proposal.</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857917"></a><a name="_Ref106432393"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Invitation to all Lenders under the Term Facility</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Corporate Guarantor shall invite all Lenders under the Term Facility, in writing to become an Accordion Facility Lender on a pro rata basis, by delivery of the Accordion Facility Proposal to the Facility Agent and each of those Lenders. </p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106618959"></a><a name="_Ref468787452"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Lender&#39;s offer</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any Lender which wishes to become an Accordion Facility Lender in respect of an Accordion Facility proposed in an Accordion Facility Proposal shall notify the Corporate Guarantor and the Facility Agent of the proposed Accordion Facility Commitment that it unconditionally offers to make available in respect of the proposed Accordion Facility no later than 5:00 p.m. on the last day of the Accordion Facility Solicitation Period relating to the Accordion Facility Proposal.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857918"></a><a name="_Ref106432394"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Expiry of Lender&#39;s offer</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Participating Lender&#39;s offer under paragraph (c) above (as adjusted, if applicable, pursuant to paragraphs (e) or (f) below) in respect of the Accordion Facility proposed in the Accordion Facility Proposal shall, unless otherwise agreed by all the Participating Lenders under the Accordion Facility Proposal, expire on the earlier of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432395"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the day falling 30 Business Days after the last day of the Accordion Facility Solicitation Period relating to the Accordion Facility Proposal; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432396"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the day falling 10 Business Days after the Accordion Facility Date in respect of the proposed Accordion Facility.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>48</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106619025"></a><a name="_Ref468787457"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Scaleback of Lenders&#39; offers</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If the aggregate amount of the proposed Accordion Facility Commitments offered by the Participating Lenders pursuant to paragraph (c) above in respect of the Accordion Facility proposed in the Accordion Facility Proposal exceeds the Proposed Facility Size set out in the Accordion Facility Proposal, those proposed Accordion Facility Commitments shall be reduced pro rata to the extent necessary, provided that any Lender who is a Participating Lender shall have a right of first refusal to be allocated such Lender&#39;s Accordion Facility Proportion relating to the Proposed Facility Size not greater than the proportion borne by the aggregate of such Lender&#39;s Commitments to the aggregate of the Commitments of all of the Lenders.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106618994"></a><a name="_Ref468787426"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Invitation to Participating Lenders if shortfall</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If there is an Accordion Facility Shortfall relating to the Proposed Facility Size set out in the Accordion Facility Proposal, the Corporate Guarantor shall invite each Participating Lender under the Accordion Facility Proposal to increase the proposed Accordion Facility Commitment offered by it in respect of the Accordion Facility proposed in the Accordion Facility Proposal by an amount no greater than that Accordion Facility Shortfall.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857919"></a><a name="_Ref106432397"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deadline for Participating Lenders to offer increase</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Participating Lender under the Accordion Facility Proposal shall notify the Corporate Guarantor and the Facility Agent of its offer of an increased proposed Accordion Facility Commitment (if any) pursuant to paragraph (f) above no later than 5:00 p.m. on the day falling 10 Business Days after the last day of the Accordion Facility Solicitation Period relating to the Accordion Facility Proposal.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857920"></a><a name="_Ref106432398"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Wider invitation if further shortfall</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If there is a Further Accordion Facility Shortfall relating to the Proposed Facility Size set out in the Accordion Facility Proposal, the Corporate Guarantor may, in any manner, invite any Eligible Institution to offer proposed Accordion Facility Commitments in respect of the Accordion Facility proposed in the Accordion Facility Proposal in a maximum aggregate amount no greater than that Further Accordion Facility Shortfall.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857921"></a><a name="_Ref106432399"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Participating Lender&#39;s Accordion Facility Commitment</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Participating Lender&#39;s Accordion Facility Commitment specified in the Accordion Facility Notice delivered in respect of the Accordion Facility proposed in the Accordion Facility Proposal shall, unless that Participating Lender agrees to be allocated an Accordion Facility Commitment in a lower amount, be in an amount equal to the amount of the proposed Accordion Facility Commitment offered by that Participating Lender in response to the Accordion Facility Proposal (as adjusted, if applicable, pursuant to paragraphs (e) or (f) above).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857922"></a><a name="_Ref106432400"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accordion Facility Terms</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Accordion Facility Terms specified in the Accordion Facility Notice delivered in respect of the Accordion Facility and any fee or commission payable to the Accordion Facility Lenders under the Accordion Facility shall be the same as those set out in the Accordion Facility Proposal relating to the Accordion Facility.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>49</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(k)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857923"></a><a name="_Ref106432401"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Amendment and withdrawal</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Corporate Guarantor shall not amend the Accordion Facility Proposal but may withdraw the Accordion Facility Proposal at any time.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(l)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857924"></a><a name="_Ref106432402"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Effect of withdrawal</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Withdrawal of the Accordion Facility Proposal shall terminate the process set out in this Clause 6 (<i style="font-style:italic;">Establishment of Accordion Facility</i>) in respect of the Accordion Facility proposed in the Accordion Facility Proposal and the Accordion Facility shall not be established. Any withdrawal of an Accordion Facility Proposal shall not prohibit the Corporate Guarantor from delivering one or more new Accordion Facility Proposals at a later date but within the Accordion Facility Availability Period.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref69885025"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accordion Facility Commitment</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Accordion Facility Commitments specified in the Accordion Facility Notice:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432403"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">must be in an amount of not less than $10,000,000;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432404"></a><a name="_Ref136857925"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">must be in an amount that, when aggregated with all other Accordion Facility Commitments, does not exceed $</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">62,000,000.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref106432406"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Delivery of the Accordion Facility Notice</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432407"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On completion of the solicitation process set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Selection of Accordion Facility Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Corporate Guarantor and each relevant Accordion Facility Lender may request the establishment of an Accordion Facility by the Corporate Guarantor delivering to the Facility Agent the duly completed Accordion Facility Notice not later than 10 Business Days (or such shorter period as the Facility Agent may agree) prior to the proposed Accordion Facility Date specified in the Accordion Facility Notice and any Accordion Facility shall comprise 50 per cent. a term loan facility and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4755"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">50</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> per cent. a revolving credit facility.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432408"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Accordion Facility Notice may not be delivered after the Availability Period.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref106432409"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Completion of the Accordion Facility Notice</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432410"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Accordion Facility Notice is irrevocable and will not be regarded as having been duly completed unless:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432411"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">it sets out the Accordion Facility Terms applicable to the Accordion Facility;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432412"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Accordion Facility Terms applicable to the Accordion Facility comply with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Restrictions on Accordion Facility Terms and fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432413"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Accordion Facility Lenders and the Accordion Facility Commitments set out in the Accordion Facility Notice have been selected and allocated in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Selection of Accordion Facility Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432414"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No more than three Accordion Facilities may be requested.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:bold;"> </font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>50</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref468288964"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Restrictions on Accordion Facility Terms and fees</b></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857926"></a><a name="_Ref106432415"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Currency</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An Accordion Facility shall be denominated in dollars.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857927"></a><a name="_Ref106432416"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Commitment fee</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">The percentage rate per annum according to which the fee payable under Clause 13.1 (<i style="font-style:italic;">Commitment fee</i>) (updated as applicable to refer to an Accordion Facility) in respect of an Accordion Facility is computed shall not exceed 40 per cent. per annum of the Margin.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857928"></a><a name="_Ref106432417"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Borrowers</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An Accordion Facility shall be available only to an Additional Borrower.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857929"></a><a name="_Ref106432418"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Purpose</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An Accordion Facility shall only be used for the purpose set out in Clause 3 (<i style="font-style:italic;">Purpose</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857930"></a><a name="_Ref106432419"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Availability</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An Accordion Facility shall only be available during the relevant Availability Period.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref468289987"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Conditions to establishment</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref468290024"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The establishment of an Accordion Facility will only be effected in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Establishment of Accordion Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) if:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref468290028"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the date of the Accordion Facility Notice and on the Accordion Facility Date:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432420"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no Default is continuing or would result from the establishment of the proposed Accordion Facility; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432421"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Repeating Representations to be made by each Obligor are true in all material respects;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref473116028"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent has received in form and substance satisfactory to it:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref473116032"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the originals of any Accordion Facility Finance Documents (and of any documents required to be delivered by them); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432422"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">such documents (if any) as are reasonably necessary as a result of the establishment of the Accordion Facility to maintain the effectiveness of the Finance Documents and the Security Interests created thereunder including, but not limited to, any addenda or supplements to the Mortgages; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432423"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">such legal opinions as the Facility Agent may require in connection with the documents referred to in this paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)(C)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref473116069"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall notify the Corporate Guarantor and the Lenders promptly upon being satisfied under sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>51</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432424"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref473115859"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Establishment of Accordion Facility</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432425"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the conditions set out in this Agreement have been met the establishment of an Accordion Facility is effected in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below when the Facility Agent executes an otherwise duly completed Accordion Facility Notice. &#160;The Facility Agent shall, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, as soon as reasonably practicable after receipt by it of the duly completed Accordion Facility Notice appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute the Accordion Facility Notice.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref473115900"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall only be obliged to execute the Accordion Facility Notice delivered to it by the Borrowers once it is satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations in relation to the establishment of the Accordion Facility.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref473115891"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Accordion Facility Date:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857931"></a><a name="_Ref106432426"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">subject to the terms of this Agreement the Accordion Facility Lenders make available:</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857932"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a dollar term facility in an aggregate amount equal to 50% of the Accordion Facility Commitments specified in the Accordion Facility Notice which will be available to the Borrowers;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857933"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a dollar revolving credit facility in an aggregate amount equal to 50% of the Accordion Facility Commitments specified in the Accordion Facility Notice which will be available to the Borrowers;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432427"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Accordion Facility Lender shall assume all the obligations of a Lender corresponding to the Accordion Facility Commitment (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Assumed Accordion</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Facility Commitment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) specified opposite its name in the Accordion Facility Notice as if it had been an Original Lender in respect of the Accordion Facility Commitment;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432428"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each of the Obligors and each Accordion Facility Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and that Accordion Facility Lender would have assumed and/or acquired had that Accordion Facility Lender been an Original Lender in respect of the Assumed Accordion Facility Commitment;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432429"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Accordion Facility Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Accordion Facility Lender and those Finance Parties would have assumed and/or acquired had the Accordion Facility Lender been an Original Lender in respect of the Assumed Accordion Facility Commitment; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432430"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Accordion Facility Lender shall become a Party as a &quot;Lender&quot;.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref106432431"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of establishment</b></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>52</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Facility Agent shall, as soon as reasonably practicable after the establishment of an Accordion Facility notify the Borrowers and the Lenders of that establishment and the Accordion Facility Date of that Accordion Facility.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref106432432"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accordion Facility costs and expenses</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall within seven Business Days of demand pay the Facility Agent and the Security Agent the amount of all costs and expenses (including legal fees) reasonably incurred by either of them and, in the case of the Security Agent, by any Receiver or Delegate in connection with the establishment of an Accordion Facility under this Clause 6 (<i style="font-style:italic;">Establishment of Accordion Facility</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref106432433"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Prior amendments binding</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Accordion Facility Lender, by executing an Accordion Facility Notice, confirms for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the establishment of the Accordion Facility requested in the Accordion Facility Notice became effective in accordance with this Agreement and that it is bound by that decision to the same extent as it would have been had it been an Original Lender.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref468290065"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Limitation of responsibility</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Clause 32.4 (<i style="font-style:italic;">Limitation of responsibility of Existing Lenders</i>) shall apply mutatis mutandis in this Clause 6 (<i style="font-style:italic;">Establishment of Accordion Facility</i>) in relation to any Accordion Facility Lender as if references in that Clause to:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432434"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Existing Lender</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; were references to all the Lenders immediately prior to the Accordion Facility Date;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432435"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">New Lender</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; were references to an &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accordion Facility Lender</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432436"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">re-transfer</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; and &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">re-assignment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; were references respectively to a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">transfer</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; and &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">assignment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><a name="_Ref136857934"></a><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>53</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 4</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413618"></a><a name="_Toc371413834"></a><a name="_Toc371932712"></a><a name="_Toc378965669"></a><a name="_Toc380566882"></a><a name="_Toc380579018"></a><a name="_Toc382507874"></a><a name="_Toc384670125"></a><a name="_Toc442833350"></a><a name="_Toc444194814"></a><a name="_Toc445290392"></a><a name="_Ref136857935"></a><a name="_Toc137536012"></a>Repayment, Prepayment and Cancellation</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093892"></a><a name="_Toc360097793"></a><a name="_Toc360191432"></a><a name="_Toc360191549"></a><a name="_Toc360191665"></a><a name="_Toc362504344"></a><a name="_Toc362518391"></a><a name="_Toc362605338"></a><a name="_Toc363549778"></a><a name="_Toc367198621"></a><a name="_Toc367792009"></a><a name="_Toc367866996"></a><a name="_Toc371413619"></a><a name="_Toc371413835"></a><a name="_Toc371932713"></a><a name="_Toc378965670"></a><a name="_Toc380566883"></a><a name="_Toc380579019"></a><a name="_Toc382507875"></a><a name="_Toc384670126"></a><a name="_Toc442833351"></a><a name="_Toc444194815"></a><a name="_Toc445290393"></a><a name="_Ref136857936"></a><a name="_Toc137536013"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Repayment</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360098652"></a><a name="_Ref444191532"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Repayment of Term Loan</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> Facility</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857937"></a><a name="_Hlk135643379"></a><a name="_Ref107310996"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Advance under the Term Loan Facility shall be repaid by consecutive quarterly instalments in the amounts and on the dates specified in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule&#160;1 Part A</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Term Loan Facility Repayment Schedule</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and each such instalment (including the final instalment) shall be a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Repayment Instalment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref420578994"></a><a name="_Toc33019039"></a><a name="_Ref107843206"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Reduction of Revolving Facility</b></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857938"></a><a name="_Ref3830198"></a><a name="_Ref457907453"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On each Reduction Date the Revolving Facility shall be reduced by an amount equal to the relevant Reduction Instalment, each as specified in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule&#160;1 Part B</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Revolving Facility Reduction Schedule</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the Total Revolving Commitments shall be the amounts set out therein.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857939"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall ensure that sufficient Advances under the Revolving Facility are repaid on a Reduction Date to the extent necessary so that the aggregate of the outstanding Advances under the Revolving Facility (after that repayment) is equal to or less than the reduced amount of the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk136602078"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Total Revolving Commitments</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857940"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any reduction of the Total Revolving Commitments in accordance with this Clause shall reduce rateably the Commitment of each Lender.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857941"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Repayment of Accordion Facilit</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ies</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857942"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Advance under each Accordion Facility shall be repaid by equal consecutive quarterly instalments, representing a repayment profile whereby each Accordion Facility would be repaid to zero once each of the Accordion Ships under that Accordion Facility reaches </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4757"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> years of age, the first of which shall be repaid on the date falling 3 Months after the Utilisation Date of that Advance under the applicable Accordion Facility and the last on the Termination Date, together with a balloon instalment of all outstanding amounts relating to each Advance under each Accordion Facility repayable at the same time as the last quarterly instalment (each a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Repayment Instalment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;), such repayment profile to be calculated in accordance with the formula set out in Part A of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 12</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk137151127"></a></font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Repayment Instalment and Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and confirmed in accordance with paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857943"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On or promptly after the Utilisation Date for an Advance under an Accordion Facility, the Borrowers shall provide the Facility Agent with a proposed repayment schedule for that Advance, specifying the repayment instalments for that Advance and their respective payment dates, or where there is more than one Advance under the Accordion Facilities, the Borrower shall provide a combined and consolidated repayment schedule in respect of such Advances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857944"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Upon written confirmation by the Facility Agent of the proposed repayment schedule provided to Facility Agent pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, such repayment schedule shall become an integral part of this Agreement and the Borrowers agree to repay the relevant Advance in accordance with that repayment schedule.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>54</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref134110497"></a><a name="_Hlk137141280"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Effect of cancellation on </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="DocXTextRef44"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">scheduled</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> repayments and reductions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857945"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Borrowers cancel the whole or any part of any Available Commitment in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Right of replacement or repayment and cancellation in relation to a single Lender</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) then:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857946"></a><a name="_Hlk136960693"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">first, the Term Facility Commitments and the Revolving Commitments shall each reduce equally by the amount of the Available Commitment so cancelled; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857947"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">secondly, following such reduction described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857948"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Term Facility Commitments, the Repayment Instalments falling after that cancellation will be adjusted in accordance with the formula set out in Part A of Schedule 12 (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Repayment Instalment and Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk137150674"></a><a name="_Ref136857949"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Revolving Commitments, the amount of the Reduction Instalment for each Reduction Date falling after that cancellation will be adjusted in accordance with the formula set out Part B in Schedule 12 (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Repayment Instalment and Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><a name="_Hlk137126098"></a><b style="font-weight:bold;">provided that </b><a name="_Hlk137126166"></a><a name="_Hlk136879301"></a>at all times the amount of the outstanding Term Facility and the amount of the Revolving Commitments shall be equal. </p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857950"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the whole or part of any Commitment is cancelled pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cancellation of Commitments</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary and automatic cancellation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857951"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">first, the Term Facility Commitments and the Revolving Commitments shall each reduce equally by the amount of the Commitment so cancelled; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857952"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">secondly, following such reduction described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above:</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857953"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Term Facility Commitments, the Repayment Instalments falling after that cancellation will be adjusted in accordance with the formula set out in Part A of Schedule 12 (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Repayment Instalment and Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857954"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Revolving Commitments, the amount of the Reduction Instalment for each Reduction Date falling after that cancellation will be adjusted in accordance with the formula set out in Part B of Schedule 12 (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Repayment Instalment and Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><a name="_Hlk136616930"></a><b style="font-weight:bold;">provided that </b>at all times the amount of the outstanding Term Facility and the amount of the Revolving Commitments shall be equal. </p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857955"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Effect of prepayment on </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="DocXTextRef45"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">scheduled</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> repayments and reductions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857956"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any part of the Term Loan or any Advance under the Revolving Facility is repaid in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Right of replacement or repayment and cancellation in relation to a single Lender</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) then:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857957"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">first, the amount of that repayment or prepayment shall be applied against the Term Loan and the Revolving Commitments such that the Term Loan and the Revolving </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>55</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Commitments shall each reduce equally by the amount of that repayment or prepayment; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> &#160;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857958"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">secondly, following such application described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above:</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857959"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Term Loan, the Repayment Instalments for each Repayment Date falling after that repayment or prepayment </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk137150820"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">will be adjusted in accordance with the formula set out in Part A of Schedule 12 (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Repayment Instalment and Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857960"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Revolving Commitments, the amount of the Reduction Instalment for each Reduction Date falling after that repayment or prepayment will be adjusted in accordance with the formula set out in Part B of Schedule 12 (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Repayment Instalment and Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><a name="_Hlk136617047"></a><b style="font-weight:bold;">provided that</b> <a name="_Hlk137150988"></a><a name="_Hlk137116952"></a>at all times the amount of the outstanding Term Facility and the amount of the Revolving Commitments shall be equal. </p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk137130605"></a><a name="_Ref136010047"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If, while the Revolving Facility is outstanding</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, any part of the Term Loan is prepaid in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary prepayment of Term Loan</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), any Advance under the Revolving Facility is prepaid in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary prepayment of Advances under the Revolving Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or any part of the Term Loan or an Advance under the Revolving Facility is prepaid in accordance with Clause&#160;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory prepayment or replacement on sale or Total Loss</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory prepayment of Hedging Prepayment Proceeds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) then:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk137131370"></a><a name="_Ref136857961"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">first, the amount of that repayment or prepayment shall be applied against the Term Loan and the Revolving Commitments such that the Term Loan and the Revolving Commitments shall each reduce equally by the amount of that repayment or prepayment</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> &#160;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857962"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">secondly, following such application described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above:</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857963"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the case of the Term Loan, the amount of the Repayment Instalments for each Repayment Date falling after that repayment or will be adjusted in accordance with the formula set out in Part A of Schedule 12 (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Repayment Instalment and Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857964"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Revolving Commitments, the amount of the Reduction Instalment for each Reduction Date falling after that repayment or prepayment will be adjusted in accordance with the formula set out in Part B of Schedule 12 (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Repayment Instalment and Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> &#160;</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><b style="font-weight:bold;">provided that</b> at all times the amount of the outstanding Term Facility and the amount of the Revolving Commitments shall be equal.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857965"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the amount outstanding under the Revolving Facility is zero the amount of any prepayment by the Borrowers made pursuant to sub-clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall be applied against the relevant Tranches of the Term Loan in respect of a Ship and the security on such Ship shall be released subject to the Borrowers being in compliance with the security cover required under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum Required Security Cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and other provisions of this Agreement immediately following the release of such security and </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">provided always</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> that the Revolving Commitments are reduced by an amount equal to the amount of the prepayment of the relevant Tranches of </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>56</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Term Loan in respect of such released Ship so that the amount of the outstanding Term Loan and the amount of the Revolving Commitments shall be equal and the relevant repayment amounts will be adjusted in accordance with the relevant formula set out in Part A and Part B of Schedule 12 (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Repayment Instalment and Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857966"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Termination Date</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">On the Termination Date, the Borrowers shall additionally pay to the Facility Agent for the account of the Finance Parties all other sums then accrued and owing under the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857967"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Reborrowing</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857968"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower may reborrow any part of the Term Facility or the Accordion Facility which is repaid.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857969"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction of Revolving Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and unless a contrary indication appears in this Agreement, any part of the Revolving Facility which is repaid may be reborrowed in accordance with the terms of this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093893"></a><a name="_Toc360097794"></a><a name="_Ref360101540"></a><a name="_Ref360101541"></a><a name="_Ref360102731"></a><a name="_Ref360102732"></a><a name="_Ref360108733"></a><a name="_Ref360108734"></a><a name="_Toc360191433"></a><a name="_Toc360191550"></a><a name="_Toc360191666"></a><a name="_Toc362504345"></a><a name="_Toc362518392"></a><a name="_Toc362605339"></a><a name="_Toc363549779"></a><a name="_Toc367198622"></a><a name="_Toc367792010"></a><a name="_Toc367866997"></a><a name="_Toc371413620"></a><a name="_Toc371413836"></a><a name="_Toc371932714"></a><a name="_Toc378965671"></a><a name="_Toc380566884"></a><a name="_Toc380579020"></a><a name="_Toc382507876"></a><a name="_Toc384670127"></a><a name="_Toc442833352"></a><a name="_Ref442953217"></a><a name="_Ref442953405"></a><a name="_Ref442974562"></a><a name="_Toc444194816"></a><a name="_Toc445290394"></a><a name="_Ref136857970"></a><a name="_Ref442953216"></a><a name="_Ref442953404"></a><a name="_Ref26546335"></a><a name="_Ref442974561"></a><a name="_Toc137536014"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Payment and Cancellation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100665"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Illegality</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857971"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in an Advance or the Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857972"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Lender shall promptly notify the Facility Agent upon becoming aware of that event;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857973"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">upon the Facility Agent notifying the Borrowers, the Commitment of that Lender will be immediately cancelled; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857974"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers shall repay that Lender&#39;s participation in the Loan on the last day of the Interest Period for the Loan occurring after the Facility Agent has notified the Borrowers or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857975"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any partial prepayment under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Illegality</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in respect of the Loan shall reduce </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro rata</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the amount of each Repayment Instalment falling after that prepayment by the amount prepaid.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100795"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Voluntary and automatic cancellation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857976"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers may, if they give the Facility Agent not less than 5 Business Days&#39; (or such shorter period as the Majority Lenders and the Facility Agent may agree) prior notice, cancel the whole or any part (being a minimum amount of $1,000,000) of the Available Facility. &#160;Any cancellation under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary and automatic cancellation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall reduce the Commitments of the Lenders and the amount of each Tranche then unutilised pro rata</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;"> </i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">and, in </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>57</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the case of each Tranche, pro rata against each Instalment and the Balloon Instalment for that Tranche.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857977"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The unutilised Commitment (if any) of each Lender shall be automatically cancelled at close of business on the date on which the Loan is made available.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref436927383"></a><a name="_Ref360100837"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Change of control</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref437006759"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If, without the Lenders&#39; prior consent, any person or group of persons acting in concert gains control of a Guarantor:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref437006761"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Parent Guarantor shall promptly notify the Facility Agent upon becoming aware of that event; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857978"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">irrespective of whether notice is given under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Change of control</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) above, if the Majority Lenders so require, the Facility Agent shall, by no less than 30 days&#39; notice to the Borrowers, cancel the Facility and declare the Loan, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Facility will be cancelled and all such outstanding amounts will become immediately due and payable.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref26536831"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For the purpose of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above &quot;control&quot; means:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857979"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857980"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cast, or control the casting of, more than 25 per cent. of the maximum number of votes that might be cast at a general meeting of either Guarantor; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857981"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">appoint or remove all, or the majority, of the directors or other equivalent officers of either Guarantor; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857982"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">give directions with respect to the operating and financial policies of either Guarantor with which the directors or other equivalent officers of either Guarantor are obliged to comply; and/or</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857983"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the holding (beneficially) of more than 25 per cent. of the issued share capital of either Guarantor (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857984"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the merger or consolidation of either Guarantor which gives rise to a change of control; and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857985"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the approval of a complete liquidation or dissolution of either Guarantor.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857986"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For the purpose of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above &quot;acting in concert&quot; means a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in either Guarantor by any of them, either directly or indirectly, to obtain or consolidate control of either Guarantor.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>58</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref442953156"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Voluntary prepayment of Term Loan</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857987"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers may, if they give the Facility Agent not less than 15 days&#39; (or such shorter period as the Majority Lenders and the Facility Agent may agree) prior notice, prepay the whole or any part of the Loan (but, if in part, being an amount that reduces the amount of the Loan by a minimum amount of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk136877096"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$1,000,000 </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">or a multiple of that amount).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857988"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Loan may only be prepaid after the last day of the last Availability Period (or, if earlier, the day on which the Available Facility is zero)</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> Provided that</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> any amount advanced to the Borrowers prior to the last day of the last Availability Period may be prepaid subject to payment by the Borrowers of any applicable administrative fee set out in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 15</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4759"></a></font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Benchmark Terms</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the other provisions of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary prepayment of Loan</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857989"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any partial prepayment under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary prepayment of Loan</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall be applied on a pro-rata basis towards satisfaction of the Repayment Instalments set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Repayment of Term Loan Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and if an Accordion Facility has been established, towards satisfaction of the Repayment Instalments set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Repayment of Accordion Facilities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> &#160;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857990"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to the consent of the Lenders, such consent not to be unreasonably withheld, the Borrowers may request that a voluntary prepayment under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary prepayment of Loan</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) be applied towards full or partial repayment of a particular Tranche and, in the case of a full repayment only the Borrower may further request the release of the Mortgage over the Ship relating to that Tranche and the other Security related provided by that Borrower </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provided that</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the consent of the Lenders shall not be unreasonably withheld nor shall the Security Agent be required to release any Mortgage over the relevant Ship or any other Security if the minimum security coverage ratio calculated in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum required security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) immediately following the release of the Mortgage over that Ship and any other Security would be lower than the ratio which applied immediately before the release. &#160;Any such prepayment shall be applied first against the Tranche to which such Ship relates and then pro-rata against the remaining Tranches to be applied against each such remaining Tranche in inverse order of maturity, subject to the payment of any applicable administrative fee set out in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 15</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4760"></a></font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Benchmark Terms</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the other provisions of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary prepayment of Loan</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref133597114"></a><a name="_Ref360099952"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Voluntary prepayment of Advances under the Revolving Facility</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">The Borrowers may, if they give the Facility Agent not less than 5 Business Days&#39; (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of an Advance under the Revolving Facility (but, if in part, being an amount that reduces the amount of the relevant Advance by a minimum amount of $1,000,000).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref135645378"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mandatory prepayment or replacement on sale or Total Loss</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256435"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Ship is sold or becomes a Total Loss or there is direct or indirect change in the legal or beneficial ownership of the share capital of or voting rights in the relevant Borrower which owns such Ship, the Borrowers shall on the Relevant Date either </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef47"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> prepay the Tranche applicable to that Ship or (ii) procure that Security over a replacement vessel is provided in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(f)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256103"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Relevant Date, the Borrowers shall also prepay such part of the Loan as shall eliminate any shortfall arising if the ratio set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) were applied immediately following the payment referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>59</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857991"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Provided that no Default has occurred and is continuing, any remaining proceeds of the sale or Total Loss of a Ship after the prepayments referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above have been made together with all other amounts that are payable on any such prepayment pursuant to the Finance Documents shall be paid to the Borrower that owned the relevant Ship.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857992"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory prepayment or replacement on sale or Total Loss</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">):</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857993"></a>&quot;<b style="font-weight:bold;">Relevant Date</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857994"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of a sale of a Ship, on the date on which the sale is completed by delivery of that Ship to the buyer of that Ship; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857995"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of a Total Loss of a Ship, on the earlier of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857996"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date falling 180 days after the Total Loss Date; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857997"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date of receipt by the Security Agent of the proceeds of insurance relating to such Total Loss.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857998"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any partial prepayment of the Loan under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory prepayment or replacement on sale or Total Loss</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall be applied first against the relevant Tranche to which such Ship relates and then it shall reduce pro rata and in accordance with the formula set out in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 12</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Repayment Instalment and Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) the amount of each Repayment Instalment falling after that prepayment by the amount prepaid.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857999"></a><a name="_Ref24385072"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The provision by the Borrowers of Security over a replacement vessel pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above instead of making the applicable prepayment is subject to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858000"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the replacement vessel being acceptable to the Facility Agent (acting on the instructions of the Lenders, not to be unreasonably withheld);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858001"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the replacement vessel being comparable to the Ship that it replaces (in particular regarding class, type, size and age);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858002"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the owner of the replacement vessel being a Borrower or having provided a guarantee of the obligations of the Borrowers under this Agreement and the Finance Documents on terms acceptable to the Facility Agent, acting with the authorisation of the Majority Lenders;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858003"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the replacement vessel being registered on an Approved Flag and being subject to Security securing the Secured Liabilities created by a first priority or preferred ship mortgage on that vessel and, if appropriate, a first priority deed of covenant collateral to that mortgage (or equivalent first priority Security) on substantially the same terms as the Mortgages and on such other terms and in such other form as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858004"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Security securing the Secured Liabilities being created in relation to the replacement vessel and the owner of it by documents equivalent to the Membership Interests Security, the General Assignments, the Accounts Security and, if applicable, the Hedging Agreement Security;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>60</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858005"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the execution of such other documentation amending and supplementing the Finance Documents as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360109011"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mandatory prepayment of Hedging Payment Proceeds</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any Hedging Prepayment Proceeds arising as a result of any cancellation or prepayment under this Agreement shall, following payment into the Earnings Account in accordance with Clause 30.1 (<i style="font-style:italic;">Payment of Earnings</i>), be applied on the last day of the Interest Period which ends on or after such payment in, in prepayment of the Loan and shall reduce <i style="font-style:italic;">pro rata</i> the amount of each Repayment Instalment falling after that prepayment by the amount prepaid.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360101417"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Right of replacement or repayment and cancellation in relation to a single Lender</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256639"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256579"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any sum payable to any Lender by an Obligor is required to be increased under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax gross-up</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256585"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Lender claims indemnification from a Borrower under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax indemnity</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">15.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Increased costs</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256592"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent receives notification from a Lender under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Market disruption</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the Borrowers may:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858006"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">whilst in the case of paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above the circumstance giving rise to the requirement for that increase or indemnification continues; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858007"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">whilst in the case of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above the situation in relation to the relevant Lender continues,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender&#39;s participation in the Loan or give the Facility Agent notice of its intention to replace that Lender in accordance with paragraph (e) below.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858008"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On receipt of a notice of cancellation referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the Commitment of that Lender shall immediately be reduced to zero.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858009"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the last day of each Interest Period which ends after the Borrowers have given notice of cancellation under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above in relation to a Lender (or, if earlier, the date specified the Borrowers in that notice), the Borrowers shall repay that Lender&#39;s participation in the Loan.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858010"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any partial prepayment under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Right of replacement or repayment and cancellation in relation to a single Lender</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall reduce </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro rata</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the amount of each Repayment Instalment falling after that prepayment by the amount prepaid.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256626"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers may, in the circumstances set out in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, on 10 Business Days&#39; prior notice to the Facility Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to the Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) (and not part only) all of its rights and obligations under this </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>61</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrowers &#160;which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to the Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) for a purchase price in cash or other cash payment payable at the time of the transfer equal to the outstanding principal amount of such Lender&#39;s participation in the Loan and all accrued interest (to the extent that the Facility Agent has not given a notification under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Pro rata interest settlement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)), Break Costs and other amounts payable in relation thereto under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256755"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The replacement of a Lender pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall be subject to the following conditions:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858011"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers shall have no right to replace a Servicing Party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858012"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">neither the Facility Agent nor any Lender shall have any obligation to find a replacement Lender;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858013"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in no event shall the Lender replaced under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256759"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above once it is satisfied that it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations in relation to that transfer.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858014"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Lender shall perform the checks described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(f)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iv)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above as soon as reasonably practicable following delivery of a notice referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above and shall notify the Facility Agent and the Borrowers when it is satisfied that it has complied with those checks.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858015"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Restrictions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858016"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any notice of cancellation or prepayment given by any Party under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payment and Cancellation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858017"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and amounts (if any) payable under the Hedging Agreements in connection with that prepayment and, subject to any Break Costs, without premium or penalty.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858018"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower may reborrow any part of the Facility which is prepaid.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858019"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower shall repay or prepay all or any part of the Loan or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858020"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858021"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent receives a notice under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payment and Cancellation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) it shall promptly forward a copy of that notice to either the Borrowers or the affected Lenders and/or Hedge Counterparties, as appropriate.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>62</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858022"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If all or part of any Lender&#39;s participation in the Loan is repaid or prepaid, an amount of that Lender&#39;s Commitment (equal to the amount of the participation which is repaid or prepaid) will be deemed to be cancelled on the date of repayment or prepayment.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Toc88813225"></a><a name="_Ref136858023"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Application of prepayments</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">Any prepayment of any part of the Loan (other than a prepayment pursuant to Clause 8.8 (<i style="font-style:italic;">Right of replacement or repayment and cancellation in relation to a single Lender</i>)) shall be applied pro rata to each Lender&#39;s participation in that part of the Loan.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>63</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 5</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413621"></a><a name="_Toc371413837"></a><a name="_Toc371932715"></a><a name="_Toc378965672"></a><a name="_Toc380566885"></a><a name="_Toc380579021"></a><a name="_Toc382507877"></a><a name="_Toc384670128"></a><a name="_Toc442833353"></a><a name="_Toc444194817"></a><a name="_Toc445290395"></a><a name="_Ref136858024"></a><a name="_Toc137536015"></a>Costs of Utilisation</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref136858025"></a><a name="_Toc137536016"></a><a name="_Ref107921099"></a><a name="_Toc360093894"></a><a name="_Toc360097795"></a><a name="_Ref360113989"></a><a name="_Ref360113990"></a><a name="_Toc360191434"></a><a name="_Toc360191551"></a><a name="_Toc360191667"></a><a name="_Toc362504346"></a><a name="_Toc362518393"></a><a name="_Toc362605340"></a><a name="_Toc363549780"></a><a name="_Toc367198623"></a><a name="_Toc367792011"></a><a name="_Toc367866998"></a><a name="_Toc371413622"></a><a name="_Toc371413838"></a><a name="_Toc371932716"></a><a name="_Toc378965673"></a><a name="_Toc380566886"></a><a name="_Toc380579022"></a><a name="_Toc382507878"></a><a name="_Toc384670129"></a><a name="_Toc442833354"></a><a name="_Toc444194818"></a><a name="_Toc445290396"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Interest</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858026"></a><a name="_Ref360100612"></a><a name="_Ref107907308"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Calculation of interest</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">On and from the date of this Agreement and until a Rate Switch Date, interest under this Agreement should be calculated by reference to the Compounded Reference Rate.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref109143440"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Calculation of interest</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> &#8211; Compounded Rate Loans</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432525"></a><a name="_Ref380494239"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The rate of interest on each Compounded Rate Loan for any day during an Interest Period is the percentage rate per annum which is the aggregate of the applicable:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432526"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Margin; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432527"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Compounded Reference Rate for that day.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432528"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any day during an Interest Period for a Compounded Rate Loan is not a RFR Banking Day, the rate of interest on that Compounded Rate Loan for that day will be the rate applicable to the immediately preceding RFR Banking Day.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106792569"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Calculation of interest &#8211; Term SOFR Loans</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The rate of interest on each Term SOFR Loan for an Interest Period is the percentage rate per annum which is the aggregate of the applicable:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432522"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Margin; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432523"></a><a name="_Ref136858027"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Term SOFR Reference Rate</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref107909332"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Payment of interest</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall pay accrued interest on the Loan or any part of the Loan on the last day of each Interest Period (each an &quot;<b style="font-weight:bold;">Interest Payment Date</b>&quot;).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360098369"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Default interest</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262814"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, is two per cent. higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent. &#160;Any interest accruing under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Default interest</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall be immediately payable by the Obligor on demand by the Facility Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256805"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If an Unpaid Sum consists of all or part of a Term SOFR Loan which became due on a day which was not the last day of an Interest Period relating to a Term SOFR Loan:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>64</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858028"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to the Loan or that part of the Loan; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858029"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the rate of interest applying to that Unpaid Sum during that first Interest Period shall be two per cent. higher than the rate which would have applied if that Unpaid Sum had not become due.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858030"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.6</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref413159008"></a><a name="_Ref413159011"></a><a name="_Ref413159012"></a><a name="_Ref413159302"></a><a name="_Ref413159303"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notifications</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref67328348"></a><a name="_Ref106432535"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall promptly upon a Compounded Rate Interest Payment being determinable, notify:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432536"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers of that Compounded Rate Interest Payment;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432537"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Lender of the proportion of that Compounded Rate Interest Payment which relates to that Lender&#39;s participation in the relevant Compounded Rate Loan; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432538"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Lenders and the Borrowers of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432539"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each applicable rate of interest relating to the determination of that Compounded Rate Interest Payment; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432540"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to the extent it is then determinable, the Compounded Market Disruption Rate (if any) relating to the relevant Compounded Rate Loan.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This paragraph (b) shall not apply to any Compounded Rate Interest Payment determined pursuant to Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858031"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall promptly notify the Lenders and the Borrowers of the determination of a rate of interest relating to a Term SOFR Loan.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432541"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall promptly notify the Borrowers of each Funding Rate relating to the Loan or any part of the Loan.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_BPDCI_1644"></a><a name="_Ref50683221"></a><a name="_Hlk70090202"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall promptly notify the Lenders and the Borrowers of the determination of a rate of interest relating to a Compounded Rate Loan to which Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432542"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Notifications</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall not require the Facility Agent to make any notification to any Party on a day which is not a Business Day.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360102810"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedging</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858032"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers may enter into Hedging Agreements and shall after that date maintain such Hedging Agreements in accordance with this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Hedging</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858033"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Hedging Agreement shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858034"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be with a Hedge Counterparty and each Hedge Counterparty shall also be a Lender;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>65</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858035"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be for a term ending on or before on the Termination Date;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858036"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">have settlement dates coinciding with the Interest Payment Dates;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858037"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be in agreed form;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858038"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">provide for two-way payments in the event of a termination of a transaction in respect of a Hedging Agreement, whether on a Termination Event (as defined in the relevant Hedging Agreement) or on an Event of Default (as defined in the relevant Hedging Agreement); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858039"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">provide that the Termination Currency (as defined in the relevant Hedging Agreement) shall be dollars.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858040"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The rights of each Borrower under the Hedging Agreements shall be assigned by way of security under a Hedging Agreement Assignment.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858041"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The parties to each Hedging Agreement must comply with the terms of that Hedging Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256829"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Neither a Hedge Counterparty nor a Borrower may amend, supplement, extend or waive the terms of any Hedging Agreement without the consent of the Facility Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858042"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not apply to an amendment, supplement or waiver that is administrative and mechanical in nature and does not give rise to a conflict with any provision of this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256846"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If, at any time, the aggregate notional principal amount of the transactions in respect of the Hedging Agreements exceeds or, as a result of any repayment, prepayment or cancellation under this Agreement, will exceed 100 per cent. of the Loan at that time, the Borrowers must promptly notify the Facility Agent and must reduce the aggregate notional amount of those transactions by an amount and in a manner satisfactory to the Hedge Counterparties so that it no longer exceeds or will not exceed 100 per cent. of the Loan then or that will be outstanding.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858043"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any reductions in the aggregate notional amount of the transactions in respect of the Hedging Agreements in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(g)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above will be apportioned as between those transactions </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro rata</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256974"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(j)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, neither a Hedge Counterparty nor a Borrower may terminate or close out any transactions in respect of any Hedging Agreement (in whole or in part) except:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858044"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(g)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858045"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the occurrence of an Illegality, Tax Event or Tax event Upon Merger of Force Majeure (as such expressions are defined in the relevant Hedging Agreement);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858046"></a><a name="_Ref376256978"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of termination or closing out by a Hedge Counterparty, if the Facility Agent makes a demand for repayment of the Loan but irrespective as to whether such payment is made pursuant to that demand;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858047"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of any other termination or closing out by a Hedge Counterparty or a Borrower, with the consent of the Facility Agent;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>66</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858048"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if the Secured Liabilities (other than in respect of the Hedging Agreements) have been irrevocably and unconditionally paid and discharged in full (including for the purposes of refinancing);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858049"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if a Borrower does not pay on the due date any amount payable pursuant to a Hedging Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858050"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if the Facility Agent takes any action pursuant to Clause&#160;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.17</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Acceleration</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858051"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if a Hedge Counterparty ceases to be a Lender pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payment and cancellation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.10</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Replacement of Lenders by Borrowers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ix)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858052"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the occurrence of any event or circumstance set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Insolvency</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Insolvency proceedings</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256868"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Hedge Counterparty is entitled to terminate or close out any transaction in respect of any Hedging Agreement under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)(iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, such Hedge Counterparty shall promptly terminate or close out such transaction following a request to do so by the Security Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(k)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858053"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Hedge Counterparty may only suspend making payments under a transaction in respect of a Hedging Agreement if a Borrower is in breach of its payment obligations under any transaction in respect of that Hedging Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(l)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref381378453"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Hedge Counterparty consents to, and acknowledges notices of, the assigning by way of security by each Borrower pursuant to the relevant Hedging Agreement Assignment of its rights under the Hedging Agreements to which it is party in favour of the Security Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(m)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858054"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any such assigning by way of security is without prejudice to, and after giving effect to, the operation of any payment or close-out netting in respect of any amounts owing under any Hedging Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(n)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858055"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent shall not be liable for the performance of any of a Borrower&#39;s obligations under a Hedging Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858056"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedging with another bank or financial institution</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">A Borrower shall only be permitted to enter into a Hedging Agreement with a bank or financial institution other than the Hedge Counterparty if any Security to be provided by the Borrower or Borrowers to such other bank or financial institution shall be fully subordinated to the Security created pursuant to the Finance Documents on terms and undertakings which are acceptable to the Facility Agent (acting on the instructions of the Majority Lenders).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref136858057"></a><a name="_Toc137536017"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Rate Switch</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">10.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432508"></a><a name="_Ref136858058"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Switch to </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Term SOFR Reference Rate</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858059"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">10.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Delayed switch for existing Compounded Rate Loans</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), on and from the Rate Switch Date:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432509"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">use of the Term SOFR Reference Rate will replace the use of the Compounded Reference Rate for the calculation of interest for the Loan or any part of the Loan; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>67</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432510"></a><a name="_Ref136858060"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Loan or any part of the Loan or Unpaid Sum shall be a &quot;Term SOFR Loan&quot; and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Calculation of interest &#8211; Term SOFR Loans</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall apply to the Loan, any such part of the Loan or Unpaid Sum</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858061"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">There shall be no more than one Rate Switch Date under this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">10.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref65591297"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Delayed switch for existing Compounded Rate Loans</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If the Rate Switch Date falls before the last day of an Interest Period for a Compounded Rate Loan:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432511"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Loan, relevant part of the Loan or Unpaid Sum (as applicable) shall continue to be a Compounded Rate Loan for that Interest Period and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Calculation of interest &#8211; Compounded Rate Loans</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall continue to apply to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk65589851"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Loan, relevant part of the Loan or Unpaid Sum (as applicable) </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">for that Interest Period;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432512"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any provision of this Agreement which is expressed to relate </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk65590003"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">solely to a Term SOFR Loan</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> shall not apply in relation to the Loan, relevant part of the Loan or Unpaid Sum (as applicable) for that Interest Period; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432513"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on and from the first day of the next Interest Period (if any) </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk65590054"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">for the Loan, relevant part of the Loan or Unpaid Sum (as applicable)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432514"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Loan, relevant part of the Loan or Unpaid Sum (as applicable) shall be a &quot;Term SOFR Loan&quot;; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432515"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Calculation of interest &#8211; Term SOFR Loans</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall apply to it.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093895"></a><a name="_Toc360097796"></a><a name="_Ref360098344"></a><a name="_Ref360098902"></a><a name="_Ref360098903"></a><a name="_Ref360100274"></a><a name="_Ref360103003"></a><a name="_Ref360103004"></a><a name="_Toc360191435"></a><a name="_Toc360191552"></a><a name="_Toc360191668"></a><a name="_Toc362504347"></a><a name="_Toc362518394"></a><a name="_Toc362605341"></a><a name="_Toc363549781"></a><a name="_Toc367198624"></a><a name="_Toc367792012"></a><a name="_Toc367866999"></a><a name="_Toc371413623"></a><a name="_Toc371413839"></a><a name="_Toc371932717"></a><a name="_Toc378965674"></a><a name="_Toc380566887"></a><a name="_Toc380579023"></a><a name="_Toc382507879"></a><a name="_Toc384670130"></a><a name="_Toc442833355"></a><a name="_Toc444194819"></a><a name="_Toc445290397"></a><a name="_Ref136858062"></a><a name="_Ref360098343"></a><a name="_Ref360100273"></a><a name="_Toc137536018"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Interest Periods</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">11.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360141909"></a><a name="_Ref417568621"></a><a name="_Toc33019063"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Commencement and duration of Interest Periods</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref374958052"></a><a name="_Ref136858063"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">11.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Interest Periods</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Interest Period shall be:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858064"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to the Term Loan and the Accordion Facility, three Months; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858065"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to the Revolving Facility, three Months or one Month.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref374958060"></a><a name="_Ref136858066"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An Interest Period </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in respect of the Loan or any part of the Loan shall not extend beyond the Termination Date.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858067"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The first Interest Period for each Tranche shall start on the Utilisation Date relating to that Tranche and each subsequent Interest Period shall start on the last day of the preceding Interest Period.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">11.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref417475439"></a><a name="_Toc88813237"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Changes to Interest Periods</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858068"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In respect of a Repayment Instalment, prior to determining the interest rate for the relevant Tranche, the Facility Agent may establish an Interest Period for a part of the relevant Tranche equal to such Repayment Instalment to end on the Repayment Date relating to it and the Interest Period for the remaining part of that Tranche shall run until the next Repayment Date.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858069"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent makes any change to an Interest Period referred to in this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">11.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to Interest Periods</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), it shall promptly notify the Borrowers and the Lenders.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>68</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">11.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107907559"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Non-Business Days</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858070"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Other than where paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> applies, if an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858071"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In respect of any Compounded Rate Loan, if there are rules specified as &quot;Business Day Conventions&quot; in the Benchmark Terms, those rules shall apply to each Interest Period for that Compounded Rate Loan.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093896"></a><a name="_Toc360097797"></a><a name="_Toc360191436"></a><a name="_Toc360191553"></a><a name="_Toc360191669"></a><a name="_Toc362504348"></a><a name="_Toc362518395"></a><a name="_Toc362605342"></a><a name="_Toc363549782"></a><a name="_Toc367198625"></a><a name="_Toc367792013"></a><a name="_Toc367867000"></a><a name="_Toc371413624"></a><a name="_Toc371413840"></a><a name="_Toc371932718"></a><a name="_Toc378965675"></a><a name="_Toc380566888"></a><a name="_Toc380579024"></a><a name="_Toc382507880"></a><a name="_Toc384670131"></a><a name="_Toc442833356"></a><a name="_Toc444194820"></a><a name="_Toc445290398"></a><a name="_Ref136858072"></a><a name="_Toc137536019"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Changes to the Calculation of Interest</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432576"></a><a name="_Ref136858073"></a><a name="_Ref92373156"></a><a name="_Ref410135803"></a><a name="_Ref360098001"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Interest calculation if no RFR or Central Bank Rate</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> before Rate Switch Date</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432577"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">there is no RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative Compounded RFR Rate for an RFR Banking Day during an Interest Period for a Compounded Rate Loan; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432578"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;Cost of funds will apply as a fallback&quot; is specified in the Benchmark Terms,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>) shall apply to that Compounded Rate Loan for that Interest Period.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858074"></a><a name="_Ref109637042"></a><a name="_Ref106432575"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Unavailability of Term SOFR</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858075"></a><a name="_Ref106432573"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Interpolated Term SOFR</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If no Term SOFR is available for a Term SOFR Loan, the applicable Term SOFR Reference Rate shall be the Interpolated Term SOFR for a period equal in length to the Interest Period of that Term SOFR Loan.<a name="_Ref89187539"></a></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858076"></a><a name="_Ref106432574"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Historic Term SOFR</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If no Term SOFR is available for a Term SOFR Loan and it is not possible to calculate the Interpolated Term SOFR, the applicable Term SOFR Reference Rate shall be the Historic Term SOFR for the Term SOFR Loan.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858077"></a><a name="_Ref89187552"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Interpolated Historic Term SOFR</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If paragraph (b) above applies but no Historic Term SOFR is<i style="font-style:italic;"> </i>available for a Term SOFR Loan, the applicable Term SOFR Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to the Interest Period of the Term SOFR Loan.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858078"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Cost of funds</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If paragraph (c) of Clause 12.2 above applies but it is not possible to calculate the Interpolated Historic Term SOFR, there shall be no Term SOFR Reference Rate for the Term SOFR Loan and Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>) shall apply to the Term SOFR Loan.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432579"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Market disruption</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref65517372"></a><a name="_Ref65517356"></a><a name="_Ref106432580"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In the case of a Compounded Rate Loan, if:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>69</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432581"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Compounded Market Disruption Rate is specified in the Benchmark Terms; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432582"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">before the Reporting Time for the Loan or any part of the Loan, the Facility Agent receives notifications from a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan exceed 30 per cent. of the Loan or the relevant part of the Loan as appropriate) that its cost of funds relating to its participation in the Loan or that part of the Loan would be in excess of that Compounded Market Disruption Rate,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">then Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>) shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858079"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In the case of a Term SOFR Loan</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256159"></a><a name="_Ref410222915"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if before close of business in London on the Quotation Day for the relevant Interest Period, the Facility Agent receives notification from a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan exceed 30 per cent. &#160;of the Loan or that part of the Loan as appropriate) that its cost of funds relating to its participation in the Loan or that part of the Loan would be in excess of the Term Market Disruption Rate then Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12.5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410133454"></a><a name="_Ref410134398"></a><a name="_Ref376256536"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Cost of funds</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410134586"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies to the Loan or part of the Loan for an Interest Period, neither Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Calculation of interest - Compounded Rate Loans</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) nor Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Calculation of interest - Term SOFR Loans</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall apply to the Loan or that part of the Loan for that Interest Period and the rate of interest on the Loan or that part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432583"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Margin; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref65592411"></a><a name="_Ref410134578"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the weighted average of the rates notified to the Facility Agent by each Lender as soon as practicable and in any event</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858080"></a><a name="_Ref106432584"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to a Compounded Rate Loan, by the Reporting Time for that Compounded Rate Loan</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858081"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to a Term SOFR Loan, within two Business Days of the first day of that Interest Period (or, if earlier, on the date falling three Business Days before the date on which interest is due to be paid in respect of that Interest Period) before interest is due to be paid in respect of that Interest Period; or</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">to be that which expresses as a percentage rate per annum its cost of funds relating to its participation in the Loan or that part of the Loan<a name="_Ref453862940"></a><a name="_Ref376257115"></a>.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref413844208"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies and the Facility Agent or the Borrowers so require, the Facility Agent and the Borrowers shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432586"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to reference rates</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), any substitute or alternative basis agreed pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>70</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref453862933"></a><a name="_Ref106432587"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below does not apply and any rate notified to the Facility Agent under sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above is less than zero, the relevant rate shall be deemed to be zero.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref456104098"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Market disruption</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858082"></a><a name="_Ref106432588"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to a Compounded Rate Loan a Lender&#39;s Funding Rate is less than the relevant Compounded Market Disruption Rate that Lender&#39;s cost of funds relating to its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, to be the Compounded Market Disruption Rate for that Compounded Rate Loan;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858083"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to a Term SOFR Loan a Lender&#39;s Funding Rate is less than the Term Market Disruption Rate, that Lender&#39;s cost of funds relating to its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, to be the Term Market Disruption Rate.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432590"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies but any Lender does not notify a rate to the Facility Agent by the time specified in sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above the rate of interest shall be calculated on the basis of the rates notified by the remaining Lenders.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432591"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies, the Facility Agent shall, as soon as practicable, notify the Borrowers.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12.6</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432592"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Break Costs</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref65592569"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, the Borrowers shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs (if any) attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrowers on a day prior to the last day of an Interest Period for the Loan, the relevant part of the Loan or that Unpaid Sum.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref83983714"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall apply in respect of a Compounded Rate Loan if an amount is specified as Break Costs in the Benchmark Terms.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432593"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in respect of which they become, or may become, payable.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093897"></a><a name="_Toc360097798"></a><a name="_Ref360098183"></a><a name="_Ref360110677"></a><a name="_Ref360141661"></a><a name="_Toc360191437"></a><a name="_Toc360191554"></a><a name="_Toc360191670"></a><a name="_Toc362504349"></a><a name="_Toc362518396"></a><a name="_Toc362605343"></a><a name="_Toc363549783"></a><a name="_Toc367198626"></a><a name="_Toc367792014"></a><a name="_Toc367867001"></a><a name="_Toc371413625"></a><a name="_Toc371413841"></a><a name="_Toc371932719"></a><a name="_Toc378965676"></a><a name="_Ref379309286"></a><a name="_Toc380566889"></a><a name="_Toc380579025"></a><a name="_Toc382507881"></a><a name="_Toc384670132"></a><a name="_Toc442833357"></a><a name="_Toc444194821"></a><a name="_Toc445290399"></a><a name="_Ref136858084"></a><a name="_Ref360098182"></a><a name="_Ref360110676"></a><a name="_Ref107921582"></a><a name="_Ref360141660"></a><a name="_Ref379309285"></a><a name="_Ref107919980"></a><a name="_Toc137536020"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Fees</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">13.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107921400"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Commitment fee</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858085"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall pay to the Facility Agent (for the account of each Lender) a fee computed at the rate of 40 per cent. of the applicable Margin per annum on that Lender&#39;s Available Commitment in respect of the Term Facility and the Revolving Facility from time to time, starting in the case of the Term Facility on 2 August 2022 and ending on the earlier of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef48"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the date on which each Initial Tranche is utilised or (ii) the end of the Availability Period in respect of the Term Facility and, in the case of the Revolving Facility, for the Availability Period applicable to the Revolving Facility.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858086"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The accrued commitment fee is payable on the last day of each successive period of three Months which ends during the relevant Availability Period, on the last day of the relevant </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>71</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Availability Period and, if cancelled, on the cancelled amount of the relevant Lender&#39;s Commitment at the time the cancellation is effective.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">13.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858087"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Upfront fees</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall pay to the Facility Agent for distribution to the Mandated Lead Arrangers the upfront fees in the amounts and at the times agreed in a Fee Letter.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">13.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858088"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Agent fee</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall pay to the Facility Agent and Security Agent for their account an agency fee in the amount and at the times agreed in a Fee Letter.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>72</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 6</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413626"></a><a name="_Toc371413842"></a><a name="_Toc371932720"></a><a name="_Toc378965677"></a><a name="_Toc380566890"></a><a name="_Toc380579026"></a><a name="_Toc382507882"></a><a name="_Toc384670133"></a><a name="_Toc442833358"></a><a name="_Toc444194822"></a><a name="_Toc445290400"></a><a name="_Ref136858089"></a><a name="_Toc137536021"></a>Additional Payment Obligations</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093898"></a><a name="_Toc360097799"></a><a name="_Ref360097962"></a><a name="_Ref360097963"></a><a name="_Ref360103663"></a><a name="_Ref360104651"></a><a name="_Ref360109753"></a><a name="_Ref360146307"></a><a name="_Ref360146308"></a><a name="_Toc360191438"></a><a name="_Toc360191555"></a><a name="_Toc360191671"></a><a name="_Toc362504350"></a><a name="_Toc362518397"></a><a name="_Toc362605344"></a><a name="_Toc363549784"></a><a name="_Toc367198627"></a><a name="_Toc367792015"></a><a name="_Toc367867002"></a><a name="_Toc371413627"></a><a name="_Toc371413843"></a><a name="_Toc371932721"></a><a name="_Toc378965678"></a><a name="_Toc380566891"></a><a name="_Toc380579027"></a><a name="_Toc382507883"></a><a name="_Toc384670134"></a><a name="_Toc442833359"></a><a name="_Toc444194823"></a><a name="_Toc445290401"></a><a name="_Ref136858090"></a><a name="_Ref360103662"></a><a name="_Ref360104650"></a><a name="_Ref360109752"></a><a name="_Toc137536022"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Tax Gross Up and Indemnities</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360098612"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Definitions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">In this Agreement:</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858091"></a>&quot;<b style="font-weight:bold;">Protected Party</b>&quot; means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858092"></a>&quot;<b style="font-weight:bold;">Tax Credit</b>&quot; means a credit against, relief or remission for, or repayment of any Tax.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858093"></a>&quot;<b style="font-weight:bold;">Tax Deduction</b>&quot; means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858094"></a>&quot;<b style="font-weight:bold;">Tax Payment</b>&quot; means either the increase in a payment made by an Obligor to a Finance Party under Clause 14.2 (<i style="font-style:italic;">Tax gross-up</i>) or a payment under Clause 14.3 (<i style="font-style:italic;">Tax indemnity</i>).</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858095"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless a contrary indication appears, in this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax Gross Up and Indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) reference to &quot;determines&quot; or &quot;determined&quot; means a determination made in the absolute discretion of the person making the determination.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858096"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax Gross Up and Indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall not apply to any Hedging Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360101295"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Tax gross-up</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858097"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858098"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly, a Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from a Lender it shall notify the Borrowers and that Obligor.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256508"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444191827"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858099"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Facility Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>73</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360101331"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Tax indemnity</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257231"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall (within three Business Days of demand by the Facility Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257538"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not apply:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858100"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">with respect to any Tax assessed on a Finance Party:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858101"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858102"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">under the law of the jurisdiction in which that Finance Party&#39;s Facility Office is located in respect of amounts received or receivable in that jurisdiction,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858103"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to the extent a loss, liability or cost:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858104"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is fully compensated for by an increased payment under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax gross-up</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858105"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relates to a FATCA Deduction required to be made by a Party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858106"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Protected Party making, or intending to make, a claim under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall promptly notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the Facility Agent shall notify the Borrowers.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858107"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Protected Party shall, on receiving a payment from an Obligor under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax indemnity</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), notify the Facility Agent.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858108"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Tax Credit</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If an Obligor makes a Tax Payment and the relevant Finance Party determines that:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858109"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was received; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858110"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Finance Party has obtained, utilised and retained that Tax Credit,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>74</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858111"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Stamp taxes</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall pay and, within three Business Days of demand, indemnify each Secured Party against any cost, loss or liability which that Secured Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360103786"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">VAT</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858112"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257257"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If VAT is or becomes chargeable on any supply made by any Finance Party (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Supplier</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) to any other Finance Party (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Recipient</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) under a Finance Document, and any Party other than the Recipient (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Relevant Party</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257275"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. &#160;The Recipient must (where this paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858113"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858114"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part of it as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858115"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any reference in this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">VAT</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) to any Party shall, at any time when that Party is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) or equivalent provisions imposed elsewhere so that a reference to a Party shall be construed as a reference to that Party or the relevant group or unity (or fiscal unity) of which that Party is a member for VAT purposes at the relevant time or </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>75</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the relevant representative member (or representative or head) of that group or unity at the relevant time (as the case may be).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858116"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party&#39;s VAT registration and such other information as is reasonably requested in connection with such Finance Party&#39;s VAT reporting requirements in relation to such supply.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360097895"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">FATCA Information</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257313"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, each Party shall, within 10 Business Days of a reasonable request by another Party:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257315"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">confirm to that other Party whether it is:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858117"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a FATCA Exempt Party; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858118"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not a FATCA Exempt Party; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444191892"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party&#39;s compliance with FATCA;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444191913"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party&#39;s compliance with any other law, regulation, or exchange of information regime.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858119"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Party confirms to another Party pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257299"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not oblige any Finance Party to do anything, and paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858120"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any law or regulation;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858121"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any fiduciary duty; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858122"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any duty of confidentiality.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858123"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Party fails to confirm whether or not it is a FATCA Exempt Party, or to supply forms, documentation or other information requested in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above (including, for the avoidance of doubt, where paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref379316897"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">FATCA Deduction</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858124"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>76</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858125"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Borrowers and the Facility Agent and the Facility Agent shall notify the other Finance Parties.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093899"></a><a name="_Toc360097800"></a><a name="_Ref360104660"></a><a name="_Ref360109765"></a><a name="_Toc360191439"></a><a name="_Toc360191556"></a><a name="_Toc360191672"></a><a name="_Toc362504351"></a><a name="_Toc362518398"></a><a name="_Toc362605345"></a><a name="_Toc363549785"></a><a name="_Toc367198628"></a><a name="_Toc367792016"></a><a name="_Toc367867003"></a><a name="_Toc371413628"></a><a name="_Toc371413844"></a><a name="_Toc371932722"></a><a name="_Toc378965679"></a><a name="_Toc380566892"></a><a name="_Toc380579028"></a><a name="_Toc382507884"></a><a name="_Toc384670135"></a><a name="_Toc442833360"></a><a name="_Toc444194824"></a><a name="_Toc445290402"></a><a name="_Ref136858126"></a><a name="_Ref360104659"></a><a name="_Ref360109764"></a><a name="_Toc137536023"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Increased Costs</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">15.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360101364"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Increased costs</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858127"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">15.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Exceptions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Borrowers shall, within three Business Days of a demand by the Facility Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858128"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858129"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compliance with any law or regulation made, including any costs attributable to the implementation, application of, or compliance with, Basel III or CRD IV,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">in each case after the date of this Agreement; or</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858130"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the implementation, application of or compliance with Basel III or CRD IV or any law or regulation that implements or applies Basel III or CRD IV.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858131"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In this Agreement:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858132"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Basel III</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858133"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the agreements on capital requirements, a leverage ratio and liquidity standards contained in &quot;Basel III: A global regulatory framework for more resilient banks and banking systems&quot;, &quot;Basel III: International framework for liquidity risk measurement, standards and monitoring&quot; and &quot;Guidance for national authorities operating the countercyclical capital buffer&quot; published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858134"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the rules for global systemically important banks contained in &quot;Global systemically important banks: assessment methodology and the additional loss absorbency requirement - Rules text&quot; published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858135"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any further guidance or standards published by the Basel Committee on Banking Supervision relating to &quot;Basel III&quot;.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858136"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">CRD IV</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858137"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>77</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">investment firms and amending regulation (EU) No. 648/2012, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk23176095"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as amended by Regulation (EU) 2019/876</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858138"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, as amended by Directive (EU) 2019/878; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858139"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other law or regulation which implements Basel III.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858140"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In this Agreement, &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Increased Costs</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858141"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a reduction in the rate of return from the Facility or on a Finance Party&#39;s (or its Affiliate&#39;s) overall capital;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858142"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an additional or increased cost; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858143"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a reduction of any amount due and payable under any Finance Document,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">15.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858144"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Increased cost claims</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858145"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Finance Party intending to make a claim pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">15.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Increased costs</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall notify the Facility Agent of the event giving rise to the claim, following which the Facility Agent shall promptly notify the Borrowers.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858146"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Increased Costs.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">15.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360146468"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Exceptions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Clause 15.1 (<i style="font-style:italic;">Increased costs</i>) does not apply to the extent any Increased Cost is:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858147"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">attributable to a Tax Deduction required by law to be made by an Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858148"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relates to a FATCA Deduction required to be made by a Party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858149"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compensated for by Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax indemnity</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) (or would have been compensated for under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax indemnity</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) &#160;but was not so compensated solely because any of the exclusions in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax indemnity</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applied);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858150"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compensated for by any payment made pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory Cost</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858151"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858152"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">incurred by a Hedge Counterparty in its capacity as such.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>78</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093900"></a><a name="_Toc360097801"></a><a name="_Toc360191440"></a><a name="_Toc360191557"></a><a name="_Toc360191673"></a><a name="_Toc362504352"></a><a name="_Toc362518399"></a><a name="_Toc362605346"></a><a name="_Toc363549786"></a><a name="_Toc367198629"></a><a name="_Toc367792017"></a><a name="_Toc367867004"></a><a name="_Toc371413629"></a><a name="_Toc371413845"></a><a name="_Toc371932723"></a><a name="_Toc378965680"></a><a name="_Toc380566893"></a><a name="_Toc380579029"></a><a name="_Toc382507885"></a><a name="_Toc384670136"></a><a name="_Toc442833361"></a><a name="_Toc444194825"></a><a name="_Toc445290403"></a><a name="_Ref136858153"></a><a name="_Toc137536024"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Other Indemnities</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360104551"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Currency indemnity</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858154"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any sum due from an Obligor under the Finance Documents (a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sum</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">First Currency</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) in which that Sum is payable into another currency (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Second Currency</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) for the purpose of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858155"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">making or filing a claim or proof against that Obligor; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858156"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">that Obligor shall, as an independent obligation, on demand, indemnify each Secured Party to which that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between <a name="DocXTextRef4763"></a>(A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and <a name="DocXTextRef4764"></a>(B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858157"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858158"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Currency indemnity</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) does not apply to any sum due to a Hedge Counterparty in its capacity as such.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360098219"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other indemnities</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858159"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall, on demand, indemnify each Secured Party against any cost, loss or liability incurred by it as a result of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858160"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the occurrence of any Event of Default;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858161"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">37</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sharing Among the Finance Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858162"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">funding, or making arrangements to fund, its participation in an Advance requested by the Borrowers in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858163"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrowers.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257577"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall, on demand, indemnify each Finance Party, each Affiliate of a Finance Party and each officer or employee of a Finance Party or its Affiliate (each such person for the purposes of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Other indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) an &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Indemnified Person</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;), against any cost, loss or liability incurred by that Indemnified Person pursuant to or in connection with any litigation, arbitration or administrative proceedings or regulatory enquiry, in connection with or arising out of the entry into and the transactions contemplated by the Finance Documents, having the benefit of any Security constituted by the Finance Documents or which relates to </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>79</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the condition or operation of, or any incident occurring in relation to, any &#160;Ship unless such cost, loss or liability is caused by the gross negligence or wilful misconduct of that Indemnified Person.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858164"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without limiting, but subject to any limitations set out in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the indemnity in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall cover any cost, loss or liability incurred by each Indemnified Person in any jurisdiction:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858165"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any Environmental Law or any Sanctions; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858166"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in connection with any Environmental Claim.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376263548"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Affiliate or any officer or employee of a Finance Party or of any of its Affiliates may rely on this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Other indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Third party rights</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the provisions of the Third Parties Act.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360104511"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mandatory Cost</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall, on demand by the Facility Agent, pay to the Facility Agent for the account of the relevant Lender, such amount which any Lender certifies in a notice to the Facility Agent to be its good faith determination of the amount necessary to compensate it for complying with:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257607"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of a Lender lending from a Facility Office in a Participating Member State, the minimum reserve requirements (or other requirements having the same or similar purpose) of the European Central Bank or any other authority or agency which replaces all or any of its functions in respect of loans made from that Facility Office; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858167"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of any Lender lending from a Facility Office in the United Kingdom, any reserve asset, special deposit or liquidity requirements (or other requirements having the same or similar purpose) of the Bank of England (or any other governmental authority or agency) and/or paying any fees to the Financial Conduct Authority and/or the Prudential Regulation Authority (or any other governmental authority or agency which replaces all or any of their functions),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">which, in each case, is referable to that Lender&#39;s participation in the Loan.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360110639"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Indemnity to the Servicing Parties</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, on demand, indemnify each Servicing Party against any reasonable cost, loss or liability incurred by that Servicing Party (acting reasonably) as a result of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858168"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">investigating any event which it reasonably believes is a Default;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858169"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858170"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>80</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858171"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Indemnity to the Facility Agent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, on demand, indemnify the Facility Agent against any reasonable cost, loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent&#39;s gross negligence or wilful misconduct) or, in the case of any cost, loss or liability pursuant to Clause 38.11 (<i style="font-style:italic;">Disruption to Payment Systems etc.</i>) notwithstanding the Facility Agent&#39;s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent in acting as Facility Agent under the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360104620"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Indemnity to the Security Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858172"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall, on demand, indemnify the Security Agent and every Receiver and Delegate against any cost, loss or liability incurred by any of them:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858173"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to or as a result of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858174"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858175"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the taking, holding, protection or enforcement of the Finance Documents and the Transaction Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858176"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver and Delegate by the Finance Documents or by law;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(D)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858177"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any default by any Transaction Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(E)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858178"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any action by any Obligor which vitiates, reduces the value of, or is otherwise prejudicial to, the Transaction Security; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(F)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858179"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858180"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of the Security Property or the performance of the terms of this Agreement or the other Finance Documents (otherwise, in each case, than by reason of the relevant Security Agent&#39;s, Receiver&#39;s or Delegate&#39;s gross negligence or wilful misconduct).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858181"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties, indemnify itself out of the Charged Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all monies payable to it.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.7</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858182"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Indemnity to the Sustainability Coordinator</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 0pt 35.45pt;">Each Obligor shall, on demand, indemnify the Sustainability Coordinator against any reasonable cost, loss or liability incurred by the Sustainability Coordinator (otherwise than by reason of the Sustainability Coordinator &#39;s gross negligence or wilful misconduct) or, in the case of any cost, loss or liability pursuant to Clause 38.11 (<i style="font-style:italic;">Disruption to Payment Systems etc</i>.) </p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>81</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">notwithstanding the Sustainability Coordinator &#39;s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Sustainability Coordinator in acting as Sustainability Coordinator under the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">17</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093901"></a><a name="_Toc360097802"></a><a name="_Toc360191441"></a><a name="_Toc360191558"></a><a name="_Toc360191674"></a><a name="_Toc362504353"></a><a name="_Toc362518400"></a><a name="_Toc362605347"></a><a name="_Toc363549787"></a><a name="_Toc367198630"></a><a name="_Toc367792018"></a><a name="_Toc367867005"></a><a name="_Toc371413630"></a><a name="_Toc371413846"></a><a name="_Toc371932724"></a><a name="_Toc378965681"></a><a name="_Toc380566894"></a><a name="_Toc380579030"></a><a name="_Toc382507886"></a><a name="_Toc384670137"></a><a name="_Toc442833362"></a><a name="_Toc444194826"></a><a name="_Toc445290404"></a><a name="_Ref136858183"></a><a name="_Toc137536025"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Mitigation by the Finance Parties</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">17.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360104697"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mitigation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257872"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Finance Party shall, in consultation with the Borrowers, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Illegality</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax Gross Up and Indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">15</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Increased Costs</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory Cost</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858184"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above does not in any way limit the obligations of any Obligor under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">17.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858185"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Limitation of liability</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858186"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower shall, on demand, indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">17.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mitigation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858187"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Finance Party is not obliged to take any steps under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">17.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mitigation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">18</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093902"></a><a name="_Toc360097803"></a><a name="_Ref360110648"></a><a name="_Ref360141670"></a><a name="_Toc360191442"></a><a name="_Toc360191559"></a><a name="_Toc360191675"></a><a name="_Toc362504354"></a><a name="_Toc362518401"></a><a name="_Toc362605348"></a><a name="_Toc363549788"></a><a name="_Toc367198631"></a><a name="_Toc367792019"></a><a name="_Toc367867006"></a><a name="_Toc371413631"></a><a name="_Toc371413847"></a><a name="_Toc371932725"></a><a name="_Toc378965682"></a><a name="_Ref379309297"></a><a name="_Toc380566895"></a><a name="_Toc380579031"></a><a name="_Toc382507887"></a><a name="_Toc384670138"></a><a name="_Toc442833363"></a><a name="_Toc444194827"></a><a name="_Toc445290405"></a><a name="_Ref136858188"></a><a name="_Ref360110647"></a><a name="_Ref360141669"></a><a name="_Ref379309296"></a><a name="_Ref107919991"></a><a name="_Toc137536026"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Costs and Expenses</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"> </b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">18.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858189"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Transaction expenses</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall, on demand, pay the Facility Agent, the Security Agent and each Mandated Lead Arranger the amount of all reasonable costs and expenses (including legal fees) reasonably incurred by any Secured Party in connection with the negotiation, preparation, printing, execution, syndication and perfection of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858190"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">this Agreement and any other documents referred to in this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858191"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Transaction Security; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858192"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other Finance Documents executed after the date of this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">18.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858193"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Amendment costs</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858194"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an Obligor requests an amendment, waiver or consent; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858195"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an amendment is required pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Change of currency</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or as contemplated in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to reference rates)</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858196"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an Obligor requests, and the Security Agent agrees to, the release of all or any part of the Charged Property from the Transaction Security,</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>82</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the Borrowers shall, on demand, reimburse each of the Facility Agent and the Security Agent for the amount of all reasonable costs and expenses (including legal fees) reasonably incurred by each Secured Party in responding to, evaluating, negotiating or complying with that request or requirement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">18.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858197"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Enforcement and preservation costs</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall, on demand, pay to each Secured Party the amount of all costs and expenses (including legal fees) incurred by that Secured Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document and the Transaction Security and any proceedings instituted by or against the Security Agent as a consequence of taking or holding the Transaction Security or enforcing those rights.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">18.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref65592671"></a><a name="_Hlk70349615"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Reference rate transition costs</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall on demand <a name="_Hlk65571694"></a>reimburse each of the Facility Agent and the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by each Secured Party in connection with:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432713"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the negotiation or entry into of any Compounded Rate Supplement or Compounding Methodology Supplement; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432714"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amendment, waiver or consent relating to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432715"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the transition to the Compounded Reference Rate;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432716"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Compounded Rate Supplement or Compounding Methodology Supplement; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432717"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any change arising as a result of an amendment required under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to reference rates</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>83</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 7</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413632"></a><a name="_Toc371413848"></a><a name="_Toc371932726"></a><a name="_Toc378965683"></a><a name="_Toc380566896"></a><a name="_Toc380579032"></a><a name="_Toc382507888"></a><a name="_Toc384670139"></a><a name="_Toc442833364"></a><a name="_Toc444194828"></a><a name="_Toc445290406"></a><a name="_Ref136858198"></a><a name="_Toc137536027"></a>Guarantees and Joint and Several Liability of Guarantors and the Borrowers</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093903"></a><a name="_Toc360097804"></a><a name="_Ref360104765"></a><a name="_Ref360104766"></a><a name="_Ref360104785"></a><a name="_Ref360104786"></a><a name="_Ref360104799"></a><a name="_Ref360104800"></a><a name="_Ref360114232"></a><a name="_Ref360114233"></a><a name="_Toc360191443"></a><a name="_Toc360191560"></a><a name="_Toc360191676"></a><a name="_Toc362504355"></a><a name="_Toc362518402"></a><a name="_Toc362605349"></a><a name="_Toc363549789"></a><a name="_Toc367198632"></a><a name="_Toc367792020"></a><a name="_Toc367867007"></a><a name="_Toc371413633"></a><a name="_Toc371413849"></a><a name="_Toc371932727"></a><a name="_Toc378965684"></a><a name="_Ref380006374"></a><a name="_Toc380566897"></a><a name="_Toc380579033"></a><a name="_Toc382507889"></a><a name="_Toc384670140"></a><a name="_Toc442833365"></a><a name="_Toc444194829"></a><a name="_Toc445290407"></a><a name="_Ref136858199"></a><a name="_Ref380006399"></a><a name="_Toc137536028"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Guarantee and Indemnity &#8211; Guarantor</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">s</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360104943"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Guarantee and indemnity</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Guarantor irrevocably and unconditionally:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858200"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">guarantees to each Finance Party punctual performance by each Obligor other than the Guarantors of all such other Obligor&#39;s obligations under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858201"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">undertakes with each Finance Party that whenever an Obligor other than the Guarantors do not pay any amount when due under or in connection with any Finance Document, the Guarantors shall immediately on demand pay that amount as if it were the principal obligor; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858202"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of an Obligor other than the Guarantors not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. &#160;The amount payable by the Guarantors under this indemnity will not exceed the amount it would have had to pay under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">19</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Guarantor</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) if the amount claimed had been recoverable on the basis of the guarantee.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360104985"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Continuing guarantee</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360105012"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Reinstatement</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantors under this Clause 19 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Guarantor</i>) will continue or be reinstated as if the discharge, release or arrangement had not occurred.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360104814"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Waiver of defences</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The obligations of the Guarantors under this Clause 19 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Guarantor</i>) and in respect of any Transaction Security will not be affected or discharged by an act, omission, matter or thing which, but for this Clause 19.4 (<i style="font-style:italic;">Waiver of defences</i>), would reduce, release or prejudice any of its obligations under this Clause 19 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Guarantor</i>) or in respect of any Transaction Security (without limitation and whether or not known to it or any Secured Party) including:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858203"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any time, waiver or consent granted to, or composition with, any Obligor or other person;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>84</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858204"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858205"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858206"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858207"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858208"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858209"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any insolvency or similar proceedings.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360105053"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Immediate recourse</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Guarantors each waive any right they may have of first requiring any Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person (including without limitation to commence any proceedings under any Finance Document or to enforce any Transaction Security) before claiming or commencing proceedings under this Clause 19 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Guarantor</i>). &#160;This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360105091"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Appropriations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Secured Party (or any trustee or agent on its behalf) may:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858210"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">refrain from applying or enforcing any other moneys, security or rights held or received by that Secured Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantors shall not be entitled to the benefit of the same; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858211"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">hold in an interest-bearing suspense account any moneys received from the Guarantors or on account of either Guarantor&#39;s liability under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">19</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Guarantor</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360105121"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deferral of Parent Guarantors&#39; rights</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;">All rights which either Guarantor at any time has (whether in respect of this guarantee, a mortgage or any other transaction) against any Borrower, any other Obligor or their respective assets shall be fully subordinated to the rights of the Secured Parties under the Finance Documents and until the end of the Security Period and unless the Facility Agent otherwise </p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>85</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">directs, the Guarantors will not exercise any rights which they may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by either Guarantor of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 19 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Guarantor</i>):</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858212"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to be indemnified by an Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858213"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to claim any contribution from any third party providing security for, or any other guarantor of, any Obligor&#39;s obligations under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858214"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Secured Party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858215"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which the Parent Guarantor have given a guarantee, undertaking or indemnity under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">19</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Guarantor</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858216"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to exercise any right of set-off against any Obligor; and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858217"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to claim or prove as a creditor of any Obligor in competition with any Secured Party.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If either Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Secured Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 38 (<i style="font-style:italic;">Payment Mechanics</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360105154"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Additional security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This guarantee and any other Security given by the Guarantors is in addition to and is not in any way prejudiced by, and shall not prejudice, any other guarantee or Security or any other right of recourse now or subsequently held by any Secured Party or any right of set-off or netting or right to combine accounts in connection with the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858218"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Applicability of provisions of Guarantee to other Security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Clauses 19.2 (<i style="font-style:italic;">Continuing guarantee</i>), 19.3 (<i style="font-style:italic;">Reinstatement</i>), 19.4 (<i style="font-style:italic;">Waiver of defences</i>), 19.5 (<i style="font-style:italic;">Immediate recourse</i>), 19.6 (<i style="font-style:italic;">Appropriations</i>), 19.7 (<i style="font-style:italic;">Deferral of Parent Guarantors&#39; rights</i>) and 19.8 (<i style="font-style:italic;">Additional security</i>) shall apply, with any necessary modifications, to any Security which the Parent Guarantor creates (whether at the time at which it signs this Agreement or at any later time) to secure the Secured Liabilities or any part of them.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">20</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093904"></a><a name="_Toc360097805"></a><a name="_Ref360114697"></a><a name="_Ref360114698"></a><a name="_Toc360191444"></a><a name="_Toc360191561"></a><a name="_Toc360191677"></a><a name="_Toc362504356"></a><a name="_Toc362518403"></a><a name="_Toc362605350"></a><a name="_Toc363549790"></a><a name="_Toc367198633"></a><a name="_Toc367792021"></a><a name="_Toc367867008"></a><a name="_Toc371413634"></a><a name="_Toc371413850"></a><a name="_Toc371932728"></a><a name="_Toc378965686"></a><a name="_Ref380048575"></a><a name="_Ref380048576"></a><a name="_Toc380566898"></a><a name="_Toc380579034"></a><a name="_Toc381605368"></a><a name="_Toc382603152"></a><a name="_Toc382984804"></a><a name="_Toc444194830"></a><a name="_Toc445290408"></a><a name="_Toc137536029"></a><a name="_Ref380048599"></a><a name="_Ref380048600"></a><a name="_Ref380051659"></a><a name="_Ref380051660"></a><a name="_Toc380566899"></a><a name="_Toc380579035"></a><a name="_Toc382507890"></a><a name="_Toc384670141"></a><a name="_Toc442833366"></a><a name="_Toc360093905"></a><a name="_Toc360097806"></a><a name="_Ref360105216"></a><a name="_Ref360105217"></a><a name="_Ref360114597"></a><a name="_Ref360114598"></a><a name="_Toc360191445"></a><a name="_Toc360191562"></a><a name="_Toc360191678"></a><a name="_Toc362504357"></a><a name="_Toc362518404"></a><a name="_Toc362605351"></a><a name="_Toc363549791"></a><a name="_Toc367198634"></a><a name="_Toc367792022"></a><a name="_Toc367867009"></a><a name="_Toc371413635"></a><a name="_Toc371413851"></a><a name="_Toc371932729"></a><a name="_Toc378965687"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Joint and Several Liability of the </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Guarantors</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">20.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858219"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Joint and several liability</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">All liabilities and obligations of the Guarantors under this Agreement shall, whether expressed to be so or not, be joint and several.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>86</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">20.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref379891162"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Waiver of defences</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The liabilities and obligations of a Guarantor shall not be impaired by:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858220"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">this Agreement being or later becoming void, unenforceable or illegal as regards the other Guarantor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858221"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Lender or the Security Agent entering into any rescheduling, refinancing or other arrangement of any kind with the other Guarantor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858222"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Lender or the Security Agent releasing the other Guarantor or any Security created by a Finance Document; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858223"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any time, waiver or consent granted to, or composition with the other Guarantor or other person;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858224"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the release of the other Guarantor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858225"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, the other Guarantor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858226"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the other Guarantor or any other person;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858227"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amendment, novation, supplement, extension, restatement (however fundamental, and whether or not more onerous) or replacement of a Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858228"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any unenforceability, illegality or invalidity of any obligation or any person under any Finance Document or any other document or security; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858229"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any insolvency or similar proceedings.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">20.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858230"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Principal Debtor</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Guarantor declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and the Finance Documents and no Guarantor shall, in any circumstances, be construed to be a surety for the obligations of the other Guarantor under this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">20.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858231"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Guarantor restrictions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376258036"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, during the Security Period no Guarantor shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858232"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">claim any amount which may be due to it from the other Guarantor whether in respect of a payment made under, or matter arising out of, this Agreement or any Finance Document, or any matter unconnected with this Agreement or any Finance Document; or</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>87</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858233"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">take or enforce any form of security from the other Guarantor for such an amount, or in any the way seek to have recourse in respect of such an amount against any asset of the other Guarantor; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858234"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">set off such an amount against any sum due from it to the other Guarantor; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858235"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure involving the other Guarantor; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858236"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">exercise or assert any combination of the foregoing.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257898"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If during the Security Period, the Facility Agent, by notice to a Guarantor, requires it to take any action referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above in relation to the other Guarantor, that Guarantor shall take that action as soon as practicable after receiving the Facility Agent&#39;s notice.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">20.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858237"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deferral of Guarantors&#39; rights</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Until all amounts which may be or become payable by the Guarantors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Facility Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858238"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to be indemnified by the other Guarantor; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858239"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to claim any contribution from the other Guarantor in relation to any payment made by it under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">21</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc444194831"></a><a name="_Toc445290409"></a><a name="_Ref136858240"></a><a name="_Toc137536030"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Joint and Several Liability of the Borrowers</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">21.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858241"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Joint and several liability</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">All liabilities and obligations of the Borrowers under this Agreement shall, whether expressed to be so or not, be joint and several.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">21.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858242"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Waiver of defences</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The liabilities and obligations of a Borrower shall not be impaired by:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858243"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">this Agreement being or later becoming void, unenforceable or illegal as regards the other Borrower;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858244"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Lender or the Security Agent entering into any rescheduling, refinancing or other arrangement of any kind with the other Borrower;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858245"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Lender or the Security Agent releasing the other Borrower or any Security created by a Finance Document; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858246"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any time, waiver or consent granted to, or composition with the other Borrower or other person;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858247"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the release of the other Borrower or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>88</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858248"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, the other Borrower or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858249"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any other Borrower or any other person;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858250"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amendment, novation, supplement, extension, restatement (however fundamental, and whether or not more onerous) or replacement of a Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858251"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any unenforceability, illegality or invalidity of any obligation or any person under any Finance Document or any other document or security; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858252"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any insolvency or similar proceedings.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">21.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858253"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Principal Debtor</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and the Finance Documents and neither Borrower shall, in any circumstances, be construed to be a surety for the obligations of the other Borrower under this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">21.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858254"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Borrower restrictions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref382860210"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, during the Security Period neither Borrower shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858255"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">claim any amount which may be due to it from the other Borrower whether in respect of a payment made under, or matter arising out of, this Agreement or any Finance Document, or any matter unconnected with this Agreement or any Finance Document; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858256"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">take or enforce any form of security from the other Borrower for such an amount, or in any the way seek to have recourse in respect of such an amount against any asset of the other Borrower; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858257"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">set off such an amount against any sum due from it to the other Borrower; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858258"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure involving the other Borrower; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858259"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">exercise or assert any combination of the foregoing.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref382860185"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If during the Security Period, the Facility Agent, by notice to either Borrower, requires it to take any action referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above in relation to the other Borrower, that Borrower shall take that action as soon as practicable after receiving the Facility Agent&#39;s notice.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>89</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">21.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858260"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deferral of Borrowers&#39; rights</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Until all amounts which may be or become payable by the Borrowers under or in connection with the Finance Documents have been irrevocably paid in full and unless the Facility Agent otherwise directs, neither Borrower will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858261"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to be indemnified by the other Borrower; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858262"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to claim any contribution from the other Borrower in relation to any payment made by it under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>90</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 8</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc382507891"></a><a name="_Toc384670142"></a><a name="_Toc442833367"></a><a name="_Toc444194832"></a><a name="_Toc445290410"></a><a name="_Ref136858263"></a><a name="_Toc137536031"></a>Guarantee and Indemnity - Hedge Guarantors</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref381379383"></a><a name="_Toc382507892"></a><a name="_Toc384670143"></a><a name="_Toc442833368"></a><a name="_Toc444194833"></a><a name="_Toc445290411"></a><a name="_Toc137536032"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Guarantee and Indemnity &#8211; Hedge Guarantors</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858264"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Guarantee and indemnity</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Hedge Guarantor irrevocably and unconditionally:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858265"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">guarantees to each Finance Party punctual performance by each Borrower of all that Borrower&#39;s obligations under the Hedging Agreements;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858266"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">undertakes with each Finance Party that whenever a Borrower does not pay any amount when due under or in connection with any Hedging Agreement, that Hedge Guarantor shall immediately on demand pay that amount as if it were the principal obligor; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858267"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Hedging Agreement on the date when it would have been due. &#160;The amount payable by a Hedge Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">22</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Hedge Guarantors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) if the amount claimed had been recoverable on the basis of a guarantee.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381380376"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Continuing guarantee</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Borrower under the Hedging Agreements, regardless of any intermediate payment or discharge in whole or in part.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381380387"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Reinstatement</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If any discharge, release or arrangement (whether in respect of the obligations of any Borrower or any security for those obligations or otherwise) is made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Hedge Guarantor under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Hedge Guarantors</i>) will continue or be reinstated as if the discharge, release or arrangement had not occurred.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381379367"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Waiver of defences</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The obligations of each Hedge Guarantor under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Hedge Guarantors</i>) (and in respect of any Transaction Security will not be affected or discharged by an act, omission, matter or thing which, but for this Clause 22.4 (<i style="font-style:italic;">Waiver of defences</i>), would reduce, release or prejudice any of its obligations under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Hedge Guarantors</i>)) or in respect of any Transaction Security (without limitation and whether or not known to it or any Secured Party) including:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858268"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any time, waiver or consent granted to, or composition with, any Obligor or other person;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>91</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858269"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858270"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858271"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858272"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858273"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858274"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any insolvency or similar proceedings.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381380414"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Immediate recourse</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Hedge Guarantor waives any right it may have of first requiring any Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person (including without limitation to commence any proceedings under any Finance Document or to enforce any Transaction Security) before claiming or commencing proceedings under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Hedge Guarantors</i>).</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381380425"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Appropriations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Until all amounts which may be or become payable by the Borrowers under or in connection with the Hedging Agreements have been irrevocably paid in full, each Secured Party (or any trustee or agent on its behalf) may:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858275"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">refrain from applying or enforcing any other moneys, security or rights held or received by that Secured Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Hedge Guarantor shall be entitled to the benefit of the same; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858276"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">hold in an interest-bearing suspense account any moneys received from any Hedge Guarantor or on account of any Hedge Guarantor&#39;s liability under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">22</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Hedge Guarantors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>92</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381380438"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deferral of Hedge Guarantors&#39; rights</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">All rights which each Hedge Guarantor at any time has (whether in respect of this guarantee, a mortgage or any other transaction) against either Borrower, any other Obligor or their respective assets shall be fully subordinated to the rights of the Secured Parties under the Finance Documents and until the end of the Security Period and unless the Facility Agent otherwise directs, no Hedge Guarantor will exercise any rights which it may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Hedge Guarantors</i>):</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858277"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to be indemnified by an Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858278"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to claim any contribution from any third party providing security for, or any other guarantor of, any Obligor&#39;s obligations under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858279"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Secured Party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858280"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Hedge Guarantor has given a guarantee, undertaking or indemnity under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">20</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Joint and Several Liability of the Guarantors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858281"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to exercise any right of set-off against any Obligor; and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858282"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to claim or prove as a creditor of any Obligor in competition with any Secured Party.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If a Hedge Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Secured Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 38 (<i style="font-style:italic;">Payment Mechanics</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381380452"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Additional security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This guarantee and any other Security given by a Hedge Guarantor is in addition to and is not in any way prejudiced by, and shall not prejudice, any other guarantee or Security or any other right of recourse now or subsequently held by any Secured Party or any right of set-off or netting or right to combine accounts in connection with the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858283"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Applicability of provisions of Guarantee to other Security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Clauses 22.2 (<i style="font-style:italic;">Continuing guarantee</i>), 22.3 (<i style="font-style:italic;">Reinstatement</i>), 22.4 (<i style="font-style:italic;">Waiver of defences</i>), 22.5 (<i style="font-style:italic;">Immediate recourse</i>), 22.6 (<i style="font-style:italic;">Appropriations</i>), 22.7 (<i style="font-style:italic;">Deferral of Hedge Guarantors&#39; rights</i>) and 22.8 (<i style="font-style:italic;">Additional security</i>) shall apply, with any necessary modifications, to any Security which a Hedge Guarantor creates (whether at the time at which it signs this Agreement or at any later time) to secure the Secured Liabilities or any part of them.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>93</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 9</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413636"></a><a name="_Toc371413852"></a><a name="_Toc371932730"></a><a name="_Toc378965688"></a><a name="_Toc380566900"></a><a name="_Toc380579036"></a><a name="_Toc382507893"></a><a name="_Toc384670144"></a><a name="_Toc442833369"></a><a name="_Toc444194834"></a><a name="_Toc445290412"></a><a name="_Ref136858284"></a><a name="_Toc137536033"></a>Representations, Undertakings and Events of Default</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360082788"></a><a name="_Toc360093906"></a><a name="_Toc360097807"></a><a name="_Ref360098703"></a><a name="_Ref360105805"></a><a name="_Toc360191446"></a><a name="_Toc360191563"></a><a name="_Toc360191679"></a><a name="_Toc362504358"></a><a name="_Toc362518405"></a><a name="_Toc362605352"></a><a name="_Toc363549792"></a><a name="_Toc367198635"></a><a name="_Toc367792023"></a><a name="_Toc367867010"></a><a name="_Toc371413637"></a><a name="_Toc371413853"></a><a name="_Toc371932731"></a><a name="_Toc378965689"></a><a name="_Toc380566901"></a><a name="_Toc380579037"></a><a name="_Ref381383249"></a><a name="_Toc382507894"></a><a name="_Toc384670145"></a><a name="_Toc442833370"></a><a name="_Toc444194835"></a><a name="_Toc445290413"></a><a name="_Ref136858285"></a><a name="_Ref360098702"></a><a name="_Ref360105804"></a><a name="_Ref381383248"></a><a name="_Toc137536034"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Representations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858286"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">General</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor makes the representations and warranties set out in this Clause 23 (<i style="font-style:italic;">Representations</i>) to each Finance Party on the date of this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858287"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Status</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858288"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In the case of each Borrower, it is a limited liability company, duly formed and validly existing in good standing under the law of its jurisdiction of formation and in the case of the Parent Guarantor it is a corporation, duly incorporated and validly existing in good standing under the law of its jurisdiction of incorporation.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858289"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">It has the power to own its assets and carry on its business as it is being conducted.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858290"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Membership interests and ownership</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858291"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The aggregate membership interests expressed in terms of shares authorised to be issued is:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858292"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of Borrower A and Borrower B, 100 LLC shares;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858293"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of Borrower C, 5,913,289 LLC shares;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858294"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of Borrower D, 2,963,289 LLC shares;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858295"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of Borrower E, 11,821,252 LLC shares;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858296"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of Borrower F, 100 LLC shares; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858297"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of Borrower G, 100 LLC shares,</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">which shares are, in each case, uncertificated.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858298"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The legal title to and beneficial interest in the membership interests in each Borrower is held free of any Security or any other claim by the Corporate Guarantor.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858299"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">None of the membership interests in any Borrower is subject to any option to purchase, pre-emption rights or similar rights.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858300"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The legal title to and beneficial interest in the membership interests in the Corporate Guarantor is held free of any Security or any other claim by the Parent Guarantor.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858301"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Binding obligations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The obligations expressed to be assumed by it in each Transaction Document to which it is a party are legal, valid, binding and enforceable obligations.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>94</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858302"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Validity, effectiveness and ranking of Security</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858303"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Finance Document to which it is a party does now or, as the case may be, will upon execution and delivery and, where applicable, registration create the Security it purports to create over any assets to which such Security, by its terms, relates, and such Security will, when created or intended to be created, be valid and effective.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858304"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No third party has or will have any Security (except for Permitted Security) over any assets that are the subject of any Transaction Security granted by it.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858305"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Transaction Security granted by it to the Security Agent or any other Secured Party has or will when created or intended to be created have first ranking priority or such other priority it is expressed to have in the Finance Documents and is not subject to any prior ranking or </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pari passu</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> ranking security.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858306"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No concurrence, consent or authorisation of any person is required for the creation of or otherwise in connection with any Transaction Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858307"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Non-conflict with other obligations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The entry into and performance by it of, and the transactions contemplated by, each Transaction Document to which it is a party do not and will not conflict with:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858308"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any law or regulation applicable to it;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858309"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the constitutional documents of any member of the Group; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858310"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any agreement or instrument binding upon it or any member of the Group or any member of the Group&#39;s assets or constitute a default or termination event (however described) under any such agreement or instrument.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858311"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Power and authority</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858312"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">It has the power to enter into, perform and deliver, and has taken all necessary action to authorise:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858313"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its entry into, performance and delivery of, each Transaction Document to which it is or will be a party and the transactions contemplated by those Transaction Documents; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858314"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of each Borrower, its registration of the Ship owned by it under its Approved Flag.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858315"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No limit on its powers will be exceeded as a result of the borrowing, granting of security or giving of guarantees or indemnities contemplated by the Transaction Documents to which it is a party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858316"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Validity and admissibility in evidence</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">All Authorisations required or desirable:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858317"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction Documents to which it is a party; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>95</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858318"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to make the Transaction Documents to which it is a party admissible in evidence in its Relevant Jurisdictions,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">have been obtained or effected and are in full force and effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858319"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Governing law and enforcement</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858320"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The choice of governing law of each Transaction Document to which it is a party will be recognised and enforced in its Relevant Jurisdictions.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858321"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any judgment obtained in relation to a Transaction Document to which it is a party in the jurisdiction of the governing law of that Transaction Document will be recognised and enforced in its Relevant Jurisdictions.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360098721"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Insolvency</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858322"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">corporate action, legal proceeding or other procedure or step described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Insolvency proceedings</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858323"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">creditors&#39; process described in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Creditors&#39; process</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">has been taken or, to its knowledge, threatened in relation to a member of the Group; and none of the circumstances described in Clause 31.7 (<i style="font-style:italic;">Insolvency</i>) applies to a member of the Group.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360098743"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No filing or stamp taxes</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Except for the filing in the Marshall Islands Registry of the Mortgages over the Ships, under the laws of its Relevant Jurisdictions it is not necessary that the Finance Documents to which it is a party be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar taxes or fees be paid on or in relation to the Finance Documents to which it is a party or the transactions contemplated by those Finance Documents except any filing, recording or enrolling or any tax or fee payable which is referred to in any legal opinion delivered pursuant to Clause 4 (<i style="font-style:italic;">Conditions of Utilisation</i>) and which will be made or paid promptly after the date of the relevant Finance Document.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360098781"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deduction of Tax</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">It is not required to make any Tax Deduction from any payment it may make under any Finance Document to which it is a party.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858324"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No default</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858325"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Event of Default and, on the date of this Agreement and on each Utilisation Date, no Default is continuing or might reasonably be expected to result from the making of any Utilisation or the entry into, the performance of, or any transaction contemplated by, any Transaction Document.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858326"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No other event or circumstance is outstanding which constitutes a default or a termination event (however described) under any other agreement or instrument which is binding on it or to which its assets are subject which might have a Material Adverse Effect.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>96</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858327"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No misleading information</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858328"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any factual information provided by any member of the Group for the purposes of this Agreement was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858329"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The financial projections contained in any such information have been prepared on the basis of recent historical information and on the basis of reasonable assumptions.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858330"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Nothing has occurred or been omitted from any such information and no information has been given or withheld that results in the information provided being untrue or misleading in any material respect.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858331"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Financial Statements</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858332"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Its most recent financial statements delivered pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858333"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">have been prepared in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Requirements as to financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858334"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">give a true and fair view of (if audited) or fairly represent (if unaudited) its financial condition and operations (consolidated in the case of the Parent Guarantor) during the relevant financial year.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858335"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Since the date of the most recent financial statements delivered pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) there has been no material adverse change in its business, assets or financial condition (or the business or consolidated financial condition of the Group, in the case of the Parent Guarantor).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858336"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Pari passu ranking</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Its payment obligations under the Finance Documents to which it is a party rank at least <i style="font-style:italic;">pari passu</i> with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.17</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858337"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No proceedings pending or threatened</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No litigation, arbitration or administrative proceedings or investigations (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) of or before any court, arbitral body or agency have (to the best of its knowledge and belief (having made due and careful enquiry)) been started or threatened against it, which might have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.18</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858338"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Validity and completeness of the Pool Agreements</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858339"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Pool Agreements constitute legal, valid, binding and enforceable obligations of the parties to it.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858340"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The copies of the Pool Agreements delivered to the Facility Agent before the date of this Agreement are a true and complete copy.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858341"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No material amendments or additions to the Pool Agreements have been agreed nor have any rights under the Pool Agreements been waived.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>97</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.19</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858342"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Valuations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376258089"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All information supplied by it or on its behalf to an Approved Valuer for the purposes of a valuation delivered to the Facility Agent in accordance with this Agreement was true and accurate as at the date it was supplied or (if appropriate) as at the date (if any) at which it is stated to be given.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858343"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">It has not omitted to supply any information to an Approved Valuer which, if disclosed, would adversely affect any valuation prepared by such Approved Valuer.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858344"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">There has been no change to the factual information provided pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above in relation to any valuation between the date such information was provided and the date of that valuation which, in either case, renders that information untrue or misleading in any material respect.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.20</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858345"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No breach of laws</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">It has not breached any law or regulation which breach has had or could reasonably be expected to have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.21</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858346"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No Charter</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Ship is subject to any Charter other than a Permitted Charter.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.22</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858347"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Compliance with Environmental Laws</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">All Environmental laws relating to the ownership, operation and management of each Ship and the business of each member of the Group (as now conducted and as reasonably anticipated to be conducted in the future) and the terms of all Environmental Approvals have been complied with.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.23</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858348"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No Environmental Claim</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Environmental Claim has been made or threatened against any member of the Group or any Ship.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.24</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858349"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No Environmental Incident</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.25</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858350"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ISM and ISPS Code compliance</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">All requirements of the ISM Code and the ISPS Code as they relate to each Borrower, each Approved Manager and each Ship have been complied with or will be complied with.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.26</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858351"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Taxes paid</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858352"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">It is not and no other member of the Group is materially overdue in the filing of any Tax returns and it is not (and no other member of the Group is) overdue in the payment of any amount in respect of Tax.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858353"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No claims or investigations are being, or could reasonably be expected to be, made or conducted against it (or any other member of the Group) with respect to Taxes.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>98</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.27</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858354"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Financial Indebtedness</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower has any Financial Indebtedness outstanding other than as permitted by this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.28</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858355"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Overseas companies</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Obligor has delivered particulars, whether in its name stated in the Finance Documents or any other name, of any UK Establishment to the Registrar of Companies as required under the Overseas Regulations or, if it has so registered, it has provided to the Facility Agent sufficient details to enable an accurate search against it to be undertaken by the Lenders at the Companies Registry.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.29</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858356"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Good title to assets</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">It has good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business as presently conducted.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.30</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858357"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Ownership</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858358"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the first Utilisation Date, Borrower A will be the sole legal and beneficial owner of Ship A, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858359"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the first Utilisation Date, Borrower B will be the sole legal and beneficial owner of Ship B, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858360"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the first Utilisation Date, Borrower C will be the sole legal and beneficial owner of Ship C, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858361"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the first Utilisation Date, Borrower D will be the sole legal and beneficial owner of Ship D, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858362"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Utilisation Date in respect of Ship E, Borrower E will be the sole legal and beneficial owner of Ship E, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858363"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Utilisation Date in respect of Ship F, Borrower F will be the sole legal and beneficial owner of Ship F, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858364"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Utilisation Date in respect of Ship G, Borrower G will be the sole legal and beneficial owner of Ship G, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858365"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">With effect on and from the date of its creation or intended creation, each Borrower will be the sole legal and beneficial owner of any other asset that is the subject of any Transaction Security created or intended to be created by that Borrower.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.31</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858366"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Centre of main interests and establishments</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">For the purposes of The Council of the European Union Regulation No. 2015/848 on Insolvency Proceedings (recast) (the &quot;<b style="font-weight:bold;">Regulation</b>&quot;), its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in Bermuda and it has no &quot;establishment&quot; (as that term is used in Article <a name="DocXTextRef51"></a>2(h) of the Regulation) in any other jurisdiction save as disclosed to, and agreed by, the Lenders.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>99</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.32</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858367"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Place of business</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Obligor has a place of business in any country other than as disclosed to the Facility Agent in writing, and agreed to by the Lenders, on or around the date of this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.33</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858368"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No employee or pension arrangements</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Obligor has any employees (save as disclosed at the date of this Agreement) or any liabilities under any pension scheme.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.34</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref477296340"></a><a name="_Toc506470333"></a><a name="_Toc506472419"></a><a name="_Toc506475871"></a><a name="_Toc506470334"></a><a name="_Toc506472420"></a><a name="_Toc506475872"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sanctions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">Each Relevant Person has been and is in compliance with all Sanctions and no Relevant Person:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858369"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is a Restricted Party, or is involved in any transaction through which it is likely to become a Restricted Party; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858370"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has received formal notice in writing of any inquiry, claim, action, suit, proceeding or investigation against it with respect to Sanctions.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.35</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858371"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Anti-corruption and anti-money laundering obligations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858372"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Transaction Obligor, nor any of their Subsidiaries or joint ventures, nor any of their respective directors, officers or employees nor, to the knowledge of the Transaction Obligors, any persons acting on any of their behalf, has engaged in any activity or conduct which would breach any applicable anti-bribery and anti-money laundering laws or regulations and it has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws and regulations.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858373"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor has conducted its business in compliance with all applicable Anti-Corruption Laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.36</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc506470335"></a><a name="_Toc506472421"></a><a name="_Toc506475873"></a><a name="_Ref136858374"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Anti-terrorism</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">No Transaction Obligor, nor any of their Subsidiaries or joint ventures, nor any of their respective directors, officers or employees nor, to the knowledge of the Transaction Obligors, any persons acting on any of their behalf, has engaged in any activity or conduct which would violate any anti-terrorism laws applicable to it.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.37</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858375"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Shareholder loans</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers have not received any shareholder loans.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.38</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858376"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Repetition</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date of each Utilisation Request and the first day of each Interest Period.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>100</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360082789"></a><a name="_Toc360093907"></a><a name="_Toc360097808"></a><a name="_Ref360105991"></a><a name="_Toc360191447"></a><a name="_Toc360191564"></a><a name="_Toc360191680"></a><a name="_Toc362504359"></a><a name="_Toc362518406"></a><a name="_Toc362605353"></a><a name="_Toc363549793"></a><a name="_Toc367198636"></a><a name="_Toc367792024"></a><a name="_Toc367867011"></a><a name="_Toc371413638"></a><a name="_Toc371413854"></a><a name="_Toc371932732"></a><a name="_Toc378965690"></a><a name="_Toc380566902"></a><a name="_Toc380579038"></a><a name="_Toc382507895"></a><a name="_Toc384670146"></a><a name="_Toc442833371"></a><a name="_Toc444194836"></a><a name="_Toc445290414"></a><a name="_Ref136858377"></a><a name="_Ref360105990"></a><a name="_Toc137536035"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Information Undertakings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref379886761"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">General</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The undertakings in this Clause 24 (<i style="font-style:italic;">Information Undertakings</i>) remain in force throughout the Security Period unless the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders), may otherwise permit.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360106018"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Financial statements</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Obligors shall ensure that there are provided to the Facility Agent in sufficient copies for all the Lenders:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259394"></a><a name="_Ref136858378"></a><a name="_Ref382504552"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as soon as they become available, but in any event within 120 days after the end of each of its respective financial years</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259396"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the audited consolidated financial statements of the Parent Guarantor for that financial year</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259407"></a><a name="_Ref444192154"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as soon as the same become available, but in any event within 60 days after the end of each quarter of each of their respective financial years</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259409"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the unaudited financial statements of the Parent Guarantor quarterly.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref379886817"></a><a name="_Ref107910531"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Compliance Certificate and Sustainability Certificate</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858379"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Parent Guarantor shall supply to the Facility Agent, with each set of financial statements delivered pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">25</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial Covenants</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as at the date as at which those financial statements were drawn up.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432899"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Parent Guarantor shall deliver to the Facility Agent, as soon as reasonably practicable and in any event on or before 31 July in each calendar year, a Sustainability Certificate for the prior calendar year. &#160;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk44410791"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For the avoidance of doubt, calendar year 2022 (to be published in 2023) shall be the first year to be measured; provided that if the Parent Guarantor fails to deliver a Sustainability Certificate, no Default or Event of Default will result from such failure to deliver such Sustainability Certificate in 2023 or any other calendar year thereafter.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858380"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Compliance Certificate and Sustainability Certificate shall be signed by one officer of the Parent Guarantor.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref362420401"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Requirements as to financial statements</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858381"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each set of financial statements delivered by a Borrower pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall be certified by an officer of the relevant company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and operations as at the date as at which those financial statements were drawn up.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858382"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall procure that each set of financial statements delivered pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) is prepared using GAAP.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858383"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall procure that each set of financial statements of an Obligor delivered pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) is prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for that Obligor unless, in relation to any set of financial statements, it notifies the Facility Agent that there has been a change in GAAP, the accounting practices or </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>101</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">reference periods and its auditors (or, if appropriate, the auditors of the Obligor) deliver to the Facility Agent:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858384"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a description of any change necessary for those financial statements to reflect the GAAP, accounting practices and reference periods upon which that Obligor&#39;s Original Financial Statements were prepared; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858385"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">25</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial Covenants</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and that Obligor&#39;s Original Financial Statements.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref44423073"></a><a name="_Ref360108462"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">DAC6</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432907"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">DAC6</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">DAC6</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means the Council Directive of 25 May 2018 (2018/822/EU) amending Directive 2011/16/EU </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk62052544"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">or any replacement legislation applicable in the United Kingdom</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432908"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower shall supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432909"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly upon the making of such analysis or the obtaining of such advice, any analysis made or advice obtained on whether any transaction contemplated by the Transaction Documents or any transaction carried out (or to be carried out) in connection with any transaction contemplated by the Transaction Documents contains a hallmark as set out in Annex IV of DAC6; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432910"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly upon the making of such reporting and to the extent permitted by applicable law and regulation, any reporting made to any governmental or taxation authority by or on behalf of any member of the Group or by any adviser to such member of the Group in relation to DAC6 or any law or regulation which implements DAC6 and any unique identification number issued by any governmental or taxation authority to which any such report has been made (if available).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref109637216"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Information: miscellaneous</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall provide to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests):</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858386"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all documents dispatched by it to its shareholders (or any class of them) unless of an administrative nature or to its creditors generally at the same time as they are dispatched;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858387"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings (including proceedings relating to any alleged or actual breach of the ISM Code or of the ISPS Code) which are current, threatened or pending against any member of the Group, and which might have a Material Adverse Effect;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>102</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432914"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the date the Sustainability Certificate is provided as per Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Compliance Certificate and Sustainability Certificate</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), information as to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432915"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the ship recycling practices undertaken with respect to the Fleet Vessels and confirmation that these are in accordance with the provisions of The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 or EU Ship Recycling Regulation of 20 November 2013; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432916"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the ongoing initiatives of the Group with respect to fuel and CO2 reduction regarding the Fleet Vessels with the first annual update containing information where available as to the PBCF upgrade trials, slide valves, micro boiler and lean marine;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858388"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly, such further information and/or documents regarding:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858389"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Ship, its Earnings and its Insurances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858390"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Charged Property;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858391"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compliance of the Transaction Obligors with the terms of the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858392"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the financial condition, business and operations of any member of the Group,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">as any Finance Party (through the Facility Agent) may reasonably request; and</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858393"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly in writing, the details of any Transaction Obligor or any of their Subsidiaries or joint ventures, or any of their respective directors, officers or employees who have become a Restricted Party;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858394"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly, such further information and/or documents as any Finance Party (through the Facility Agent) may reasonably request so as to enable such Finance Party to comply with any laws applicable to it (including, without limitation, compliance with FATCA);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858395"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly upon becoming aware of any Change in Ultimate Beneficial Owner, the name of the Ultimate Beneficial Owner and such documentation and other evidence as is reasonably requested by the Facility Agent or any Lender in order for the Facility Agent or such Lender to carry out and be satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations in relation to the Ultimate Beneficial Owner.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858396"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Information: sanctions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Obligors shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858397"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">supply to the Facility Agent, promptly upon becoming aware of them, the details of any inquiry, claim, action, suit, proceeding or investigation pursuant to Sanctions against </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef52"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the Borrowers, (ii) any other Relevant Person or (iii) any owners of any Relevant Person (other than any owner of a Borrower), as well as information on what steps are being taken with regards to answering or opposing the same;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858398"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">inform the Facility Agent promptly upon becoming aware that any of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef53"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the Borrowers, (ii) any other Relevant Person or (iii) any owners of any Relevant Person (other than any owner of a Borrower), has become or is likely to become a Restricted Party.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>103</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858399"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of default</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858400"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall, and shall procure that each other Transaction Obligor shall, notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858401"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Promptly upon a request by the Facility Agent, each Borrower shall supply to the Facility Agent a certificate signed by two of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858402"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Use of websites</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858403"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor may satisfy its obligation under the Finance Documents to which it is a party to deliver any information in relation to those Lenders (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Website Lenders</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) which accept this method of communication by posting this information onto an electronic website designated by the Borrowers and the Facility Agent (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Designated Website</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) if:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858404"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858405"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">both the relevant Obligor and the Facility Agent are aware of the address of and any relevant password specifications for the Designated Website; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858406"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the information is in a format previously agreed between the relevant Obligor and the Facility Agent.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If any Lender (a &quot;<b style="font-weight:bold;">Paper Form Lender</b>&quot;) does not agree to the delivery of information electronically then the Facility Agent shall notify the Obligors accordingly and each Obligor shall supply the information to the Facility Agent (in sufficient copies for each Paper Form Lender) in paper form. &#160;In any event each Obligor shall supply the Facility Agent with at least one copy in paper form of any information required to be provided by it.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858407"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Obligors or any of them and the Facility Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259506"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An Obligor shall promptly upon becoming aware of its occurrence notify the Facility Agent if:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259508"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Designated Website cannot be accessed due to technical failure;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858408"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the password specifications for the Designated Website change;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858409"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any new information which is required to be provided under this Agreement is posted onto the Designated Website;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858410"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259524"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if that Obligor becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>104</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If an Obligor notifies the Facility Agent under paragraph (c)(i) or paragraph (c)(v) above, all information to be provided by the Obligors under this Agreement after the date of that notice shall be supplied in paper form unless and until the Facility Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858411"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Website Lender may request, through the Facility Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the Designated Website. &#160;The Obligors shall comply with any such request within 10 Business Days.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107916332"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">&quot;Know your customer&quot; checks</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858412"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858413"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858414"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any change in the status of an Obligor after the date of this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858415"></a><a name="_Ref376259576"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858416"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any anti-money laundering or anti-terrorism financing laws and regulations applicable to the Facility Agent or any Lender,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">obliges a Finance Party (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with &quot;know your customer&quot; or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of any Finance Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by a Servicing Party (for itself or on behalf of any other Finance Party) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for such Finance Party or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858417"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order for that Servicing Party to carry out and be satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">25</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326180321"></a><a name="_Toc360093707"></a><a name="_Toc360093908"></a><a name="_Toc360097809"></a><a name="_Toc360191448"></a><a name="_Toc360191565"></a><a name="_Toc360191681"></a><a name="_Toc362504360"></a><a name="_Toc362518407"></a><a name="_Toc362605354"></a><a name="_Toc363549794"></a><a name="_Toc367198637"></a><a name="_Toc367792025"></a><a name="_Toc367867012"></a><a name="_Toc371413639"></a><a name="_Toc371413855"></a><a name="_Toc371932733"></a><a name="_Toc378965691"></a><a name="_Toc380566903"></a><a name="_Toc380579039"></a><a name="_Toc382507896"></a><a name="_Toc384670147"></a><a name="_Toc442833372"></a><a name="_Toc444194837"></a><a name="_Toc445290415"></a><a name="_Toc137536036"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Financial Covenants</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">25.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref380582596"></a><a name="_Ref379886687"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Financial covenants</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Parent Guarantor shall at all times during the Security Period (save that in the case of paragraph (b) this shall apply from the first Utilisation Date throughout the remainder of the Security Period) on a consolidated basis maintain:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858418"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a minimum Solvency of at least 30 per cent.;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444192268"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">minimum Cash and Cash Equivalents of an amount the greater of:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>105</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858419"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if the Fleet Vessel size is below 40 vessels:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858420"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$750,000 per Fleet Vessel; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858421"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5 per cent. of the Total Consolidated Debt; or</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858422"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">upon the Fleet Vessel size increasing to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4765"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">40</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> vessels or more:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858423"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$30,000,000;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858424"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$500,000 per Fleet Vessel; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858425"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5 per cent. of the Total Consolidated Debt,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">in each case, with at least 60 per cent. of such minimum amount being held in cash and, for the purposes of this paragraph (b), Cash and Cash Equivalents shall include undrawn amounts under the Revolving Facility provided that the Termination Date in relation to the Revolving Facility is not within the next 12 Months;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858426"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a positive Working Capital excluding:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858427"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Balloon Repayments; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858428"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amounts outstanding under the ABN AMRO Receivables Facility Agreement provided that the facility provided thereunder has a remaining maturity of more than three months,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">in this instance current liabilities shall exclude the current portion of debt and leases;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858429"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an Adjusted Tangible Net Worth of not less than $200,000,000; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858430"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compliance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4766"></a></font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum required security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The financial covenants contained in this Clause 25.1 (<i style="font-style:italic;">Financial covenants</i>) shall, following the first Utilisation Date, be tested quarterly (save in the case of paragraph (e) above which shall be tested on 30 June and <a name="DocXTextRef4767"></a>30 December of each year) on the basis of the annual and quarterly financial statements provided under Clause 24.2 (<i style="font-style:italic;">Financial statements</i>) and shall be confirmed in the relevant compliance certificate referred to in Clause 24.3 (<i style="font-style:italic;">Compliance Certificate and Sustainability Certificate</i>).</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In addition, for the purpose of testing the Fair Market Value of the Fleet Vessels, the Borrowers shall provide valuations of the Fleet Vessels in June and December of each year during the Facility Period and the most recent of such valuations shall be used to determine the Fair Market Value of the Fleet Vessels. &#160;Provided that, in the case of testing the financial covenants at the end of the first and third financial quarters in each year, the Borrowers shall obtain up to date Fair Market Values of any of the Fleet Vessels if requested by the Agent, acting on the instructions of the Majority Lenders. &#160;The valuations shall be at the Borrower&#39;s cost, but no more than twice per year, unless the valuations show a breach of the required security cover ratio in Clause &#160;29.1 (<a name="DocXTextRef4768"></a><i style="font-style:italic;">Minimum required security cover</i>), in which case any additional valuations will be at the Borrower&#39;s cost.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>106</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">25.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107921643"></a><a name="_Ref380413213"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Financial covenant definitions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The expressions used in this Clause 25 (<i style="font-style:italic;">Financial Covenants</i>) shall be construed in accordance with GAAP as applicable, or for the purposes of this Agreement:</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858431"></a>&quot;<b style="font-weight:bold;">ABN AMRO Receivables Facility Agreement</b>&quot; means the receivables financing facility agreement dated 17 July 2020, as amended, supplemented or refinanced from time to time and made between <a name="DocXTextRef56"></a>(i) Ardmore MR Pool LLC as borrower, (ii) Ardmore Pool Holdings LLC and Ardmore Maritime Services LLC as corporate guarantors, (iii) Ardmore Shipping Corporation as parent guarantor, (iv) the banks and financial institutions named therein as lenders, <a name="DocXTextRef57"></a>(v) ABN AMRO Bank N.V. as mandated lead arranger, (vi) ABN AMRO Bank N.V. as facility agent and as security agent in relation to a revolving credit facility of $15,000,000. </div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858432"></a>&quot;<b style="font-weight:bold;">Adjusted Tangible Net Worth</b>&quot; means at any relevant time the amount by which the Consolidated Adjusted Total Assets of the Group exceed Consolidated Adjusted Total Liabilities of the Group.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858433"></a>&quot;<b style="font-weight:bold;">Balloon Repayment</b>&quot; means a final repayment of principal payable in relation to a facility but excluding any portion of that final repayment representing a regular periodical payment.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858434"></a>&quot;<b style="font-weight:bold;">Cash</b> <b style="font-weight:bold;">and</b> <b style="font-weight:bold;">Cash</b> <b style="font-weight:bold;">Equivalents</b>&quot; means, at any relevant time:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858435"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cash in hand or held with banks or financial institutions of the Parent Guarantor in Dollars or another currency freely convertible in Dollars, which is free of any Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858436"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any cash equivalent of the Parent Guarantor and/or its Subsidiaries; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858437"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any marketable securities of the Parent Guarantor and/or its Subsidiaries which are free of any Security,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">as stated in the most recent financial statements of the Group provided in accordance with Clause 24.2 (<i style="font-style:italic;">Financial</i> <i style="font-style:italic;">statements</i>) and determined in accordance with GAAP.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858438"></a>&quot;<b style="font-weight:bold;">Consolidated</b> <b style="font-weight:bold;">Adjusted Total Assets</b>&quot; means the Total Assets adjusted as follows:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858439"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">by using the Market Value Adjusted Total Assets value for the Fleet Vessels; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858440"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">by excluding intangible assets (including goodwill but not long-term contract revenue is acquired as part of a business combination).</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858441"></a>&quot;<b style="font-weight:bold;">Consolidated</b> <b style="font-weight:bold;">Adjusted Total Liabilities</b>&quot; means the Total Consolidated Debt plus the Current Liabilities (excluding current portion long term debt).</div><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">&quot;<b style="font-weight:bold;">Current</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Assets</b>&quot; means the current assets of the Parent Guarantor on a consolidated basis as stated in the most recent financial statements of the Group provided in accordance with Clause 24.2 (<i style="font-style:italic;">Financial</i> <i style="font-style:italic;">statements</i>) and determined in accordance with GAAP.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858442"></a>&quot;<b style="font-weight:bold;">Current</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Liabilities</b>&quot; means the current liabilities (whereby the current liabilities shall exclude the current portion of debt and leases) of the Parent Guarantor on a consolidated basis as stated in the most recent financial statements of the Group provided in accordance with Clause 24.2 (<i style="font-style:italic;">Financial</i> <i style="font-style:italic;">statements</i>) and determined in accordance with GAAP.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858443"></a>&quot;<b style="font-weight:bold;">Financial</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Statements</b>&quot; means the financial statements of the Group provided in accordance with Clause 24.2 (<i style="font-style:italic;">Financial statements</i>).</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>107</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858444"></a>&quot;<b style="font-weight:bold;">Fleet</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Vessels</b>&quot; means any ship (including the Ships) from time to time wholly owned, leased or chartered in by the Parent Guarantor (directly or indirectly) (excluding vessels under construction and vessels chartered in for period shorter than 24 months) (each a &quot;<b style="font-weight:bold;">Fleet Vessel</b>&quot;).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858445"></a>&quot;<b style="font-weight:bold;">Market</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Value</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Adjusted</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Total</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Assets</b>&quot; means, at any relevant time, the Total Assets adjusted to reflect the difference of the book value of the Fleet Vessels (as evidenced in the most recent financial statements of the Group provided in accordance with Clause 24.2 (<i style="font-style:italic;">Financial statements</i>)) and the Fair Market Value of the Fleet Vessels.</div><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">&quot;<b style="font-weight:bold;">Revolving Facility</b>&quot; means each of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858446"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the revolving credit facility made available under the facilities agreement dated 30 June 2022, as amended and restated on 29 July 2022 and made between </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef58"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> Faroe Shipco LLC, Fisher Shipco LLC, Fair Isle Shipco LLC, Humber Shipco LLC, Forth Shipco LLC, Trafalgar Shipco LLC, Wight Shipco LLC, Saltee Shipco LLC and Blasket Shipco LLC as joint and several borrowers and hedge guarantors, (ii) Ardmore Shipping LLC as corporate guarantor, (iii) Ardmore Shipping Corporation as parent guarantor (iv) the banks and financial institutions named therein as lenders, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef59"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(v)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the banks and financial institutions named therein as hedge counterparties, (vi) Nordea Bank Abp, filial i Norge and Skandinaviska Enskilda Banken AB (publ) as mandated lead arrangers and bookrunners, (vii) Skandinaviska Enskilda Banken AB (publ) as documentation agent and sustainability coordinator and (ix) Nordea Bank Abp, filial i Norge as facility agent and security agent, in relation to facilities of up to $245,500,000 comprising a revolving &#160;credit facility in a principal amount not exceeding $185,500,000 and an accordion facility in a principal amount not exceeding $60,000,000;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858447"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the revolving credit facility made available under this Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858448"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other committed revolving credit facilities in which the Borrowers may enter into, with the Facility Agent&#8217;s prior written approval.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858449"></a>&quot;<b style="font-weight:bold;">Solvency</b>&quot; means 1 minus ((Total Consolidated Debt minus Cash and Cash and Cash Equivalents) / (Total Consolidated Debt plus Total Equity minus Cash and Cash and Cash Equivalents)).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858450"></a>&quot;<b style="font-weight:bold;">Total</b> <b style="font-weight:bold;">Assets</b>&quot; means at any relevant time, the total assets of the Parent Guarantor on a consolidated basis as stated in the most recent financial statements of the Group provided in accordance with Clause 24.2 (<i style="font-style:italic;">Financial statements</i>) and determined in accordance with GAAP.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858451"></a>&quot;<b style="font-weight:bold;">Total</b> <b style="font-weight:bold;">Consolidated Debt</b>&quot; means, at any relevant time, the amount of the total liabilities of the Parent Guarantor on a consolidated basis (including without limitation any liability in respect of any lease or hire purchase contract) which would be included in the applicable Financial Statements of the Parent Guarantor as total long term debt in accordance with GAAP including the current portion of long term debt.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858452"></a>&quot;<b style="font-weight:bold;">Total Equity</b>&quot; means common equity, preferred equity and retained earnings.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858453"></a>&quot;<b style="font-weight:bold;">Working</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Capital</b>&quot; means the Current Assets less the Current Liabilities.</div><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>108</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">25.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858454"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Most favoured Lenders</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In the event that the Parent Guarantor agrees to the incorporation of any additional financial covenants or financial covenants which are more onerous than those contained in Clause 25.1 (<i style="font-style:italic;">Financial covenants</i>) into any financial contract or financial document relating to any other senior secured indebtedness of the Parent Guarantor, the Parent Guarantor shall immediately notify the Facility Agent and those financial covenants shall be deemed to apply to this Agreement as if set out in full herein with effect from the date of such financial contract or financial document and during the currency of that financial contract or financial document. &#160;The Parent Guarantor shall enter into additional documentation as the Facility Agent may reasonably require in respect of such incorporation.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326183113"></a><a name="_Ref326183114"></a><a name="_Toc360093708"></a><a name="_Toc360093909"></a><a name="_Toc360097810"></a><a name="_Toc360191449"></a><a name="_Toc360191566"></a><a name="_Toc360191682"></a><a name="_Toc362504361"></a><a name="_Toc362518408"></a><a name="_Toc362605355"></a><a name="_Toc363549795"></a><a name="_Toc367198638"></a><a name="_Toc367792026"></a><a name="_Toc367867013"></a><a name="_Toc371413640"></a><a name="_Toc371413856"></a><a name="_Toc371932734"></a><a name="_Toc378965692"></a><a name="_Toc380566904"></a><a name="_Toc380579040"></a><a name="_Toc382507897"></a><a name="_Toc384670148"></a><a name="_Toc442833373"></a><a name="_Toc444194838"></a><a name="_Toc445290416"></a><a name="_Toc137536037"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">General Undertakings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref380494791"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">General</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The undertakings in this Clause 26 (<i style="font-style:italic;">General Undertakings</i>) remain in force throughout the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858455"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Authorisations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, promptly:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858456"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtain, comply with and do all that is necessary to maintain in full force and effect; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858457"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">supply certified copies to the Facility Agent,</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858458"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">of any Authorisation required under any law or regulation of a Relevant Jurisdiction or the state of the Approved Flag at any time of each Ship to enable it to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858459"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">perform its obligations under the Transaction Documents to which it is a party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858460"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">ensure the legality, validity, enforceability or admissibility in evidence in any Relevant Jurisdiction or in the state of the Approved Flag at any time of each Ship of any Transaction Document to which it is a party; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858461"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">own and operate each Ship (in the case of the Borrowers).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref380428002"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Compliance with laws</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, and shall procure that each other member of the Group and each Affiliate of any of them shall, comply in all respect with all laws and regulations to which it may be subject, including Sanctions, all Anti-Corruption Laws and all anti-money laundering laws.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref459237223"></a><a name="_Ref25146110"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sanctions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858462"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall (and shall procure that each member of the Group will) comply with all Sanctions.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858463"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall ensure that neither it nor any member of the Group is or will become a Restricted Party, or act on behalf of, or as an agent of, a Restricted Party, and each Obligor </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>109</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">shall use reasonable endeavours to procure that no director, officer, employee, agent or representative of it or of any Subsidiary is or will become a Restricted Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858464"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Obligor shall (and each Obligor shall procure that no member of the Group will) use, lend, contribute or otherwise make available the proceeds of the Loan or other transaction contemplated by this Agreement directly or indirectly for the purpose of financing or facilitating any trade, business or other activities with or for the benefit of any Restricted Party or in any other manner that would lead to non-compliance by it or any other Party with any Sanctions.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858465"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Obligor shall (and each Obligor shall procure that no member of the Group will) use any revenue or benefit derived directly or indirectly from any activity or dealing with a Restricted Party in discharging any obligation due or owing to the Finance Parties that or otherwise fund any payment due to the Finance Parties would lead to non-compliance by it or any other Party with any Sanctions.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858466"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall (and shall procure that each member of the Group will) procure that no proceeds from any activity or dealing with a Restricted Party are credited to any bank account held with any Finance Party or any Affiliate of a Finance Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858467"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall (and shall procure that each member of the Group will) to the extent permitted by law and promptly upon becoming aware of them, supply to the Facility Agent details of any claim, action, suit, proceedings or investigation against it with respect to Sanctions by any Sanctions Authority.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858468"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Environmental compliance</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, and the Parent Guarantor shall ensure that each other member of the Group will:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858469"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">comply with all Environmental Laws;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858470"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtain, maintain and ensure compliance with all requisite Environmental Approvals;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858471"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">implement procedures to monitor compliance with and to prevent liability under any Environmental Law,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">in relation to a member of the Group not including an Obligor only, where failure to do so has had or could reasonably be expected to have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858472"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Environmental claims</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, (through the Parent Guarantor), promptly upon becoming aware of the same, inform the Facility Agent in writing of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858473"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Environmental Claim against any member of the Group which is current, pending or threatened; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858474"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against any member of the Group,</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>110</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">where the claim against a member of the Group not including an Obligor, has had or could reasonably be expected to have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858475"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Taxation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858476"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall and shall procure that each other Transaction Obligor will pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858477"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">such payment is being contested in good faith;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858478"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">adequate reserves are maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements delivered to the Facility Agent under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858479"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">such payment can be lawfully withheld and failure to pay those Taxes does not have or could not reasonably be expected to have a Material Adverse Effect.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858480"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Obligor shall change its residence for Tax purposes.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858481"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Overseas companies</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall promptly inform the Facility Agent if it delivers to the Registrar particulars required under the Overseas Regulations of any UK Establishment and it shall comply with any directions given to it by the Facility Agent regarding the recording of any Transaction Security on the register which it is required to maintain under The Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858482"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Pari passu ranking</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least <i style="font-style:italic;">pari passu</i> with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180333"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Title</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858483"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the first Utilisation Date, Borrower A shall hold the legal title to, and own the entire beneficial interest in Ship A, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858484"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the first Utilisation Date, Borrower B shall hold the legal title to, and own the entire beneficial interest in Ship B, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858485"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the first Utilisation Date, Borrower C shall hold the legal title to, and own the entire beneficial interest in Ship C, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858486"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the first Utilisation Date, Borrower D shall hold the legal title to, and own the entire beneficial interest in Ship D, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858487"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the Utilisation Date in respect of Ship E, Borrower E shall hold the legal title to, and own the entire beneficial interest in Ship E, its Earnings and its Insurances.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>111</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858488"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the Utilisation Date in respect of Ship F, Borrower F shall hold the legal title to, and own the entire beneficial interest in Ship F, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858489"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the Utilisation Date in respect of Ship G, Borrower G shall hold the legal title to, and own the entire beneficial interest in Ship G, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858490"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">With effect on and from its creation or intended creation, each Borrower shall hold the legal title to, and own the entire beneficial interest in any other assets the subject of any Transaction Security created or intended to be created by it.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180348"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Negative pledge</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259650"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower shall create or permit to subsist any Security over any of its assets which are the subject of the Security created or intended to be created by the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259658"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858491"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by a Borrower or any other member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858492"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">sell, transfer or otherwise dispose of any of its receivables on recourse terms; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858493"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">enter into any other preferential arrangement having a similar effect,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858494"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above do not apply to any Permitted Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858495"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disposals</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259676"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower shall enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset (including without limitation any Ship, its Earnings or its Insurances) but, for the avoidance of doubt, this does not apply to the sale, lease, transfer or otherwise disposal of any ships other than the Ships financed under this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858496"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above does not apply to any charter of a Ship to which Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Restrictions on chartering, appointment of managers etc.</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858497"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Neither Guarantor shall lease, transfer or otherwise dispose of all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not except for cash on arm&#39;s length terms for full consideration or otherwise in the usual course of its trading operations.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858498"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Merger</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Obligor shall enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction <b style="font-weight:bold;">Provided that</b> this restriction shall not apply if there is no change of control (as defined in Clause 8.3(b) (<i style="font-style:italic;">Change of control</i>)) of the Obligors and the Obligors are in compliance with Clause 8.3 (<a name="DocXTextRef4769"></a><i style="font-style:italic;">Change of control</i>) after any such amalgamation, demerger, merger, consolidation or corporate reconstruction.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>112</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858499"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Change of business</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858500"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Parent Guarantor shall procure that no substantial change is made to the general nature of the business of the Parent Guarantor or the Group from that carried on at the date of this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858501"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower shall engage in any business other than the ownership and operation of its Ship.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858502"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Financial Indebtedness</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall not incur any Financial Indebtedness except for Permitted Financial Indebtedness.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858503"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Expenditure</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall incur any expenditure, except for expenditure reasonably incurred in the ordinary course of owning, operating, maintaining and repairing its Ship.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.17</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858504"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Membership interests</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858505"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">purchase, cancel or redeem any of its membership interests;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858506"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">increase or reduce its authorised membership interests;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858507"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">issue any membership interests except to the Corporate Guarantor and provided such new membership interests are made subject to the terms of the relevant Membership Interests Security applicable to that Borrower immediately upon the issue thereof in a manner satisfactory to the Facility Agent and the terms of that Membership Interests Security are complied with;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858508"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">appoint any further director or officer of that Borrower (unless the provisions of the Membership Interests Security applicable to that Borrower are complied with).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.18</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref442894591"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Dividends</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor may make or pay any dividend or other distribution (in cash or in kind) in respect of its membership interests provided always that no Default has occurred and is continuing or would result from the making of any such payment and for the avoidance of doubt, there is no breach of Clause 25 (<i style="font-style:italic;">Financial Covenants</i>) resulting from a payment of any such dividend.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.19</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858509"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accounts</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall open or maintain any account with any bank or financial institution except its Earnings Account and accounts with the Account Bank, the Facility Agent or the Security Agent for the purposes of the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.20</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858510"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other transactions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858511"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be the creditor in respect of any loan or any form of credit to any person other than another Obligor and where such loan or form of credit is Permitted Financial Indebtedness;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>113</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858512"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person in respect of any obligation of any other person or enter into any document under which that Borrower assumes any liability of any other person other than any guarantee or indemnity given under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858513"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">enter into any material agreement other than:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858514"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Transaction Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858515"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other agreement expressly allowed under any other term of this Agreement; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858516"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">enter into any transaction on terms which are, in any respect, less favourable to that Borrower than those which it could obtain in a bargain made at arms&#39; length; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858517"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit issued by major North American or European banks.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.21</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180359"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Unlawfulness, invalidity and ranking; Security imperilled</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Obligor shall, and the Obligors shall procure that no other Transaction Obligor will, do (or fail to do) or cause or permit another person to do (or omit to do) anything which could be expected to:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858518"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">make it unlawful for an Obligor to perform any of its obligations under the Transaction Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858519"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cause any obligation of an Obligor under the Transaction Documents to cease to be legal, valid, binding or enforceable;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858520"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cause any Transaction Document to cease to be in full force and effect;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858521"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cause any Transaction Security to rank after, or lose its priority to, any other Security; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858522"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">imperil or jeopardise the Transaction Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.22</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183150"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Further assurance</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858523"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall promptly, and in any event within the time period specified by the Security Agent do all such acts (including procuring or arranging any registration, notarisation or authentication or the giving of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges, notices, instructions, acknowledgments, proxies and powers of attorney), as the Security Agent may specify (and in such form as the Security Agent may require in favour of the Security Agent or its nominee(s)):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858524"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to create, perfect, vest in favour of the Security Agent or protect the priority of the Security or any right or any kind created or intended to be created under or evidenced by the Finance Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of the Security Agent, any Receiver or the Secured Parties provided by or pursuant to the Finance Documents or by law;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>114</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858525"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to confer on the Security Agent or confer on the Secured Parties Security over any property and assets of that Transaction Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant to the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858526"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to facilitate or expedite the realisation and/or sale of, the transfer of title to or the grant of, any interest in or right relating to the assets which are, or are intended to be, the subject of the Transaction Security or to exercise any power specified in any Finance Document in respect of which the Security has become enforceable; and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858527"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to enable or assist the Security Agent to enter into any transaction to commence, defend or conduct any proceedings and/or to take any other action relating to any item of the Security Property.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858528"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall, and shall procure that each other Transaction Obligor will, (and the Parent Guarantor shall procure that each member of the Group will) take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Security Agent or the Secured Parties by or pursuant to the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858529"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">At the same time as a Transaction Obligor delivers to the Security Agent any document executed under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">26.22</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Further assurance</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), that Transaction Obligor shall deliver to the Security Agent a certificate signed by one of that Transaction Obligor&#39;s officers which shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858530"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">set out the text of a resolution of that Transaction Obligor&#39;s directors specifically authorising the execution of the document specified by the Security Agent; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858531"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">state that either the resolution was duly passed at a meeting of the directors validly convened and held, throughout which a quorum of directors entitled to vote on the resolution was present, or that the resolution has been signed by all the directors of officers and is valid under that Transaction Obligor&#39;s articles of association or other constitutional documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.23</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858532"></a><a name="_Ref326183160"></a><a name="_Ref326183161"></a><a name="_Toc360093709"></a><a name="_Toc360093910"></a><a name="_Toc360097811"></a><a name="_Toc360191450"></a><a name="_Toc360191567"></a><a name="_Toc360191683"></a><a name="_Toc362504362"></a><a name="_Toc362518409"></a><a name="_Toc362605356"></a><a name="_Toc363549796"></a><a name="_Toc367198639"></a><a name="_Toc367792027"></a><a name="_Toc367867014"></a><a name="_Toc371413641"></a><a name="_Toc371413857"></a><a name="_Toc371932735"></a><a name="_Toc378965693"></a><a name="_Ref380565658"></a><a name="_Ref380565659"></a><a name="_Ref380565862"></a><a name="_Ref380565863"></a><a name="_Ref380565909"></a><a name="_Ref380565910"></a><a name="_Toc380566905"></a><a name="_Toc380579041"></a><a name="_Toc382507898"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Transactions with Affiliates and Intercompany Borrowings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444192480"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Obligors each undertake that any intercompany loan to be made to a Borrower by either of the Guarantors will be:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858533"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">fully subordinate to the rights of the Lenders&#39; in respect of the Loan and to the obligations of the Borrowers under this Agreement on terms acceptable the Facility Agent (acting on the instructions of the Majority Lenders);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858534"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not bear any cash interest;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858535"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">have a maturity date of at least one year after the Termination Date; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858536"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">shall not be secured against any of the Ships or other Security which secures the Borrowers&#39; obligations hereunder.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444192485"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any other equity contribution or intercompany loan from another member of the Group to the Borrowers shall also be fully subordinated to the Lenders&#39; rights during the Security Period, </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">provided that</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:bold;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">repayments or principal and interest payments or dividend distributions or </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>115</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">redemption of preference shares shall be permitted subject to the provisions of Clause</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:bold;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">26.18</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Dividends</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and provided always that no Default has occurred and is continuing or would result from the making of any such payment.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858537"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Obligors shall not enter into any transactions other than debt transactions referred to in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above with Affiliates except in the normal course of business (which in the case of Ardmore Shipping (Bermuda) Limited and its Subsidiaries and the Borrowers includes the provision of management services).</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.24</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858538"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Maintenance of listing</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Parent Guarantor shall at all times during the Security Period maintain its listing as a publically-traded corporation on the New York Stock Exchange.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref383608792"></a><a name="_Toc384670149"></a><a name="_Toc442833374"></a><a name="_Toc444194839"></a><a name="_Toc445290417"></a><a name="_Toc137536038"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Insurance Undertakings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858539"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">General</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In respect of a Ship, the undertakings in this Clause 27 (<i style="font-style:italic;">Insurance Undertakings</i>) shall apply and remain in force on and from the date of this Agreement and throughout the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180381"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Maintenance of obligatory insurances</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall keep the Ship owned by it insured at its expense against:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858540"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">fire and usual marine risks (including hull and machinery, increased value and excess risks);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858541"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">war risks (including blocking and trapping);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858542"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">protection and indemnity risks (including freight, demurrage and defence); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858543"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other risks against which the Facility Agent acting on the instructions of the Majority Lenders considers, having regard to practices and other circumstances prevailing at the relevant time, it would be reasonable for that Borrower to insure and which are specified by the Facility Agent by notice to that Borrower.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180391"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Terms of obligatory insurances</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In respect of each Ship, the Borrowers shall effect such insurances:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858544"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in dollars;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858545"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858546"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">when aggregated with the insured values of the other Ships then subject to a Mortgage, 120 per cent. of the Loan; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858547"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the market value of that Ship;</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>116</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858548"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858549"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of protection and indemnity risks, in respect of the full tonnage of its Ship;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858550"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on approved terms; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858551"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">through Approved Brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183190"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Further protections for the Finance Parties</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In addition to the terms set out in Clause 27.3 (<i style="font-style:italic;">Terms of obligatory insurances</i>), each Borrower shall procure that the obligatory insurances effected by it shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858552"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">subject always to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, name that Borrower as the sole named assured unless the interest of every other named assured is limited:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858553"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in respect of any obligatory insurances for hull and machinery and war risks;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858554"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable claim on underwriters; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858555"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against it); and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858556"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled to make by way of reimbursement following discharge of any third party liability claims made specifically against it;</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and every other named assured has undertaken in writing to the Security Agent (in such form as it requires) that any deductible shall be apportioned between that Borrower and every other named assured in proportion to the gross claims made or paid by each of them and that it shall do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable in respect of the obligatory insurances;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259702"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">whenever the Facility Agent requires, name (or be amended to name) the Security Agent as additional named assured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security Agent, but without the Security Agent thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provided that</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> this paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> shall not apply to the protection and indemnity risks;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858557"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">name the Security Agent as loss payee with such directions for payment as the Facility Agent may specify;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858558"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Agent shall be made without set off, counterclaim or deductions or condition whatsoever;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>117</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858559"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">provide that the obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the Security Agent or any other Finance Party; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858560"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">provide that the Security Agent may make proof of loss if that Borrower fails to do so.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180402"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Renewal of obligatory insurances</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259759"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">at least 21 days before the expiry of any obligatory insurance effected by it:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259761"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">notify the Facility Agent of the Approved Brokers (or other insurers) and any protection and indemnity or war risks association through or with which it proposes to renew that obligatory insurance and of the proposed terms of renewal; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858561"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtain the Facility Agents&#39; approval to the matters referred to in sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858562"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">at least 14 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance with the Facility Agent&#39;s approval pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858563"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">procure that the approved brokers and/or the approved war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Facility Agent in writing of the terms and conditions of the renewal.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183207"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Copies of policies; letters of undertaking</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall ensure that the Approved Brokers provide the Security Agent with:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858564"></a></font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro forma</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> copies of all policies relating to the obligatory insurances which they are to effect or renew; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259862"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a letter or letters or undertaking in a form required by the Facility Agent and including undertakings by the Approved Brokers that:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858565"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">27.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Further protections for the Finance Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858566"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">they will hold such policies, and the benefit of such insurances, to the order of the Security Agent in accordance with such loss payable clause;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259864"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">they will advise the Security Agent immediately of any material change to the terms of the obligatory insurances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858567"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">they will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Agent not less than 14 days before the expiry of the obligatory insurances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858568"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if they receive instructions to renew the obligatory insurances, they will promptly notify the Facility Agent of the terms of the instructions;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858569"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower under such obligatory insurances any premiums or other </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>118</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">amounts due to them or any other person whether in respect of that Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858570"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">they will arrange for a separate policy to be issued in respect of the Ship owned by that Borrower forthwith upon being so requested by the Facility Agent.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858571"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Copies of certificates of entry</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall ensure that any protection and indemnity and/or war risks associations in which the Ship owned by it is entered provide the Security Agent with:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858572"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a certified copy of the certificate of entry for that Ship;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858573"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a letter or letters of undertaking in such form as may be required by the Facility Agent acting on the instructions of Majority Lenders; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858574"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant certifying authority in relation to that Ship.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858575"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deposit of original policies</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall ensure that all policies relating to obligatory insurances effected by it are deposited with the Approved Brokers through which the insurances are effected or renewed.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858576"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Payment of premiums</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall punctually pay all premiums or other sums payable in respect of the obligatory insurances effected by it and produce all relevant receipts when so required by the Facility Agent or the Security Agent.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858577"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Guarantees</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858578"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Compliance with terms of insurances</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259841"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower shall do or omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858579"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without limiting paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, each Borrower shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858580"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">27.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Copies of policies; letters of undertaking</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Facility Agent has not given its prior approval;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>119</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858581"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not make any changes relating to the classification or classification society or manager or operator of the Ship owned by it approved by the underwriters of the obligatory insurances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858582"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">make (and promptly supply copies to the Facility Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship owned by it is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858583"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not employ the Ship owned by it, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858584"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Alteration to terms of insurances</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall make or agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858585"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Settlement of claims</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858586"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858587"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858588"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provision of copies of communications</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall provide the Security Agent, at the time of each such communication, with copies of all written communications between that Borrower and:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259894"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Approved Brokers;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259935"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the approved protection and indemnity and/or war risks associations; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858589"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the approved insurance companies and/or underwriters,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">which relate directly or indirectly to:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858590"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Borrower&#39;s obligations relating to the obligatory insurances including, without limitation, all requisite declarations and payments of additional premiums or calls; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858591"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any credit arrangements made between that Borrower and any of the persons referred to in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above relating wholly or partly to the effecting or maintenance of the obligatory insurances.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>120</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858592"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provision of information</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall promptly provide the Facility Agent (or any persons which it may designate) with any information which the Facility Agent (or any such designated person) requests for the purpose of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259963"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858593"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">effecting, maintaining or renewing any such insurances as are referred to in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">27.16</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mortgagee&#39;s interest and additional perils insurances</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or dealing with or considering any matters relating to any such insurances,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and the Borrowers shall, forthwith upon demand, indemnify the Security Agent in respect of all fees and other expenses incurred by or for the account of the Security Agent in connection with any such report as is referred to in paragraph (a) above.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183222"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mortgagee&#39;s interest and additional perils insurances</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259990"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent shall be entitled from time to time to effect, maintain and renew a mortgagee&#39;s interest marine insurance and a mortgagee&#39;s interest additional perils insurance in such amounts (but not exceeding 110 per cent. of the Loan), on such terms, through such insurers and generally in such manner as the Security Agent acting on the instructions of the Majority Lenders may from time to time consider appropriate.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858594"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall upon demand fully indemnify the Security Agent and the Lenders (as the case may be) in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any insurance referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above or dealing with, or considering, any matter arising out of any such insurance.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326183233"></a><a name="_Ref326183234"></a><a name="_Ref326183260"></a><a name="_Ref326183261"></a><a name="_Toc360093711"></a><a name="_Toc360093912"></a><a name="_Toc360097813"></a><a name="_Toc360191452"></a><a name="_Toc360191569"></a><a name="_Toc360191685"></a><a name="_Toc362504364"></a><a name="_Toc362518411"></a><a name="_Toc362605358"></a><a name="_Toc363549798"></a><a name="_Toc367198641"></a><a name="_Toc367792029"></a><a name="_Toc367867016"></a><a name="_Toc371413643"></a><a name="_Toc371413859"></a><a name="_Toc371932737"></a><a name="_Toc378965694"></a><a name="_Toc380566906"></a><a name="_Toc380579042"></a><a name="_Toc382507899"></a><a name="_Toc384670150"></a><a name="_Toc442833375"></a><a name="_Toc444194840"></a><a name="_Toc445290418"></a><a name="_Ref339457981"></a><a name="_Toc137536039"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Ship Undertakings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858595"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">General</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In respect of a Ship, the undertakings in this Clause 28 (<i style="font-style:italic;">Ship Undertakings</i>) shall apply and remain in force on and from the date of this Agreement and throughout the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858596"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Ships&#39; names and registration</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall, in respect of the Ship owned by it:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858597"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">keep that Ship registered in its name under an Approved Flag from time to time at its port of registration;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858598"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not do or allow to be done anything as a result of which such registration might be suspended, cancelled or imperilled; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858599"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not change the name of that Ship,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;"><b style="font-weight:bold;">provided that</b> any change of flag of a Ship shall be subject to:</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>121</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858600"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Ship being registered on a an Approved Flag and remaining subject to Security securing the Secured Liabilities created by a first priority or preferred ship mortgage on that Ship and, if appropriate, a first priority deed of covenant collateral to that mortgage (or equivalent first priority Security) on substantially the same terms as the Mortgage on that Ship and on such other terms and in such other form as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858601"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the execution of such other documentation amending and supplementing the Finance Documents as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref443038277"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Repair and classification</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858602"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">consistent with first class ship ownership and management practice; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858603"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">so as to maintain the Approved Classification free of overdue recommendations and conditions affecting that Ship&#39;s class.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858604"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Modifications</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall unless after consultation, and agreement, with the Facility Agent, make any modification or repairs to, or replacement of, any Ship or equipment installed on it which would or might materially alter the structure, type or performance characteristics of that Ship or materially reduce its value save for changes or modifications that are required to be made in order to satisfy updated rules and regulations from time to time applicable to that Ship.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858605"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Removal and installation of parts</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858606"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, no Borrower shall remove any material part of any Ship, or any item of equipment installed on any Ship unless the part or item so removed:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858607"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858608"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is free from any Security in favour of any person other than the Security Agent; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858609"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">becomes, on installation on that Ship, the property of that Borrower and subject to the security constituted by the Mortgage on that Ship.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260020"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Borrower may install equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship owned by that Borrower.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858610"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Surveys</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall submit the Ship owned by it regularly to all periodic or other surveys which may be required for classification purposes and, if so required by the Facility Agent acting on the instructions of the Majority Lenders, provide the Facility Agent, with copies of all survey reports and, in addition, the Facility Agent shall have the right to have a technical survey carried out at any time on each Ship and the Borrowers shall pay the cost of 1 such survey of each Ship per year at the Facility Agent&#39;s request.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>122</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858611"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Inspection</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall permit the Security Agent (acting through surveyors or other persons appointed by it for that purpose) to board the Ship owned by it at all reasonable times and at least once per calendar year to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections provided that the Facility Agent provides three months&#39; notice of the intended date of such inspection and such inspection does not delay or interfere with that Ship&#39;s operation, loading or unloading, unless an Event of Default has occurred, in which case as often as the Facility Agent shall be entitled to perform an inspection whether or not it interferes with the trading and operation of the Ship.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858612"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Prevention of and release from arrest</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858613"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower shall, in respect of the Ship owned by it, promptly discharge amounts due in respect of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858614"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against that Ship, its Earnings or its Insurances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858615"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all Taxes, dues and other amounts charged in respect of that Ship, its Earnings or its Insurances; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858616"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all other outgoings whatsoever in respect of that Ship, its Earnings or its Insurances.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858617"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower shall immediately and, forthwith upon receiving notice of the arrest of the &#160;Ship owned by it or of its detention in exercise or purported exercise of any lien or claim, procure its release by providing bail or otherwise as the circumstances may require.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183248"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Compliance with laws etc.</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260043"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">comply, or procure compliance with all laws or regulations:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858618"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relating to its business generally; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858619"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relating to the Ship owned by it, its ownership, employment, operation, management and registration,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">including the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858620"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtain, comply with and do all that is necessary to maintain in full force and effect any Environment Approvals;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858621"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">without limiting paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, not employ the Ship owned by it nor allow its employment, operation or management in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code, all Environmental Laws and all Sanctions; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858622"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">procure that neither any Obligor nor any other member of the Group is or becomes a Restricted Party.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>123</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858623"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ISPS Code</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Without limiting paragraph (a) of Clause 28.9 (<i style="font-style:italic;">Compliance with laws etc.</i>), each Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858624"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">procure that the Ship owned by it and the company responsible for that Ship&#39;s compliance with the ISPS Code comply with the ISPS Code; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858625"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">maintain an ISSC for that Ship; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858626"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">notify the Facility Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858627"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Trading in war zones</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In the event of hostilities in any part of the world (whether war is declared or not), no Borrower shall cause or permit any Ship to enter or trade to any zone which is declared a war zone by any government or by that Ship&#39;s war risks insurers unless either:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858628"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Ship&#39;s war risks insurers have agreed to cover such transit or trade under the annual war risks policy on terms and conditions not less restrictive than those already in place (it being understood the requirement for an additional premium does not constitute a restriction); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858629"></a></font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858630"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the prior written consent of the Security Agent acting on the instructions of the Majority Lenders has been given; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858631"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Borrower has (at its expense) effected any special, additional or modified insurance cover which the Security Agent acting on the instructions of the Majority Lenders may require.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858632"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provision of information</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Without prejudice to Clause 24.6 (<i style="font-style:italic;">Information: miscellaneous</i>) each Borrower shall, in respect of the Ship owned by it, promptly provide the Facility Agent with any information which it requests regarding:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858633"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Ship, its employment, position and engagements;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858634"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Earnings and payments and amounts due to its master and crew;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858635"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any expenditure incurred, or likely to be incurred, in connection with the operation, maintenance or repair of that Ship and any payments made by it in respect of that Ship;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858636"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any towages and salvages; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858637"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its compliance, the Approved Manager&#39;s compliance and the compliance of that Ship with the ISM Code and the ISPS Code,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and, upon the Facility Agent&#39;s request, provide copies of any current charter relating to that Ship, of any current guarantee of any such charter, the Ship&#39;s Safety Management Certificate and any relevant Document of Compliance.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>124</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858638"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of certain events</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall, in respect of the Ship owned by it, immediately notify the Facility Agent by electronic mail, confirmed forthwith by letter of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858639"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any casualty to that Ship which is or could reasonably be expected to be or to become a Major Casualty;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858640"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any occurrence as a result of which that Ship has become or could reasonably be expected, by the passing of time or otherwise, to become a Total Loss;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858641"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any requisition of that Ship for hire;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858642"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any requirement or recommendation made in relation to that Ship by any insurer or classification society or by any competent authority which is not immediately complied with;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858643"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any arrest or detention of that Ship, any exercise or purported exercise of any lien on that Ship or the Earnings or any requisition of that Ship for hire;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858644"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any intended dry docking of that Ship;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858645"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Environmental Claim made against that Borrower or in connection with that Ship, or any Environmental Incident;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858646"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any claim for breach of the ISM Code or the ISPS Code being made against that Borrower, an Approved Manager or otherwise in connection with that Ship; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858647"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and each Borrower shall keep the Facility Agent advised in writing on a regular basis and in such detail as the Facility Agent shall require as to that Borrower&#39;s, any such Approved Manager&#39;s or any other person&#39;s response to any of those events or matters.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183134"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Restrictions on chartering, appointment of managers etc.</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall, in relation to the Ship owned by it:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858648"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">let that Ship on demise charter for any period;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858649"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">enter into any time or consecutive voyage charter in respect of that Ship other than a Permitted Charter;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858650"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">appoint a manager of that Ship other than the Approved Commercial Manager and the Approved Technical Manager or agree to any alteration to the terms of an Approved Manager&#39;s appointment;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858651"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">de activate or lay up that Ship; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858652"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">other than in the event of a </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef60"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">scheduled</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> drydocking put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $500,000 (or the equivalent in any other currency) unless that person has first given to the Security Agent and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>125</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858653"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notice of Mortgage</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall keep the relevant Mortgage registered against the Ship owned by it as a valid first priority or preferred mortgage, carry on board that Ship a certified copy of the relevant Mortgage and place and maintain in a conspicuous place in the navigation room and the master&#39;s cabin of that Ship a framed printed notice stating that that Ship is mortgaged by that Borrower to the Security Agent.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858654"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sharing of Earnings</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall enter into any agreement or arrangement for the sharing of any Earnings, except for a Pool Agreement (if any), (for the avoidance of doubt) or pursuant to a time charter entered into by a Borrower with a third party which includes profit sharing agreements which (except in the case of a Permitted Charter where no further approval is required) are on terms approved by the Lenders.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.17</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858655"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Inventory of Hazardous Materials</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall procure that the Ship owned by it has, from the date the Borrower which owns that Ship is legally obliged to do so, obtained an Inventory of Hazardous Material, in respect of said Ship which shall be maintained until the Loan has been fully repaid.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.18</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858656"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sustainable and socially responsible dismantling of Ships</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each of the Obligors confirms that as long as it is in a lending relationship with any Lender, it will ensure that any Ship controlled by it or sold to an intermediary with the intention of being scrapped, is recycled at a recycling yard which conducts its recycling business in a socially and environmentally responsible manner, in accordance with the provisions of The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 and/or EU Ship Recycling Regulation.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.19</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref12439570"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Poseidon Principles</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><a name="_Ref423363996"></a><a name="_Toc506470404"></a><a name="_Toc506472490"></a><a name="_Toc506475942"></a><a name="_Toc506470406"></a><a name="_Toc506472492"></a><a name="_Toc506475944"></a><font style="font-weight:normal;">Each Borrower shall, upon the reasonable request of any Lender and at the cost of the Borrowers, on or before 31 July in each calendar year, supply or procure the supply by the Approved Classification Society (as specified by the relevant Lender) to such Lender of all information necessary in order for any Lender to comply with its obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance, together with a Carbon Intensity and Climate Alignment Certificate or equivalent, in each case relating to the Ship owned by it for the preceding calendar year provided always that, for the avoidance of doubt, such information shall be &quot;Confidential Information&quot; for the purposes of Clause </font><font style="font-weight:normal;">47</font><font style="font-weight:normal;"> (</font><i style="font-style:italic;font-weight:normal;">Confidentiality</i><font style="font-weight:normal;">) but the Obligors acknowledge that, in accordance with the Poseidon Principles, such information will form part of the information published regarding the relevant Lender&#39;s portfolio climate alignment.</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.20</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref26350077"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sanctions and Ship trading</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858657"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without limiting Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Compliance with laws etc.</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), each Borrower shall procure:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858658"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that the Ship owned by it shall not be used by or for the benefit of a Restricted Party;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>126</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858659"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that such Ship shall not be used directly or indirectly in trading in any manner contrary to Sanctions (or which could be contrary to Sanctions if Sanctions were binding on each Transaction Obligor) or in any trade which could expose a Ship, a Transaction Obligor, a Lender, crew or insurers to enforcement proceedings or any other consequences whatsoever arising from Sanctions;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858660"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that such Ship shall not be traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the Insurances; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858661"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that each charterparty in respect of that Ship shall contain, for the benefit of that Borrower, language which gives effect to the provisions of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Compliance with laws etc.</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as regards Sanctions and of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.20</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions and Ship trading</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and which permits refusal of employment or voyage orders if compliance would result in a breach of Sanctions (or which would result in a breach of Sanctions if Sanctions were binding on each Transaction Obligor).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858662"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any provision of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.20</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions and ship trading</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">26.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">23.34</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall not apply to or in favour of any Finance Party if and to the extent that it would result in a breach, by or in respect of that Finance Party, of any applicable Blocking Law.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.21</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858663"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Anti-terrorism</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;"><a name="_Ref432692823"></a>The Borrowers shall, and shall ensure that each of the other Obligors will, comply with all anti-terrorism laws in each case applicable to it and shall take all actions necessary or which may be required by the Lenders to allow the Lenders to comply with any anti-terrorism laws applicable to it.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.22</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858664"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of compliance</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall promptly provide the Facility Agent from time to time with evidence (in such form as the Facility Agent requires) that it is complying with this Clause 28 (<i style="font-style:italic;">Ship Undertakings</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326180134"></a><a name="_Toc360093712"></a><a name="_Toc360093913"></a><a name="_Toc360097814"></a><a name="_Toc360191453"></a><a name="_Toc360191570"></a><a name="_Toc360191686"></a><a name="_Toc362504365"></a><a name="_Toc362518412"></a><a name="_Toc362605359"></a><a name="_Toc363549799"></a><a name="_Toc367198642"></a><a name="_Toc367792030"></a><a name="_Toc367867017"></a><a name="_Toc371413644"></a><a name="_Toc371413860"></a><a name="_Toc371932738"></a><a name="_Toc378965695"></a><a name="_Toc380566907"></a><a name="_Toc380579043"></a><a name="_Toc382507900"></a><a name="_Toc384670151"></a><a name="_Toc442833376"></a><a name="_Toc444194841"></a><a name="_Toc445290419"></a><a name="_Toc137536040"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Security Cover</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100358"></a><a name="_Ref326183274"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Minimum required security cover</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Clause 29.2 (<i style="font-style:italic;">Provision of additional security; prepayment</i>) applies if, the Facility Agent notifies the Borrowers that:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858665"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the aggregate Fair Market Value of each Ship then subject to a Mortgage and which has not become a Total Loss; plus</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858666"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the net realisable value of additional Security previously provided under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">is below 130 per cent. of the aggregate of the Loan and, in circumstances where a Hedging Agreement has been entered into with a Hedge Counterparty, the Hedging Close Out Liabilities.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>127</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180126"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provision of additional security; prepayment</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260291"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent serves a notice on the Borrowers under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum required security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Borrowers shall, on or before the date falling 30 days after the date (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Prepayment Date</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) on which the Facility Agent&#39;s notice is served, prepay such part of the Loan as shall eliminate the shortfall.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858667"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Borrower may, instead of, or as well as making a prepayment as described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858668"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has a net realisable value at least equal to the shortfall; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858669"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is documented in such terms as the Facility Agent may approve or require,</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339380246"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Value of additional vessel security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The net realisable value of any additional security which is provided under Clause 29.2 (<i style="font-style:italic;">Provision of additional security; prepayment</i>) and which consists of Security over a vessel shall be the Fair Market Value of the vessel concerned.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858670"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Valuations binding</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any valuation under this Clause 29 (<i style="font-style:italic;">Security Cover</i>) shall be binding and conclusive as regards each Borrower.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858671"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provision of information</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260315"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower shall promptly provide the Facility Agent and any shipbroker acting under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) with any information which the Facility Agent or the shipbroker may request for the purposes of the valuation.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858672"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Borrower fails to provide the information referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above by the date specified in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Facility Agent considers prudent.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858673"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Prepayment mechanism</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any prepayment pursuant to Clause 29.2 (<i style="font-style:italic;">Provision of additional security; prepayment</i>) shall be made in accordance with the relevant provisions of Clause 8 (<i style="font-style:italic;">Payment and Cancellation</i>) but ignoring any restriction as to prepayments being made on the last day of the Interest Period and:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858674"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if any such prepayment is applied to all or any part of the Term Facility, pro rata to each Tranche or against a particular Tranche, at the Facility Agent&#39;s discretion, in inverse order of maturity; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858675"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if any such prepayment is applied to all or any part of an Advance under the Revolving Facility, the Revolving Commitments shall be reduced by an amount equal to such prepayment.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>128</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339356359"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provision of valuations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858676"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower shall provide the Facility Agent with valuations of the Ship owned by it or that will be owned by it on the relevant Utilisation Date and any other vessel over which additional Security has been created in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Value of additional vessel security</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), from an Approved Valuer, to enable the Facility Agent to determine the Fair Market Value of that Ship.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref379320385"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The valuations referred to in this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Provision of valuations</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) are to be obtained:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref379320388"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on or before the first Utilisation Date in respect of the Ship to which such Utilisation Date relates (not to be obtained earlier than 30 days prior to the Utilisation Date except in relation to valuations provided in connection with the first Utilisation Date, in which case such valuations shall be prepared as at a date not more than 36 days previously) and shown, in respect of such Ship when not on or before a Utilisation Date, in June and December of each year during the Facility Period provided that, in the case of testing financial covenants contained in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">25.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial covenants</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) &#160;at the end of the first and third financial quarters in each year, the Borrowers shall obtain up to date Fair Market Values of any of the Ships if requested by the Facility Agent, acting on the instructions of the Majority Lenders. If the Facility Agent does request any such additional valuations these valuations shall be at the Lenders&#39; cost, unless the valuations show a failure to comply with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum required security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), in which case these additional valuations shall be at the Borrowers&#39; cost; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref379320392"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">at any other time requested by the Facility Agent in its absolute discretion.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858677"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The valuations referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Provision of valuations</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall be at the Borrowers&#39; cost, but no more than twice per year, unless the valuations provided under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Provision of valuations</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) show a breach of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum required security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), in which case any additional valuations will be at the Borrowers&#39; cost.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858678"></a><a name="_Ref326184231"></a><a name="_Ref326184232"></a><a name="_Toc360093713"></a><a name="_Toc360093914"></a><a name="_Toc360097815"></a><a name="_Toc360191454"></a><a name="_Toc360191571"></a><a name="_Toc360191687"></a><a name="_Toc362504366"></a><a name="_Toc362518413"></a><a name="_Toc362605360"></a><a name="_Toc363549800"></a><a name="_Toc367198643"></a><a name="_Toc367792031"></a><a name="_Toc367867018"></a><a name="_Toc371413645"></a><a name="_Toc371413861"></a><a name="_Toc371932739"></a><a name="_Toc378965696"></a><a name="_Toc380566908"></a><a name="_Toc380579044"></a><a name="_Toc382507901"></a><a name="_Toc384670152"></a><a name="_Toc442833377"></a><a name="_Toc444194842"></a><a name="_Toc445290420"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The arithmetic average of the two valuations will then be determined, save that where there is a variance of more than twenty per cent. between the two valuations, a third valuation shall be obtained from an Approved Valuer selected by the Facility Agent and appointed by the Facility Agent and in such case the Fair Market Value shall be the arithmetic average of the three valuations.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">30</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref136858679"></a><a name="_Toc137536041"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Application of Earnings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">30.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref341968250"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Payment of Earnings</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><font style="font-weight:normal;">Each Borrower shall ensure that,</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858680"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">subject only to the provisions of the General Assignment to which it is a party, all the Earnings in respect of the Ship owned by it are paid in to its Earnings Account; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858681"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all payments by a Hedge Counterparty to that Borrower under a Hedging Agreement are paid to the Earnings Account.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>129</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">30.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref380494270"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Use of credit balances on the Earnings Account.</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> &#160;</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower may withdraw moneys from the Earnings Account in its name provided that no Default is continuing.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">30.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858682"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Location of accounts</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall promptly:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858683"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">comply with any requirement of the Facility Agent as to the location or relocation of its Earnings Account (or any of them); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858684"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">execute any documents which the Facility Agent specifies to create or maintain in favour of the Security Agent Security over (and/or rights of set-off, consolidation or other rights in relation to) the Earnings Accounts.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326180276"></a><a name="_Ref326182279"></a><a name="_Ref326182280"></a><a name="_Toc360093714"></a><a name="_Toc360093915"></a><a name="_Toc360097816"></a><a name="_Toc360191455"></a><a name="_Toc360191572"></a><a name="_Toc360191688"></a><a name="_Toc362504367"></a><a name="_Toc362518414"></a><a name="_Toc362605361"></a><a name="_Toc363549801"></a><a name="_Toc367198644"></a><a name="_Toc367792032"></a><a name="_Toc367867019"></a><a name="_Toc371413646"></a><a name="_Toc371413862"></a><a name="_Toc371932740"></a><a name="_Toc378965697"></a><a name="_Toc380566909"></a><a name="_Toc380579045"></a><a name="_Toc382507902"></a><a name="_Toc384670153"></a><a name="_Toc442833378"></a><a name="_Toc444194843"></a><a name="_Toc445290421"></a><a name="_Toc137536042"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Events of Defaul</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">t</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858685"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">General</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each of the events or circumstances set out in this Clause 31 (<i style="font-style:italic;">Events of Default</i>) is an Event of Default except for Clause 31.17 (<i style="font-style:italic;">Acceleration</i>) and Clause 31.18 (<i style="font-style:italic;">Enforcement of security</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180290"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Non-payment</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858686"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its failure to pay is caused by:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858687"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">administrative or technical error (including intermediary bank delays); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858688"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Disruption Event; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858689"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">payment is made within 3 Business Days of its due date.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180450"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Specific obligations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">A breach occurs of Clause 4.4 (<i style="font-style:italic;">Waiver of conditions precedent</i>), Clause 23.34 (<i style="font-style:italic;">Sanctions</i>), Clause 25 (<i style="font-style:italic;">Financial Covenants</i>), Clause 26.4 (<i style="font-style:italic;">Sanctions</i>), Clause 26.10 (<i style="font-style:italic;">Title</i>), Clause 26.11 (<i style="font-style:italic;">Negative pledge</i>), Clause 26.21 (<i style="font-style:italic;">Unlawfulness, invalidity and ranking; Security imperilled</i>), Clause 28.20 (<i style="font-style:italic;">Sanctions and Ship trading</i>), Clause 27.2 (<i style="font-style:italic;">Maintenance of obligatory insurances</i>), Clause 27.3 (<i style="font-style:italic;">Terms of obligatory insurances</i>), Clause 27.5 (<i style="font-style:italic;">Renewal of obligatory insurances</i>), Clause 28.3 (<i style="font-style:italic;">Repair and classification</i>) or, &#160;save to the extent such breach is a failure to pay and therefore subject to Clause 31.2 (<i style="font-style:italic;">Non-payment</i>), Clause 29 (<i style="font-style:italic;">Security Cover</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107916883"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other obligations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260348"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Transaction Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Non-payment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Specific obligations</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858690"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Event of Default under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above will occur if the failure to comply is capable of remedy and is remedied within 10 Business Days of the Facility Agent giving notice to the Borrowers or (if earlier) any Transaction Obligor becoming aware of the failure to comply.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>130</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858691"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Misrepresentation</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Transaction Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading when made or deemed to be made and which has had or could reasonably be expected to have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180471"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Cross default</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260377"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Financial Indebtedness of any Obligor is not paid when due nor within any originally applicable grace period.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858692"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Financial Indebtedness of any Obligor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858693"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor of any Obligor as a result of an event of default (however described).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260387"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of any Obligor due and payable prior to its specified maturity as a result of an event of default (however described).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858694"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Event of Default will occur under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cross default</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above is less than, in respect of each Borrower, $500,000 (or its equivalent in any other currency) and in respect of each of the Corporate Guarantor or Parent Guarantor and other members of the Group, $5,000,000 (or its equivalent in any other currency in aggregate).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326182458"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Insolvency</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858695"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An Obligor:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858696"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is unable or admits inability to pay its debts as they fall due;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858697"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is deemed to, or is declared to, be unable to pay its debts under applicable law;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858698"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">suspends or threatens to suspend making payments on any of its debts; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858699"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858700"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The value of the assets of any Obligor is less than its liabilities (taking into account contingent and prospective liabilities).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858701"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A moratorium is declared in respect of any indebtedness of any Obligor. &#160;If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180491"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Insolvency proceedings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376258059"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any corporate action, legal proceedings or other procedure or step is taken in relation to:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>131</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858702"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group other than a solvent liquidation or reorganisation of any member of the Group which is not an Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858703"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a composition, compromise, assignment or arrangement with any creditor of any member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858704"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group which is not an Obligor), receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of any member of the Group or any of its assets; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858705"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">enforcement of any Security over any assets of any member of the Group,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">or any analogous procedure or step is taken in any jurisdiction.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858706"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326179971"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Creditors&#39; process</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of an Obligor having an aggregate value of $1,500,000.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858707"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Unlawfulness, invalidity and ranking</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858708"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">It is or becomes unlawful for a Transaction Obligor to perform any of its obligations under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858709"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any obligation of a Transaction Obligor under the Finance Documents is not or ceases to be legal, valid, binding or enforceable if that cessation individually or together with any other cessations materially or adversely affects the interests of the Secured Parties under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858710"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Finance Document ceases to be in full force and effect or to be continuing or is or purports to be determined or any Transaction Security is alleged by a party to it (other than a Finance Party) to be ineffective.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858711"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Transaction Security proves to have ranked after, or loses its priority to, any other Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858712"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security imperilled</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any Security created or intended to be created by a Finance Document is in any way imperilled or in jeopardy.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858713"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Cessation of business</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any Obligor suspends or ceases to carry on (or threatens to suspend or ceases to carry on) all or a material part of its business.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>132</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858714"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Expropriation</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The authority or ability of any member of the Group to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to any member of the Group or any of its assets.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858715"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Repudiation and rescission of agreements</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An Obligor (or any other relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document or any of the Transaction Security or evidences an intention to rescind or repudiate a Transaction Document or any Transaction Security.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858716"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Litigation</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any litigation, arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened in relation to any of the Transaction Documents or the transactions contemplated in any of the Transaction Documents or against any member of the Group or its assets which has or may have a Material Adverse Effect and, for the avoidance of doubt, this clause shall not apply to any proceedings or dispute which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858717"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Material adverse change</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any event or circumstance occurs which has had or could reasonably be expected to have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.17</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180254"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Acceleration</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">On and at any time after the occurrence of an Event of Default which is continuing the Facility Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrowers:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260565"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cancel the Total Commitments, whereupon they shall immediately be cancelled;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref360102920"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon it shall become immediately due and payable; and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref360102952"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">declare that all or part of the Loan be payable on demand, whereupon it shall immediately become payable on demand by the Facility Agent acting on the instructions of the Majority Lenders,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and the Facility Agent may serve notices under paragraphs (a), (b) and (c) above simultaneously or on different dates and the Security Agent may take any action referred to in Clause 31.18 (<i style="font-style:italic;">Enforcement of security</i>) if no such notice is served or simultaneously with or at any time after the service of any of such notice.<a name="_Ref326180268"></a></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.18</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858718"></a><a name="_Ref346794052"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Enforcement of security</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> and other rights</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">On and at any time after the occurrence of an Event of Default which is continuing the Security Agent may, and shall if so directed by the Majority Lenders, take any action which, as a result of the Event of Default or any notice served under Clause 31.17 (<i style="font-style:italic;">Acceleration</i>), the Security Agent is entitled to take under any Finance Document or any applicable law or regulation.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>133</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 10</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413647"></a><a name="_Toc371413863"></a><a name="_Toc371932741"></a><a name="_Toc378965698"></a><a name="_Toc380566910"></a><a name="_Toc380579046"></a><a name="_Toc382507903"></a><a name="_Toc384670154"></a><a name="_Toc442833379"></a><a name="_Toc444194844"></a><a name="_Toc445290422"></a><a name="_Ref136858719"></a><a name="_Toc137536043"></a>Changes to Parties</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326180559"></a><a name="_Ref342467576"></a><a name="_Toc360093715"></a><a name="_Toc360093916"></a><a name="_Toc360097817"></a><a name="_Toc360191456"></a><a name="_Toc360191573"></a><a name="_Toc360191689"></a><a name="_Toc362504368"></a><a name="_Toc362518415"></a><a name="_Toc362605362"></a><a name="_Toc363549802"></a><a name="_Toc367198645"></a><a name="_Toc367792033"></a><a name="_Toc367867020"></a><a name="_Toc371413648"></a><a name="_Toc371413864"></a><a name="_Toc371932742"></a><a name="_Toc378965699"></a><a name="_Toc380566911"></a><a name="_Toc380579047"></a><a name="_Toc382507904"></a><a name="_Toc384670155"></a><a name="_Toc442833380"></a><a name="_Toc444194845"></a><a name="_Toc445290423"></a><a name="_Toc137536044"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Changes to the Lenders</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref341788166"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Assignments and transfers by the Lenders</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Subject to this Clause 32 (<i style="font-style:italic;">Changes to the Lenders</i>), a Lender (the &quot;<b style="font-weight:bold;">Existing Lender</b>&quot;) may:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858720"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">assign any of its rights; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858721"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">transfer by novation any of its rights and obligations,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">under the Finance Documents to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (except for a hedge fund, other than at a time when a Default is continuing) (the &quot;<b style="font-weight:bold;">New Lender</b>&quot;) but in no event to a member of the Group or a holding company, or holding company acting in concert, of the Parent Guarantor.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183519"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Conditions of assignment or transfer</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858722"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The consent of the Borrowers is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer is:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858723"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to another Lender or an Affiliate of a Lender;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858724"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to another first class international bank or financial institution, insurer, social security fund, pension fund, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk109406576"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">capital investment company, financial intermediary</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or special purpose vehicle associated to any of them (excluding, for the avoidance of doubt, hedge funds);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858725"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a trust corporation, fund or other person which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets and which is advised by or the assets of which are managed or serviced by a Lender; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858726"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">made at a time when a Default is continuing.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858727"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The consent of the Borrowers to an assignment or transfer must not be unreasonably withheld or delayed. &#160;Each Borrower will be deemed to have given its consent five Business Days after the Existing Lender has requested it unless consent is expressly refused by that Borrower within that time.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858728"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The consent of a Borrower to an assignment or transfer must not be withheld solely because the assignment or transfer may result in an increase to any amount payable under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory Cost</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858729"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An assignment will only be effective on:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858730"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to the </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>134</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Facility Agent) that the New Lender will assume the same obligations to the other Secured Parties as it would have been under if it were an Original Lender; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858731"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">performance by the Facility Agent of all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858732"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A transfer will only be effective if the procedure set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) is complied with.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260621"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858733"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858734"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax Gross Up and Indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">15</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Increased Costs</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858735"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858736"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Assignment or transfer fee</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The New Lender shall, on or before the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of $3,000 unless the assignment or transfer is to an Affiliate of the Existing Lender.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326188510"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Limitation of responsibility of Existing Lenders</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858737"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858738"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents, the Transaction Security or any other documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858739"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the financial condition of any Transaction Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858740"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the performance and observance by any Transaction Obligor of its obligations under the Finance Documents or any other documents; or</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>135</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858741"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and any representations or warranties implied by law are excluded.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858742"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each New Lender confirms to the Existing Lender and the other Finance Parties and the Secured Parties that it:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858743"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Transaction Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Finance Document or the Transaction Security; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858744"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">will continue to make its own independent appraisal of the creditworthiness of each Transaction Obligor and its related entities throughout the Security Period.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262991"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Nothing in any Finance Document obliges an Existing Lender to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858745"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to the Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858746"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Transaction Obligor of its obligations under the Finance Documents or otherwise.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183472"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Procedure for transfer</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858747"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to the conditions set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions of assignment or transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), a transfer is effected in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. &#160;The Facility Agent shall, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with this Agreement and delivered in accordance with this Agreement, execute that Transfer Certificate.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260709"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260689"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Pro rata interest settlement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), on the Transfer Date:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858748"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents and in respect of the Transaction Security, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their respective rights against one another under the Finance Documents and in respect of the Transaction Security shall be cancelled (being the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Discharged Rights and Obligations</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;);</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>136</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858749"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858750"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent, the Security Agent, each Mandated Lead Arranger, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk106384921"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Sustainability Coordinator, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Facility Agent, the Security Agent, each Mandated Lead Arranger, the Sustainability Coordinator and the Existing Lenders shall each be released from further obligations to each other under the Finance Documents; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858751"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the New Lender shall become a Party as a &quot;Lender&quot;.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183647"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Procedure for assignment</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858752"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to the conditions set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions of assignment or transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) an assignment may be effected in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. &#160;The Facility Agent shall, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260753"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260740"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Pro rata interest settlement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), on the Transfer Date:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858753"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858754"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Existing Lender will be released from the obligations (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Relevant Obligations</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of the Transaction Security); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858755"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the New Lender shall become a Party as a &quot;Lender&quot; and will be bound by obligations equivalent to the Relevant Obligations.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858756"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Lenders may utilise procedures other than those set out in this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for assignment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">provided that</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> they comply with the conditions set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions of assignment or transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183679"></a><a name="_Ref360110219"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Copy of Transfer Certificate or Assignment Agreement to Borrower</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">s</b></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>137</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Obligors a copy of that Transfer Certificate or Assignment Agreement.<a name="_Ref279866408"></a></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326188318"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security over Lenders&#39; rights</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In addition to the other rights provided to Lenders under this Clause 32 (<i style="font-style:italic;">Changes to the Lenders</i>), each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858757"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858758"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">except that no such charge, assignment or Security shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858759"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858760"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180737"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Pro rata interest settlement</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a &quot;<i style="font-style:italic;">pro rata</i> basis&quot; to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 32.5 (<i style="font-style:italic;">Procedure for transfer</i>) or any assignment pursuant to Clause 32.6 (<i style="font-style:italic;">Procedure for assignment</i>) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period):</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858761"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date (&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accrued Amounts</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858762"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858763"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858764"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Pro rata interest settlement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), have been payable to it on that date, but after deduction of the Accrued Amounts.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>138</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858765"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Pro rata interest settlement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) but which does not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 70.9pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref26546377"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Replacement of Lender by Borrowers</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858766"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers may, at any time (other than where an Event of Default or a Potential Event of Default has occurred and is continuing) in respect of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858767"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Lender whose costs of funds charged to the Borrowers are (in the Borrowers&#39; reasonable opinion) materially higher than those of the other Lenders generally; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858768"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Lender which is a Defaulting Lender; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858769"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Lender which is a Non-Consenting Lender,</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858770"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">by giving 10 Business Days&#39; notice to the Facility Agent and that Lender (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Outgoing Lender</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) replace the Outgoing Lender by requiring it to (and the Outgoing Lender must) transfer in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank (a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Replacement Lender</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) selected by the Borrowers and which is acceptable to the Facility Agent (acting reasonably) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of the Outgoing Lender&#39;s Contribution and all accrued interest, break costs and other amounts payable in relation to that Contribution under this Agreement and the other Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858771"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any transfer of rights and obligations of an Outgoing Lender under this Clause is subject to the following conditions:</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858772"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">neither the Facility Agent nor the Outgoing Lender will have any obligation to the Borrowers to find a Replacement Lender;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858773"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the transfer must take place no later than 10 Business Days after the Borrowers&#39; notice referred to above; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858774"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in no event will the Outgoing Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Outgoing Lender under this Agreement and the other Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">33</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093716"></a><a name="_Toc360093917"></a><a name="_Toc360097818"></a><a name="_Toc360191457"></a><a name="_Toc360191574"></a><a name="_Toc360191690"></a><a name="_Toc362504369"></a><a name="_Toc362518416"></a><a name="_Toc362605363"></a><a name="_Toc363549803"></a><a name="_Toc367198646"></a><a name="_Toc367792034"></a><a name="_Toc367867021"></a><a name="_Toc371413649"></a><a name="_Toc371413865"></a><a name="_Toc371932743"></a><a name="_Toc378965700"></a><a name="_Toc380566912"></a><a name="_Toc380579048"></a><a name="_Toc382507905"></a><a name="_Toc384670156"></a><a name="_Toc442833381"></a><a name="_Toc444194846"></a><a name="_Toc445290424"></a><a name="_Ref136858775"></a><a name="_Toc137536045"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Changes to the Obligors</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">33.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433283"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Assignment or transfer by Obligors</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">33.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref107575061"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Additional Borrowers</b></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>139</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099197"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to compliance with the provisions of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.10</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">&quot;Know your customer&quot; checks</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), a wholly and directly owned Subsidiary of the Parent Guarantor may become an Additional Borrower. &#160;That Subsidiary shall become an Additional Borrower if:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099198"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">it is incorporated in the same jurisdiction as the Original Borrowers or another jurisdiction acceptable to the Lenders. For the avoidance of doubt, the jurisdictions of the Approved Flag is acceptable to the Lenders;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433285"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">it owns an Accordion Ship or Accordion Ships which is (or will be) subject to Security for any Advance pursuant to this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099199"></a><a name="_Ref106433286"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">it delivers to the Facility Agent a duly completed and executed Accession Deed;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099201"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers confirm that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099202"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent has received all of the documents and other evidence listed in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part A</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions Precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in relation to that Additional Borrower, each in form and substance satisfactory to the Facility Agent provided that references in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part A</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions Precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) to &quot;the Additional Borrower&quot; or to any Ship or document relating to that Additional Borrower shall be deemed to relate solely to the Additional Borrower or Additional Borrowers named in the relevant Accession Deed.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433287"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Delivery of an Accession Deed pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above constitutes confirmation by the relevant Additional Borrower that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;text-transform:uppercase;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>140</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 11</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413650"></a><a name="_Toc371413866"></a><a name="_Toc371932744"></a><a name="_Toc378965701"></a><a name="_Toc380566913"></a><a name="_Toc380579049"></a><a name="_Toc382507906"></a><a name="_Toc384670157"></a><a name="_Toc442833382"></a><a name="_Toc444194847"></a><a name="_Toc445290425"></a><a name="_Ref136858776"></a><a name="_Toc137536046"></a>The Finance Parties</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093717"></a><a name="_Toc360093918"></a><a name="_Toc360097819"></a><a name="_Toc360191458"></a><a name="_Toc360191575"></a><a name="_Toc360191691"></a><a name="_Toc362504370"></a><a name="_Toc362518417"></a><a name="_Toc362605364"></a><a name="_Toc363549804"></a><a name="_Toc367198647"></a><a name="_Toc367792035"></a><a name="_Toc367867022"></a><a name="_Toc371413651"></a><a name="_Toc371413867"></a><a name="_Toc371932745"></a><a name="_Toc378965702"></a><a name="_Toc380566914"></a><a name="_Toc380579050"></a><a name="_Toc382507907"></a><a name="_Toc384670158"></a><a name="_Toc442833383"></a><a name="_Toc444194848"></a><a name="_Toc445290426"></a><a name="_Ref136858777"></a><a name="_Ref326180718"></a><a name="_Toc137536047"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">The Facility Agent and the Mandated Lead Arranger</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">s</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858778"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Appointment of the Facility Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858779"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each other Finance Party appoints the Facility Agent to act as its agent under and in connection with the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858780"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each other Finance Party authorises the Facility Agent to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under, or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858781"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Duties of the Facility Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260797"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, the Facility Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Facility Agent for that Party by any other Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260786"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without prejudice to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Copy of Transfer Certificate or Assignment Agreement to Borrowers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not apply to any Transfer Certificate or to any Assignment Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858782"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858783"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Finance Parties.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858784"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Facility Agent or a Mandated Lead Arranger or the Security Agent) under this Agreement it shall promptly notify the other Finance Parties.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858785"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent&#39;s duties under the Finance Documents are solely mechanical and administrative in nature.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858786"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Role of the Mandated Lead Arrangers and Sustainability Coordinator</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Except as specifically provided in the Finance Documents, neither the Mandated Lead Arrangers nor the Sustainability Coordinator has any obligations of any kind to any other Party under, or in connection with, any Finance Document.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858787"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No fiduciary duties</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260821"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall not have any liability to any person in respect of its obligations and duties under this Agreement or the other Finance Documents except as expressly set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of receipts</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), and as excluded or limited by Clauses </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Majority </i></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>141</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Lenders&#39; instructions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Responsibility for documentation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.10</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Exclusion of liability</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.11</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Lenders&#39; indemnity to the Facility Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.18</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Full freedom to enter into transactions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858788"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The provisions of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall apply even if, notwithstanding and contrary to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, any provision of this Agreement or any other Finance Document by operation of law has the effect of constituting the Facility Agent as a fiduciary.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858789"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Nothing in the Finance Documents constitutes the Facility Agent or either Mandated Lead Arranger a trustee of any other person.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858790"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">None of the Facility Agent, the Security Agent, the Sustainability Coordinator nor either Mandated Lead Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180619"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Application of receipts</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Except as expressly stated to the contrary in any Finance Document, any moneys which the Facility Agent receives or recovers in its capacity as Facility Agent shall be applied by the Facility Agent in accordance with Clause 38.5 (<i style="font-style:italic;">Application of receipts; partial payments</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858791"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Business with the Group</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Facility Agent and either Mandated Lead Arranger may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref362421579"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Rights and discretions of the Facility Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858792"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may rely on:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858793"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858794"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858795"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858796"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no Default has occurred (unless it has actual knowledge of a Default arising under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Non-payment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">));</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858797"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858798"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any notice or request made by any Borrower (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858799"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>142</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858800"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may act in relation to the Finance Documents through its personnel and agents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858801"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858802"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor either Mandated Lead Arranger is obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326188147"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Majority Lenders&#39; instructions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858803"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless a contrary indication appears in a Finance Document, the Facility Agent shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858804"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">exercise any right, power, authority or discretion vested in it as Servicing Party in accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as a Servicing Party); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858805"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Lenders.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858806"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858807"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858808"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In the absence of instructions from the Majority Lenders (or, if appropriate, the Lenders), the Facility Agent shall not be obliged to take any action (or refrain from taking action) (even if it considers acting or not acting to be in the best interests of the Lenders). &#160;The Facility Agent may act (or refrain from taking action) as it considers to be in the best interest of the Lenders.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260856"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent is not authorised to act on behalf of a Lender or Hedge Counterparty (without first obtaining that Lender&#39;s or Hedge Counterparty&#39;s consent) in any legal or arbitration proceedings relating to any Finance Document. &#160;This paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> shall not apply to any legal or arbitration proceedings relating to the perfection, preservation or protection of rights under the Transaction Security or Finance Documents creating Transaction Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180633"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Responsibility for documentation</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Neither the Facility Agent nor either Mandated Lead Arranger:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858809"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Facility Agent, either Mandated Lead Arranger, an Obligor or any other person given in, or in connection with, any Transaction Document;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858810"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Transaction Security or any other agreement, arrangement or </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>143</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">document entered into or made or executed in anticipation of, or in connection with, any Transaction Document or the Transaction Security; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858811"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is responsible for any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180644"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Exclusion of liability</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858812"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without limiting paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below (and without prejudice to the provisions of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.11</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Disruption to Payment Systems etc.</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)), the Facility Agent will not be liable for any action taken by it under or in connection with any Finance Document or the Transaction Security, unless directly caused by its gross negligence or wilful misconduct.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256020"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Party other than the Facility Agent may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and each officer, employee or agent of the Facility Agent may rely on this Clause subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Third party rights</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the provisions of the Third Parties Act.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858813"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by it for that purpose.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858814"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Nothing in this Agreement shall oblige the Facility Agent or either Mandated Lead Arranger to carry out any &quot;know your customer&quot; or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Facility Agent and either Mandated Lead Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent or either Mandated Lead Arranger.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180656"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Lenders&#39; indemnity to the Facility Agent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Facility Agent, within three Business Days of demand, against any cost, loss or liability incurred by the Facility Agent (otherwise than by reason of its gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 38.11 (<i style="font-style:italic;">Disruption to Payment Systems etc.</i>) notwithstanding the Facility Agent&#39;s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by an Obligor pursuant to a Finance Document).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref346816782"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Resignation of the Facility Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858815"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrowers.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260945"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Alternatively, the Facility Agent may resign by giving 30 days&#39; notice to the other Finance Parties and the Borrowers, in which case the Majority Lenders may appoint a successor Facility Agent.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>144</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261018"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above within 20 days after notice of resignation was given, the retiring Facility Agent may appoint a successor Facility Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858816"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions Facility Agent under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858817"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent&#39;s resignation notice shall only take effect upon the appointment of a successor.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858818"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Facility Agent and the Mandated Lead Arrangers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and any other provisions of a Finance Document which are expressed to limit or exclude its liability in acting as Facility Agent. &#160;Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858819"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above. &#160;In this event, the Facility Agent shall resign in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858820"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The consent of any Borrower (or any other Obligor) is not required for an assignment or transfer of rights and/or obligations by the Facility Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255606"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall resign in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Facility Agent pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility Agent under the Finance Documents, either:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858821"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent fails to respond to a request under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">FATCA Information</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and a Borrower or a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858822"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the information supplied by the Facility Agent pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">FATCA Information</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858823"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent notifies the Borrowers and the Lenders that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858824"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">and (in each case) the Borrowers or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA Exempt Party, and the Borrowers or that Lender, by notice to the Facility Agent, requires it to resign.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>145</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858825"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Confidentiality</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858826"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In acting as Facility Agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858827"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If information is received by a division or department of the Facility Agent other than that division or department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as confidential to that division or department, and the Facility Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326188300"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Relationship with the Lenders</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858828"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Pro rata interest settlement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Facility Agent may treat the person shown in its records as Lender or Hedge Counterparty at the opening of business (in the place of the Facility Agent&#39;s principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office or, as the case may be, the Hedge Counterparty:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858829"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">entitled to or liable for any payment due under any Finance Document on that day; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858830"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">unless it has received not less than five Business Days&#39; prior notice from that Lender or Hedge Counterparty to the contrary in accordance with the terms of this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858831"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Lender shall supply the Facility Agent with any information required by the Facility Agent in order to calculate the Mandatory Cost.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262155"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Lender and each Hedge Counterparty shall supply the Facility Agent with any information that the Security Agent may reasonably specify (through the Facility Agent) as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent. &#160;Each Lender and Hedge Counterparty shall deal with the Security Agent exclusively through the Facility Agent and shall not deal directly with the Security Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858832"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. &#160;Such notice shall contain the address and (where communication by electronic mail or other electronic means is permitted under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Electronic communication</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)) electronic mail address and/or any other information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as notification of a substitute address, electronic mail address, department and officer by that Lender for the purposes of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Addresses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef926"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Electronic communication</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the Facility Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>146</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858833"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Credit appraisal by the Lenders</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender and Hedge Counterparty confirms to the Facility Agent and each Mandated Lead Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in connection with, any Finance Document including but not limited to:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858834"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the financial condition, status and nature of each member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858835"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and the Transaction Security and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858836"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Finance Document or the Transaction Security, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858837"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the adequacy, accuracy and/or completeness of any information provided by the Facility Agent, any Party or by any other person under, or in connection with, any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858838"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the right or title of any person in or to or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858839"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Facility Agent&#39;s management time</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any amount payable to the Facility Agent under Clause 16.4 (<i style="font-style:italic;">Indemnity to the Servicing Parties</i>), Clause 18 (<i style="font-style:italic;">Costs and Expenses</i>) and Clause 34.11 (<i style="font-style:italic;">Lenders&#39; indemnity to the Facility Agent</i>) shall include the cost of utilising the Facility Agent&#39;s management time or other resources to the extent that this relates to extraordinary matters which arise following the occurrence of any Default or Event of Default, such as requests for waivers or amendments and/or a potential Default or Event of Default, and the compensation payable to the Facility Agent for such use of its management time shall, upon the Facility Agent&#39;s request, be agreed between the Borrowers, the Lenders and the Facility Agent and will be payable by the Borrowers in addition to any fee paid or payable to the Facility Agent under Clause 13 (<i style="font-style:italic;">Fees</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.17</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858840"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deduction from amounts payable by the Facility Agent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If any Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. &#160;For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>147</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.18</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339384066"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Full freedom to enter into transactions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Notwithstanding any rule of law or equity to the contrary, the Facility Agent shall be absolutely entitled:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261217"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party to, or referred to in, a Finance Document);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261223"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to deal in and enter into and arrange transactions relating to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858841"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any securities issued or to be issued by any Transaction Obligor or any other person; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858842"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any options or other derivatives in connection with such securities; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261229"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to provide advice or other services to any Borrower or any person who is a party to, or referred to in, a Finance Document,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and, in particular, the Facility Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.19</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref77069965"></a><a name="_Hlk77071309"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Amounts paid in error</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858843"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent pays an amount to another Party and the Facility Agent notifies that Party that such payment was an Erroneous Payment then the Party to whom that amount was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref77070017"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Neither:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858844"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the obligations of any Party to the Facility Agent; nor</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858845"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the remedies of the Facility Agent,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">(whether arising under this Clause 34.19 (<i style="font-style:italic;">Amounts paid in error</i>) or otherwise) which relate to an Erroneous Payment will be affected by any act, omission, matter or thing which, but for this paragraph (b), would reduce, release or prejudice any such obligation or remedy (whether or not known by the Facility Agent or any other Party).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858846"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All payments to be made by a Party to the Facility Agent (whether made pursuant to this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.19</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Amounts paid in error</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or otherwise)) which relate to an Erroneous Payment shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>148</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858847"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In this Agreement, &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Erroneous Payment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means a payment of an amount by the Facility Agent to another Party which the Facility Agent determines (in its sole discretion) was made in error.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326183768"></a><a name="_Ref326183769"></a><a name="_Ref326183959"></a><a name="_Ref326183960"></a><a name="_Toc360093718"></a><a name="_Toc360093919"></a><a name="_Toc360097820"></a><a name="_Toc360191459"></a><a name="_Toc360191576"></a><a name="_Toc360191692"></a><a name="_Toc362504371"></a><a name="_Toc362518418"></a><a name="_Toc362605365"></a><a name="_Toc363549805"></a><a name="_Toc367198648"></a><a name="_Toc367792036"></a><a name="_Toc367867023"></a><a name="_Toc371413652"></a><a name="_Toc371413868"></a><a name="_Toc371932746"></a><a name="_Toc378965703"></a><a name="_Toc380566915"></a><a name="_Toc380579051"></a><a name="_Toc382507908"></a><a name="_Toc384670159"></a><a name="_Toc442833384"></a><a name="_Toc444194849"></a><a name="_Toc445290427"></a><a name="_Toc137536048"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">The Security Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180840"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Trust</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261253"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent declares that it shall hold the Security Property on trust for the Secured Parties on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the other provisions of the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858848"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each of the parties to this Agreement agrees that the Security Agent shall have only those duties, obligations and responsibilities expressly specified in this Agreement or in the Finance Documents (and no others shall be implied).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858849"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent shall not have any liability to any person in respect of its duties, obligations and responsibilities under this Agreement or the other Finance Documents except as expressly set out in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Trust</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and as excluded or limited by this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) including in particular Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Instructions to Security Agent and exercise of discretion</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.13</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Responsibility for documentation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Exclusion of liability</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">). Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.16</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Lenders&#39; indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.24</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Business with the Group</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Full freedom to enter into transactions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180900"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Parallel Debt (Covenant to pay the Security Agent)</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858850"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its Parallel Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858851"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Parallel Debt of an Obligor:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858852"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">shall become due and payable at the same time as its Corresponding Debt;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858853"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is independent and separate from, and without prejudice to, its Corresponding Debt.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858854"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For purposes of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Parallel Debt (Covenant to pay the Security Agent)</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Security Agent:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858855"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is the independent and separate creditor of each Parallel Debt;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858856"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">acts in its own name and not as agent, representative or trustee of the Finance Parties and its claims in respect of each Parallel Debt shall not be held on trust; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858857"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">shall have the independent and separate right to demand payment of each Parallel Debt in its own name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in any kind of insolvency proceeding).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858858"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Parallel Debt of an Obligor shall be:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858859"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or discharged; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>149</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858860"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">increased to the extent that its Corresponding Debt has increased,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">and the Corresponding Debt of an Obligor shall be:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858861"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858862"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">increased to the extent that its Parallel Debt has increased,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">in each case provided that the Parallel Debt of an Obligor shall never exceed its Corresponding Debt.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858863"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All amounts received or recovered by the Security Agent in connection with this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Parallel Debt (Covenant to pay the Security Agent)</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) to the extent permitted by applicable law, shall be applied in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of receipts; partial payments</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858864"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Parallel Debt (Covenant to pay the Security Agent)</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall apply, with any necessary modifications, to each Finance Document.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858865"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No independent power</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Secured Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any rights or powers arising under the Finance Documents creating the Transaction Security except through the Security Agent.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180952"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Application of receipts</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261281"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Except as expressly stated to the contrary in any Finance Document, any moneys which the Security Agent receives or recovers and which are, or are attributable to, Security Property (for the purposes of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Recoveries</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) shall be transferred to the Facility Agent for application in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of receipts; partial payments</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858866"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above is without prejudice to the rights of the Security Agent, each Receiver and each Delegate:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858867"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) to be indemnified out of the Charged Property; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858868"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">under any Finance Document to credit any moneys received or recovered by it to any suspense account.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858869"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any transfer by the Security Agent to the Facility Agent in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall be a good discharge, to the extent of that payment, by the Security Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858870"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of receipts</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339451574"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deductions from receipts</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261332"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Before transferring any moneys to the Facility Agent under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of receipts</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Security Agent may, in its discretion:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>150</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261334"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">deduct any sum then due and payable under this Agreement or any other Finance Documents to the Security Agent or any Receiver or Delegate and retain that sum for itself or, as the case may require, pay it to another person to whom it is then due and payable;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858871"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made by it under this Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858872"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">pay all Taxes which may be assessed against it in respect of any of the Security Property, or as a consequence of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858873"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For the purposes of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, if the Security Agent has become entitled to require a sum to be paid to it on demand, that sum shall be treated as due and payable, even if no demand has yet been served.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339452014"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Prospective liabilities</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Following acceleration of any of the Transaction Security, the Security Agent may, in its discretion, or at the request of the Facility Agent, hold any Recoveries in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) for later payment to the Facility Agent for application in accordance with Clause 38.5 (<i style="font-style:italic;">Application of receipts; partial payments</i>) in respect of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858874"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any sum to the Security Agent, any Receiver or any Delegate; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261355"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any part of the Secured Liabilities,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">that the Security Agent or, in the case of paragraph (b) only, the Facility Agent, reasonably considers, in each case, might become due or owing at any time in the future.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339450755"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Investment of proceeds</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Prior to the payment of the proceeds of the Recoveries to the Facility Agent for application in accordance with Clause 38.5 (<i style="font-style:italic;">Application of receipts; partial payments</i>) the Security Agent may, in its discretion, hold all or part of those proceeds in an interest bearing (if applicable) suspense or impersonal account(s) with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest (if any) being credited to the relevant account) pending the payment &#160;from time to time of those moneys in the Security Agent&#39;s discretion in accordance with the provisions of this Clause 35.7 (<i style="font-style:italic;">Investment of proceeds</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180853"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Instructions to Security Agent and exercise of discretion</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261399"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, the Security Agent shall act in accordance with any instructions given to it by the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) or, if so instructed by the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)), refrain from exercising any right, power, authority or discretion vested in it as Security Agent and shall be entitled to assume that:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>151</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858875"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any instructions received by it from the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) are duly given in accordance with the terms of the Finance Documents; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858876"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">unless it has received actual notice of revocation, that those instructions or directions have not been revoked.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858877"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent shall be entitled to request instructions, or clarification of any direction, from the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) as to whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities and discretions and the Security Agent may refrain from acting unless and until those instructions or clarification are received by it.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858878"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any instructions given to the Security Agent by the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) shall override any conflicting instructions given by any other Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261385"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not apply:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858879"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">where a contrary indication appears in this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858880"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">where this Agreement requires the Security Agent to act in a specified manner or to take a specified action;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858881"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in respect of any provision which protects the Security Agent&#39;s own position in its personal capacity as opposed to its role of Security Agent for the Secured Parties including, without limitation, the provisions set out in Clauses </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.10</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Agent&#39;s discretions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Full freedom to enter into transactions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858882"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in respect of the exercise of the Security Agent&#39;s discretion to exercise a right, power or authority under any of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Deductions from receipts</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Prospective liabilities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858883"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security Agent&#39;s Actions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Without prejudice to the provisions of Clause 35.4 (<i style="font-style:italic;">Application of receipts</i>), the Security Agent may (but shall not be obliged to), in the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180989"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security Agent&#39;s discretions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858884"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent may:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858885"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">assume (unless it has received actual notice to the contrary from the Facility Agent) that </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef64"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> no Default has occurred and no Obligor is in breach of or default under its obligations under any of the Finance Documents and (ii) any right, power, authority or discretion vested by any Finance Document in any person has not been exercised;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858886"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any notice or request made by any Borrower (other than the Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>152</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858887"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if it receives any instructions or directions to take any action in relation to the Transaction Security, assume that all applicable conditions under the Finance Documents for taking that action have been satisfied;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858888"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers, surveyors or other experts (whether obtained by the Security Agent or by any other Secured Party) whose advice or services may at any time seem necessary, expedient or desirable;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858889"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">act in relation to the Finance Documents through its personnel and agents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858890"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">disclose to any other Party any information it reasonably believes it has received as security agent under this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858891"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">rely upon any communication or document believed by it to be genuine and, as to any matters of fact which might reasonably be expected to be within the knowledge of a Secured Party or an Obligor, upon a certificate signed by or on behalf of that person; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858892"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">refrain from acting in accordance with the instructions of any Party (including bringing any legal action or proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or security that it may in its discretion require (whether by way of payment in advance or otherwise) for all costs, losses and liabilities which it may incur in so acting.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858893"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858894"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security Agent&#39;s obligations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Security Agent shall promptly:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858895"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">copy to the Facility Agent the contents of any notice or document received by it from any Obligor under any Finance Document;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858896"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party provided that, except where a Finance Document expressly provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858897"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">inform the Facility Agent of the occurrence of any Default or any default by a Debtor in the due performance of or compliance with its obligations under any Finance Document of which the Security Agent has received notice from any other party to this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858898"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Excluded obligations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent shall not:</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>153</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858899"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be bound to enquire as to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef65"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> whether or not any Default has occurred or (ii) the performance, default or any breach by a Transaction Obligor of its obligations under any of the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858900"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be bound to account to any other Party for any sum or the profit element of any sum received by it for its own account;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858901"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be bound to disclose to any other person (including but not limited to any Secured Party) </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef66"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> any confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858902"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">have or be deemed to have any relationship of trust or agency with, any Obligor.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180871"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Responsibility for documentation</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">None of the Security Agent, any Receiver nor any Delegate shall accept responsibility or be liable for:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858903"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security Agent or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858904"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Security Property;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858905"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any losses to any person or any liability arising as a result of taking or refraining from taking any action in relation to any of the Finance Documents, the Security Property or otherwise, whether in accordance with an instruction from the Facility Agent or otherwise unless directly caused by its gross negligence or wilful misconduct;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858906"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection with any of the Finance Documents, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, the Finance Documents or the Security Property; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858907"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any shortfall which arises on the enforcement or realisation of the Security Property.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183798"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Exclusion of liability</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858908"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without limiting Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.15</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">No proceedings</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), none of the Security Agent, any Receiver or any Delegate will be liable for any action taken by it or not taken by it under or in connection with any Finance Document or the Transaction Security, unless directly caused by its gross negligence or wilful misconduct.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858909"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by it for that purpose.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>154</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858910"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Nothing in this Agreement shall oblige the Security Agent to carry out any &quot;know your customer&quot; or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Security Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Agent.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326181025"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No proceedings</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Party (other than the Security Agent, that Receiver or that Delegate) may take any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Security Property and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.5 (<i style="font-style:italic;">Third party rights</i>) and the provisions of the Third Parties Rights Act.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180887"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Lenders&#39; indemnity to the Security Agent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Security Agent and every Receiver and every Delegate, within three Business Days of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the relevant Security Agent&#39;s, Receiver&#39;s or Delegate&#39;s gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under the Finance Documents (unless the relevant Security Agent, Receiver or Delegate has been reimbursed by a Transaction Obligor pursuant to a Finance Document).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.17</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc32927286"></a><a name="_Ref136858911"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security Agent&#39;s management time</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref459041362"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any amount payable to the Security Agent under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">18</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Costs and Expenses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.16</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Lenders&#39; indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall include the cost of utilising the Security Agent&#39;s management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Security Agent may notify to the Borrowers and the other Finance Parties, and is in addition to any fee paid or payable to the Security Agent under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">13</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref397036316"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without prejudice to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, in the event of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858912"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Default;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858913"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Security Agent being requested by an Obligor or the Majority Lenders to undertake duties which the Security Agent and the Borrowers agree to be of an exceptional nature or outside the scope of the normal duties of the Security Agent under the Finance Documents; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858914"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Security Agent and the Borrowers agreeing that it is otherwise appropriate in the circumstances,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the Borrowers shall pay to the Security Agent any additional remuneration (together with any applicable VAT) that may be agreed between them or determined pursuant to paragraph (c) below.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>155</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858915"></a><a name="_Ref397036300"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Security Agent and the Borrowers fail to agree upon the nature of the duties, or upon the additional remuneration referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above or whether additional remuneration is appropriate in the circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent and approved by the Borrowers or, failing approval, nominated (on the application of the Security Agent) by the President for the time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by the Borrowers) and the determination of any investment bank shall be final and binding upon the Parties.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.18</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858916"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Own responsibility</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Secured Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858917"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the financial condition, status and nature of each member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858918"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the legality, validity, effectiveness, adequacy and enforceability of any Finance Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Security Property;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858919"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the Security Property, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Security Property;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858920"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the adequacy, accuracy and/or completeness of any information provided by the Security Agent or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858921"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and each Secured Party warrants to the Security Agent that it has not relied on and will not at any time rely on the Security Agent in respect of any of these matters.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.19</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858922"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No responsibility to perfect Transaction Security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Security Agent shall not be liable for any failure to:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858923"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">require the deposit with it of any deed or document certifying, representing or constituting the title of any Transaction Obligor to any of the Charged Property;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858924"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any of the Finance Documents or the Transaction Security;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>156</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858925"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of the Finance Documents or of the Transaction Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858926"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">take, or to require any of the Transaction Obligors to take, any steps to perfect its title to any of the Charged Property or to render the Transaction Security effective or to secure the creation of any ancillary Security under the laws of any jurisdiction; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858927"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">require any further assurances in relation to any of the Finance Documents creating the Transaction Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.20</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858928"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Insurance by Security Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858929"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent shall not be under any obligation to insure any of the Charged Property, to require any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the Finance Documents. &#160;The Security Agent shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy of any such insurance.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858930"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Where the Security Agent is named on any insurance policy as an insured party, it shall not be responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Facility Agent shall have requested it to do so in writing and the Security Agent shall have failed to do so within 14 days after receipt of that request.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.21</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858931"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Custodians and nominees</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any assets of the trust as the Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.22</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858932"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Acceptance of title</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the Transaction Obligors may have to any of the Charged Property and shall not be liable for or bound to require any Transaction Obligor to remedy any defect in its right or title.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.23</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858933"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Refrain from illegality</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent may refrain from doing anything which in its opinion will or may be contrary to any relevant law, directive or regulation of any jurisdiction and the Security Agent may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>157</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.24</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339442844"></a><a name="_Ref340136267"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Business with the Group</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.25</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183935"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Winding up of trust</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If the Security Agent, with the approval of the Facility Agent determines that <a name="DocXTextRef67"></a>(a) all of the Secured Liabilities and all other obligations secured by the Finance Documents creating the Transaction Security have been fully and finally discharged and <a name="DocXTextRef68"></a>(b) none of the Secured Parties is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Obligor pursuant to the Finance Documents:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858934"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Finance Documents creating the Transaction Security; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261510"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Retiring Security Agent shall release, without recourse or warranty, all of its rights under each of the Finance Documents creating the Transaction Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.26</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858935"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Powers supplemental</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The rights, powers and discretions conferred upon the Security Agent by this Agreement shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by general law or otherwise.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.27</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858936"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Trustee division separate</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858937"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In acting as trustee for the Secured Parties, the Security Agent shall be regarded as acting through its trustee division which shall be treated as a separate entity from any of its other divisions or departments.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858938"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If information is received by another division or department of the Security Agent, it may be treated as confidential to that division or department and the Security Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.28</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180974"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disapplication</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In addition to its rights under or by virtue of this Agreement and the other Finance Documents, the Security Agent shall have all the rights conferred on a trustee by the Trustee Act 1925, the Trustee Delegation Act 1999, the Trustee Act 2000 and by general law or otherwise, provided that:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858939"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement and the other Finance Documents; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858940"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">where there are any inconsistencies between </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef69"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the Trustee Acts 1925 and 2000 and (ii) the provisions of this Agreement and any other Finance Document, the provisions of this Agreement and any other Finance Document shall, to the extent allowed by law, prevail and, in the case of any inconsistency with the Trustee Act 2000, such provisions shall constitute a restriction or exclusion for the purposes of the Trustee Act 2000.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>158</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.29</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339442952"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Full freedom to enter into transactions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Notwithstanding any rule of law or equity to the contrary, the Security Agent shall be absolutely entitled:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261445"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party to, or referred to in, a Finance Document);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261454"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to deal in and enter into and arrange transactions relating to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858941"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any securities issued or to be issued by any Transaction Obligor or any other person; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858942"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any options or other derivatives in connection with such securities; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261461"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to provide advice or other services to any Borrower or any person who is a party to, or referred to in, a Finance Document,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and, in particular, each Servicing Party shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.30</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858943"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Resignation of the Security Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858944"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent may resign and appoint one of its affiliates as successor by giving notice to the Borrowers and each Finance Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261485"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Alternatively the Security Agent may resign by giving notice to the other Parties in which case the Majority Lenders may appoint a successor Security Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858945"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above within 30 days after the notice of resignation was given, the Security Agent (after consultation with the Facility Agent) may appoint a successor Security Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261538"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The retiring Security Agent (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Retiring Security Agent</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) shall, at its own cost, make available to the successor Security Agent such documents and records and provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security Agent under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858946"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent&#39;s resignation notice shall only take effect upon </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef70"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the appointment of a successor and (ii) the transfer, by way of a document expressed as a deed, of all of the Security Property to that successor.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858947"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Upon the appointment of a successor, the Retiring Security Agent shall be discharged, by way of a document executed as a deed, from any further obligation in respect of the Finance </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>159</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Documents (other than its obligations under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.25</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Winding up of trust</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above) but shall, in respect of any act or omission by it whilst it was the Security Agent, remain entitled to the benefit of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.16</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Lenders&#39; indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and any other provisions of a Finance Document which are expressed to limit or exclude its liability in acting as Security Agent. &#160;Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had been an original Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858948"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above. &#160;In this event, the Security Agent shall resign in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above but the cost referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall be for the account of the Borrowers.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858949"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The consent of any Borrower (or any other Obligor) is not required for an assignment or transfer of rights and/or obligations by the Security Agent.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.31</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858950"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Delegation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858951"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any of the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858952"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit in the interests of the Secured Parties and it shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any such delegate or sub delegate.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.32</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858953"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Additional Security Agents</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858954"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858955"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if it considers that appointment to be in the interests of the Secured Parties; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858956"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">for the purposes of conforming to any legal requirements, restrictions or conditions which the Security Agent deems to be relevant; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858957"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">for obtaining or enforcing any judgment in any jurisdiction,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and the Security Agent shall give prior notice to the Borrowers and the Facility Agent of that appointment.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858958"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred on the Security Agent by this Agreement) and the duties and obligations that are conferred or imposed by the instrument of appointment.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858959"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>160</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">36</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093719"></a><a name="_Toc360093920"></a><a name="_Toc360097821"></a><a name="_Toc360191460"></a><a name="_Toc360191577"></a><a name="_Toc360191693"></a><a name="_Toc362504372"></a><a name="_Toc362518419"></a><a name="_Toc362605366"></a><a name="_Toc363549806"></a><a name="_Toc367198649"></a><a name="_Toc367792037"></a><a name="_Toc367867024"></a><a name="_Toc371413653"></a><a name="_Toc371413869"></a><a name="_Toc371932747"></a><a name="_Toc378965704"></a><a name="_Toc380566916"></a><a name="_Toc380579052"></a><a name="_Toc382507909"></a><a name="_Toc384670160"></a><a name="_Toc442833385"></a><a name="_Toc444194850"></a><a name="_Toc445290428"></a><a name="_Ref136858960"></a><a name="_Toc137536049"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Conduct of Business by the Finance Parties</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No provision of this Agreement will:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858961"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858962"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858963"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">37</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326182717"></a><a name="_Ref326182718"></a><a name="_Ref326184029"></a><a name="_Ref326184030"></a><a name="_Toc360093720"></a><a name="_Toc360093921"></a><a name="_Toc360097822"></a><a name="_Ref360104568"></a><a name="_Ref360112962"></a><a name="_Toc360191461"></a><a name="_Toc360191578"></a><a name="_Toc360191694"></a><a name="_Toc362504373"></a><a name="_Toc362518420"></a><a name="_Toc362605367"></a><a name="_Toc363549807"></a><a name="_Toc367198650"></a><a name="_Toc367792038"></a><a name="_Toc367867025"></a><a name="_Toc371413654"></a><a name="_Toc371413870"></a><a name="_Toc371932748"></a><a name="_Toc378965705"></a><a name="_Toc380566917"></a><a name="_Toc380579053"></a><a name="_Toc382507910"></a><a name="_Toc384670161"></a><a name="_Toc442833386"></a><a name="_Toc444194851"></a><a name="_Toc445290429"></a><a name="_Ref360104567"></a><a name="_Ref360112961"></a><a name="_Toc137536050"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Sharing Among the Finance Parties</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">37.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858964"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Payments to Finance Parties</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If a Finance Party (a &quot;<b style="font-weight:bold;">Recovering Finance Party</b>&quot;) receives or recovers any amount from an Obligor other than in accordance with Clause 38 (<i style="font-style:italic;">Payment Mechanics</i>)<i style="font-style:italic;"> </i>(a &quot;<b style="font-weight:bold;">Recovered Amount</b>&quot;) and applies that amount to a payment due to it under the Finance Documents then:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858965"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Facility Agent;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858966"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payment Mechanics</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858967"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sharing Payment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of receipts; partial payments</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">37.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326188247"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Redistribution of payments</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Facility Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it among the Finance Parties (other than the Recovering Finance Party) (the &quot;<b style="font-weight:bold;">Sharing Finance Parties</b>&quot;) in accordance with Clause 38.5 (<i style="font-style:italic;">Application of receipts; partial payments</i>)<i style="font-style:italic;"> </i>towards the obligations of that Obligor to the Sharing Finance Parties.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">37.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858968"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Recovering Finance Party &#39;s rights</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">On a distribution by the Facility Agent under Clause 37.2 (<i style="font-style:italic;">Redistribution of payments</i>) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>161</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">37.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858969"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Reversal of redistribution</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858970"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Redistributed Amount</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858971"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">37.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858972"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Exceptions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858973"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">37</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sharing Among the Finance Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858974"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858975"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">it notified that other Finance Party of the legal or arbitration proceedings; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858976"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;text-transform:uppercase;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>162</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 12</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413655"></a><a name="_Toc371413871"></a><a name="_Toc371932749"></a><a name="_Toc378965706"></a><a name="_Toc380566918"></a><a name="_Toc380579054"></a><a name="_Toc382507911"></a><a name="_Toc384670162"></a><a name="_Toc442833387"></a><a name="_Toc444194852"></a><a name="_Toc445290430"></a><a name="_Ref136858977"></a><a name="_Toc137536051"></a>Administration</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326182917"></a><a name="_Ref326182918"></a><a name="_Ref326183973"></a><a name="_Ref326183974"></a><a name="_Toc360093721"></a><a name="_Toc360093922"></a><a name="_Toc360097823"></a><a name="_Toc360191462"></a><a name="_Toc360191579"></a><a name="_Toc360191695"></a><a name="_Toc362504374"></a><a name="_Toc362518421"></a><a name="_Toc362605368"></a><a name="_Toc363549808"></a><a name="_Toc367198651"></a><a name="_Toc367792039"></a><a name="_Toc367867026"></a><a name="_Toc371413656"></a><a name="_Toc371413872"></a><a name="_Toc371932750"></a><a name="_Toc378965707"></a><a name="_Toc380566919"></a><a name="_Toc380579055"></a><a name="_Toc382507912"></a><a name="_Toc384670163"></a><a name="_Toc442833388"></a><a name="_Toc444194853"></a><a name="_Toc445290431"></a><a name="_Toc137536052"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Payment Mechanics</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref133597013"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Payments to the Facility Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858978"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make an amount equal to such payment available to the Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Payment shall be made to such account in the principal financial centre of the country of that currency and with such bank as the Facility Agent, in each case, specifies.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183421"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Distributions by the Facility Agent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause 38.3 (<i style="font-style:italic;">Distributions to an Obligor</i>) and Clause 38.4 (<i style="font-style:italic;">Clawback and pre-funding</i>) be made available by the Facility Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five Business Days&#39; notice with a bank specified by that Party in the principal financial centre of the country of that currency, as specified by that Party or, in the case of an Advance, to such account of such person as may be specified by the Borrowers in a Utilisation Request.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326184043"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Distributions to an Obligor</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Facility Agent may (with the consent of the Obligor or in accordance with Clause 39 (<i style="font-style:italic;">Set-Off</i>)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326184053"></a><a name="_Ref362513540"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Clawback</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> and pre-funding</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858979"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858980"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below applies, if the Facility Agent pays an amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261640"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent is willing to make available amounts for the account of the Borrowers before receiving funds from the Lenders then if and to the extent that the Facility Agent does </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>163</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Borrowers:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858981"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers shall on demand refund it to the Facility Agent; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858982"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Lender by whom those funds should have been made available or, if the Lender fails to do so, the Borrowers to whom that sum was made available, shall on demand pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180918"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Application of receipts; partial payments</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261738"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below and except as any Finance Document may otherwise provide, any payment that is received or recovered by any Finance Party under, in connection with, or pursuant to any Finance Document shall be paid to the Facility Agent which shall apply the same in the following order:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858983"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">first</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, in or towards payment of any amounts then due and payable under any of the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858984"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">secondly</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, in retention by the Security Agent of an amount equal to any amount not then payable under any Finance Document but which the Facility Agent, by notice to the Borrowers and the other Finance Parties, states in its opinion will or may become payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858985"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">thirdly</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, any surplus shall be paid to the Borrowers or to any other person who appears to be entitled to it.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261657"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Facility Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858986"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">first</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, in or towards payment </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro rata</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of any unpaid fees, costs and expenses of, and any other amounts owing to, the Facility Agent, the Security Agent, any Receiver and any Delegate under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261705"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">secondly</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, in or towards payment </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro rata</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858987"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any accrued interest and fees due but unpaid to the Lenders under this Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858988"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any periodical payments (not being payments as a result of termination or closing out) due but unpaid to the Hedge Counterparties under the Hedging Agreements;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858989"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">thirdly</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, in or towards payment </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro rata</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858990"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any principal due but unpaid to the Lenders under this Agreement; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>164</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858991"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under the Hedging Agreements; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261717"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">fourthly</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, in or towards payment </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro rata</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of any other sum due to any Finance Party but unpaid under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261750"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall, if so directed by the Majority Lenders and the Hedge Counterparties, vary, or instruct the Security Agent to vary (as applicable), the order set out in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iv)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858992"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above will override any appropriation made by an Obligor.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858993"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No set-off by Obligors</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261769"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858994"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not affect the operation of any payment or close-out netting in respect of any amounts owing under any Hedging Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858995"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Business Days</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858996"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858997"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858998"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Currency of account</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858999"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261832"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261837"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326179035"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Change of currency</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859000"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859001"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Facility Agent (after consultation with the Borrowers); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859002"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>165</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">currency unit into the other, rounded up or down by the Facility Agent (acting reasonably).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859003"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting reasonably and after consultation with the Borrowers) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859004"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Currency Conversion</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859005"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For the purpose of, or pending any payment to be made by any Servicing Party under any Finance Document, such Servicing Party may convert any moneys received or recovered by it from one currency to another, at a market rate of exchange.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859006"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180686"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disruption to Payment Systems etc.</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by a Borrower that a Disruption Event has occurred:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261871"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent may, and shall if requested to do so by a Borrower, consult with the Borrowers with a view to agreeing with the Borrowers such changes to the operation or administration of the Facility as the Facility Agent may deem necessary in the circumstances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859007"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent shall not be obliged to consult with the Borrowers in relation to any changes mentioned in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859008"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261903"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any such changes agreed upon by the Facility Agent and the Borrowers shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Amendments and Waivers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260902"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.11</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Disruption to Payment Systems etc.</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859009"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">39</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326184064"></a><a name="_Ref326184065"></a><a name="_Toc360093722"></a><a name="_Toc360093923"></a><a name="_Toc360097824"></a><a name="_Toc360191463"></a><a name="_Toc360191580"></a><a name="_Toc360191696"></a><a name="_Toc362504375"></a><a name="_Toc362518422"></a><a name="_Toc362605369"></a><a name="_Toc363549809"></a><a name="_Toc367198652"></a><a name="_Toc367792040"></a><a name="_Toc367867027"></a><a name="_Toc371413657"></a><a name="_Toc371413873"></a><a name="_Toc371932751"></a><a name="_Toc378965708"></a><a name="_Toc380566920"></a><a name="_Toc380579056"></a><a name="_Toc382507913"></a><a name="_Toc384670164"></a><a name="_Toc442833389"></a><a name="_Toc444194854"></a><a name="_Toc445290432"></a><a name="_Toc137536053"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Set-Off</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;">A Finance Party may set off any obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or </p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>166</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">currency of either obligation. &#160;If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">40</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc440381823"></a><a name="_Toc442795037"></a><a name="_Toc444194855"></a><a name="_Toc445290433"></a><a name="_Ref136859010"></a><a name="_Toc137536054"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Bail-In</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">40.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859011"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Contractual recognition of bail-in</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859012"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Bail-In Action in relation to any such liability, including (without limitation):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859013"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859014"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859015"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a cancellation of any such liability; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859016"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093723"></a><a name="_Toc360093924"></a><a name="_Toc360097825"></a><a name="_Toc360191464"></a><a name="_Toc360191581"></a><a name="_Toc360191697"></a><a name="_Toc362504376"></a><a name="_Toc362518423"></a><a name="_Toc362605370"></a><a name="_Toc363549810"></a><a name="_Toc367198653"></a><a name="_Toc367792041"></a><a name="_Toc367867028"></a><a name="_Toc371413658"></a><a name="_Toc371413874"></a><a name="_Toc371932752"></a><a name="_Toc378965709"></a><a name="_Toc380566921"></a><a name="_Toc380579057"></a><a name="_Toc382507914"></a><a name="_Toc384670165"></a><a name="_Toc442833390"></a><a name="_Toc444194856"></a><a name="_Toc445290434"></a><a name="_Ref136859017"></a><a name="_Ref107920590"></a><a name="_Toc137536055"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Notices</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859018"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Communications in writing</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by letter.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180774"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Addresses</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents are:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859019"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Borrowers, that specified in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859020"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of each Lender, each Hedge Counterparty or any other Obligor, that specified in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or, if it becomes a Party after the date of this Agreement, that notified in writing to the Facility Agent on or before the date on which it becomes a Party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859021"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Facility Agent, that specified in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859022"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Security Agent, that specified in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">or any substitute address, department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other Parties, if a change is made by the Facility Agent) by not less than five Business Days&#39; notice.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>167</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859023"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Delivery</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859024"></a><a name="_Ref376261926"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective, if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, and, if a particular department or officer is specified as part of its address details provided under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Addresses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), if addressed to that department or officer.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859025"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any communication or document to be made or delivered to a Servicing Party will be effective only when actually received by that Servicing Party and then only if it is expressly marked for the attention of the department or officer of that Servicing Party specified in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) (or any substitute department or officer as that Servicing Party shall specify for this purpose).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859026"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All notices from or to an Obligor shall be sent through the Facility Agent unless otherwise specified in any Finance Document.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261932"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any communication or document made or delivered to the Borrowers in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859027"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any communication or document which becomes effective, in accordance with paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859028"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of address</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Promptly upon receipt of notification of an address or change of address pursuant to Clause 41.2 (<i style="font-style:italic;">Addresses</i>) or changing its own address, the Facility Agent shall notify the other Parties.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180754"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Electronic communication</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261063"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means, to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication and if those two Parties:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859029"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859030"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">notify each other of any change to their address or any other such information supplied by them by not less than five Business Days&#39; notice.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261951"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any electronic communication made between those two Parties will be effective only when actually received in readable form and in the case of any electronic communication made by a Party to the Facility Agent only if it is addressed in such a manner as the Facility Agent shall specify for this purpose.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859031"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any electronic communication which becomes effective, in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>168</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859032"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">English language</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859033"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any notice given under or in connection with any Finance Document must be in English.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859034"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All other documents provided under or in connection with any Finance Document must be:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859035"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in English; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859036"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if not in English, and if so required by the Facility Agent, accompanied by a certified English translation prepared by a translator approved by the Facility Agent and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859037"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedging Agreement</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Notwithstanding anything in Clause 1.1 (<i style="font-style:italic;">Definitions</i>), references to the Finance Documents or a Finance Document in this clause do not include any Hedging Agreement entered into by the Borrowers with the Hedge Counterparty in connection with the Facility.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">42</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093724"></a><a name="_Toc360093925"></a><a name="_Toc360097826"></a><a name="_Toc360191465"></a><a name="_Toc360191582"></a><a name="_Toc360191698"></a><a name="_Toc362504377"></a><a name="_Toc362518424"></a><a name="_Toc362605371"></a><a name="_Toc363549811"></a><a name="_Toc367198654"></a><a name="_Toc367792042"></a><a name="_Toc367867029"></a><a name="_Toc371413659"></a><a name="_Toc371413875"></a><a name="_Toc371932753"></a><a name="_Toc378965710"></a><a name="_Toc380566922"></a><a name="_Toc380579058"></a><a name="_Toc382507915"></a><a name="_Toc384670166"></a><a name="_Toc442833391"></a><a name="_Toc444194857"></a><a name="_Toc445290435"></a><a name="_Ref136859038"></a><a name="_Toc137536056"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Calculations and Certificates</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">42.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859039"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accounts</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are <i style="font-style:italic;">prima facie</i> evidence of the matters to which they relate.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">42.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859040"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Certificates and determinations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">42.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859041"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Day count convention and interest calculation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433543"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any interest, commission or fee accruing under a Finance Document will accrue from day to day and the amount of any such interest, commission or fee is calculated:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433544"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433545"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, without rounding.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859042"></a><a name="_Ref106433546"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall provide the Borrowers with its calculations in relation to any amount referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, if the Borrowers request this in writing to the Facility Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref134546127"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The aggregate amount of any accrued interest, commission or fee which is, or becomes, payable by an Obligor under a Finance Document shall be rounded to two decimal places.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">42.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360093725"></a><a name="_Toc360093926"></a><a name="_Toc360097827"></a><a name="_Toc360191466"></a><a name="_Toc360191583"></a><a name="_Toc360191699"></a><a name="_Toc362504378"></a><a name="_Toc362518425"></a><a name="_Toc362605372"></a><a name="_Toc363549812"></a><a name="_Toc367198655"></a><a name="_Toc367792043"></a><a name="_Toc367867030"></a><a name="_Toc371413660"></a><a name="_Toc371413876"></a><a name="_Toc371932754"></a><a name="_Toc378965711"></a><a name="_Toc380566923"></a><a name="_Toc380579059"></a><a name="_Toc382507916"></a><a name="_Toc384670167"></a><a name="_Toc442833392"></a><a name="_Toc444194858"></a><a name="_Toc445290436"></a><a name="_Ref136859043"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Partial Invalidity</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;">If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or </p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>169</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">43</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093726"></a><a name="_Toc360093927"></a><a name="_Toc360097828"></a><a name="_Toc360191467"></a><a name="_Toc360191584"></a><a name="_Toc360191700"></a><a name="_Toc362504379"></a><a name="_Toc362518426"></a><a name="_Toc362605373"></a><a name="_Toc363549813"></a><a name="_Toc367198656"></a><a name="_Toc367792044"></a><a name="_Toc367867031"></a><a name="_Toc371413661"></a><a name="_Toc371413877"></a><a name="_Toc371932755"></a><a name="_Toc378965712"></a><a name="_Toc380566924"></a><a name="_Toc380579060"></a><a name="_Toc382507917"></a><a name="_Toc384670168"></a><a name="_Toc442833393"></a><a name="_Toc444194859"></a><a name="_Toc445290437"></a><a name="_Ref136859044"></a><a name="_Toc137536057"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Remedies and Waivers</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No failure to exercise, nor any delay in exercising, on the part of any Secured Party, any right or remedy under the Finance Documents shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. &#160;No election to affirm any of the Finance Documents on the part of a Secured Party shall be effective unless it is in writing. &#160;No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. &#160;The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">44</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093727"></a><a name="_Toc360093928"></a><a name="_Toc360097829"></a><a name="_Toc360191468"></a><a name="_Toc360191585"></a><a name="_Toc360191701"></a><a name="_Toc362504380"></a><a name="_Toc362518427"></a><a name="_Toc362605374"></a><a name="_Toc363549814"></a><a name="_Toc367198657"></a><a name="_Toc367792045"></a><a name="_Toc367867032"></a><a name="_Toc371413662"></a><a name="_Toc371413878"></a><a name="_Toc371932756"></a><a name="_Toc378965713"></a><a name="_Toc380566925"></a><a name="_Toc380579061"></a><a name="_Toc382507918"></a><a name="_Toc384670169"></a><a name="_Toc442833394"></a><a name="_Toc444194860"></a><a name="_Toc445290438"></a><a name="_Ref136859045"></a><a name="_Toc137536058"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Settlement or Discharge Conditional</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any settlement or discharge under any Finance Document between any Finance Party and any Obligor shall be conditional upon no security or payment to any Finance Party by any Obligor or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or otherwise.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">45</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093728"></a><a name="_Toc360093929"></a><a name="_Toc360097830"></a><a name="_Toc360191469"></a><a name="_Toc360191586"></a><a name="_Toc360191702"></a><a name="_Toc362504381"></a><a name="_Toc362518428"></a><a name="_Toc362605375"></a><a name="_Toc363549815"></a><a name="_Toc367198658"></a><a name="_Toc367792046"></a><a name="_Toc367867033"></a><a name="_Toc371413663"></a><a name="_Toc371413879"></a><a name="_Toc371932757"></a><a name="_Toc378965714"></a><a name="_Toc380566926"></a><a name="_Toc380579062"></a><a name="_Toc382507919"></a><a name="_Toc384670170"></a><a name="_Toc442833395"></a><a name="_Toc444194861"></a><a name="_Toc445290439"></a><a name="_Ref136859046"></a><a name="_Toc137536059"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Irrevocable Payment</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If the Facility Agent considers that an amount paid or discharged by, or on behalf of, an Obligor or by any other person in purported payment or discharge of an obligation of that Obligor to a Finance Party under the Finance Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Obligor or otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">46</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326184072"></a><a name="_Ref326184073"></a><a name="_Ref326184145"></a><a name="_Ref326184146"></a><a name="_Ref326184181"></a><a name="_Ref326184182"></a><a name="_Toc360093729"></a><a name="_Toc360093930"></a><a name="_Toc360097831"></a><a name="_Toc360191470"></a><a name="_Toc360191587"></a><a name="_Toc360191703"></a><a name="_Toc362504382"></a><a name="_Toc362518429"></a><a name="_Toc362605376"></a><a name="_Toc363549816"></a><a name="_Toc367198659"></a><a name="_Toc367792047"></a><a name="_Toc367867034"></a><a name="_Toc371413664"></a><a name="_Toc371413880"></a><a name="_Toc371932758"></a><a name="_Toc378965715"></a><a name="_Toc380566927"></a><a name="_Toc380579063"></a><a name="_Toc382507920"></a><a name="_Toc384670171"></a><a name="_Toc442833396"></a><a name="_Toc444194862"></a><a name="_Toc445290440"></a><a name="_Toc137536060"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Amendments and Waivers</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">46.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859047"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Required consents</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859048"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">All Lender matters</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Other exceptions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and, in the case of an amendment, the Obligors and any such amendment or waiver will be binding on all Parties.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859049"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Amendments and Waivers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859050"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without prejudice to the generality of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Rights and discretions of the Facility Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.10</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Agent&#39;s discretions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Facility Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for and effecting any amendment, waiver or consent under this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">46.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326184125"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">All Lender matters</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859051"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to reference rate</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), an amendment of or waiver or consent in relation to any term of any Finance Document that has the effect of changing or which relates to:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>170</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859052"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the definitions of &quot;Majority Lenders&quot;, &quot;Restricted Party&quot;, &quot;Sanctions&quot; or &quot;Sanctions List&quot; in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Definitions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859053"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the definition of &quot;Majority Lenders&quot; in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Definitions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859054"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a postponement to or extension of the date of payment of any amount under the Finance Documents (other than in relation to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary prepayment of Loan</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in respect of a prepayment made pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Provision of additional security; prepayment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory prepayment or replacement on sale or Total Loss</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory prepayment of Hedging Payment Proceeds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">));</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859055"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a reduction in the Margin or the amount of any payment of principal, interest, fees or commission payable;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859056"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a change in currency of payment of any amount under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859057"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an increase in any Commitment or the Total Commitments, an extension of any Availability Period or any requirement that a cancellation of Commitments reduces the Commitments rateably under the Facility;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859058"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a change to any Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859059"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any provision which expressly requires the consent of all the Lenders;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ix)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859060"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Amendments and Waivers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(x)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859061"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any change to the preamble (Background), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Purpose</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Utilisation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Interest</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">23.34</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">26.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.20</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions and ship trading</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">30</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of Earnings</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to the Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">50</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Governing Law</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">51</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Enforcement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> &#160;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859062"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any release of, or material variation to, any Transaction Security, guarantee, indemnity or subordination arrangement set out in a Finance Document (except in the case of a release of Transaction Security as it relates to the disposal of an asset which is the subject of the Transaction Security and where such disposal is expressly permitted by the Majority Lenders or otherwise under a Finance Document);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859063"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(other than as expressly permitted by the provisions of any Finance Document), the nature or scope of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859064"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the guarantees and indemnities granted under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">19</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Guarantor</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">22</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Hedge Guarantors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the joint and several liability of the Guarantors under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">20</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Joint and Several Liability of the Guarantors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261990"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Charged Property; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261997"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the manner in which the proceeds of enforcement of the Transaction Security are distributed,</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>171</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">(except in the case of paragraphs (B) and (C) above, insofar as it relates to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document); </p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xiii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859065"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the release of the guarantees and indemnities granted under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">19</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Guarantor</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or of any Transaction Security unless permitted under this Agreement or another Finance Document or relating to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">shall not be made, or given, without the prior consent of all the Lenders.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">46.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref362514566"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other exceptions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859066"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An amendment or waiver which relates to the rights or obligations of a Servicing Party or either Mandated Lead Arranger (each in their capacity as such) may not be effected without the consent of that Servicing Party or, as the case may be, that Mandated Lead Arranger.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859067"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An amendment or waiver which relates to the rights or obligations of a Hedge Counterparty (in its capacity as such) may not be effected without the consent of that Hedge Counterparty.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859068"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers and the Facility Agent, either Mandated Lead Arranger or the Security Agent, as applicable, may amend or waive a term of a Fee Letter to which they are party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859069"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any of the terms of any Finance Document or other vote of Lenders under the terms of this Agreement within 10 Business Days of such request (unless the Borrowers and the Facility Agent agree to a longer time period in relation to any request), </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef72"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> its Commitment shall not be included for the purpose of calculating the Total Commitments under the relevant Facility when ascertaining whether any relevant percentage (including for the avoidance of doubt, unanimity) of Total Commitments has been obtained to approve that request and (ii) its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">46.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref410213042"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Changes to reference rates</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Hlk70673630"></a></b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410140580"></a><a name="_Ref106433572"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Other exceptions),</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> any amendment or waiver which relates to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859070"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">providing for the use of a Replacement Reference Rate; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859071"></a></font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859072"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">aligning any provision of any Finance Document to the use of that Replacement Reference Rate;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859073"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859074"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">implementing market conventions applicable to that Replacement Reference Rate;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>172</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(D)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859075"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(E)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859076"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">may be made with the consent of the Facility Agent (acting on the instructions of the Majority Lenders) and the Borrowers.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref65579795"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An amendment or waiver that relates to, or has the effect of, aligning the means of calculation of interest on a Compounded Rate Loan under this Agreement to any recommendation of a Relevant Nominating Body which:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859077"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relates to the use of the RFR on a compounded basis in the international or any relevant domestic syndicated loan markets; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859078"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is issued on or after the date of this Agreement,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">may be made with the consent of the Facility Agent (acting on the instructions of the Majority Lenders) and the Borrower.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433573"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any Lender fails to respond to a request for an amendment or waiver described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above within 20 Business Days (or such longer time period in relation to any request which the Borrowers and the Facility Agent may agree) of that request being made:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859079"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its Commitment or its participation in the Loan (as the case may be) shall not be included for the purpose of calculating the Total Commitments or the amount of the Loan (as applicable) when ascertaining whether any relevant percentage of Total Commitments or the aggregate of participations in the Loan (as applicable) has been obtained to approve that request; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859080"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433574"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to reference rates</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">):</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106433575"></a>&quot;<b style="font-weight:bold;">Published Rate</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433576"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the RFR; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433577"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Term SOFR for any Quoted Tenor.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106433578"></a>&quot;<b style="font-weight:bold;">Relevant Nominating Body</b>&quot; means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106433579"></a>&quot;<b style="font-weight:bold;">Replacement Reference Rate</b>&quot; means a reference rate which is:</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>173</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433580"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">formally designated, nominated or recommended as the replacement for a Published Rate by:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433581"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the administrator of that Published Rate (provided that the market or economic reality that such reference rate measures is the same as that measured by that Published Rate); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref67328981"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Relevant Nominating Body,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the &quot;Replacement Reference Rate&quot; will be the replacement under sub-paragraph (ii) above;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433582"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor or alternative to a Published Rate; or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433583"></a></font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859081"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the opinion of the Majority Lenders and the Borrower, an appropriate successor or alternative to a Published Rate.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">46.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref459843868"></a><a name="_Ref459843869"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Obligor Intent</b></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136859082"></a>Without prejudice to the generality of Clauses 1.2 (<i style="font-style:italic;">Construction</i>) and 19.4 (<i style="font-style:italic;">Waiver of defences</i>), each Obligor expressly confirms that it intends that any guarantee contained in this Agreement or any other Finance Document and any Security created by any Finance Document shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any of the following: &#160;business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing.</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326182277"></a><a name="_Ref326182278"></a><a name="_Ref326184312"></a><a name="_Ref326184313"></a><a name="_Toc360093730"></a><a name="_Toc360093931"></a><a name="_Toc360097832"></a><a name="_Toc360191471"></a><a name="_Toc360191588"></a><a name="_Toc360191704"></a><a name="_Toc362504383"></a><a name="_Toc362518430"></a><a name="_Toc362605377"></a><a name="_Toc363549817"></a><a name="_Toc367198660"></a><a name="_Toc367792048"></a><a name="_Toc367867035"></a><a name="_Toc371413665"></a><a name="_Toc371413881"></a><a name="_Toc371932759"></a><a name="_Toc378965716"></a><a name="_Toc380566928"></a><a name="_Toc380579064"></a><a name="_Toc382507921"></a><a name="_Toc384670172"></a><a name="_Toc442833397"></a><a name="_Toc444194863"></a><a name="_Toc445290441"></a><a name="_Toc137536061"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Confidentiality</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859083"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Confidential Information</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 47.2 (<i style="font-style:italic;">Disclosure of Confidential Information</i>) and Clause 47.3 (<i style="font-style:italic;">Disclosure to numbering service providers</i>) and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326184259"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disclosure of Confidential Information</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any Finance Party may disclose:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262014"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, insurers, reinsurers, insurance brokers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> is informed in writing of its confidential nature and that some or all of such Confidential </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>174</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262096"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to any person:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262110"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Facility Agent or Security Agent and, in each case, to any of that person&#39;s Affiliates, Related Funds, Representatives and professional advisers;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262115"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person&#39;s Affiliates, Related Funds, Representatives and professional advisers;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262366"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">appointed by any Finance Party or by a person to whom paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Relationship with the Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">));</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262400"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262420"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262431"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitrations, administrative or other investigations, proceedings or disputes;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262452"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security over Lenders&#39; rights</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859084"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">who is a Party, a member of the Group or any related entity of an Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ix)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859085"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as a result of the registration of any Finance Document as contemplated by any Finance Document or any legal opinion obtained in connection with any Finance Document; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(x)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859086"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">with the consent of the Parent Guarantor;</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">in each case, such Confidential Information as that Finance Party shall consider appropriate if:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859087"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>175</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">professional obligations to maintain the confidentiality of the Confidential Information;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859088"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iv)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859089"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(v)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(vi)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(vii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262508"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to any person appointed by that Finance Party or by a person to whom paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> if the service provider to whom the Confidential Information is to be given has entered in to a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrowers and the relevant Finance Party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859090"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859091"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to the U.S. Securities and Exchange Commission (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">SEC</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) such Confidential Information as may be required to be disclosed to the SEC.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433595"></a><a name="_Ref339453411"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">DAC6</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">Nothing in any Finance Document shall prevent disclosure of any Confidential Information or other matter to the extent that preventing that disclosure would otherwise cause any transaction contemplated by the Finance Documents or any transaction carried out in connection with any transaction contemplated by the Finance Documents to become an arrangement described in <a name="DocXTextRef73"></a>Part II A 1 of Annex IV of Directive 2011/16/EU.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859092"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disclosure to numbering service providers</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262600"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more Obligors the following information:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262539"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">names of Obligors;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859093"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">country of domicile of Obligors;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859094"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">place of incorporation of Obligors;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>176</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859095"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">date of this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859096"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the names of the Facility Agent and each Mandated Lead Arranger;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859097"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">date of each amendment and restatement of this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859098"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">amount of Total Commitments;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859099"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">currency of the Facility;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ix)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859100"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">type of Facility;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(x)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859101"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">ranking of Facility;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262552"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Termination Date for Facility;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859102"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">changes to any of the information previously supplied pursuant to paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(xi)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xiii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262612"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">such other information agreed between such Finance Party and the Borrowers,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">to enable such numbering service provider to provide its usual syndicated loan numbering identification services.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859103"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859104"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor represents that none of the information set out in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(xiii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above is, nor will at any time be, unpublished price-sensitive information.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859105"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall notify each Obligor and the other Finance Parties of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859106"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement, the Facility and/or one or more Obligors; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859107"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors by such numbering service provider.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859108"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Entire agreement</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This Clause 47 (<i style="font-style:italic;">Confidentiality</i>) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859109"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Inside information</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>177</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859110"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of disclosure</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrowers:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859111"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">of the circumstances of any disclosure of Confidential Information made pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)(v)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">47.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Disclosure of Confidential Information</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859112"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">upon becoming aware that Confidential Information has been disclosed in breach of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">47</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Confidentiality</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859113"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Continuing obligations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The obligations in this 47 (<i style="font-style:italic;">Confidentiality</i>) are continuing and , in particular, shall survive and remain binding on each Finance Party for a period of 12 months from the earlier of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859114"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859115"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date on which such Finance Party otherwise ceases to be a Finance Party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">48</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref410142871"></a><a name="_Toc106392671"></a><a name="_Toc107319316"></a><a name="_Toc137536062"></a><a name="_Toc360093731"></a><a name="_Toc360093932"></a><a name="_Toc360097833"></a><a name="_Toc360191472"></a><a name="_Toc360191589"></a><a name="_Toc360191705"></a><a name="_Toc362504384"></a><a name="_Toc362518431"></a><a name="_Toc362605378"></a><a name="_Toc363549818"></a><a name="_Toc367198661"></a><a name="_Toc367792049"></a><a name="_Toc367867036"></a><a name="_Toc371413666"></a><a name="_Toc371413882"></a><a name="_Toc371932760"></a><a name="_Toc378965717"></a><a name="_Toc380566929"></a><a name="_Toc380579065"></a><a name="_Toc382507922"></a><a name="_Toc384670173"></a><a name="_Toc442833398"></a><a name="_Toc444194864"></a><a name="_Toc445290442"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Confidentiality of Funding Rates</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">48.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410143754"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Confidentiality and disclosure</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433622"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it to anyone, save to the extent permitted by paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410143656"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may disclose:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410143628"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Funding Rate to the Borrowers pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Notification of rates of interest</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433623"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Funding Rate to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Facility Agent and the relevant Lender.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410143767"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent and each Obligor may disclose any Funding Rate to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410142432"></a><a name="_Ref106433624"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this sub-paragraph</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality in relation to it;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>178</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410143777"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433625"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433626"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any person with the consent of the relevant Lender.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">48.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433627"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Related obligations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433628"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent and each Obligor acknowledge that each Funding Rate is or may be price sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Facility Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433629"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433630"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">of the circumstances of any disclosure made pursuant to sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">48.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Confidentiality and disclosure</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433631"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">upon becoming aware that any information has been disclosed in breach of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">48</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Confidentiality of Funding Rates</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">48.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433632"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No Event of Default</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Event of Default will occur under Clause 31.4 (<i style="font-style:italic;">Other obligations</i>) by reason only of an Obligor&#39;s failure to comply with this Clause 48 (<i style="font-style:italic;">Confidentiality of Funding Rates</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">49</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref136859116"></a><a name="_Toc137536063"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Counterparts</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;text-transform:uppercase;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>179</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 13</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413667"></a><a name="_Toc371413883"></a><a name="_Toc371932761"></a><a name="_Toc378965718"></a><a name="_Toc380566930"></a><a name="_Toc380579066"></a><a name="_Toc382507923"></a><a name="_Toc384670174"></a><a name="_Toc442833399"></a><a name="_Toc444194865"></a><a name="_Toc445290443"></a><a name="_Ref136859117"></a><a name="_Toc137536064"></a>Governing Law and Enforcement</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">50</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093732"></a><a name="_Toc360093933"></a><a name="_Toc360097834"></a><a name="_Toc360191473"></a><a name="_Toc360191590"></a><a name="_Toc360191706"></a><a name="_Toc362504385"></a><a name="_Toc362518432"></a><a name="_Toc362605379"></a><a name="_Toc363549819"></a><a name="_Ref367146642"></a><a name="_Toc367198662"></a><a name="_Toc367792050"></a><a name="_Toc367867037"></a><a name="_Toc371413668"></a><a name="_Toc371413884"></a><a name="_Toc371932762"></a><a name="_Toc378965719"></a><a name="_Toc380566931"></a><a name="_Toc380579067"></a><a name="_Toc382507924"></a><a name="_Toc384670175"></a><a name="_Toc442833400"></a><a name="_Toc444194866"></a><a name="_Toc445290444"></a><a name="_Ref136859118"></a><a name="_Ref367146641"></a><a name="_Toc137536065"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Governing Law</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">51</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093733"></a><a name="_Toc360093934"></a><a name="_Toc360097835"></a><a name="_Toc360191474"></a><a name="_Toc360191591"></a><a name="_Toc360191707"></a><a name="_Toc362504386"></a><a name="_Toc362518433"></a><a name="_Toc362605380"></a><a name="_Toc363549820"></a><a name="_Ref367146650"></a><a name="_Toc367198663"></a><a name="_Toc367792051"></a><a name="_Toc367867038"></a><a name="_Toc371413669"></a><a name="_Toc371413885"></a><a name="_Toc371932763"></a><a name="_Toc378965720"></a><a name="_Toc380566932"></a><a name="_Toc380579068"></a><a name="_Toc382507925"></a><a name="_Toc384670176"></a><a name="_Toc442833401"></a><a name="_Toc444194867"></a><a name="_Toc445290445"></a><a name="_Ref136859119"></a><a name="_Ref367146649"></a><a name="_Toc137536066"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Enforcement</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">51.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326188381"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Jurisdiction</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433635"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless specifically provided in another Finance Document in relation to that Finance Document, the &#160;courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with any Finance Document (including a dispute regarding the existence, validity or termination of any Finance Document or any non-contractual obligation arising out of or in connection with any Finance Document) (a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Dispute</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433636"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Obligors accept that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Obligor will argue to the contrary.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433637"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To the extent allowed by law, this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">51.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Jurisdiction</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) is for the benefit of the Secured Parties only. &#160;As a result, no Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. &#160;To the extent allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">51.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326184500"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Service of process</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859120"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859121"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">irrevocably appoints WFW Legal Services Limited at its registered office presently at 15 Appold Street, London, EC2A 2HB as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859122"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859123"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Borrowers (on behalf of all the Obligors) must immediately (and in any event within three days of such event taking place) appoint another agent on terms acceptable to the Facility Agent. &#160;Failing this, the Facility Agent may appoint another agent for this purpose.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">This Agreement has been entered into on and amended and restated on the dates stated at the beginning of this Agreement.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><a name="_Ref326224756"></a><a name="_Ref326224787"></a><a name="_Ref326224788"></a><a name="_Ref326224843"></a><a name="_Ref326224844"></a><a name="_Ref326224939"></a><a name="_Ref326224940"></a><a name="_Ref326225072"></a><a name="_Ref326225073"></a><a name="_Ref326228522"></a><a name="_Ref326228523"></a><a name="_Ref326229967"></a><a name="_Ref326229968"></a><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;line-height:0pt;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>180</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:8.42%;padding-right:8.42%;position:relative;"><div style="margin-top:30pt;min-height:35.45pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:right;margin:0pt;">Execution version</p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 1</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref136859124"></a><a name="_Toc137536067"></a>Repayment and Reduction Schedules</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Part A</font><a name="_Toc137536068"></a><a name="_Ref136007160"></a><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">TERM LOAN FACILITY REPAYMENT SCHEDULE</p><div style="margin-left:-35.7pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:92.5%;"><tr style="height:15pt;"><td style="vertical-align:bottom;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"></td><td colspan="8" style="vertical-align:bottom;white-space:nowrap;width:73.68%;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Amount of Repayment Instalment ($)</b></p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:15pt;"><td style="vertical-align:bottom;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Repayment Date</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Tranche A</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Tranche B</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Tranche C</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Tranche D</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Tranche E</b></p></td><td style="vertical-align:bottom;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Tranche F</b></p></td><td style="vertical-align:bottom;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Tranche G</b></p></td><td style="vertical-align:bottom;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Total </b></p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Term Loan Facility outstanding balance</b></p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">49,228,843</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 Aug 2023</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">47,550,576</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 Nov 2023</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">45,872,308</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 Feb 2024</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">44,194,041</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 May 2024</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">42,515,773</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 Aug 2024</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">40,837,505</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 Nov 2024</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">39,159,238</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 Feb 2025</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">37,480,970</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 May 2025</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">35,802,703</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 Aug 2025</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">34,124,435</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 Nov 2025</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">32,446,167</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:right;margin:0pt;">EUROPE/73091764v9</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.42%;margin-right:8.42%;margin-top:30pt;page-break-after:always;width:83.15%;border-width:0;"><div style="max-width:100%;padding-left:8.42%;padding-right:8.42%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-35.7pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:92.5%;"><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 Feb 2026</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">30,767,900</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 May 2026</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">29,089,632</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 Aug 2026</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">27,411,365</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 Nov 2026</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">25,733,097</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 February 2027</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">24,054,829</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">5 May 2027</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(291,809)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(278,696)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(217,840)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(213,956)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(202,048)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(237,492)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(236,428)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">1,678,268</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">22,376,562</p></td></tr><tr style="height:7.75pt;"><td style="vertical-align:top;white-space:nowrap;width:9.64%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Termination Date</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(2,611,887)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(2,861,025)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(3,618,535)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(3,692,345)</p></td><td style="vertical-align:top;white-space:nowrap;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(3,425,400)</p></td><td style="vertical-align:top;width:9.11%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(3,073,732)</p></td><td style="vertical-align:top;width:9.37%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">(3,093,638)</p></td><td style="vertical-align:top;width:9.64%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">22,376,562</p></td><td style="vertical-align:top;width:16.66%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">-</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;margin:0pt;"><font style="display:inline-block;width:219.96pt;"></font>182<font style="display:inline-block;width:141.3pt;"></font>EUROPE/73091764v9</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.42%;margin-right:8.42%;margin-top:30pt;page-break-after:always;width:83.15%;border-width:0;"><div style="max-width:100%;padding-left:8.42%;padding-right:8.42%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="_Ref136859125"></a><a name="_Ref136007256"></a><a name="_Toc137536069"></a><a name="_Ref136859126"></a><a name="_Hlk136960021"></a>Part B</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">REVOLVING FACILITY REDUCTION SCHEDULE</p><div style="padding-left:42.3pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:85.06%;"><tr style="height:34pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:1.85pt;text-indent:-1.85pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Reduction Date</b></p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Reduction Instalment ($)</b></p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Total Revolving Commitments </b></p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 1.4pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">49,228,843</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 Aug 2023</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 1.4pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">47,550,576</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 Nov 2023</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">45,872,308</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 Feb 2024</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">44,194,041</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 May 2024</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">42,515,773</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 Aug 2024</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">40,837,505</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 Nov 2024</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">39,159,238</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 Feb 2025</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">37,480,970</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 May 2025</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">35,802,703</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 Aug 2025</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">34,124,435</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 Nov 2025</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">32,446,167</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 Feb 2026</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">30,767,900</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 May 2026</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">29,089,632</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 Aug 2026</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">27,411,365</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;margin:0pt;"><font style="display:inline-block;width:219.96pt;"></font>183<font style="display:inline-block;width:141.3pt;"></font>EUROPE/73091764v9</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.42%;margin-right:8.42%;margin-top:30pt;page-break-after:always;width:83.15%;border-width:0;"><div style="max-width:100%;padding-left:8.42%;padding-right:8.42%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="padding-left:42.3pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:85.06%;"><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 Nov 2026</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">25,733,097</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 February 2027</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">24,054,829</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">5 May 2027</p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">(1,678,268)</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">22,376,562</p></td></tr><tr style="height:15pt;"><td style="vertical-align:top;white-space:nowrap;width:26.18%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Termination Date </p></td><td style="vertical-align:top;width:21.43%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">22,376,562</p></td><td style="vertical-align:top;width:52.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">-</p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="font-weight:bold;text-transform:uppercase;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;line-height:0pt;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;margin:0pt;"><font style="display:inline-block;width:219.96pt;"></font>184<font style="display:inline-block;width:141.3pt;"></font>EUROPE/73091764v9</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.42%;margin-right:8.42%;margin-top:30pt;page-break-after:always;width:83.15%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;min-height:35.45pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:right;margin:0pt;">Execution version</p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 2</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097768"></a><a name="_Ref360145232"></a><a name="_Toc360191407"></a><a name="_Toc360191524"></a><a name="_Toc360191640"></a><a name="_Toc362504319"></a><a name="_Toc362518366"></a><a name="_Toc362605313"></a><a name="_Toc363549753"></a><a name="_Toc367198596"></a><a name="_Toc367791984"></a><a name="_Toc367866971"></a><a name="_Toc371413590"></a><a name="_Toc371413806"></a><a name="_Toc371932684"></a><a name="_Toc379311849"></a><a name="_Toc380566933"></a><a name="_Toc380578993"></a><a name="_Ref382504791"></a><a name="_Toc382511933"></a><a name="_Toc384670177"></a><a name="_Toc442833402"></a><a name="_Toc444194868"></a><a name="_Toc445290446"></a><a name="_Ref136014168"></a><a name="_Ref136859127"></a><a name="_Ref382504790"></a><a name="_Ref360145231"></a><a name="_Ref136014174"></a><a name="_Ref136014183"></a><a name="_Ref136014191"></a><a name="_Ref136014196"></a><a name="_Ref136014204"></a><a name="_Toc137536070"></a>The Parties</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Part A</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097769"></a><a name="_Toc360191408"></a><a name="_Toc360191525"></a><a name="_Toc360191641"></a><a name="_Toc362504320"></a><a name="_Toc362518367"></a><a name="_Toc362605314"></a><a name="_Toc363549754"></a><a name="_Toc367198597"></a><a name="_Toc367791985"></a><a name="_Toc367866972"></a><a name="_Toc371413591"></a><a name="_Toc371413807"></a><a name="_Toc371932685"></a><a name="_Ref376861252"></a><a name="_Toc379311850"></a><a name="_Toc380566934"></a><a name="_Toc380578994"></a><a name="_Ref382504832"></a><a name="_Ref382504833"></a><a name="_Toc382511934"></a><a name="_Toc384670178"></a><a name="_Toc442833403"></a><a name="_Toc444194869"></a><a name="_Toc445290447"></a><a name="_Ref136859128"></a><a name="_Ref23519842"></a><a name="_Toc137536071"></a>The Obligors</div><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Borrower</b></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Place of Formation</b></p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Registration number (or equivalent, if any)</b></p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Fitzroy Shipco LLC </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Bailey Shipco LLC </p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961629</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961628</p></td><td rowspan="3" style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">c/o Ardmore Shipping Services (Ireland) Limited<br>Unit 1102, One Albert Quay, Albert Quay, Cork T12 X8N6, Ireland.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Attn:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">jrussell@ardmoreshipping.com, &#160;legal@ardmoreshipping.com, nmather@ardmoreshipping.com and aconnolly@ardmoreshipping.com</p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Cromarty Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961750</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Dogger Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961903</p></td><td style="display:none;vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Lundy Shipco LLC</p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">962431</p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Viking Shipco LLC</p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961902</p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Tramore Shipco LLC</p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">963547</p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Parent Guarantor</b></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Place of Formation</b></p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Registration number (or equivalent, if any)</b></p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping Corporation</p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">61477</p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">c/o Ardmore Shipping Services (Ireland) Limited<br>Unit 1102, One Albert Quay, Albert Quay, Cork T12 X8N6, Ireland.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Attn:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">jrussell@ardmoreshipping.com, &#160;legal@ardmoreshipping.com, nmather@ardmoreshipping.com </p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:right;margin:0pt;">EUROPE/73091764v9</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">and aconnolly@ardmoreshipping.com</p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Corporate Guarantor</b></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Place of Formation</b></p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Registration number (or equivalent, if any)</b></p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping LLC</p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961622</p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">c/o Ardmore Shipping Services (Ireland) Limited<br>Unit 1102, One Albert Quay, Albert Quay, Cork T12 X8N6, Ireland.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Attn:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="white-space:pre-wrap;">jrussell@ardmoreshipping.com,  legal@ardmoreshipping.com, nmather@ardmoreshipping.com and aconnolly@ardmoreshipping.com</font></p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>186</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.88%;"><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Hedge Guarantor</b></p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Place of Incorporation</b></p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Registration number (or equivalent, if any)</b></p></td><td style="vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Fitzroy Shipco LLC </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Bailey Shipco LLC </p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961629</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961628</p></td><td rowspan="3" style="vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">c/o Ardmore Shipping Services (Ireland) Limited<br>Unit 1102, One Albert Quay, Albert Quay, Cork T12 X8N6, Ireland.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Cromarty Shipco LLC</p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961750 </p></td><td style="display:none;vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Dogger Shipco LLC</p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961903</p></td><td style="display:none;vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Lundy Shipco LLC</p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">962431</p></td><td style="vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Attn:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="white-space:pre-wrap;">jrussell@ardmoreshipping.com,  legal@ardmoreshipping.com, nmather@ardmoreshipping.com and aconnolly@ardmoreshipping.com</font></p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Viking Shipco LLC</p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961902</p></td><td style="vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Tramore Shipco LLC</p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">963547</p></td><td style="vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>187</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Part B</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097770"></a><a name="_Toc360191409"></a><a name="_Toc360191526"></a><a name="_Toc360191642"></a><a name="_Toc362504321"></a><a name="_Toc362518368"></a><a name="_Toc362605315"></a><a name="_Toc363549755"></a><a name="_Toc367198598"></a><a name="_Toc367791986"></a><a name="_Toc367866973"></a><a name="_Toc371413592"></a><a name="_Toc371413808"></a><a name="_Toc371932686"></a><a name="_Toc379311851"></a><a name="_Toc380566935"></a><a name="_Toc380578995"></a><a name="_Toc382511935"></a><a name="_Toc384670179"></a><a name="_Toc442833404"></a><a name="_Toc444194870"></a><a name="_Toc445290448"></a><a name="_Ref136859129"></a><a name="_Ref376861263"></a><a name="_Ref376861269"></a><a name="_Ref376861318"></a><a name="_Toc137536072"></a>The Original Lenders</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr><td style="vertical-align:top;width:27.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Original Lender</b></p></td><td style="vertical-align:top;width:23.16%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Commitment</b></p></td><td style="vertical-align:top;width:21.58%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:28.09%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:27.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:23.16%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Term Facility</b></p></td><td style="vertical-align:top;width:21.58%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Revolving Facility</b></p></td><td style="vertical-align:top;width:28.09%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:27.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">ABN AMRO Bank N.V.</p></td><td style="vertical-align:top;width:23.16%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">$24,614,421.50</p></td><td style="vertical-align:top;width:21.58%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">$24,614,421.50</p></td><td style="vertical-align:top;width:28.09%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">Gustav Mahlerlaan 10</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">1082PP Amsterdam</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">The Netherlands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">Attn: Transportation &amp; Logistics EMEA, Florin Boros / Ahlam Hossain </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:27.15%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Cr&#233;dit Agricole Corporate and Investment Bank</p></td><td style="vertical-align:top;width:23.16%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">$24,614,421.50</p></td><td style="vertical-align:top;width:21.58%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">$24,614,421.50</p></td><td style="vertical-align:top;width:28.09%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Cr&#233;dit Agricole Corporate and Investment Bank<br>12 place des Etats-Unis, CS70052, 92547, Montrouge Cedex<br>France<br>Attn: Ship Finance Department </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">With a copy to:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Cr&#233;dit Agricole Corporate and Investment Bank<br>London Ship Finance<br>Broadwalk House<br>5 Appold Street<br>London EC2A 2DA</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Attn: Ship Finance Department</p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>188</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE HEDGE COUNTERPARTIES</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:92.25%;" align="center"><tr><td style="vertical-align:top;width:48.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Original Hedge Counterparty</b></p></td><td style="vertical-align:top;width:51.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:48.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">ABN AMRO Bank N.V.</p></td><td style="vertical-align:top;width:51.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">(HQ7216)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">c/o Markets Documentation Unit</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">Gustav Mahleraan 10</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">NL-1082PP Amsterdam</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">The Netherlands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Cr&#233;dit Agricole Corporate and Investment Bank</p></td><td style="vertical-align:top;width:51.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Cr&#233;dit Agricole Corporate and Investment Bank<br>12 place des Etats-Unis, CS70052, 92547, Montrouge Cedex<br>France<br>Attn: Ship Finance Department </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">With a copy to:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Cr&#233;dit Agricole Corporate and Investment Bank<br>London Ship Finance<br>Broadwalk House<br>5 Appold Street<br>London EC2A 2DA</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Attn: Ship Finance Department</p></td></tr><tr><td style="vertical-align:top;width:48.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:51.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>189</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Part C</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097771"></a><a name="_Toc360191410"></a><a name="_Toc360191527"></a><a name="_Toc360191643"></a><a name="_Toc362504322"></a><a name="_Toc362518369"></a><a name="_Toc362605316"></a><a name="_Toc363549756"></a><a name="_Toc367198599"></a><a name="_Toc367791987"></a><a name="_Toc367866974"></a><a name="_Toc371413593"></a><a name="_Toc371413809"></a><a name="_Toc371932687"></a><a name="_Toc379311852"></a><a name="_Toc380566936"></a><a name="_Toc380578996"></a><a name="_Toc382511936"></a><a name="_Toc384670180"></a><a name="_Toc442833405"></a><a name="_Toc444194871"></a><a name="_Toc445290449"></a><a name="_Ref136859130"></a><a name="_Toc137536073"></a>The Servicing Parties</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="padding-left:41.4pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:87.22%;"><tr><td style="vertical-align:top;width:47.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Facility Agent</b></p></td><td style="vertical-align:top;width:52.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:47.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">ABN AMRO Bank N.V.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:52.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">Gustav Mahlerlaan 10</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">1082PP Amsterdam</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">The Netherlands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Attn: Agency Syndicated Loans, Team 1<br>Email: abn.amro.agency.team.1@nl.abnamro.com</p></td></tr><tr><td style="vertical-align:top;width:47.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Security Agent</b></p></td><td style="vertical-align:top;width:52.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:47.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">ABN AMRO Bank N.V.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:52.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">Gustav Mahlerlaan 10</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">1082PP Amsterdam</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">The Netherlands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">Attn: Agency Syndicated Loans, Team 1<br>Email: abn.amro.agency.team.1@nl.abnamro.com</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>190</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 3</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097772"></a><a name="_Ref360141618"></a><a name="_Ref360141619"></a><a name="_Ref360145329"></a><a name="_Toc360191411"></a><a name="_Toc360191528"></a><a name="_Toc360191644"></a><a name="_Toc362504323"></a><a name="_Toc362518370"></a><a name="_Toc362605317"></a><a name="_Toc363549757"></a><a name="_Toc367198600"></a><a name="_Toc367791988"></a><a name="_Toc367866975"></a><a name="_Toc371413594"></a><a name="_Toc371413810"></a><a name="_Toc371932688"></a><a name="_Ref379309192"></a><a name="_Toc379311853"></a><a name="_Toc380566937"></a><a name="_Toc380578997"></a><a name="_Toc382511937"></a><a name="_Toc384670181"></a><a name="_Toc442833406"></a><a name="_Toc444194872"></a><a name="_Toc445290450"></a><a name="_Ref136859131"></a><a name="_Ref360145328"></a><a name="_Ref136014063"></a><a name="_Ref136014069"></a><a name="_Ref136014140"></a><a name="_Ref136014152"></a><a name="_Ref136014215"></a><a name="_Ref444193456"></a><a name="_Ref379309191"></a><a name="_Ref107919662"></a><a name="_Toc137536074"></a>Conditions Precedent</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Part A</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097773"></a><a name="_Toc360191412"></a><a name="_Toc360191529"></a><a name="_Toc360191645"></a><a name="_Toc362504324"></a><a name="_Toc362518371"></a><a name="_Toc362605318"></a><a name="_Toc363549758"></a><a name="_Toc367198601"></a><a name="_Toc367791989"></a><a name="_Toc367866976"></a><a name="_Toc371413595"></a><a name="_Toc371413811"></a><a name="_Toc371932689"></a><a name="_Toc379311854"></a><a name="_Toc380566938"></a><a name="_Toc380578998"></a><a name="_Toc382511938"></a><a name="_Toc384670182"></a><a name="_Toc442833407"></a><a name="_Toc444194873"></a><a name="_Toc445290451"></a><a name="_Ref136859132"></a><a name="_Ref376861638"></a><a name="_Ref376861866"></a><a name="_Toc137536075"></a>Conditions Precedent to Initial Utilisation Request</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859133"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Obligors</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859134"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A copy of the constitutional documents of each Obligor.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262741"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A copy of a resolution of the member or the board of directors, as the case may be, of each Obligor:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859135"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859136"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859137"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, a Utilisation Request) to be signed and/or despatched by it under, or in connection with, the Finance Documents to which it is a party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859138"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An original of the power of attorney of any Obligor authorising a specified person or persons to execute the Finance Documents to which it is a party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859139"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A specimen of the signature of each person authorised by the resolution referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859140"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A certificate of each Obligor (signed by an officer) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on that Transaction Obligor to be exceeded.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.6</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859141"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A certificate of each Obligor that is incorporated or formed outside the UK (signed by an officer) certifying either that </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef74"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> it has not delivered particulars of any UK Establishment to the Registrar of Companies as required under the Overseas Regulations or (ii) it has a UK Establishment and specifying the name and registered number under which it is registered with the Registrar of Companies.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.7</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859142"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A certificate of an authorised signatory of the relevant Obligor certifying that each copy document relating to it specified in this </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part A</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions Precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859143"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Pool Agreement and other Documents</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859144"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Copies of any Pool Agreement and of all documents signed in connection with it.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859145"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Such documentary evidence as the Facility Agent and its legal advisers may require in relation to the due authorisation and execution of each of the Pool Agreements (if any) by each of the parties thereto.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>191</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859146"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Copies of each Hedging Agreement executed by a Hedge Counterparty and the relevant Borrower.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859147"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859148"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed original of the Accounts Security in relation to each Earnings Account and a duly executed original of the Membership Interests Security in respect of each Borrower (and of each document to be delivered under each of them).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859149"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed original of the Hedging Agreement Assignment in respect of each of the Borrowers (and of each document to be delivered under each of them).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859150"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Legal opinions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859151"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A legal opinion of Watson Farley &amp; Williams LLP, legal advisers to the Mandated Lead Arrangers, the Facility Agent and the Security Agent in England, substantially in the form distributed to and agreed by the Original Lenders before signing this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859152"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Transaction Obligor is incorporated or formed in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Mandated Lead Arrangers, the Facility Agent and the Security Agent in the relevant jurisdiction, substantially in the form distributed and agreed by the Original Lenders before signing this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859153"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other documents and evidence</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859154"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Evidence that any process agent referred to in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">51.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Service of process</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), if not an Obligor, has accepted its appointment.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859155"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by any Transaction Document, or for the validity and enforceability of any Transaction Document.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859156"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The original of any mandates or other documents required in connection with the opening or operation of the Earnings Accounts.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859157"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">13</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">18</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Costs and Expenses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) have been paid or will be paid by the first Utilisation Date.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859158"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their &quot;know your customer&quot; or similar identification procedures in relation to the transactions contemplated by the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>192</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Part B</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097777"></a><a name="_Toc360191416"></a><a name="_Toc360191533"></a><a name="_Toc360191649"></a><a name="_Toc362504328"></a><a name="_Toc362518375"></a><a name="_Toc362605322"></a><a name="_Toc363549762"></a><a name="_Toc367198605"></a><a name="_Toc367791993"></a><a name="_Toc367866980"></a><a name="_Toc371413599"></a><a name="_Toc371413815"></a><a name="_Toc371932693"></a><a name="_Ref376256296"></a><a name="_Ref376861819"></a><a name="_Ref376861975"></a><a name="_Ref379309131"></a><a name="_Ref379309132"></a><a name="_Toc379311855"></a><a name="_Toc380566939"></a><a name="_Toc380578999"></a><a name="_Toc382511939"></a><a name="_Toc384670183"></a><a name="_Toc442833408"></a><a name="_Toc444194874"></a><a name="_Toc445290452"></a><a name="_Ref136859159"></a><a name="_Ref23520091"></a><a name="_Ref444193462"></a><a name="_Ref379309162"></a><a name="_Toc137536076"></a>Conditions Precedent to Utilisation of an Advance Under Term Facility</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">For the purposes of this Schedule 3 Part B:</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136859160"></a>&quot;<b style="font-weight:bold;">Relevant Initial Ship</b>&quot; means the Initial Ship to which the Advance that is the subject of the Utilisation Request relates; </div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136859161"></a>&quot;<b style="font-weight:bold;">Relevant Borrower</b>&quot; means the Borrower which is, or is to be, the owner of the Relevant Initial Ship; and</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136859162"></a>&quot;<b style="font-weight:bold;">Relevant Advance</b>&quot; means the borrowing of the Advance relating to the Relevant Initial Ship.</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859163"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Relevant Borrower</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">A certificate of an authorised signatory of the Relevant Borrower certifying that each copy document which it is required to provide under this Part B of Schedule 3 (<i style="font-style:italic;">Conditions Precedent</i>) is correct, complete and in full force and effect as at the Utilisation Date of the Relevant Advance.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859164"></a><a name="_Ref326225170"></a><a name="_Ref326225171"></a><a name="_Ref326229200"></a><a name="_Ref326229201"></a><a name="_Ref329261843"></a><a name="_Ref329261844"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Release of Existing Security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If relevant, an original of each Deed of Release and of each document to be delivered under or pursuant to it, together with evidence satisfactory to the Facility Agent of its due execution by the parties to it.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859165"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Ship and other security</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859166"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed original of the Mortgage and the General Assignment in respect of the Relevant Initial Ship and of each document to be delivered under or pursuant to each of them together with documentary evidence that the Mortgage in respect of the Relevant Initial Ship has been duly registered as a valid first preferred or priority (as applicable) ship mortgage in accordance with the laws of the jurisdiction of its Approved Flag.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859167"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Documentary evidence that the Relevant Initial Ship:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859168"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if relevant, has been unconditionally delivered by the Seller to, and accepted by, the Relevant Borrower and that the full purchase price payable and all other sums due to the Seller, other than the sums to be financed pursuant to the Advance, have been paid to the Seller;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859169"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is definitively and permanently registered in the name of the Relevant Borrower under the Approved Flag;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859170"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is in the absolute and unencumbered ownership of the Relevant Borrower save as contemplated by the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859171"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">maintains the Approved Classification with the Approved Classification Society free of all overdue recommendations and conditions of the Approved Classification Society; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859172"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in respect of insurances have been complied with.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>193</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859173"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Documents establishing that the Relevant Initial Ship will, as from the Utilisation Date of the Relevant Advance, be managed commercially by its Approved Commercial Manager and managed technically by its Approved Technical Manager on terms acceptable to the Facility Agent acting with the authorisation of all of the Lenders, together with:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859174"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Manager&#39;s Undertaking for each of the Approved Technical Manager and the Approved Commercial Manager; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859175"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">copies of the Approved Technical Manager&#39;s Document of Compliance and of the Relevant Initial Ship&#39;s Safety Management Certificate (together with any other details of the applicable safety management system which the Facility Agent requires) and of any other documents required under the ISM Code and the ISPS Code in relation to the Relevant Initial Ship including without limitation an ISSC.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859176"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An opinion from an independent insurance consultant acceptable to the Facility Agent on such matters relating to the Insurances as the Facility Agent may require.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859177"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A valuation of the Relevant Initial Ship addressed to the Facility Agent on behalf of the Finance Parties, stated to be for the purposes of this Agreement and dated not earlier than 30 days before the Utilisation Date for the Relevant Advance (except in relation to valuations provided in connection with the first Utilisation Date, in which case such valuations shall be prepared as at a date not more than 36 days previously) from an Approved Valuer which shows a value for the Relevant Initial Ship of not less than 130 per cent. of the Relevant Advance (after the Relevant Advance has been made).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859178"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Legal opinions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Legal opinions of the legal advisers to the Mandated Lead Arrangers, the Facility Agent and the Security Agent in England and Wales, the jurisdiction of the Approved Flag of the Relevant Initial Ship and the Marshall Islands and such other relevant jurisdictions as the Facility Agent may require and in substance and form acceptable to the Lenders.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859179"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other documents and evidence</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859180"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">13</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">18</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Costs and Expenses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) have been paid or will be paid by the first Utilisation Date.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>194</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Part C</font><font style="font-weight:normal;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br></font><a name="_Ref107921192"></a><a name="_Toc137536077"></a>Conditions Precedent To Utilisation of an Advance Under an Accordion Facility</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859181"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Relevant Borrowers</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">A certificate of an authorised signatory of the Borrowers certifying that each copy document which it is required to provide under this Part C of Schedule 3 (<i style="font-style:italic;">Conditions Precedent</i>) is correct, complete and in full force and effect as at the Utilisation Date of the Relevant Advance.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859182"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Additional Borrowers</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859183"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A copy of the constitutional documents of each Additional Borrower.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859184"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A copy of a resolution of the member or the board of directors, as the case may be, of each Additional Borrower:</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859185"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859186"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859187"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, the Utilisation Request) to be signed and/or despatched by it under, or in connection with, the Finance Documents to which it is a party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859188"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An original of the power of attorney of any Additional Borrower authorising a specified person or persons to execute the Finance Documents to which it is a party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859189"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A certificate of each Additional Borrower (signed by an officer) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on that Transaction Obligor to be exceeded.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859190"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A certificate of each Additional Borrower that is incorporated or formed outside the UK (signed by an officer) certifying either that </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef76"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> it has not delivered particulars of any UK Establishment to the Registrar of Companies as required under the Overseas Regulations or (ii) it has a UK Establishment and specifying the name and registered number under which it is registered with the Registrar of Companies.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859191"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Release of Existing Security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An original of any deed of release of Security in relation to each Accordion Ship and of each document to be delivered under or pursuant to it, together with evidence satisfactory to the Facility Agent of its due execution by the parties to it.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859192"></a><a name="_Ref25247573"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedging Agreements</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">If relevant, copies of each Hedging Agreement executed by a Hedge Counterparty and the relevant Additional Borrower.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>195</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859193"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accordion Ship and other security</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859194"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed original of the Accounts Security in relation to each Earnings Account and of the Membership Interests Security in respect of each Additional Borrower (and of each document to be delivered under each of them).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859195"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed original of the Hedging Agreement Assignment in respect of each Additional Borrower (and of each document to be delivered under each of them).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859196"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed original of the Mortgage and the General Assignment in respect of each relevant Accordion Ship and of each document to be delivered under or pursuant to each of them together with documentary evidence that the Mortgage in respect of each relevant Accordion Ship has been duly registered as a valid first preferred or priority (as applicable) ship mortgage in accordance with the laws of the jurisdiction of its Approved Flag.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859197"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Documentary evidence that each relevant Accordion Ship:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859198"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if relevant, has been unconditionally delivered by the Seller to, and accepted by, relevant Borrower and that the full purchase price payable and all other sums due to the Seller, other than the sums to be financed pursuant to the Advance, have been paid to the Seller;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859199"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is definitively and permanently registered in the name of the relevant Additional Borrower under the Approved Flag;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859200"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is in the absolute and unencumbered ownership of the relevant Additional Borrower save as contemplated by the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859201"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">maintains the Approved Classification with the Approved Classification Society free of all overdue recommendations and conditions of the Approved Classification Society; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859202"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in respect of insurances have been complied with.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859203"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Documents establishing that each relevant Accordion Ship will, as from the Utilisation Date, be managed commercially by its Approved Commercial Manager and managed technically by its Approved Technical Manager on terms acceptable to the Facility Agent acting with the authorisation of all of the Lenders, together with:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859204"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Manager&#39;s Undertaking for each of the Approved Technical Manager and the Approved Commercial Manager; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859205"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">copies of the Approved Technical Manager&#39;s Document of Compliance and of each Ship&#39;s Safety Management Certificate (together with any other details of the applicable safety management system which the Facility Agent requires) and of any other documents required under the ISM Code and the ISPS Code in relation to each relevant Accordion Ship including without limitation an ISSC.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859206"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An opinion from an independent insurance consultant acceptable to the Facility Agent on such matters relating to the Insurances as the Facility Agent may require.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>196</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref25247553"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A valuation of each Ship addressed to the Facility Agent on behalf of the Finance Parties, stated to be for the purposes of this Agreement and dated not earlier than 30 days before the Utilisation Date from an Approved Valuer which shows an aggregate value for the Ships of not less than 130 per cent. of the Loan (after any Advances to be made on the Utilisation Date have been advanced).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859207"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Legal opinions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Legal opinions of the legal advisers to the Documentation Agent, the Mandated Lead Arrangers, the Facility Agent and the Security Agent in England and Wales, the jurisdiction of the Approved Flag of each relevant Accordion Ship and the Marshall Islands and such other relevant jurisdictions as the Facility Agent may require and in substance and form acceptable to the Lenders.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859208"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other documents and evidence</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859209"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed Accession Deed.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859210"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">13</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">18</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Costs and Expenses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) have been paid or will be paid by the first Utilisation Date.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859211"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The original of any mandates or other documents required in connection with the opening or operation of the Earnings Accounts.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859212"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their &quot;know your customer&quot; or similar identification procedures in relation to the transactions contemplated by the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859213"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by any Transaction Document, or for the validity and enforceability of any Transaction Document.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>197</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 4</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097778"></a><a name="_Ref360145801"></a><a name="_Ref360145802"></a><a name="_Toc360191417"></a><a name="_Toc360191534"></a><a name="_Toc360191650"></a><a name="_Toc362504329"></a><a name="_Toc362518376"></a><a name="_Toc362605323"></a><a name="_Toc363549763"></a><a name="_Toc367198606"></a><a name="_Toc367791994"></a><a name="_Toc367866981"></a><a name="_Toc371413600"></a><a name="_Toc371413816"></a><a name="_Toc371932694"></a><a name="_Toc379311856"></a><a name="_Toc380566940"></a><a name="_Toc380579000"></a><a name="_Toc382511940"></a><a name="_Toc384670184"></a><a name="_Toc442833409"></a><a name="_Toc444194875"></a><a name="_Toc445290453"></a><a name="_Ref136859214"></a><a name="_Ref136005826"></a><a name="_Toc137536078"></a>Utilisation Request</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From:</font></font>Fitzroy Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;">Bailey Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:35.45pt;margin:0pt;">Cromarty Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;">Dogger Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;">Lundy Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;">Viking Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;">Tramore Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;"><font style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To:</font></font>ABN AMRO Bank N.V. as Facility Agent</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 360pt;">Dated: <font style="display:inline-block;width:3.6pt;"></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Dear Sirs</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; Facilities Agreement for up to $160,457,686 dated [&#9679;] 2022 (the &quot;Agreement&quot;)</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;text-indent:36pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082644"></a><a name="_Toc360093734"></a><a name="_Toc360093935"></a><a name="_Ref136859215"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. &#160;This is a Utilisation Request. &#160;Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082645"></a><a name="_Toc360093735"></a><a name="_Toc360093936"></a><a name="_Ref136859216"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We wish to borrow an Advance under [Tranche [A]/[B]/[C]/[D]/[E]/[F]/[G] of the Term Facility] [the Revolving Facility] [an Accordion Facility] on the following terms:</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Proposed Utilisation Date: [<font style="font-family:'Times New Roman';">&#9899;</font>] (or, if that is not a Business Day, the next Business Day)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Amount: [<font style="font-family:'Times New Roman';">&#9899;</font>] or, if less, the Available Facility</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Interest Period: [<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Calculation of interest: interest shall be calculated pursuant to [Clause 9.2 (<a name="DocXTextRef4770"></a><i style="font-style:italic;">Calculation of interest &#8211; Compounded Rate Loans</i>)] [Clause 9.3 (<a name="DocXTextRef4771"></a><i style="font-style:italic;">Calculation of interest &#8211; Term SOFR Loans</i>)].</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082646"></a><a name="_Toc360093736"></a><a name="_Toc360093937"></a><a name="_Ref136859217"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We confirm that each condition specified in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">4.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Initial conditions precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">4.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Further conditions precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as they relate to the Advance to which this utilisation request refers of the Agreement is satisfied on the date of this Utilisation Request.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859218"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We represent and warrant that the representations and warranties in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">23</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Representations</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) remain true by reference to the facts and circumstances existing at the date of this, Utilisation Request.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859219"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">You are authorised and requested to deduct from the Advance prior to funds being remitted the fees in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">13.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Upfront fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">13.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Agent fee</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859220"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The proceeds of this Advance should be credited to the following account: </font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:35.45pt;margin:0pt 0pt 6pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Company: </font></font><font style="display:inline-block;width:36pt;"></font>Ardmore Shipping LLC</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>198</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:36.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Bank:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>ABN AMRO Bank</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Address 1:</font></font><font style="display:inline-block;width:36pt;"></font>Gustav Mahlerlaan 10</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Address 2:</font></font><font style="display:inline-block;width:36pt;"></font>1082 PP Amsterdam</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Country:</font></font><font style="display:inline-block;width:36pt;"></font>Netherlands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Account Name:</font></font><font style="display:inline-block;width:36pt;"></font>Ardmore Shipping LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;">Account Number: <font style="display:inline-block;width:27.17pt;"></font>619867647</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SWIFT Number:</font></font><font style="display:inline-block;width:36pt;"></font>ABNANL2AXXX</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">IBAN Number:</font></font><font style="display:inline-block;width:36pt;"></font>NL79ABNA0619867647</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Currency:</font></font><font style="display:inline-block;width:36pt;"></font>USD</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">[This Advance is to be made in [whole][part] for the purpose of refinancing [<i style="font-style:italic;">identify maturing Advance under Revolving Facility</i>].</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859221"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Utilisation Request is irrevocable.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Yours faithfully</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">FITZROY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">BAILEY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">CROMARTY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">DOGGER SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>199</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">LUNDY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">VIKING SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">TRAMORE SHIPCO LLC </b><a name="_Ref326227160"></a><a name="_Ref326227161"></a><a name="_Ref326227241"></a><a name="_Ref326227242"></a></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>200</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 5</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref444099831"></a><a name="_Toc106392676"></a><a name="_Toc107512846"></a><a name="_Toc137536079"></a>Form of Accession Deed</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To:</font></font><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> as Facility Agent</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From:</font></font>[<font style="font-style:italic;font-weight:bold;">SUBSIDIARY</font>] and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:35.45pt;margin:0pt;"><b style="font-weight:bold;">FITZROY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;"><b style="font-weight:bold;">BAILEY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:35.45pt;margin:0pt;"><b style="font-weight:bold;">CROMARTY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">DOGGER SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">LUNDY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">VIKING SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;"><b style="font-weight:bold;">TRAMORE SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Dated: [&#9679;]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Dear Sirs</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><a name="_Ref444099832"></a><b style="font-weight:bold;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; Facilities Agreement for up to $160,457,686 dated [&#9679;] 2022 (the &quot;Agreement&quot;)</b></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859222"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. &#160;This deed (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accession Deed</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) shall take effect as an Accession Deed for the purposes of the Agreement. &#160;Terms defined in the Agreement have the same meaning in this Accession Deed unless given a different meaning in this Accession Deed.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref444099833"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">[</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Subsidiary</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">] agrees to become an Additional Borrower and to be bound by the terms of the Agreement and the other Finance Documents as an Additional Borrower pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">33.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="DocXTextRef4772"></a></b><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Additional Borrowers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement. &#160;[</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Subsidiary</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">] is a company duly incorporated under the laws of [</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">name of relevant jurisdiction</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">] and is a [limited liability company][corporation] with registered number [&#9679;].</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref444099834"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers confirm that no Default is continuing or would occur as a result of [</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Subsidiary</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">] becoming an Additional Borrower.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref444099835"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">[</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="OLE_LINK1"></a></b><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Subsidiary&#39;s</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">] administrative details for the purposes of the Agreement are as follows:</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Address:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Email:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Attention:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref444099836"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">[</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Subsidiary</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">] (for the purposes of this paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Acceding Debtor</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) intends to incur Secured Liabilities under the following documents:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859223"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">[Insert details (date, parties and description) of relevant documents]</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the &quot;<b style="font-weight:bold;">Relevant Documents</b>&quot;.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859224"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">IT IS AGREED</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> as follows:</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099838"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Acceding Debtor and the Security Agent agree that the Security Agent shall hold:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>201</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099839"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Security in respect of the Secured Liabilities created or expressed to be created pursuant to the Relevant Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099840"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all proceeds of that Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099841"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all obligations expressed to be undertaken by the Acceding Debtor to pay amounts in respect of the Secured Liabilities to the Security Agent as trustee for the Secured Parties (in the Relevant Documents or otherwise) and secured by the Transaction Security together with all representations and warranties expressed to be given by the Acceding Debtor (in the Relevant Documents or otherwise) in favour of the Security Agent as trustee for the Secured Parties,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">on trust for the Secured Parties on the terms and conditions contained in the Agreement.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><a name="_Ref444099844"></a>This Accession Deed and any non-contractual obligations arising out of or in connection with it are governed by English law.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">This Accession Deed has been signed on behalf of the Security Agent (for the purposes of paragraph 5 above only), signed on behalf of each Borrower and executed as a deed by [<i style="font-style:italic;">Subsidiary</i>] and is delivered on the date stated above.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>202</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">EXECUTION PAGES</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">[<b style="font-weight:bold;">SUBSIDIARY</b>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: &#160;[<b style="font-weight:bold;">SUBSIDIARY</b>]<font style="display:inline-block;width:131.91pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">_________________________________<font style="display:inline-block;width:31.86pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>Director</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">_________________________________<font 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">BORROWERS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: &#160;<b style="font-weight:bold;">FITZROY SHIPCO LLC</b><font style="display:inline-block;width:101.45pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: _________________________________<font style="display:inline-block;width:15.47pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>[OFFICER TITLE][Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: &#160;<b style="font-weight:bold;">BAILEY SHIPCO LLC</b><font style="display:inline-block;width:107.99pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: _________________________________<font style="display:inline-block;width:15.47pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>[OFFICER TITLE][Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: &#160;<b style="font-weight:bold;text-transform:uppercase;">CROMARTY Shipco LLC</b><font style="display:inline-block;width:86.4pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: _________________________________<font style="display:inline-block;width:15.47pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>[OFFICER TITLE][Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p 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style="display:inline-block;width:0.01pt;"></font>[OFFICER TITLE][Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as 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style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>203</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: &#160;<b style="font-weight:bold;">VIKING SHIPCO LLC</b><font style="display:inline-block;width:106.84pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: _________________________________<font style="display:inline-block;width:15.47pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>[OFFICER TITLE][Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: &#160;<b style="font-weight:bold;">TRAMORE SHIPCO LLC</b><font style="display:inline-block;width:92.57pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: _________________________________<font style="display:inline-block;width:15.47pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>[OFFICER TITLE][Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">SECURITY AGENT</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: &#160;<b style="font-weight:bold;">ABN AMRO BANK N.V.</b><font style="display:inline-block;width:90.6pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">_________________________________<font style="display:inline-block;width:31.86pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>Director</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">_________________________________<font style="display:inline-block;width:31.86pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>Director/Secretary</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>204</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 6</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097782"></a><a name="_Ref360145916"></a><a name="_Ref360145917"></a><a name="_Toc360191421"></a><a name="_Toc360191538"></a><a name="_Toc360191654"></a><a name="_Toc362504333"></a><a name="_Toc362518380"></a><a name="_Toc362605327"></a><a name="_Toc363549767"></a><a name="_Toc367198610"></a><a name="_Toc367791998"></a><a name="_Toc367866985"></a><a name="_Toc371413604"></a><a name="_Toc371413820"></a><a name="_Toc371932698"></a><a name="_Toc379311859"></a><a name="_Toc380566943"></a><a name="_Toc380579003"></a><a name="_Toc382511943"></a><a name="_Toc384670187"></a><a name="_Toc442833412"></a><a name="_Toc444194878"></a><a name="_Toc445290456"></a><a name="_Ref136859225"></a><a name="_Ref136005787"></a><a name="_Toc137536080"></a>Form of Transfer Certificate</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To:</font></font>ABN AMRO BANK N.V. as <b style="font-weight:bold;">Facility Agent</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From:</font></font>[The Existing Lender] (the &quot;<b style="font-weight:bold;">Existing Lender</b>&quot;) and [The New Lender] (the &quot;<b style="font-weight:bold;">New Lender</b>&quot;)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 360pt;">Dated: <font style="display:inline-block;width:3.6pt;"></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; Facilities Agreement for up to $160,457,686 dated [&#9679;] 2022 (the &quot;Agreement&quot;)</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859226"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. &#160;This is a Transfer Certificate. &#160;Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082655"></a><a name="_Toc360093745"></a><a name="_Toc360093946"></a><a name="_Ref136859227"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859228"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all of the Existing Lender&#39;s rights and obligations under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender&#39;s Commitment and participation in the Loan under the Agreement as specified in the Schedule in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859229"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The proposed Transfer Date is [</font><font style="font-family:'Times New Roman';font-size:11pt;font-style:normal;font-weight:normal;">&#9899;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">].</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859230"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Office and address and attention details for notices of the New Lender for the purposes of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Addresses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement are set out in the Schedule.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082656"></a><a name="_Toc360093746"></a><a name="_Toc360093947"></a><a name="_Ref136859231"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The New Lender expressly acknowledges the limitations on the Existing Lender&#39;s obligations set out in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Limitation of responsibility of Existing Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859232"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859233"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859234"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Note: The execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender&#39;s interest in the Transaction Security in all jurisdictions. &#160;It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender&#39;s Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>205</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE SCHEDULE</b><b style="font-weight:bold;"><br><br></b><b style="font-weight:bold;">Commitment/rights</b> <b style="font-weight:bold;">and obligations to be transferred</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">[<i style="font-style:italic;">insert relevant details</i>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">[Facility Office address and attention details for notices <br>and account details for payments.]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">[Existing Lender]<font style="display:inline-block;width:33.67pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>[New Lender]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">By:</font></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]<font style="display:inline-block;width:21.04pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>By:<font style="display:inline-block;width:22.09pt;"></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">This Transfer Certificate is accepted by the Facility Agent and the Transfer Date is confirmed as [<font style="font-family:'Times New Roman';">&#9899;</font>].</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">[Facility Agent]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">By:</font></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><a name="_Ref326224892"></a><a name="_Ref326224893"></a><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>206</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 7</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097783"></a><a name="_Ref360145949"></a><a name="_Ref360145950"></a><a name="_Toc360191422"></a><a name="_Toc360191539"></a><a name="_Toc360191655"></a><a name="_Toc362504334"></a><a name="_Toc362518381"></a><a name="_Toc362605328"></a><a name="_Toc363549768"></a><a name="_Toc367198611"></a><a name="_Toc367791999"></a><a name="_Toc367866986"></a><a name="_Toc371413605"></a><a name="_Toc371413821"></a><a name="_Toc371932699"></a><a name="_Toc379311860"></a><a name="_Toc380566944"></a><a name="_Toc380579004"></a><a name="_Toc382511944"></a><a name="_Toc384670188"></a><a name="_Toc442833413"></a><a name="_Toc444194879"></a><a name="_Toc445290457"></a><a name="_Ref136859235"></a><a name="_Ref136013812"></a><a name="_Toc137536081"></a>Form of Assignment Agreement</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;text-align:justify;">To:</p></td><td style="padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;text-align:justify;">ABN AMRO BANK N.V. as Facility Agent and Fitzroy Shipco LLC, Bailey Shipco LLC,<b style="font-weight:bold;"> </b>Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC as Borrowers, for and on behalf of each Obligor</p></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From:</font></font>[<i style="font-style:italic;">the Existing Lender</i>] (the &quot;<b style="font-weight:bold;">Existing Lender</b>&quot;) and [the New Lender] (the &quot;<b style="font-weight:bold;">New Lender</b>&quot;)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 360pt;">Dated: [<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; Facilities Agreement for up to $160,457,686 dated [&#9679;] 2022 (the &quot;Agreement&quot;)</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859236"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. &#160;This is an Assignment Agreement. &#160;Terms defined in the Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859237"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for assignment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859238"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement, the other Finance Documents and in respect of the Transaction Security which correspond to that portion of the Existing Lender&#39;s Commitment and participations in the Loan under the Agreement as specified in the Schedule.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376263127"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender&#39;s Commitments and participations in the Loan under the Agreement specified in the Schedule.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859239"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859240"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The proposed Transfer Date is [</font><font style="font-family:'Times New Roman';font-size:11pt;font-style:normal;font-weight:normal;">&#9899;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">].</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859241"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859242"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Office and address and attention details for notices of the New Lender for the purposes of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Addresses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) are set out in the Schedule.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859243"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The New Lender expressly acknowledges the limitations on the Existing Lender&#39;s obligations set out in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Limitation of responsibility of Existing Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859244"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Assignment Agreement acts as notice to the Facility Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Copy of Transfer Certificate or Assignment Agreement to Borrowers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), to the Borrowers (on behalf of each Obligor) of the assignment referred to in this Assignment Agreement.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>207</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859245"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Assignment Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082657"></a><a name="_Toc360093747"></a><a name="_Toc360093948"></a><a name="_Ref136859246"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Assignment Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">10</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082658"></a><a name="_Toc360093748"></a><a name="_Toc360093949"></a><a name="_Ref136859247"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Note: The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender&#39;s interest in the Transaction Security in all jurisdictions. &#160;It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender&#39;s Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>208</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE SCHEDULE</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Commitment rights and obligations to be transferred by assignment, release and accession</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">[<i style="font-style:italic;">insert relevant details</i>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">[Facility office address and attention details for notices<br>and account details for payments]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">[Existing Lender]<font style="display:inline-block;width:33.67pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>[New Lender]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">By:</font></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]<font style="display:inline-block;width:21.04pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>By:<font style="display:inline-block;width:22.09pt;"></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">This Assignment Agreement is accepted by the Facility Agent and the Transfer Date is confirmed as [<font style="font-family:'Times New Roman';">&#9899;</font>].</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Signature of this Assignment Agreement by the Facility Agent constitutes confirmation by the Facility Agent of receipt of notice of the assignment referred to herein, which notice the Facility Agent receives on behalf of each Finance Party.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">[Facility Agent]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">By:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><a name="_Ref326225105"></a><a name="_Ref326225106"></a><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>209</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 8</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097784"></a><a name="_Ref360145976"></a><a name="_Ref360145977"></a><a name="_Toc360191423"></a><a name="_Toc360191540"></a><a name="_Toc360191656"></a><a name="_Toc362504335"></a><a name="_Toc362518382"></a><a name="_Toc362605329"></a><a name="_Toc363549769"></a><a name="_Toc367198612"></a><a name="_Toc367792000"></a><a name="_Toc367866987"></a><a name="_Toc371413606"></a><a name="_Toc371413822"></a><a name="_Toc371932700"></a><a name="_Toc379311861"></a><a name="_Toc380566945"></a><a name="_Toc380579005"></a><a name="_Toc382511945"></a><a name="_Toc384670189"></a><a name="_Toc442833414"></a><a name="_Toc444194880"></a><a name="_Toc445290458"></a><a name="_Ref136859248"></a><a name="_Ref136013876"></a><a name="_Toc137536082"></a>Form of Compliance Certificate</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To: &#160;</font></font>ABN AMRO BANK N.V. as Facility Agent</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;">From:</p></td><td style="padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;">Ardmore Shipping Corporation<br>Ardmore Shipping LLC<br>Fitzroy Shipco LLC</p></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:36pt;margin:0pt;">Bailey Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 0pt 36pt;">Cromarty Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:36pt;margin:0pt;">Dogger Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:36pt;margin:0pt;">Lundy Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:36pt;margin:0pt;">Viking Shipco LLC </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:36pt;margin:0pt;">Tramore Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:36pt;margin:0pt 0pt 12pt 360pt;">Dated: <font style="display:inline-block;width:3.6pt;"></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Dear Sirs</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; Facilities Agreement for up to $160,457,686 dated [&#9679;] 2022 (the &quot;Agreement&quot;)</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859249"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. &#160;This is a Compliance Certificate. &#160;Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859250"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We confirm that we have maintained the following financial covenants pursuant to clause 25.1 (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial covenants</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement:</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> &#160;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859251"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a minimum Solvency of at least 30 per cent.;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref382805296"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">minimum Cash and Cash Equivalents of an amount the greater of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859252"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if the Fleet Vessel size is below 40 vessels:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:34pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859253"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$750,000 per Fleet Vessel; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:34pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859254"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5 per cent. of the Total Consolidated Debt,</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859255"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">upon the Fleet Vessel size becoming 40 vessels or more:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:34pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859256"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$30,000,000;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:34pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859257"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$500,000 per Fleet Vessel; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:34pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859258"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5 per cent. of the Total Consolidated Debt,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;">in each case, with at least 60 per cent. of such minimum amount being held in cash and, for the purposes of this paragraph (b), Cash and Cash Equivalents shall include undrawn amounts </p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>210</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">under the Revolving Facility provided that the Termination Date in relation to the Revolving Facility is not within the next 12 Months.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859259"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a positive Working Capital excluding:</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859260"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Balloon Repayments; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859261"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amounts outstanding under the ABN AMRO Receivables Facility Agreement provided that the facility provided thereunder has a remaining maturity of more than three months,</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">in this instance current liabilities shall exclude the current portion of debt and leases[; and</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859262"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compliance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4773"></a></font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum required security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859322"></a></font><sup style="font-family:'Calibri','Helvetica','sans-serif';font-size:8.25pt;font-style:normal;font-weight:normal;vertical-align:top;"><a style="vertical-align:super;" href="#footnote-2">1</a></sup><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859263"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an Adjusted Tangible Net Worth of not less than $200,000,000.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Please refer to the attached documents which confirm the calculation for the above financial covenants and the accompanying Financial Statements.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859264"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">[We confirm that no Default is continuing.]*</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Signed:</font></font>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;">Officer</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;">of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">Ardmore Shipping Corporation</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="margin-bottom:5pt;margin-top:15pt;width:25%;border-bottom:1px solid black;"></div><a name="footnote-2"></a><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><sup style="font-size:6.75pt;vertical-align:top;">1</sup> To be included in 30 June and <a name="DocXTextRef4775"></a>30 December compliance certificates only.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>211</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 9</font><a name="_Ref378965870"></a><a name="_Ref378965871"></a><a name="_Toc379311864"></a><a name="_Toc380566947"></a><a name="_Toc380579007"></a><a name="_Ref326227106"></a><a name="_Ref326227107"></a><a name="_Ref341351901"></a><a name="_Ref341351908"></a><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc106392677"></a><a name="_Ref106433666"></a><a name="_Ref106451623"></a><a name="_Toc107512850"></a><a name="_Ref107920910"></a><a name="_Ref136859265"></a><a name="_Ref136005651"></a><a name="_Toc137536083"></a>Form of Sustainability Certificate</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To: &#160;</font></font><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> as Facility Agent</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From:</font></font><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b> as Parent Guarantor</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:right;margin:0pt 0pt 12pt 0pt;">[&#9679;], 20[&#9679;]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><a name="_Hlk106708115"></a><b style="font-weight:bold;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; Facilities Agreement for up to $160,457,686 dated [&#9679;] 2022 (the &quot;Agreement&quot;)</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Sustainability Certificate dated [&#9679;] 20[&#9679;]</b></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859266"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. This is a Sustainability Certificate. &#160;Terms defined in the Agreement have the same meaning when used in this Sustainability Certificate unless given a different meaning in this Sustainability Certificate.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859267"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We confirm that, as at the date hereof:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859268"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the calculation of the Fleet Sustainability Score for the prior calendar year ending 31 December 20[&#9679;], as evidenced by the Carbon Intensity and Climate Alignment Certificate, was as follows:</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:35.45pt;text-align:justify;text-indent:-35.45pt;margin:0pt 0pt 12pt 35.45pt;">[&#9679;]</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859269"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Bursary Percentage for the prior calendar year ending 31 December 20[&#9679;] is [&#9679;] per cent., which is [above/below] to the Bursary Percentage Target (Target </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef80"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of 25 per cent. for the calendar year ending 31 December 20[&#9679;].</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859270"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">accordingly the Sustainability Pricing Adjustment is as follows: [&#9679;]</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859271"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">we have provided the Facility Agent (for onward distribution to the Lenders) with a copy of the most recent Sustainability Report.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">We confirm that no Default is continuing.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">Signed: &#160;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..<font style="display:inline-block;width:111.13pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;"><font style="white-space:pre-wrap;">  </font>Officer</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;"><font style="white-space:pre-wrap;">  </font>of<font style="display:inline-block;width:233.92pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;"> &#160;<b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b><font style="display:inline-block;width:77.06pt;"></font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>212</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 10</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc106392678"></a><a name="_Ref106433667"></a><a name="_Ref106451640"></a><a name="_Toc107512851"></a><a name="_Ref107920953"></a><a name="_Ref136859272"></a><a name="_Ref136005684"></a><a name="_Toc137536084"></a>Sustainability Pricing Adjustment Schedule</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859273"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Upon the delivery of a Sustainability Certificate in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Compliance Certificate and Sustainability Certificate</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Applicable Margin (as defined below) shall (subject to the provisions of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below) be adjusted as follows (each, a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sustainability Pricing Adjustment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;):</font></td></tr></table><div style="margin-top:12pt;"></div><div style="padding-left:36pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:91.46%;"><tr><td colspan="5" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:center;margin:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Fleet Sustainability Score, as set forth in the relevant Sustainability Certificate</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:center;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:16.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Target </b><a name="DocXTextRef81"></a><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">1</b></p></td><td style="vertical-align:top;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Above or equal to </font><a name="DocXTextRef82"></a><font style="font-family:'Calibri','Helvetica','sans-serif';">20.0</font><font style="font-family:'Calibri','Helvetica','sans-serif';"> % </font></p></td><td style="vertical-align:top;width:22.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Above or equal to 15.0% and below 20.0%</font></p></td><td style="vertical-align:top;width:22.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Above or equal to 10.0% and below 15.0%</font></p></td><td style="vertical-align:top;width:16.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Below 10.0%</font></p></td></tr><tr><td style="vertical-align:top;width:16.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Adjustment to Applicable Margin</b></p></td><td style="vertical-align:top;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Margin decrease of </i><a name="DocXTextRef83"></a><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">4.5</i><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;"> basis points</i></p></td><td style="vertical-align:top;width:22.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Margin decrease of </i><a name="DocXTextRef84"></a><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">2.25</i><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;"> basis points</i></p></td><td style="vertical-align:top;width:22.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">No adjustment </i></p></td><td style="vertical-align:top;width:16.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Margin increase of </i><a name="DocXTextRef85"></a><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">4.5</i><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;"> basis points</i></p></td></tr><tr><td colspan="5" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:center;margin:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Diversity</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:center;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:16.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Target </b><a name="DocXTextRef86"></a><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">2</b></p></td><td style="vertical-align:top;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Bursary Percentage Target not met </font></p></td><td style="vertical-align:top;width:22.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Bursary Percentage Target met </font></p></td><td style="vertical-align:top;width:22.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:16.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:16.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Adjustment </b></p></td><td style="vertical-align:top;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Margin increase of </i><a name="DocXTextRef87"></a><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">0.5</i><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;"> basis points</i></p></td><td style="vertical-align:top;width:22.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Margin decrease of </i><a name="DocXTextRef88"></a><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">0.5</i><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;"> basis points</i></p></td><td style="vertical-align:top;width:22.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:16.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><font style="font-size:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859274"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In relation to each Sustainability Pricing Adjustment, the starting point for calculating any adjustment to the Margin shall be </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef89"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">2.50</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> per cent per annum (&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Applicable Margin</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859275"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Sustainability Pricing Adjustment for that year shall become effective </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk42693240"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">first day of the next Interest Period </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk109833196"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">following the KPI Reporting Date </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">for that Advance.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859276"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Sustainability Pricing Adjustment shall result in the Margin being increased or decreased from the Applicable Margin by more than 5 basis points per annum.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859277"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Borrowers fail to provide a Sustainability Certificate or any of the Sustainability Reporting or verification by the KPI Reporting Longstop Date, the Sustainability Pricing Adjustment will be deemed to be an increase to the Applicable Margin of five basis points per annum starting from the day following the KPI Reporting Longstop Date, until the day in the subsequent calendar year on which such Sustainability Certificate is delivered (in which case the Margin will be recalculated and the relevant Sustainability Margin Adjustment will become effective on the first day of the next Interest Period for that Advance following the KPI Reporting Date. The first reporting will be provided in 2023 for full-year 2022.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859278"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For the avoidance of doubt, failure to report shall not constitute an Event of Default.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>213</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;min-height:194.95pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Defined terms used herein:</u></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">AER Trajectory Value</b>&quot; means, with respect to any Fleet Vessel, the relevant AER trajectory value as published on the website of the Poseidon Principles. The Poseidon Trajectory based off the fourth IMO GHG Study (published in 2020) will be the trajectory used for the duration of this facility. See the table below as a reference. </p><div style="height:0pt;position:relative;width:100%;"><div style="height:195pt;left:0%;position:absolute;top:-0.05pt;width:451.5pt;z-index:251658240;"><div style="height:194.35pt;left:0pt;padding-bottom:0.65pt;position:relative;width:451.45pt;"><img src="asc-20241231xex4d4001.jpg" alt="Graphic" style="height:194.35pt;width:451.45pt;"></div></div></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">Average Efficiency Ratio</b>&quot; or &quot;<b style="font-weight:bold;">AER</b>&quot; means, with respect to any Fleet Vessel, the average efficiency ratio of such Fleet Vessel as calculated per the Poseidon Principles as follows:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><img src="asc-20241231xex4d4002.jpg" alt="Graphic" style="display:inline-block;height:72.75pt;left:0%;padding-bottom:0.75pt;position:relative;top:0pt;width:199.5pt;"></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">where C<i style="font-style:italic;">i</i> is the carbon emissions for voyage <i style="font-style:italic;">i </i>computed using the fuel consumption and carbon factor of each type of fuel, DWT is the design deadweight of a Fleet Vessel, and D<i style="font-style:italic;">i</i> is the distance travelled on voyage <i style="font-style:italic;">i.</i> The AER with respect to any Fleet Vessel is computed for all voyages performed by the Fleet Vessel over a calendar year.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">Bursary Percentage</b>&quot; means, with respect to any calendar year, the percentage of bursaries provided to women cadets as a percentage of total bursaries provided and to be evidenced by back-up documentation.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">Bursary Percentage Target</b>&quot; means, with respect to any calendar year, a Bursary Percentage of at least 25 per cent.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">Carbon Intensity and Climate Alignment Certificate</b>&quot; means a certificate from a Recognised Organisation relating to a Fleet Vessel and a calendar year setting out:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859279"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Average Efficiency Ratio of that Fleet Vessel for all voyages performed by it over that calendar year using ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI in respect of that calendar year; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859280"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the climate alignment of that Fleet Vessel for such calendar year:</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">in each case as calculated in accordance with the Poseidon Principles and, in relation to the first certificate delivered under this Agreement, calculated based on data for year-end 2022.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>214</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">DWT</b>&quot; means, with respective to any Fleet Vessel, the difference in tons between displacement of the Fleet Vessel in water of relative density of 1025 kg/m3 at the summer load draught and the lightweight of the Fleet Vessel; the summer load draught should be taken as the maximum summer draught as certified in the stability booklet approved by the relevant maritime administration or an organization recognized by it.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">Fleet Sustainability Score</b>&quot; means, with respect to any calendar year and verified by a Recognised Organisation, the weighted average (rounded to two decimal places) of the Vessel Sustainability Score of all Fleet Vessels for such calendar year, determined based on Vessel Weighting.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">Fleet Vessel</b>&quot; has the meaning given to such term in Clause 25.2 (<i style="font-style:italic;">Financial covenant definitions</i>).</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">KPI&quot; </b>means Key Performance Indicator and is a common definition for the KPI 1 (Fleet Sustainability Score), KPI 2 (Bursary Percentage).</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">&quot;KPI Performance Misrepresentation</b>&quot; means if any confirmation, representation or statement made under or in connection with any Sustainability Certificate is or proves to have been incorrect or misleading when made, the Borrower shall notify the Agent of such misrepresentation promptly upon becoming aware of its occurrence and provide to the Agent as soon as reasonably practicable (at its own expense) a revised Sustainability Certificate for the same Financial Year and any other information reasonably requested by the Agent in each case: <a name="DocXTextRef90"></a>(i) correcting any inaccuracies giving rise to the relevant misrepresentation and (ii) confirming whether or not the Target(s) are met. Upon the occurrence of such misrepresentation, the Borrower shall pay to the Agent (for the account of each Lender) the amount required to put the Lenders in the position each Lender would have been in had the misrepresentation had not occurred and the correct Margin been applicable in the relevant period.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">&quot;KPI Reporting Date</b>&quot;<b style="font-weight:bold;"> </b>means the date the Agent receives, in satisfactory form to the Lenders, the Sustainability Certificate.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">KPI Reporting Longstop Date</b>&quot; means 210 <a name="_Hlk109833687"></a>calendar days from year-end. </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">Owned Days</b>&quot; means, for a given Fleet Vessel, the number of days in a calendar year that such Fleet Vessel is owned,<b style="font-weight:bold;"> </b>whether directly or indirectly, by the Borrowers.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">&quot;Recognised Organisation&quot; </b>means, in respect of a Fleet Vessel an independent organisation representing and verifying that Fleet Vessel&#39;s flag state as agreed between the Borrowers and the Lenders and, for the purposes of Clause 28.19 (<i style="font-style:italic;">Poseidon Principles</i>), duly authorised to determine whether the Borrowers have complied with regulation 22A of Annex VI.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">&quot;<b style="font-weight:bold;">Trajectory Adjustments</b>&quot; means changes to Target <a name="DocXTextRef93"></a>1 (in reference to paragraph <a name="DocXTextRef925"></a>(a), (b), and/or (c) below) and/or Trajectory (in reference to paragraph (c)) either due to:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859281"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">changes to the calculation methodology for KPI 1;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859282"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">significant changes in data due to better data accessibility; or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859283"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a fleet sale or purchase of 5 or more vessels in one transaction or a group of related transactions,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">such as, but not limited to, transactions in the form of sale, purchase, merger, acquisition, spin-off of vessels or of companies. Such transactions may require a recalculation or pro forma adjustment of the Trajectory (with adjustments to Target <a name="DocXTextRef94"></a>1 when applicable).</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">Notwithstanding the above, the below (d) applies in addition (a) through (c). </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859284"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>215</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859285"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If either:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859286"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers; and/or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859287"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent (acting on the instructions of any of the Lenders) and/or the Sustainability Coordinator</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">determine that a KPI and/or a Target is no longer available, cannot be calculated, or is no longer appropriate with respect to the Borrowers, such party may request, by written notice to the other parties, that each such party shall negotiate in good faith, following which the Borrower and the Sustainability Coordinator shall negotiate in good faith for a period of 30 days with a view to agreeing:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(1)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859288"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relevant new KPI(s) to replace one or more of the existing KPI(s);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(2)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859289"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relevant new Target to replace one or more of the existing Target(s); and/or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(3)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859290"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">appropriate consequential amendments to one or more of the existing KPI(s) and/or Target(s) and/or related provisions (as applicable),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">and, for the avoidance of doubt, any such new KPI(s), new Target(s) and/or appropriate consequential amendments shall be agreed by the Company and the Facility Agent (acting on the instructions of the Lenders). &#160;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859291"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Company and the Agent (acting on the instructions of the Lenders) agree on the new KPI(s) or the new Target(s), such amendments will take effect for the purposes of the Facilities Agreement from the period starting on the first day of the next Financial Year (unless otherwise agreed between the Company and the Agent (acting on the instructions of the Lenders)).</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859292"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859293"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Company has not engaged in such negotiations (where applicable); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859294"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no agreement is reached between the relevant parties;</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">following a 30-day negotiation period, the Facility Agent (acting on the instructions of the Lenders) may, by notice to the Company, declassify the Facilities Agreement as a sustainability-linked financing, upon which the Sustainability Pricing Adjustment shall cease to apply for the remaining life of the Facility.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">&quot;Vessel Sustainability Score&quot; </b>means, for any Vessel in the Fleet, and a particular calendar year, the percentage difference between the AER Trajectory Value and the Vessel&#8217;s Average Efficiency Ratio and at the same point in time, calculated as set out in the Poseidon Principles. A Vessel&#8217;s Vessel Sustainability Score shall be evidenced by a Carbon Intensity and Climate Alignment Certificate.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt 11.6pt 0pt 0pt;"><b style="font-weight:bold;">&quot;Vessel Weighting&quot; </b>shall mean, for any Fleet Vessel for any calendar year, the product of <a name="DocXTextRef98"></a>(i) the Owned Days and (ii) the Fleet Vessel&#8217;s DWT.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>216</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 11</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc382511946"></a><a name="_Ref382513151"></a><a name="_Ref382513152"></a><a name="_Toc384670190"></a><a name="_Toc442833415"></a><a name="_Toc444194881"></a><a name="_Toc445290459"></a><a name="_Ref136859295"></a><a name="_Ref136013787"></a><a name="_Toc137536085"></a>List of Approved Valuers</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="padding-left:27.9pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:86.64%;"><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Shipbroker</b></p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Country</b></p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Arrow Valuation Ltd</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Fearnleys AS</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Norway /Singapore</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Clarksons Platou</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Braemar Shipbrokers Ltd</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Barry-Rogliano Salles</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">France</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Maersk Broker</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Denmark</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Simpson Spence Young</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;text-transform:uppercase;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>217</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 12</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref109746921"></a><a name="_Ref109746927"></a><a name="_Ref136007952"></a><a name="_Ref136010928"></a><a name="_Ref136011378"></a><a name="_Toc137536086"></a>Repayment Instalment and Reduction Instalment Formula</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="_Toc137536087"></a>Part A</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">TERM LOAN FACILITY AND ACCORDION FACILITY</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">A = B / (16.5 years &#8211; age of the Ship relating to that Advance) / 4</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><a name="_Hlk137151784"></a>A = each Repayment Instalment amount in relation to an Advance under the Term Facility or an Advance under the Accordion Facility*<br>B = relevant amount of the Loan applicable to that Advance under the Term Facility or that Advance under the Accordion Facility</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><font style="display:inline-block;width:0.55pt;"></font>*Balloon instalment to be added to the relevant final Repayment Instalment </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="_Toc137536088"></a>Part B</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">REVOLVING FACILITY</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">A = B / (16.5 years &#8211; age of the Ship relating to that Revolving Commitment) / 4</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">A = each Reduction Instalment amount in relation to a Revolving Commitment*<br>B = relevant amount of the Revolving Commitments </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><font style="display:inline-block;width:0.55pt;"></font>*Balloon instalment to be added to the final Reduction Instalment </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>218</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 13</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097786"></a><a name="_Ref360146223"></a><a name="_Ref360146224"></a><a name="_Toc360191425"></a><a name="_Toc360191542"></a><a name="_Toc360191658"></a><a name="_Toc362504337"></a><a name="_Toc362518384"></a><a name="_Toc362605331"></a><a name="_Toc363549771"></a><a name="_Toc367198614"></a><a name="_Toc367792002"></a><a name="_Toc367866989"></a><a name="_Toc371413608"></a><a name="_Toc371413824"></a><a name="_Toc371932702"></a><a name="_Toc379311865"></a><a name="_Toc380566948"></a><a name="_Toc380579008"></a><a name="_Toc382511947"></a><a name="_Toc384670191"></a><a name="_Toc442833416"></a><a name="_Toc444194882"></a><a name="_Toc445290460"></a><a name="_Ref136859296"></a><a name="_Ref136005599"></a><a name="_Toc137536089"></a>Timetables</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:top;width:50.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Delivery of a duly completed Utilisation Request (Clause 5.1 (<i style="font-style:italic;">Delivery of a Utilisation Request</i>))</p></td><td style="vertical-align:top;width:49.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Five Business Days before the intended Utilisation Date (Clause 5.1 (<i style="font-style:italic;">Delivery of a Utilisation Request</i>)) </p></td></tr><tr><td style="vertical-align:top;width:50.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Facility Agent notifies the Lenders of the Advance in accordance with Clause 5.4 (<i style="font-style:italic;">Lenders&#39; participation</i>)</p></td><td style="vertical-align:top;width:49.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Two Business Days before the intended Utilisation Date.</p></td></tr><tr><td style="vertical-align:top;width:50.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Term SOFR Reference Rate is fixed &#160;</p></td><td style="vertical-align:top;width:49.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Quotation Day</p></td></tr><tr><td style="vertical-align:top;width:50.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:49.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:49.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>219</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 14</font><a name="_Toc360097787"></a><a name="_Toc360191426"></a><a name="_Toc360191543"></a><a name="_Toc360191659"></a><a name="_Toc362504338"></a><a name="_Toc362518385"></a><a name="_Toc362605332"></a><a name="_Toc363549772"></a><a name="_Toc367198615"></a><a name="_Toc367792003"></a><a name="_Toc367866990"></a><a name="_Toc371413609"></a><a name="_Toc371413825"></a><a name="_Toc371932703"></a><a name="_Toc378965862"></a><a name="_Toc380420860"></a><a name="_Toc380579009"></a><a name="_Toc381605421"></a><a name="_Toc384670192"></a><a name="_Toc442833417"></a><a name="_Toc444194883"></a><a name="_Toc445290461"></a><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref106602016"></a><a name="_Toc107512855"></a><a name="_Toc137536090"></a>Form of Accordion Facility Notice</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To:</font></font><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> as Facility Agent</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;text-align:justify;">From:</p></td><td style="padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;text-align:justify;"><b style="font-weight:bold;">FITZROY SHIPCO LLC, </b></p></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">BAILEY SHIPCO LLC, </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">CROMARTY SHIPCO LLC, </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">DOGGER SHIPCO LLC, </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">LUNDY SHIPCO LLC, </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">VIKING SHIPCO LLC, </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">TRAMORE SHIPCO LLC, </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">as joint and several Borrowers and the entities listed in the Schedule as Accordion Facility Lenders (the &quot;<b style="font-weight:bold;">Accordion Facility Lenders</b>&quot;)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Dated: [&#9679;]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; Facilities Agreement for up to $160,457,686 dated [&#9679;] 2022 (the &quot;Agreement&quot;)</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859297"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. &#160;This is an Accordion Facility Notice. &#160;This Accordion Facility Notice shall take effect as an Accordion Facility Notice for the purposes of the Agreement. Terms defined in the Agreement have the same meaning in this Accordion Facility Notice unless given a different meaning in this Accordion Facility Notice.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859298"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Establishment of Accordion Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859299"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We request the establishment of an Accordion Facility with the following Accordion Facility Terms:</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Currency: $</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Margin: </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Fees: </p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859300"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Borrowers</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Accordion Facility shall be available only to the Borrowers.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859301"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Purpose</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Accordion Facility shall only be used for the purpose set out in Clause 3 (<i style="font-style:italic;">Purpose</i>) of the Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859302"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Availability</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Accordion Facility shall only be available during the Availability Period relating to the Accordion Facility.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859303"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">The proposed Accordion Facility Date is [&#9679;].</b></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>220</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859304"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers confirm that the Accordion Facility Terms set out above comply with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Restrictions on Accordion Facility Terms and fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859305"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Accordion Facility Lenders and the Accordion Facility Commitments set out in this Accordion Facility Notice have been selected and allocated in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Selection of Accordion Facility Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859306"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each condition specified in sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions to establishment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement is satisfied on the date of this Accordion Facility Notice.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859307"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Accordion &#160;Facility Lender agrees to assume and will assume all of the obligations corresponding to the Accordion &#160;Facility Commitment set opposite its name in the Schedule as if it had been an Original Lender under the Agreement in respect of that Accordion &#160;Facility Commitment.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859308"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Accordion Facility Date each Accordion Facility Lender becomes party to the relevant Finance Documents as a Lender.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859309"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Accordion Facility Lender expressly acknowledges the limitations on the Lenders&#39; obligations referred to in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.11</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Limitation of responsibility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859310"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Accordion Facility Notice is irrevocable.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859311"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Accordion Facility Notice may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Accordion Facility Notice.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859312"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Accordion Facility Notice and any non-contractual obligations arising out of or in connection with it are governed by English law.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859313"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Accordion Facility Notice has been entered into on the date stated at the beginning of this Accordion Facility Notice.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859314"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The facility office and address and attention details for notices of the Accordion Facility Lenders for the purposes of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Notices</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement are:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859315"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">[&#9679;]</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Note: The execution of this Accordion Facility Notice may not be sufficient for each Accordion Facility Lender to obtain the benefit of the Transaction Security in all jurisdictions. &#160;It is the responsibility of each Accordion Facility Lender to ascertain whether any other documents or other formalities are required to obtain the benefit of the Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>221</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE SCHEDULE</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="padding-left:0.5pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:99.88%;"><tr><td style="vertical-align:top;width:49.95%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Accordion Facility Lender</b></p></td><td style="vertical-align:top;width:50.04%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Accordion Facility Commitment ($)</b></p></td></tr><tr><td style="vertical-align:top;width:49.95%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50.04%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.95%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50.04%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.95%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50.04%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 36pt 0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">BORROWERS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">FITZROY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">BAILEY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">CROMARTY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">DOGGER SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">LUNDY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">VIKING SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>222</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">TRAMORE SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">ACCORDION FACILITY LENDERS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: &#160; ___________________________</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">[&#9679;]</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">This document is accepted as an Accordion Facility Notice for the purposes of the Agreement by the Facility Agent and the Accordion Facility Date is confirmed as [&#9679;].</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">FACILITY AGENT</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: &#160; ______________________________</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><a name="_Ref92373098"></a><a name="_Ref92373337"></a><a name="_Hlk70675735"></a><font style="font-weight:bold;text-transform:uppercase;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>223</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 15</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref106433676"></a><a name="_Ref106451372"></a><a name="_Ref106451680"></a><a name="_Toc107512856"></a><a name="_Toc137536091"></a>Benchmark Terms</div><div style="margin-left:-0.25pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;table-layout:auto;width:97.95%;"><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">CURRENCY:</b></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;padding-left:7.05pt;text-align:justify;text-indent:-7.05pt;margin:6pt 7.2pt 6pt 0.14pt;">Dollars.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-style:italic;font-weight:bold;">Cost of funds as a fallback</font></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;padding-left:7.2pt;text-align:justify;text-indent:-7.2pt;margin:6pt 7.2pt 6pt 0pt;">Cost of funds will apply as a fallback.</p></td></tr><tr><td colspan="3" style="vertical-align:top;width:100%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 7.2pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-style:italic;font-weight:bold;">Definitions</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 6.5pt 6pt 7.2pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Additional Business Days:</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;padding-left:7.2pt;text-align:justify;text-indent:-7.2pt;margin:6pt 6.5pt 6pt 0pt;">An RFR Banking Day.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Break Costs:</b></font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">No Break Costs shall be charged for any voluntary prepayment under this Agreement subject to the following conditions:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859316"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The relevant prepayment is made on the last day of an Interest Period for the relevant Compounded Rate Loan.</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859317"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Up to three voluntary prepayments per </font><font style="display:inline-block;width:0.55pt;"></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">twelve-month period unless the Facility is </font><font style="display:inline-block;width:0.55pt;"></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cancelled in full in which case a voluntary </font><font style="display:inline-block;width:0.55pt;"></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">prepayment in full is permitted.</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</div><div style="display:table-cell;padding:0pt;"><font style="display:inline-block;width:0.55pt;"></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859318"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each voluntary prepayment in excess of the </font><font style="display:inline-block;width:0.55pt;"></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">limitation in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above or where the relevant prepayment is made on a day other than the last day of an Interest Period for the relevant Compounded Rate Loan shall be subject to the payment by the Borrowers of an administrative fee of USD 3,000 for the account of the Facility Agent.</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Business Day Conventions (definition of &quot;Month&quot; and Clause </b><b style="font-weight:bold;">11.3</b><b style="font-weight:bold;"> (</b><font style="font-style:italic;font-weight:bold;">Non-Business Days</font><b style="font-weight:bold;">)):</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period:</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(subject to sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if there is no numerically corresponding day in the calendar month in which that period is to end, </font></div></div></div></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>224</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-0.25pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;table-layout:auto;width:97.95%;"><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that period shall end on the last Business Day in that calendar month; and</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref49508921"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end.</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Central Bank Rate:</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The short-term interest rate target set by the US Federal Open Market Committee as published by the Federal Reserve Bank of New York from time to time; or</font></div></div></div><div style="margin-top:12pt;"></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if that target is not a single figure, the arithmetic mean of:</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(the upper bound of the short-term interest rate target range set by the US Federal Open Market Committee and published by the Federal Reserve Bank of New York; and</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the lower bound of that target range.</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:29.45pt;text-align:justify;text-indent:-29.45pt;margin:6pt 6.5pt 6pt 6pt;"><font style="margin-bottom:12pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Central Bank Rate Adjustment:</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In relation to the Central Bank Rate prevailing at close of business on any RFR Banking Day, the 20 per cent trimmed arithmetic mean (calculated by the Facility Agent or by any other Finance Party which agrees to determine that mean in place of the Facility Agent), of the Central Bank Rate Spreads for the five most immediately preceding RFR Banking Days for which the RFR is available.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">&quot;Central Bank Rate Spread&quot;</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In relation to any RFR Banking Day, the difference (expressed as a percentage rate per annum) calculated by the Facility Agent (or by any other Finance Party which agrees to determine that rate in place of the Facility Agent) of:</p><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the RFR for that RFR Banking Day; and</font></div></div></div><div style="margin-top:12pt;"></div></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>225</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-0.25pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;table-layout:auto;width:97.95%;"><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Central Bank Rate prevailing at close of business on that RFR Banking Day.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:bold;"> </font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Compounded Market Disruption Rate:</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 0pt 6pt 0pt;">The percentage rate per annum which is the Cumulative Compounded RFR Rate for the Interest Period of the relevant Compounded Rate Loan.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:6pt 7.2pt 6pt 36pt;"><font style="margin-bottom:12pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Daily Rate</b>:</p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;padding-left:7.2pt;text-align:justify;text-indent:-7.2pt;margin:6pt 6.5pt 6pt 0pt;">The &quot;<b style="font-weight:bold;">Daily Rate</b>&quot; for any RFR Banking Day is:</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the RFR for that RFR Banking Day; or</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref50683981"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if the RFR is not available for that RFR Banking Day, the percentage rate per annum which is the aggregate of:</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Central Bank Rate for that RFR Banking Day; and</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the applicable Central Bank Rate Adjustment; or</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of:</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the most recent Central Bank Rate for a day which is no more than five RFR Banking Days before that RFR Banking Day; and</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the applicable Central Bank Rate Adjustment,</font></div></div></div><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 6.5pt 6pt 6.25pt;">rounded, in either case, to five decimal places<a name="_Hlk49249916"></a>.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Interest Periods</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 6.5pt 6pt 6.25pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;">Length of Interest Periods: </p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 6.5pt 6pt 6.25pt;">Three Months</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Lookback Period:</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 6.5pt 6pt 6.25pt;">Five RFR Banking Days.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 6.25pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Relevant Market:</b></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 0pt 6pt 6.25pt;">The market for overnight cash borrowing collateralised by US Government securities.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Reporting Day:</b></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 0pt 6pt 6.25pt;">The Business Day which follows the day which is the Lookback Period prior to the last day of the Interest Period.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Reporting Times</b></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 0pt 6pt 6.25pt;"><font style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>226</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-0.25pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;table-layout:auto;width:97.95%;"><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;">Deadline for Lenders to report market disruption in accordance with Clause 12.4 (<i style="font-style:italic;">Market disruption</i>)</p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 0pt 6pt 6.25pt;">Close of business in London on the Reporting Day for the relevant Compounded Rate Loan.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;">Deadline for Lenders to report their cost of funds in accordance with Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>)</p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 0pt 6pt 6.25pt;">Close of business on the date falling two Business Days after the Reporting Day for the relevant Compounded Rate Loan (or, if earlier, on the date falling three Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Compounded Rate Loan).</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">RFR:</b></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 0pt 6pt 6.25pt;">The secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate).</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">RFR Banking Day:</b></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 7.2pt 6pt 7.2pt;">Any day other than:</p><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:7.2pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:28.25pt;padding:0pt;">(a)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Saturday or Sunday; and</font></div></div></div><div style="margin-top:12pt;"></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:7.2pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:28.25pt;padding:0pt;">(b)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities.</font></div></div></div><div style="margin-top:12pt;"></div></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 36pt 0pt;"><font style="font-size:12pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>227</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 16</font><a name="_Ref65586710"></a><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref106602070"></a><a name="_Toc107512857"></a><a name="_Toc137536092"></a>Daily Non-Cumulative Compounded RFR Rate</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The &quot;<a name="_Hlk50292050"></a><b style="font-weight:bold;">Daily Non-Cumulative Compounded RFR Rate</b>&quot; for any RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; during an Interest Period for a Compounded Rate Loan is the percentage rate per annum (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose) calculated as set out below:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">where:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">&quot;<b style="font-weight:bold;">UCCDRi</b>&quot;<b style="font-weight:bold;"> </b>means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot;;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">UCCDRi-1</b>&quot;<b style="font-weight:bold;"> </b>means, in relation to that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot;, the Unannualised Cumulative Compounded Daily Rate for the immediately preceding RFR Banking Day (if any) during that Interest Period;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">dcc</b>&quot;<b style="font-weight:bold;"> </b>means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">ni</b>&quot; means the number of calendar days from, and including, that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; up to, but excluding, the following RFR Banking Day; and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the &quot;<b style="font-weight:bold;">Unannualised Cumulative Compounded Daily Rate</b>&quot; for any RFR Banking Day (the &quot;<b style="font-weight:bold;">Cumulated RFR Banking Day</b>&quot;) during that Interest Period is the result of the below calculation (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose):</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 34.9pt;">where:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">ACCDR</b>&quot; means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">tni</b>&quot; means the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day which immediately follows the last day of the Cumulation Period;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">Cumulation Period</b>&quot; means the period from, and including, the first RFR Banking Day of that Interest Period to, and including, that Cumulated RFR Banking Day;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">dcc</b>&quot;<b style="font-weight:bold;"> </b>has the meaning given to that term above; and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the &quot;<b style="font-weight:bold;">Annualised Cumulative Compounded Daily Rate</b>&quot; for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to five decimal places) calculated as set out below:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:42pt 0pt 30pt 72pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>228</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">where:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<a name="_Hlk50278179"></a><b style="font-weight:bold;">d</b><b style="font-weight:bold;">0</b>&quot; means the number of RFR Banking Days in the Cumulation Period;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">Cumulation Period</b>&quot; has the meaning given to that term above;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">i</b>&quot; means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order in the Cumulation Period;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">DailyRatei-LP</b>&quot; means, for any RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot;;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">ni</b>&quot; means, for any RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; in the Cumulation Period, the number of calendar days from, and including, that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; up to, but excluding, the following RFR Banking Day;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">dcc</b>&quot;<b style="font-weight:bold;"> </b>has the meaning given to that term above; and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">tni</b>&quot; has the meaning given to that term above.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>229</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 17</font><a name="_Ref65586666"></a><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref106433677"></a><a name="_Ref106451406"></a><a name="_Ref106451775"></a><a name="_Ref106602117"></a><a name="_Toc107512858"></a><a name="_Toc137536093"></a>Cumulative Compounded RFR Rate</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><a name="_Hlk65659046"></a>The &quot;<b style="font-weight:bold;">Cumulative Compounded RFR Rate</b>&quot; for any Interest Period for a Compounded Rate Loan is the percentage rate per annum (rounded to the same number of decimal places as is specified in the definition of &quot;<b style="font-weight:bold;">Annualised Cumulative Compounded Daily Rate</b>&quot; in Schedule 16 (<i style="font-style:italic;">Daily Non-Cumulative Compounded RFR Rate</i>)) calculated as set out below:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:36pt 0pt 24pt 36pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">where:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">d0</b>&quot; means the number of RFR Banking Days during the Interest Period;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">i</b>&quot; means a series of whole numbers from one to d<b style="font-weight:bold;">0</b>, each representing the relevant RFR Banking Day in chronological order during the Interest Period;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">DailyRatei-LP</b>&quot; means for any RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; during the Interest Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot;;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">ni</b>&quot; means, for any RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot;, the number of calendar days from, and including, that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; up to, but excluding, the following RFR Banking Day;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">dcc</b>&quot; means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number; and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">d</b>&quot; means the number of calendar days during that Interest Period.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>230</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="_Toc137536094"></a>Execution Pages</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">BORROWERS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by </font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">FITZROY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>) </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">VIKING SHIPCO LLC</b><font style="display:inline-block;width:21.07pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font 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style="display:inline-block;width:6.8pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">HEDGE GUARANTORS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by </font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">FITZROY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Its Attorney-in-fact<font style="display:inline-block;width:23.15pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">BAILEY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font 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style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">DOGGER SHIPCO LLC</b><font style="display:inline-block;width:13.76pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p 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style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">VIKING SHIPCO LLC</b><font style="display:inline-block;width:21.07pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p 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style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font 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style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ORIGINAL LENDERS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised <font style="display:inline-block;width:35.74pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> <font style="display:inline-block;width:2.35pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>235</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;white-space:pre-wrap;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised<font style="display:inline-block;width:2.22pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">CR&#201;DIT AGRICOLE CORPORATE </b><font style="display:inline-block;width:1.35pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">AND INVESTMENT BANK</b><font style="display:inline-block;width:31.72pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">MANDATED LEAD ARRANGERS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised <font style="display:inline-block;width:35.74pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> <font style="display:inline-block;width:2.35pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised <font style="display:inline-block;width:35.74pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">CR&#201;DIT AGRICOLE CORPORATE </b><font style="display:inline-block;width:1.35pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">AND INVESTMENT BANK</b><font style="display:inline-block;width:31.72pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">FACILITY AGENT</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by </font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised<font style="display:inline-block;width:2.22pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> <font style="display:inline-block;width:2.35pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>236</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">SECURITY AGENT</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised <font style="display:inline-block;width:35.74pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> <font style="display:inline-block;width:2.35pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">SUSTAINABILITY COORDINATOR</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised <font style="display:inline-block;width:35.74pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> <font style="display:inline-block;width:2.35pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>237</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/73091764v9</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:avoid;width:76.19%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.5
<SEQUENCE>5
<FILENAME>asc-20241231xex4d5.htm
<DESCRIPTION>EX-4.5
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/7/2025 04:23:24 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 20pt 0pt;"><b style="font-weight:bold;">Exhibit 4.5</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 35pt 0pt;">EXECUTION VERSION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 40pt 0pt;"><b style="font-weight:bold;">Dated 29 July 2022</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FAROE SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FISHER SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FAIR ISLE SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">HUMBER SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FORTH SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TRAFALGAR SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">WIGHT SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SALTEE SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">BLASKET SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">as joint and several Original Borrowers</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.69pt 0pt;">and as Original Hedge Guarantors</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6.4pt 0pt;">and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">KILMORE SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">KILLARY SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">BALLYCOTTON SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">as joint and several Additional Borrowers</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6.94pt 0pt;">and Additional Hedge Guarantors</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6.09pt 0pt;">and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.69pt 0pt;">as Corporate Guarantor</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6.05pt 0pt;">and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.69pt 0pt;">as Parent Guarantor</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 5.94pt 0pt;">and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.65pt 0pt;">as Mandated Lead Arrangers and as Bookrunners</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.55pt 0pt;">and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 7.69pt 0pt;">as Documentation Agent and as Sustainability Coordinator</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 6.05pt 0pt;">and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 24pt 0pt;">as Facility Agent and as Security Agent</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><img src="asc-20241231xex4d5001.jpg" alt="Graphic" style="display:inline-block;height:66.92pt;left:0%;padding-bottom:0.6pt;position:relative;top:0pt;width:197.21pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">AMENDMENT AND RESTATEMENT AGREEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.15pt 0pt;">relating to a facility agreement dated 30 June 2022</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.15pt 0pt;">in respect of the financing or refinancing of m.t.s</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.15pt 0pt;">&#8220;ARDMORE SEAFOX&#8221;, &#8220;ARDMORE CHINOOK&#8221;, &#8220;ARDMORE SEALION&#8221;, &#8220;ARDMORE CHIPPEWA&#8221;,</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.15pt 0pt;">&#8220;ARDMORE SEAVANTAGE&#8221;, &#8220;ARDMORE ENDEAVOUR&#8221;, &#8220;ARDMORE DAUNTLESS&#8221;, &#8220;ARDMORE</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">ENTERPRISE&#8221; and &#8220;ARDMORE ENDURANCE&#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Index</b></p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Clause</b></p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Page</b></p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">1</p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Definitions and Interpretation</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">2</p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2</p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Conditions Precedent</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">3</p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">3</p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Representations</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">4</p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">4</p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Amendment and Restatement of Facility Agreement and other Finance Documents</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">4</p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">5</p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Further Assurance</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">5</p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">6</p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Fees</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">5</p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">7</p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Costs and Expenses</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">5</p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">8</p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Notices</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">5</p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">9</p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Counterparts</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">6</p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">10</p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Governing Law</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">6</p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">11</p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Enforcement</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">6</p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Schedules</b></p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Schedule 1 The Parties</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">7</p></td></tr><tr><td style="vertical-align:bottom;width:4.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:91.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Lenders and Hedge Counterparties</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">7</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Schedule 2 Conditions Precedent</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">9</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Execution</b></p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Execution Pages</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">10</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Appendices</b></p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:96.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Appendix Form of Amended and Restated Facility Agreement (marked to indicate amendments)</p></td><td style="vertical-align:bottom;width:3.9%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;">EXECUTION VERSION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THIS AGREEMENT </b>is made on 29 July 2022<b style="font-weight:bold;"> </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">PARTIES</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(1)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">FAROE SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower A</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), FISHER SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower B</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), FAIR ISLE SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower C</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), HUMBER SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower D</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), FORTH SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower E</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), TRAFALGAR SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower F</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), WIGHT SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower G</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), SALTEE SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower H</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), </b>and<b style="font-weight:bold;"> BLASKET SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower I</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>each a limited liability company formed in the Republic of the Marshall Islands whose registered address is at The Trust Company of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960, (the &#8220;<b style="font-weight:bold;">Original Borrowers</b>&#8221; and each an &#8220;<b style="font-weight:bold;">Original Borrower</b>&#8221;)</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(2)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">KILMORE SHIPCO LLC, KILLARY SHIPCO LLC </b>and<b style="font-weight:bold;"> BALLYCOTTON SHIPCO LLC,</b> each a limited liability company formed in the Republic of the Marshall Islands whose registered address is at The Trust Company of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 as joint and several additional borrowers (together the &#8220;<b style="font-weight:bold;">Additional Borrowers</b>&#8221; and each an &#8220;<b style="font-weight:bold;">Additional Borrower</b>&#8221; and together with the Original Borrowers the &#8220;<b style="font-weight:bold;">Borrowers</b>&#8221;)</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(3)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">FAROE SHIPCO LLC, FISHER SHIPCO LLC, FAIR ISLE SHIPCO LLC, HUMBER SHIPCO LLC, FORTH SHIPCO LLC, TRAFALGAR SHIPCO LLC, WIGHT SHIPCO LLC, SALTEE SHIPCO LLC,</b> and <b style="font-weight:bold;">BLASKET SHIPCO LLC</b> each a limited liability company formed in the Republic of the Marshall Islands whose registered address is at The Trust Company of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960, (the &#8220;<b style="font-weight:bold;">Original Hedge Guarantors</b>&#8221; and each an &#8220;<b style="font-weight:bold;">Original Hedge Guarantor</b>&#8221;)</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(4)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">KILMORE SHIPCO LLC, KILLARY SHIPCO LLC </b>and<b style="font-weight:bold;"> BALLYCOTTON SHIPCO LLC,</b> each a limited liability company formed in the Republic of the Marshall Islands whose registered address is at The Trust Company of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 as additional hedge guarantors (together the &#8220;<b style="font-weight:bold;">Additional Hedge Guarantors</b>&#8221; and each an &#8220;<b style="font-weight:bold;">Additional Hedge Guarantor</b>&#8221; and together with the Original Hedge Guarantors the &#8220;<b style="font-weight:bold;">Hedge Guarantors</b>&#8221;)</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(5)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">ARDMORE SHIPPING LLC,</b> a limited liability company formed in the Republic of the Marshall Islands whose registered address is at The Trust Company of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960, (the &#8220;<b style="font-weight:bold;">Corporate Guarantor</b>&#8221;)</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(6)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION,</b> a corporation incorporated in the Republic of the Marshall Islands whose registered address is at The Trust Company of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960, (the &#8220;<b style="font-weight:bold;">Parent Guarantor</b>&#8221;)</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(7)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">THE FINANCIAL INSTITUTIONS </b>listed in 0 of Schedule 1 (<i style="font-style:italic;">The Parties</i>)<i style="font-style:italic;"> </i>as lenders (the<b style="font-weight:bold;"> </b>&#8220;<b style="font-weight:bold;">Lenders</b>&#8221;)</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(8)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">THE FINANCIAL INSTITUTIONS </b>listed in 0 of Schedule 1 (<i style="font-style:italic;">The Parties</i>)<i style="font-style:italic;"> </i>as hedge counterparties (the<b style="font-weight:bold;"> </b>&#8220;<b style="font-weight:bold;">Hedge Counterparties</b>&#8221;)</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(9)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE </b>and<b style="font-weight:bold;"> SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), </b>(the &#8220;<b style="font-weight:bold;">Mandated Lead Arrangers</b>&#8221;)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="display:none;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(10)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE </b>and <b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), </b>(the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Bookrunners</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(11)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), </b>as documentation agent (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Documentation Agent</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(12)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), </b>as sustainability coordinator (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sustainability Coordinator</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(13)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE, </b>acting in such capacity through its office at Essendropsgate 7, 0368 Oslo, Norway as agent for the other Finance Parties, (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Facility Agent</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(14)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE, </b>acting in such capacity through its office at Essendropsgate 7, 0368 Oslo, Norway as security agent for the Secured Parties, (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Security Agent</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">BACKGROUND</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">By the Facility Agreement, the Lenders agreed to make available to the Original Borrowers a facility of up to $245,500,000 (originally) comprising:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a revolving credit facility in a principal amount not exceeding the lower of (i) $145,500,000 or (ii) 60 per cent. of the aggregate Fair Market Value of the Initial Ships as determined on the Utilisation Date for the purposes of financing or refinancing the Initial Ships and for general corporate and working capital purposes; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">an accordion facility in a principal amount not exceeding the lower of (i) $100,000,000 or (ii) 60 per cent. of the aggregate Fair Market Value of the Accordion Ships as determined on the Utilisation Date for the purposes of financing or refinancing the Accordion Ships and for general corporate and working capital purposes.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Parties have agreed to amend and restate the Facility Agreement as set out in this Agreement.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">OPERATIVE PROVISIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1</b></font><b style="font-weight:bold;">DEFINITIONS AND INTERPRETATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.1</b></font><b style="font-weight:bold;">Definitions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">In this Agreement:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Amended and Restated Facility Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Facility Agreement as amended and restated by this Agreement in the form set out in the Appendix.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Facility Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the facility agreement dated 30 June 2022 and made between, amongst others, (i) the Original Borrowers as owners and hedge guarantors, (ii) the Corporate Guarantor, (iii) the Parent Guarantor, (iv) the Lenders, (v) the Hedge Counterparties, (vi) the Mandated Lead Arrangers and Bookrunners, (vii) the Documentation Agent and Sustainability Coordinator and (viii) the Facility Agent and (ix) the Security Agent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Party</b><b style="font-weight:bold;">&#8221;</b> means a party to this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 39.6pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Restatement Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the date on which the Facility Agent notifies the Borrowers and the other Finance Parties as to the satisfaction of the conditions precedent as provided in paragraph 2.2 of Clause 2 <i style="font-style:italic;">(Conditions Precedent).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:39.6pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.2</b></font><b style="font-weight:bold;">Defined expressions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 39.6pt;">Defined expressions in the Facility Agreement shall have the same meanings when used in this Agreement unless the context otherwise requires or unless otherwise defined in this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:39.6pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.3</b></font><b style="font-weight:bold;">Application of construction and interpretation provisions of Facility Agreement</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 39.6pt;">Clause 1.2 <i style="font-style:italic;">(construction) </i>of the Facility Agreement applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:39.6pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.4</b></font><b style="font-weight:bold;">Agreed forms of new, and supplements to, Finance Documents</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 39.6pt;">References in Clause 1.1 <i style="font-style:italic;">(Definitions) </i>to any document being in &#8220;agreed form&#8221; are to that document:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:39.6pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in a form attached to a certificate dated the same date as this Agreement (and signed by the Borrowers and the Facility Agent); or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:39.6pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in any other form agreed in writing between the Borrowers and the Facility Agent acting with the authorisation of the Majority Lenders or, where clause 46.2 <i style="font-style:italic;">(all lender matters) </i>of the Facility Agreement applies, all the Lenders.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:39.6pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.5</b></font><b style="font-weight:bold;">Designation as a Finance Document</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 39.6pt;">The Borrowers and the Facility Agent designate this Agreement as a Finance Document.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:39.6pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.6</b></font><b style="font-weight:bold;">Third party rights</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:39.6pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Unless provided to the contrary in a Finance Document, a person who is not a Party has no right under the Third Parties Act to enforce or to enjoy the benefit of any term of this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:39.6pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to clause 46.3 <i style="font-style:italic;">(other exceptions) </i>of the Facility Agreement but otherwise notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:39.6pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">2</b></font><b style="font-weight:bold;">CONDITIONS PRECEDENT</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:39.6pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">2.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Restatement Date cannot occur unless the Facility Agent has received (or on the instructions of all the Lenders, waived receipt of) all of the documents and other evidence listed in Schedule 2 <i style="font-style:italic;">(Conditions Precedent) </i>in form and substance satisfactory to the Facility Agent on or before 4 August 2022 or such later date as the Facility Agent may agree with the Borrowers.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:39.6pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">2.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall notify the Borrowers and the other Finance Parties promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in Clause 2.1 above.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">2.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in Clause 2.2 above, the Finance Parties authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">3</b></font><b style="font-weight:bold;">REPRESENTATIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">3.1</b></font><b style="font-weight:bold;">Facility Agreement representations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Obligor that is a party to the Facility Agreement makes the representations and warranties set out in clause 23 <i style="font-style:italic;">(representations) </i>of the Facility Agreement, as amended and restated by this Agreement and updated with appropriate modifications to refer to this Agreement, by reference to the circumstances then existing on the date of this Agreement and on the Restatement Date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">3.2</b></font><b style="font-weight:bold;">Finance Document representations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Obligor makes the representations and warranties set out in the Finance Documents (other than the Facility Agreement) to which it is a party, as amended and restated by this Agreement and updated with appropriate modifications to refer to this Agreement, by reference to the circumstances then existing on the date of this Agreement and on the Restatement Date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">3.3</b></font><b style="font-weight:bold;">Additional Borrower representations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Additional Borrower and each Additional Hedge Guarantor makes the representations and warranties set out in the Amended and Restated Facility Agreement by means of accession to the Amended and Restated Facility Agreement pursuant to this Agreement on the Restatement Date, by reference to the circumstances then existing on the Restatment Date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">4</b></font><b style="font-weight:bold;">AMENDMENT AND RESTATEMENT OF FACILITY AGREEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">4.1</b></font><b style="font-weight:bold;">Accession to the Facility Agreement</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">With effect on and from the Restatement Date, and by its execution of this Agreement, each Additional Borrower agrees to become a &#8220;Borrower&#8221; and each Additional Hedge Guarantor agrees to become a &#8220;Hedge Guarantor&#8221; under and as defined in the Amended and Restated Facility Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">4.2</b></font><b style="font-weight:bold;">Specific amendments to the Facility Agreement</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">With effect on and from the Restatement Date, the Facility Agreement shall be amended and restated in the form of the Amended and Restated Facility Agreement and, as so amended and restated, the Facility Agreement shall continue to be binding on each of the parties to it (including the Additional Borrowers by means of their accession to it pursuant to this Agreement) in accordance with its terms as so amended and restated.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">4.3</b></font><b style="font-weight:bold;">Obligor Confirmation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">On the Restatement Date, each Obligor:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(a)</font></font>confirms its acceptance of the Amended and Restated Facility Agreement;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">4</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">agrees that it is bound as an Obligor (as defined in the Amended and Restated Facility Agreement);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">confirms that the definition of, and references throughout each of the Finance Documents to, the Facility Agreement and any of the other Finance Documents shall be construed as if the same referred to the Facility Agreement and those Finance Documents as amended and restated by this Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(if it is a Parent Guarantor, Corporate Guarantor or a Hedge Guarantor) confirms that its guarantee and indemnity:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">continues to have full force and effect on the terms of the Amended and Restated Facility Agreement; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">extends to the obligations of the relevant Obligors under the Finance Documents as amended and restated by this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">4.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Finance Documents to remain in full force and effect</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">The Finance Documents shall remain in full force and effect and, from the Restatement Date:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of the Facility Agreement as amended and restated pursuant to Clause 4.1 <i style="font-style:italic;">(Specific amendments to the Facility Agreement);</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agreement and the applicable provisions of this Agreement will be read and construed as one document; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">except to the extent expressly waived by the amendments effected by this Agreement, no waiver is given by this Agreement and the Lenders expressly reserve all their rights and remedies in respect of any breach of or other Default under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">5</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">FURTHER ASSURANCE</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">Clause 26.21 <i style="font-style:italic;">(further assurance) </i>of the Facility Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">6</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">FEES</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">The Borrowers shall pay to the Facility Agent (for the account of each Lender) on or before the Restatement Date an upfront fee in the amount and at the times specified in the Fee Letter.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">7</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">COSTS AND EXPENSES</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Clause 18.2 <i style="font-style:italic;">(amendment costs) </i>of the Facility Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">8</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">NOTICES</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">Clause 41 <i style="font-style:italic;">(notices) </i>of the Facility Agreement, as amended and restated by this Agreement, applies to this Agreement as if it were expressly incorporated in it with any necessary modifications.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 39.6pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">5</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">9</b></font><b style="font-weight:bold;">COUNTERPARTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">10</b></font><b style="font-weight:bold;">GOVERNING LAW</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">11</b></font><b style="font-weight:bold;">ENFORCEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">11.1</b></font><b style="font-weight:bold;">Jurisdiction</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Dispute</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">).</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Obligors accept that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Obligor will argue to the contrary.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">To the extent allowed by law, this Clause 11.1 <i style="font-style:italic;">(Jurisdiction) </i>is for the benefit of the Secured Parties only. As a result, no Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">11.2</b></font><b style="font-weight:bold;">Service of process</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:39.6pt;text-align:justify;text-indent:-39.6pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(a)</font></font>Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales):</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">irrevocably appoints WFW Legal Services Limited at its registered office presently at 15 Appold Street, London, EC2A 2HB as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:39.6pt;text-align:justify;text-indent:-39.6pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(b)</font></font>If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Borrowers (on behalf of all the Obligors) must immediately (and in any event within three days of such event taking place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint another agent for this purpose.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">6</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 21.14pt 0pt;"><b style="font-weight:bold;">THE PARTIES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 19.39pt 0pt;"><b style="font-weight:bold;">THE LENDERS AND HEDGE COUNTERPARTIES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 13.55pt 0pt;"><b style="font-weight:bold;">THE LENDERS</b></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:85.84%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:50.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 4pt;"><b style="font-weight:bold;">Lender</b></p></td><td style="vertical-align:bottom;width:50.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Lending Office</b></p></td></tr><tr><td style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 4pt;"><font style="font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 4pt;">Nordea Bank Abp, filial i Norge</p></td><td style="vertical-align:bottom;width:50.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Essendropsgate&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7</p></td></tr><tr><td style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">0368&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Oslo</p></td></tr><tr><td style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Norway</p></td></tr><tr><td style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For loan administration matters:</p></td></tr><tr><td style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Nordea&#160;&#160;&#160;&#160;&#160;&#160;Bank&#160;&#160;&#160;&#160;&#160;&#160;Abp,&#160;&#160;&#160;&#160;&#160;filial&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;i&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Norge</p></td></tr><tr><td style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">P.O.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Box&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1166&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Sentrum</p></td></tr><tr><td style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">N-0107&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Oslo,&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Norway</p></td></tr><tr><td style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attn:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;SLS&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Norway</p></td></tr><tr><td style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">E-mail:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">sls.norway@nordea.com</u></p></td></tr><tr><td style="vertical-align:bottom;width:49.49%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Phone: +47 240 13 444</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 5.4pt 3.6pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:85.79%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 4pt;">Skandinaviska Enskilda Banken AB (publ)</p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For credit matters</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">SEB</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">One Carter Lane</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC4V 5AN</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attention: Malcolm Stonehouse</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Telephone no: +44 20 7246 4310</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">E-mail: malcolm.stonehouse@seb.co.uk</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">With a copy to:</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attention: Ina Kuliese</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">SEB</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">One &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Carter&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Lane</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">London &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EC4V&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;5AN</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Kingdom</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Telephone no: +44&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;20&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;7246&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;4069 </p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">E-mail: ina.kuliese@seb.co.uk</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:85.79%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For operational matters</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">SEB Structured Credit Operations</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">St&#228;rntarget <b style="font-weight:bold;">Error! Reference source</b></p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">not found.,</b></p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">106 40 Stockholm</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Sweden</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Telephone no: +46 8 763 8640</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Facsimile no: +46 8 611 0384</p></td></tr><tr><td style="vertical-align:bottom;width:49.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:50.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">E-mail: <u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">sco@seb.se</u></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">7</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 20pt 0pt;"><b style="font-weight:bold;">THE HEDGE COUNTERPARTIES</b></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:85.79%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:47.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:52.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:47.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Name</b></p></td><td style="vertical-align:bottom;width:52.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Address for communication</b></p></td></tr><tr><td style="vertical-align:bottom;width:47.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:52.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:47.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Nordea Bank Abp</p></td><td style="vertical-align:bottom;width:52.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">corp.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;re.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;no.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;516406-0120</p></td></tr><tr><td style="vertical-align:bottom;width:47.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:52.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">c/o Nordea Danmark, filial af Nordea Bank Abp,</p></td></tr><tr><td style="vertical-align:bottom;width:47.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:52.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Sverige</p></td></tr><tr><td style="vertical-align:bottom;width:47.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:52.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">7288&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Derivatives&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Services</p></td></tr><tr><td style="vertical-align:bottom;width:47.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:52.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Postbox&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;805</p></td></tr><tr><td style="vertical-align:bottom;width:47.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:52.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">DK-0900 Copenhagen K, Denmark</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.05pt 7.2pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:85.5%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:47.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:52.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:47.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 8pt;">Skandinaviska Enskilda Banken AB (publ)</p></td><td style="vertical-align:bottom;width:52.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Skandinaviska Enskilda Banken, Oslo Branch</p></td></tr><tr><td style="vertical-align:bottom;width:47.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:52.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">P.O Box 1843</p></td></tr><tr><td style="vertical-align:bottom;width:47.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:52.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Vika</p></td></tr><tr><td style="vertical-align:bottom;width:47.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:52.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">NO-0123 OSLO</p></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:47.75%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:52.24%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:47.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:52.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Telephone:<font style="font-family:'Tahoma';">&#160;&#160;&#160;&#160;&#160;</font>+47 22 82 70 00</p></td></tr><tr><td style="vertical-align:bottom;width:47.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:52.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Facsimile No: +47 22 82 70 70</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.44pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">CONDITIONS PRECEDENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1</b></font><b style="font-weight:bold;">Obligors</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">Documents of the kind specified in schedule 2 part A paragraph 1 of the Facility Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">2</b></font><b style="font-weight:bold;">Legal opinions</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">2.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A legal opinion of Watson Farley &amp; Williams LLP, legal advisers to the Facility Agent and the Security Agent in England, substantially in the form distributed to the Lenders before signing this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">2.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If an Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Facility Agent and the Security Agent in the relevant jurisdiction, substantially in the form distributed to the Original Lenders before signing this Agreement.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">3</b></font><b style="font-weight:bold;">Other documents and evidence</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">3.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A certificate signed by two directors of each Borrower confirming that as at the proposed Restatement Date:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">no Default has occurred and is continuing or is reasonably likely to result from the occurrence of the Restatement Date; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">no event described in clause 8.2 <i style="font-style:italic;">(change of control) </i>of the Facility Agreement has occurred;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">3.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Evidence that any process agent referred to in Clause 11.2 <i style="font-style:italic;">(Service of process), </i>if not a Party, has accepted its appointment.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">3.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by this Agreement, or for the validity and enforceability of any Finance Document as amended, restated by this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">3.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause 6 <i style="font-style:italic;">(Fees) </i>and clause 18.2 <i style="font-style:italic;">(amendment costs) </i>of the Facility Agreement have been paid or will be paid by the Restatement Date.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">9</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">EXECUTION PAGES</b></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BORROWERS</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-family:'Tahoma';">&#160;&#160;&#160;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FAROE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FISHER SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FAIR ISLE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">10</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">HUMBER SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FORTH SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">TRAFALGAR SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">WIGHT SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">11</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SALTEE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BLASKET SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">12</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">ADDITIONAL BRROWERS</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">KILMORE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">KILLARY SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BALLYCOTTON SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">PARENT GUARANTOR</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">CORPORATE GUARANTOR</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">13</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">HEDGE GUARANTORS</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FAROE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FISHER SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">14</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FAIR ISLE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">HUMBER SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FORTH SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font 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style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">TRAFALGAR SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">15</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">WIGHT SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SALTEE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">16</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BLASKET SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">ADDITIONAL HEDGE GUANTORS</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">KILMORE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">KILLARY SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Louis Brunet</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney in fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BALLYCOTTON SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Jan Schneidereit</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">WATSON FARLEY &amp; WILLIAMS LL</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">17</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font 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Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Mary Teresa McGillivray</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mary Teresa McGillivray</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney-in-fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p></td><td 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style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font 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style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mounah Abdallah</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td 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style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Mary Teresa McGillivray</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mary Teresa McGillivray</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney-in-fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP</b></p></td><td 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style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Mary Teresa McGillivray</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mary Teresa McGillivray</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney-in-fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p 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style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Mounah Abdallah</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td 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Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney-in-fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font 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Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mounah Abdallah</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Trainee Solicitor</p></td></tr><tr><td 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style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Mary Teresa McGillivray</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mary Teresa McGillivray</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney-in-fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p 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style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Mounah Abdallah</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td 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style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Mounah Abdallah</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mounah Abdallah</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p 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Abdallah</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Trainee Solicitor</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Mary Teresa McGillivray</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mary Teresa McGillivray</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney-in-fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Mounah Abdallah</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mounah Abdallah</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Trainee Solicitor</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td 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style="font-weight:bold;">SUSTAINABILITY COORDINATOR</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED</b> by</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Mary Teresa McGillivray</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mary Teresa McGillivray</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney-in-fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font 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style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p></td><td 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style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mary Teresa McGillivray</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attorney-in-fact</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Mounah Abdallah</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mounah Abdallah</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Trainee Solicitor</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Watson Farley &amp; Williams LLP</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15 Appold Street</p></td></tr><tr><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:46.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC2A 2HB</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">21</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 14.8pt 0pt;"><b style="font-weight:bold;">APPENDIX</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">FORM OF AMENDED AND RESTATED FACILITY AGREEMENT (MARKED TO INDICATE AMENDMENTS)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.4pt 0pt;">Amendments are indicated as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.5pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">1</font></font>additions are indicated by underlined text in blue; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">2</font></font>deletions are shown by strike-through text in red.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;line-height:0pt;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">22</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 43pt 0pt;"><b style="font-weight:bold;">EXECUTION VERSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 15pt 0pt;"><b style="font-weight:bold;">Dated </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">30 </b><b style="font-weight:bold;">June 2022 </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">as amended and restated on</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;"> </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">29</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;"> </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">July 2022</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FAROE SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FISHER SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FAIR ISLE SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">HUMBER SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FORTH SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TRAFALGAR SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">WIGHT SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SALTEE SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">BLASKET SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILMORE SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILLARY SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BALLYCOTTON SHIPCO LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">as joint and several Original Borrowers</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">and as Hedge Guarantors</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING LLC</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">as Corporate Guarantor</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">as Parent Guarantor</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">THE BANKS AND FINANCIAL INSTITUTIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">listed in Schedule 1, Part B</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">as Lenders</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">THE BANKS AND FINANCIAL INSTITUTIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">listed in Schedule 1, Part B</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">as Hedge Counterparties</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">as Mandated Lead Arrangers and as Bookrunners</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">as Documentation Agent and as Sustainability Coordinator</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">as Facility Agent and as Security Agent</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">$245,500,000</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">REVOLVING AND ACCORDION FACILITIES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><img src="asc-20241231xex4d5001.jpg" alt="Graphic" style="display:inline-block;height:65.73pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:193.72pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 14.19pt 0pt;"><b style="font-weight:bold;">FACILITIES AGREEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 1.95pt 0pt;">relating to the financing or refinancing of m.t.s</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 1.79pt 0pt;">&#8220;ARDMORE SEAFOX&#8221;, &#8220;ARDMORE CHINOOK&#8221;, &#8220;ARDMORE SEALION&#8221;, &#8220;ARDMORE CHIPPEWA&#8221;,</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">&#8220;ARDMORE SEAVANTAGE&#8221;, &#8220;ARDMORE ENDEAVOUR&#8221;, &#8220;ARDMORE DAUNTLESS&#8221;, &#8220;ARDMORE</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">ENTERPRISE&#8221; <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">and</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">,</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> </u>&#8220;ARDMORE ENDURANCE&#8221;<u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">,</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> </u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8220;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">ARDMORE ENGINEER</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8221;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">, </u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8220;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">ARDMORE EXPLORER</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8221;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> and</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8220;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">ARDMORE ENCOUNTER</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8221;</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;">Index</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:94.91%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:88.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Clause</b></p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Page</b></p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Section 1&#160;Interpretation</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">3</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">1</p></td><td style="vertical-align:top;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Definitions and Interpretation</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">3</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Section 2&#160;The Facility</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">37</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2</p></td><td style="vertical-align:top;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Facility</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">37</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">3</p></td><td style="vertical-align:top;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Purpose</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">38</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">4</p></td><td style="vertical-align:top;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Conditions of Utilisation</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">39</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Section 3&#160;Utilisation</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">41</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">5</p></td><td style="vertical-align:top;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Utilisation</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">41</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">6</p></td><td style="vertical-align:top;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Establishment of Accordion Facility</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">43</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Section 4&#160;Repayment, Prepayment and Cancellation</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">50</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">7</p></td><td style="vertical-align:top;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Repayment</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">50</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">8</p></td><td style="vertical-align:top;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Payment and Cancellation</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">52</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Section 5&#160;Costs of Utilisation</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">58</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">9</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Rate Switch</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">58</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">10</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Interest</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">58</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">11</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Interest Periods</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">62</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">12</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Changes to the Calculation of Interest</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">63</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">13</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Fees</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">66</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Section 6&#160;Additional Payment Obligations</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">67</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">14</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Tax Gross Up and Indemnities</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">67</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">15</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Increased Costs</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">71</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">16</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Other Indemnities</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">73</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">17</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Mitigation by the Finance Parties</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">76</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">18</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Costs and Expenses</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">76</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Section 7&#160;Guarantees and Joint and Several Liability of Borrowers</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">78</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">19</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Guarantee and Indemnity&#8212; Guarantors</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">78</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">20</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Joint and Several Liability of the Guarantors</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">80</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">21</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Joint and Several Liability of the Borrowers</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">82</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Section 8&#160;Guarantee and Indemnity - Hedge Guarantors</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">85</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">22</p></td><td style="vertical-align:top;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Guarantee and Indemnity&#8212; Hedge Guarantors</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">85</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Section 9&#160;Representations, Undertakings and Events of Default</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">88</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">23</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Representations</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">88</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">24</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Information Undertakings</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">95</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">25</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Financial Covenants</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">99</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">26</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">General Undertakings</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">102</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">27</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Insurance Undertakings</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">110</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">28</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ship Undertakings</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">115</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">29</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Security Cover</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">121</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">30</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Application of Earnings</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">122</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">31</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Events of Default</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">123</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Section 10&#160;Changes to Parties</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">128</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">32</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Changes to the Lenders</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">128</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">33</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Changes to the Obligors</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">133</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Section 11&#160;The Finance Parties</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">135</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">34</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Facility Agent, the Mandated Lead Arrangers and the Documentation Agent</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">135</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">35</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Security Agent</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">143</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">36</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Conduct of Business by the Finance Parties</p></td><td style="vertical-align:bottom;width:5.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">155</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:95%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">37</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Contractual recognition of bail-in</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">155</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">38</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Sharing Among the Finance Parties</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">155</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Section 12&#160;Administration</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">157</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">39</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Payment Mechanics</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">157</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">40</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Set-Off</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">161</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">41</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Notices</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">161</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">42</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Calculations and Certificates</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">163</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">43</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Remedies and Waivers</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">164</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">44</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Settlement or Discharge Conditional</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">164</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">45</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Irrevocable Payment</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">164</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">46</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Amendments and Waivers</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">164</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">47</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Confidentiality</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">168</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">48</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Confidentiality of Funding Rates</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">172</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">49</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Counterparts</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">174</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Section 13 Governing Law and Enforcement</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">175</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">50</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Governing Law</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">175</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">51</p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Enforcement</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">175</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Schedules</b></p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 1&#160;The Parties</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">176</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Part A The Obligors</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">176</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Part B The Original Lenders</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">178</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Part C The Servicing Parties</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">180</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 2&#160;Conditions Precedent</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">181</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Part A Conditions Precedent to Initial Utilisation Request</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">181</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Part B Conditions Precedent to Utilisation &#8212; Initial Advances under Revolving Facility</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">183</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Part C Conditions Precedent to Utilisation &#8212; Advance under Accordion Facility</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">185</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Schedule 3&#160;Requests </p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">188</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Part A Utilisation Request</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">188</p></td></tr><tr><td style="vertical-align:bottom;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:88.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Part B Selection Notice</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">190</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 4&#160;Form of Accession Deed</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">192</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 5&#160;Form of Transfer Certificate</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">197</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 6&#160;Form of Assignment Agreement</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">199</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 7&#160;Form of Compliance Certificate</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">202</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 8&#160;Form of Sustainability Certificate</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">204</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 9&#160;Sustainability Pricing Adjustment Schedule</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">205</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 10&#160;Ships</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">210</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 11&#160;List of Approved Valuers</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">211</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 12&#160;Timetables</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">212</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 13&#160;Form of Accordion Facility Notice</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">213</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 14&#160;Benchmark Terms</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">217</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 15&#160;Daily Non-Cumulative Compounded RFR Rate</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">221</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Schedule 16&#160;Cumulative Compounded RFR Rate</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">223</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Execution</b></p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:94.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Execution Pages</p></td><td style="vertical-align:bottom;width:5.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">224</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6.3pt 0pt;"><b style="font-weight:bold;">THIS AGREEMENT </b>is made on <u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">30 </u>June 2022 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6.3pt 0pt;"><b style="font-weight:bold;">PARTIES</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(1)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">FAROE SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower A</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), FISHER SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower B</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), FAIR ISLE SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower C</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), HUMBER SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower D</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), FORTH SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower E</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), TRAFALGAR SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower F</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), WIGHT SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower G</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), SALTEE SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower H</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), </b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">and </b><b style="font-weight:bold;">BLASKET SHIPCO LLC (</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower I</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">&#8221;</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">), KILMORE SHIPCO LLC (</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">&#8220;</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Borrower J</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">&#8221;</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">), KILLARY SHIPCO LLC (</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">&#8220;</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Borrower K</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">&#8221;</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">) </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">and </u><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BALLYCOTTON SHIPCO LLC (</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">&#8220;</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Borrower L</b>&#8221;) each a limited liability company formed in the Republic of the Marshall Islands whose registered address is at The Trust Company of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960, (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Original Borrowers</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>and each an <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Original Borrower</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(2)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">ARDMORE SHIPPING LLC, </b>a limited liability company formed in the Republic of the Marshall Islands whose registered address is at The Trust Company of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960, (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Corporate Guarantor</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(3)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION, </b>a corporation incorporated in the Republic of the Marshall Islands whose registered address is at The Trust Company of the Marshall Islands, Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960, (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Parent Guarantor</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(4)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">THE COMPANIES </b>listed in Part A of Schedule 1 <i style="font-style:italic;">(The Parties), </i>(the &#8220;<b style="font-weight:bold;">Hedge Guarantors</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(5)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE </b>and <b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), </b>(the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Mandated Lead Arrangers</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(6)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE </b>and <b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), </b>(the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Bookrunners</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(7)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), </b>as documentation agent (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Documentation Agent</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(8)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA BANKEN AB (PUBL), </b>as sustainability coordinator (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sustainability Coordinator</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(9)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">THE FINANCIAL INSTITUTIONS </b>listed in Part B of Schedule 1 <i style="font-style:italic;">(The Parties), </i>(the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Original Lenders</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(10)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">THE FINANCIAL INSTITUTIONS </b>listed in Part B of Schedule 1 <i style="font-style:italic;">(The Parties), </i>(the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Hedge Counterparties</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(11)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE, </b>acting in such capacity through its office at Essendropsgate 7, 0368 Oslo, Norway as agent for the other Finance Parties, (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Facility Agent</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(12)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE, </b>acting in such capacity through its office at Essendropsgate 7, 0368 Oslo, Norway as security agent for the Secured Parties, (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Security Agent</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="display:none;line-height:0pt;margin:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">BACKGROUND</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Lenders have agreed to make available to the Borrowers facilities of up to $245,500,000 comprising:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a revolving credit facility in a principal amount not exceeding the lower of (i) $<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">145,500,000</font><font style="color:#ff0000;"> </font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">or </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">185,500,000, </u>(ii) <u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">60 per cent. of the aggregate Index Amount of the Initial Ships or (iii) </u>60 per cent. of the aggregate Fair Market Value of the Initial Ships as determined on the Utilisation Date for the purposes of financing or refinancing the Initial Ships and for general corporate and working capital purposes; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">an accordion facility in a principal amount not exceeding the lower of (i) $<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">100,000,000</font> <u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">60,000,000 </u>or (ii) 60 per cent. of the aggregate Fair Market Value of the Accordion Ships as determined on the Utilisation Date for the purposes of financing or refinancing the Accordion Ships and for general corporate and working capital purposes.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Hedge Counterparties may enter into interest rate swap transactions with the Borrowers from time to time to hedge the Borrowers&#8217; exposure under this Agreement to interest rate fluctuations.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">OPERATIVE PROVISIONS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 428.1pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SECTION 1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">INTERPRETATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1</b></font><b style="font-weight:bold;">DEFINITIONS AND INTERPRETATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.1</b></font><b style="font-weight:bold;">Definitions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">In this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accession Deed</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a document substantially in the form set out in Schedule 4 <i style="font-style:italic;">(Form of Accession Deed).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Facility</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any term loan facility that may be established and made available under this Agreement as described in Clause 6 <i style="font-style:italic;">(Establishment of Accordion Facility).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Facility Commitments</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means in relation to a Lender which is an Accordion Facility Lender, the dollar amount set opposite its name under the heading &#8220;Accordion Facility Commitment&#8221; in the Accordion Facility Notice, to the extent not cancelled, reduced or transferred by it under this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Facility Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the later of:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the proposed Accordion Facility Date specified in the relevant Accordion Facility Notice; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the date on which the Facility Agent executes the relevant Accordion Facility Notice. </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Facility Finance Documents</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">each Accordion Facility Notice;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any Finance Document;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other document reasonably required by the Facility Agent (acting on the instructions of the Lenders) as a condition to the occurrence of any Accordion Facility Date; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other document designated as such by the Facility Agent and the Borrowers.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Facility Lender</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any entity which is listed as such in the relevant Accordion Facility Notice.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Facility Notice</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a notice substantially in the form set out in Schedule 13 <i style="font-style:italic;">(Form of Accordion Facility Notice).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Ship</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any ship which may become subject to Security for an Advance under the Accordion Facility pursuant to this Agreement in accordance with Clause 2.4 <i style="font-style:italic;">(Accordion Ships) </i>and which must satisfy the Accordion Ship Criteria.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Ship Criteria</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to an Accordion Ship, a ship nominated by the Corporate Guarantor:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">that is a product tanker or chemical tanker built at a reputable yard not older than eight and a half years at the date it becomes subject to Security pursuant to any Finance Document, or if there is more than one Accordion Ship, the average age of all the Accordion Ships is not more than eight and a half years; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">that is registered in the name of an Additional Borrower on an Approved Flag and classed with an Approved Classification Society.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Account Bank</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means Nordea Bank Abp, filial i Norge acting through its office at Essendropsgate 7, 0368 Oslo, Norway or any other bank acceptable to the Majority Lenders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Account Security</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a document creating Security over any Earnings Account in agreed form.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8220;</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">Activc Womcn Cadcts</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8221;</b><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> means with rcspcct to any calcndar year, thc sum of thc total number of days each female cadct spends on board an Ardmore ship during the calcndar year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8220;</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">Activc Womcn Cadcts Percentage</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8221;</b><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> means, with rcspcct to any calcndar year, Active Women Cadets in relation to Active Total Cadets expressed as a percentage.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8220;</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">Activc Total Cadcts</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8221;</b><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> means with rcspcct to any calcndar year, the sum of the total number of days all cadets spend on board Ardmore</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">&#8217;</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">s ships during the calendar year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Additional Borrower</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means each wholly and directly owned Subsidiary of the Parent Guarantor which becomes an Additional Borrower in accordance with Clause 33.2 <i style="font-style:italic;">(Additional Borrowers).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Additional Business Day</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any day specified as such in the Benchmark Terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Additional Swap</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any transaction entered into by a Borrower<font style="color:#ff0000;">-</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">, Viking Shipco LLC, Tramore Shipco LLC or Lundy Shipco LLC </u>pursuant to a Hedging Agreement for the purpose of hedging interest payable in respect of lease agreements as agreed in writing between the Borrowers and the Lenders from time to time <u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(including those entered into by (i) Viking Shipco &#160;LLC with a trade date of 5 June 2020 and an effective date of 6 June 2020, (ii) Tramore Shipco &#160;LLC with a trade date of 5 June 2020 and an effective date of 6 June 2020 and (iii) Lundy Shipco &#160;LLC with a trade date of 5 June 2020 and an effective date of 1 July 2020)</u>, or for other purposes as agreed between the relevant Hedge Counterparty and <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">the</font><font style="color:#ff0000;text-decoration-color:#0000ff;text-decoration-line:line-through;text-decoration-style:solid;"> </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">a </u>Borrower from time to time but excluding any transaction entered into by a Borrower pursuant to a Hedging Agreement for the purpose of hedging interest payable under this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Advance</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any Utilisation of the Revolving Facility or the Accordion Facility in each case under this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8220;</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">Affected Lender</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8221;</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;"> </b><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">has the meaning given to it in Clause 12.4 (</font><i style="color:#ff0000;font-style:italic;text-decoration-line:line-through;text-decoration-style:solid;">Market disruption</i><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Affiliate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Annex VI</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means Annex VI of the Protocol of 1997 to amend the International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">4</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Anti-Corruption Laws</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 and any similar laws or regulations in any jurisdiction relating to bribery, corruption or any similar practices.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Approved Brokers</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means such insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, war risks and protection and indemnity risks associations as have been approved by the Facility Agent, acting with the authorisation of the Majority Lenders in writing in advance.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Approved Classification</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, as at the date of this Agreement, the class notification in relation to that Ship specified in Schedule 10 <i style="font-style:italic;">(Ships).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Approved Classification Society</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, as at the date of this Agreement, the classification society specified in Schedule 10 <i style="font-style:italic;">(Ships) </i>or any other classification society approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders and which authorisation shall not be withheld in the case of any classification society which is a member of the International Association of Classification Societies.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Approved Commercial Manager</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, Ardmore <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Shipping </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Maritime Services </u>(<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Bermuda</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Asia</u>) <u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">PTE </u>Limited, an Affiliate of Ardmore <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Shipping </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Maritimes Services </u>(<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Bermuda</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Asia</u>) <u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">PTE </u>Limited, or any other person approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders, as the commercial manager of that Ship and, for the avoidance of doubt, this shall include Ardmore MR Pool LLC or any pool manager (which shall be an affiliate of Ardmore MR Pool LLC) under a pool agreement (if any), in relation to the Ships which may be approved by the Facility Agent acting with the authorisation of the Majority Lenders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Approved Flag</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, Marshall Islands, or such other flag approved in writing by the Facility Agent acting with the authorisation of all the Lenders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Approved Manager</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, the Approved Commercial Manager or the Approved Technical Manager of that Ship.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Approved Technical Manager</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means in relation to a Ship, Anglo Ardmore Ship Management Limited or an Affiliate of Anglo Ardmore Ship Management Limited, Anglo-Eastern Investment Holdings Ltd or an Affiliate of Anglo-Eastern Investment Holdings Ltd, Univan Ship Management Ltd, Thome Ship Management Pte. Ltd. or an Affiliate of Thome Ship Management Pte Ltd, RY Corporation and Ardmore Shipping (Bermuda) Limited or any of its Subsidiaries or any other person approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders, as the technical manager of that Ship.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Approved Valuer</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, at any time during the Security Period, any of the firms listed in Schedule 11 <i style="font-style:italic;">(List of Approved Valuers) </i>(or any Affiliate of such person through which valuations are commonly issued) or any other firm or firms of shipbrokers approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Ardmore MR Pool</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the pool governed by (inter alia) the pool agreements:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(a)</font></font>in respect of Ship A dated 1 January 2022;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(b)</font></font>in respect of Ship B dated 1 January 2022;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">5</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in respect of Ship C dated 1 January 2022;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in respect of Ship D dated 1 January 2022;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in respect of Ship E dated 1 January 2022;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in respect of Ship F dated 1 January 2022;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in respect of Ship G dated 1 January 2022;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in respect of Ship H dated 1 January 2022;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in respect of Ship I dated 1 January 2022<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">,</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">;</u></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(j)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">in respect of Ship J dated 1 January 2022;</u></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(k)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">in respect of Ship K dated 1 January 2022;</u></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(l)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">in respect of Ship L dated 1 January 2022,</u></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">each entered into between Ardmore MR Pool LLC as the company and Ardmore Shipping (Asia) Pte Ltd as participant.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Article 55 BRRD</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Assignment Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means an agreement substantially in the form set out in Schedule 6 <i style="font-style:italic;">(Form of Assignment Agreement) </i>or any other form agreed between the relevant assignor and assignee.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Assumed Accordion Facility Commitment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in Clause 6.7 <i style="font-style:italic;">(Establishment of Accordion Facility).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Authorisation</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, legalisation or registration.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Availability Period</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the period from and including the date of this Agreement to and including:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to the Revolving Facility, the date falling 3 Months before the Termination Date; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to the Accordion Facility, the date falling twelve months after the first Utilisation Date of the Revolving Facility.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Available Commitment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Facility, a Lender&#8217;s Commitment under that Facility minus:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the amount of its participation in the outstanding Advances under that Facility and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to any proposed Utilisation, the amount of its participation in any other Advance that is due to be made under that Facility on or before the proposed Utilisation Date.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">6</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Available Facility</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Facility, the aggregate for the time being of each Lender&#8217;s Available Commitment in respect of that Facility.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Bail-In Action</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the exercise of any Write-down and Conversion Powers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Bail-In Legislation</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">in relation to the United Kingdom, the UK Bail-In Legislation.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">BASEL III</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in Clause 15.1 <i style="font-style:italic;">(Increased costs).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Break Costs</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the amount (if any) by which:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in respect of any Compounded Rate Loan, any amount specified as such in the Benchmark Terms; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In respect of any Term SOFR Loan, the amount (if any) by which:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the interest (excluding the Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in the Loan or that Unpaid Sum to the last day of the current Interest Period in relation to the Loan, the relevant part of the Loan or that Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 72pt;">exceeds</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Benchmark Terms</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the terms set out in Schedule 14 <i style="font-style:italic;">(Benchmark Terms) </i>or in any Compounded Rate Supplement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrower</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means an Original Borrower or any Additional Borrower and <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Borrowers</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means all of them.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Bursary Percentage</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, with respect to any calendar year, the percentage of bursaries provided to women cadets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Bursary Percentage Target</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, with respect to any calendar year, a Bursary Percentage of at least 25 per cent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">7</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Business Day</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a day (other than a Saturday or Sunday) on which banks are open for general business in London, Cork, Stockholm, Oslo, Singapore and New York and, in relation to:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any date for payment or purchase of an amount relating to a Compounded Rate Loan;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the determination of the first day or the last day of an Interest Period for a Compounded Rate Loan or otherwise in relation to the determination of the length of such an Interest Period; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the fixing of an interest rate in respect of a Term SOFR Loan,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">which is an Additional Business Day relating to that Term SOFR Loan or Compounded Rate Loan (as the case may be).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Central Bank Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to that term in the Benchmark Terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Central Bank Rate Adjustment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to that term in the Benchmark Terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Central Bank Rate Spread</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to that term in the Benchmark Terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Carbon Intensity and Climate Alignment Certificate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a certificate from a Recognised Organisation relating to a Ship and a calendar year setting out:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the average efficiency ratio of that Ship for all voyages performed by it over that calendar year using ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI in respect of that calendar year; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the climate alignment of that Ship for such calendar year:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">in each case as calculated in accordance with the Poseidon Principles.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Change of Control</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to the Parent Guarantor, any person or group of persons acting in concert gains control of the Parent Guarantor; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the merger or consolidation of the Parent Guarantor, the Corporate Guarantor or any Borrower which gives rise to a change of control; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the approval of a complete liquidation or dissolution of the Parent Guarantor, the Corporate Guarantor or any Borrower,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">and for the purposes of paragraph (a) and (b) of this definition and Clause 26.12 (<i style="font-style:italic;">Merger</i>)<i style="font-style:italic;">:</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 72pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(i)</font></font><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">control</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:144pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(1)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">cast, or control the casting of, more than 35 per cent. of the maximum number of votes that might be cast at a general meeting of the Parent Guarantor; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:144pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(2)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">appoint or remove all, or the majority, of the directors or other equivalent officers of the Parent Guarantor; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:144pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(3)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">give directions with respect to the operating and financial policies of the Parent Guarantor with which the directors or other equivalent officers of the Parent Guarantor are obliged to comply; and/or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the holding (beneficially) of more than 35 per cent. of the issued share capital of the Parent Guarantor (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">acting in concert</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in the Parent Guarantor by any of them, either directly or indirectly, to obtain or consolidate control of the Parent Guarantor.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Charged Property</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means all of the assets which from time to time are, or are expressed to be, the subject of the Transaction Security.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Charter</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, any charter relating to that Ship, or other contract for its employment, whether or not already in existence.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Code</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the United States Internal Revenue Code of 1986.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Commitment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a Revolving Commitment or an Accordion Facility Commitment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Compliance Certificate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a certificate in the form set out in Schedule 7<i style="font-style:italic;"> (Form of Compliance Certificate) </i>or in any other form agreed between the Parent Guarantor and the Facility Agent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Compounded Market Disruption Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the rate specified as such in the Benchmark Terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Compounded Rate Interest Payment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the aggregate amount of interest that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(a)</font></font>is, or is scheduled to become, payable under any Finance Document; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(b)</font></font>relates to a Compounded Rate Loan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Compounded Rate Loan</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Loan, part of the Loan or, if applicable, Unpaid Sum which is not a Term SOFR Loan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Compounded Rate Supplement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a document which:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(a)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">is agreed in writing by the Borrowers and the Facility Agent (in its own capacity) and the Facility Agent (acting on the instructions of the Majority Lenders);</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">9</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">specifies the relevant terms which are expressed in this Agreement to be determined by reference to the Benchmark Terms; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">has been made available to the Borrowers and each Finance Party.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Compounded Reference Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to any RFR Banking Day during the Interest Period of a Compounded Rate Loan, the percentage rate per annum which is the Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Compounding Methodology Supplement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate, a document which:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is agreed in writing by the Borrower, the Facility Agent (in its own capacity) and the Facility Agent (acting on the instructions of the Majority Lenders);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">specifies a calculation methodology for that rate; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">has been made available to the Borrowers and each Finance Party.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Confidential Information</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means all information relating to any Transaction Obligor, the Group, the Finance Documents or all or any part of a Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or all or any part of a Facility from either:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any member of the Group or any of its advisers; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 72pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(i)</font></font>information that:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause 47 <i style="font-style:italic;">(Confidentiality)); </i>or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(C)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 72pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(ii)</font></font>any Funding Rate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">10</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Confidentiality Undertaking</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a confidentiality undertaking in substantially the appropriate form recommended by the LMA from time to time or in any other form agreed between the Borrowers and the Facility Agent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Corresponding Debt</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any amount, other than any Parallel Debt, which an Obligor owes to a Secured Party under or in connection with the Finance Documents.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Cumulative Compounded RFR Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Facility Agent (or by any other Finance Party which agrees to determine that rate in place of the Facility Agent) in accordance with the methodology set out in Schedule 16 <i style="font-style:italic;">(Cumulative Compounded RFR Rate) </i>or in any relevant Compounding Methodology Supplement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Daily Non-Cumulative Compounded RFR Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to any RFR Banking Day during an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Facility Agent (or by any other Finance Party which agrees to determine that rate in place of the Facility Agent) in accordance with the methodology set out in Schedule 15 <i style="font-style:italic;">(Daily Non-Cumulative Compounded RFR Rate) </i>or in any relevant Compounding Methodology Supplement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Daily Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the rate specified as such in the Benchmark Terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Deed of Release</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in respect of the Existing Facility Agreement, a deed releasing the Existing Security in relation to that Existing Facility Agreement in form acceptable to the Facility Agent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Default</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means an Event of Default or a Potential Event of Default. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Defaulting Lender</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any Lender:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">which has failed to make available the relevant proportion of its Commitment in respect of any part of the Loan or has given notice to the Facility Agent that it will not make such amount available by the relevant Utilisation Date pursuant to Clause 5.4 <i style="font-style:italic;">(Lenders</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;"> participation); </i>or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">which has otherwise rescinded or repudiated a Finance Document; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">with respect to which an Insolvency Event has occurred and is continuing,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 12pt 36pt;">unless, in the case of paragraph (a) above:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 72pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(i)</font></font>its failure to pay is caused by:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 108pt;">(A)<font style="display:inline-block;width:22.12pt;"></font>administrative or technical error; or</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 108pt;">(B)<font style="display:inline-block;width:22.67pt;"></font>a Disruption Event; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 72pt;">payment is made within five Business Days of its due date; or</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 72pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(ii)</font></font>the Lender is disputing in good faith whether it is contractually obliged to make the relevant payment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">11</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Delegate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any delegate, agent, attorney, co-trustee or other person appointed by the Security Agent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Disruption Event</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means either or both of:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facilities (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other, Party:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 72pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(i)</font></font>from performing its payment obligations under the Finance Documents; or</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 72pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(ii)</font></font>from communicating with other Parties in accordance with the terms of the Finance Documents,</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Document of Compliance</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in the ISM Code.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">dollars</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>and &#8220;$&#8221; mean the lawful currency, for the time being, of the United States of America.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Earnings</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to a Borrower or the Security Agent and which arise out of or in connection with or relate to the use or operation of that Ship, including (but not limited to):</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the following, save to the extent that any of them is, with the prior written consent of the Facility Agent, pooled or shared with any other person:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">all freight, hire and passage moneys including, without limitation, all moneys payable under, arising out of or in connection with a Charter or a related guarantee;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the proceeds of the exercise of any lien on sub-freights;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">compensation payable to a Borrower or the Security Agent in the event of requisition of that Ship for hire or use;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">remuneration for salvage and towage services;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">demurrage and detention moneys;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vi)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">without prejudice to the generality of sub-paragraph (i) above, damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of that Ship;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">12</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">all moneys which are at any time payable under any Insurances in relation to loss of hire;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(viii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">all monies which are at any time payable to a Borrower in relation to general average contribution; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if and whenever that Ship is employed on terms whereby any moneys falling within sub-paragraphs (i) to (viii) of paragraph (a) above are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to that Ship.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Earnings Account</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Borrower:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">an account in the name of that Borrower with the Account Bank designated &#8220;Earnings Account&#8221;;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other account in the name of that Borrower with the Account Bank or any other bank which may, with the prior written consent of the Facility Agent, be opened in the place of the account referred to in paragraph (a) above, irrespective of the number or designation of such replacement account; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any sub-account of any account referred to in paragraphs (a) or (b) above.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">EEA Member Country</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any member state of the European Union, Iceland, Liechtenstein and Norway.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Eligible Institution</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Lender; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other bank or financial institution selected by the Corporate Guarantor and subject to approval to by the Lenders in their sole discretion and <u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">not to be unreasonably withheld and </u>which, in each case, is not an Affiliate of any Obligor or a member of the Group.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Environmental Approval</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any present or future permit, ruling, variance or other Authorisation required under Environmental Laws.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Environmental Claim</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any claim by any governmental, judicial or regulatory authority or any other person which arises out of an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law and, for this purpose, <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">claim</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>includes a claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment of any kind, including in relation to clean-up and removal, whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Environmental Incident</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any release, emission, spill or discharge of Environmentally Sensitive Material that is:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 72pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(i)</font></font>within a Ship or from a Ship; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">13</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 72pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(ii)</font></font>into any other vessel or into or upon the air, water, land or soils (including the seabed) or surface water; or</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, water, land or soils (including the seabed) or surface water from a vessel other than any Ship and which involves a collision between any Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which a Ship is actually or potentially liable to be arrested, attached, detained or injuncted and/or a Ship and/or any Obligor and/or any operator or manager of a Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, water, land or soils (including the seabed) or surface water otherwise than from a Ship and in connection with which a Ship is actually or potentially liable to be arrested and/or where any Obligor and/or any operator or manager of a Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action, other than in accordance with an Environmental Approval.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Environmental Law</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any present or future law relating to pollution or protection of human health or the environment, to conditions in the workplace, to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Environmentally Sensitive Material</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means and includes all contaminants, oil, oil products, toxic substances and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">EU Bail-In Legislation Schedule</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the document described as such and published by the Loan Market Association (or any successor person) from time to time.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">EU Ship Recycling Regulation</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means Regulation (EU) No 1257/2013 of the European Parliament and of the Council of 20 November 2013 on ship recycling and amending Regulation (EC) No 1013/2006 and Directive 2009/16/EC.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Event of Default</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any event or circumstance specified as such in Clause 31 <i style="font-style:italic;">(Events of Default).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Existing Facility Agent</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the &#8220;Facility Agent&#8221; as such term is defined in <u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">the </u>Existing Facility Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Existing Facility Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the facility agreement entered into between, inter alia, (i) Borrower A, Borrower B, Borrower C, Borrower D, Borrower E and Borrower F as joint and several borrowers and (ii) the Existing Facility Agent as facility agent and security agent dated 11 December 2019.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Existing Indebtedness</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, at any date and in respect of the Existing Facility Agreement, the outstanding Financial Indebtedness relating to the relevant Ships on that date under the Existing Facility Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Existing Security</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any security created to secure the Existing indebtedness.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">14</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Facility</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Revolving Facility or the Accordion Facility.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Facility Office</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the office or offices notified by a Lender to the Facility Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days&#8217; written notice) as the office or offices through which it will perform its obligations under this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Fair Market Value</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, at any date, the market value of that Ship shown by the arithmetic average of two valuations each prepared:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">as at a date not more than 30 days previously;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">by an Approved Valuer appointed by the Borrowers;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">with or without physical inspection of that Ship or vessel (as the Facility Agent may require); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any Charter,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">FATCA</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">sections 1471 to 1474 of the Code or any associated regulations;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of paragraph (a) above; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">FATCA Application Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to a &#8220;withholdable payment&#8221; described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to a &#8220;passthru payment&#8221; described in section 1471(d)(7) of the Code not falling within paragraph (a) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">FATCA Deduction</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a deduction or withholding from a payment under a Finance Document required by FATCA.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">FATCA Exempt Party</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a Party that is entitled to receive payments free from any FATCA Deduction.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">15</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Fee Letter</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any letter or letters dated on or about the date of this Agreement between the Bookrunners and/or the Facility Agent and the Borrowers or Guarantor setting out any of the fees referred to in Clause 13 <i style="font-style:italic;">(Fees).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Finance Document</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">this Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Fee Letter;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Membership Interests Security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Mortgage;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any General Assignment;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Accounts Security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Manager&#8217;s Undertaking;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Accordion Facility Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Hedging Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(j)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Hedging Agreement Assignment;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(k)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Compliance Certificate;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(l)</font></font>any Sustainability Certificate;</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(m)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Compounded Rate Supplement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(n)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Compounding Methodology Supplement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(o)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other document (whether or not it creates Security) which is executed as security for, or for the purpose of establishing any priority or subordination arrangement in relation to, the Secured Liabilities; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(p)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other document designated as such by the Facility Agent and the Borrowers.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Finance Party</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Facility Agent, the Security Agent, a Mandated Lead Arranger, a Bookrunner, the Documentation Agent, the Sustainability Coordinator, a Lender or a Hedge Counterparty.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Financial Indebtedness</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any indebtedness for or in relation to:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">moneys borrowed and debit balances at banks or other financial institutions;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">16</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the amount of any liability in relation to any lease or hire purchase contract which would, in accordance with GAAP, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract which would, in accordance with GAAP in force prior to 1 January 2019, have been treated as an operating lease);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowing under GAAP;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken into account);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any counter-indemnity obligation in relation to a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any amount raised by the issue of shares which are redeemable (other than at the option of the Issuer) before the Termination Date or are otherwise classified as borrowings under GAAP; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(j)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the amount of any liability in relation to any guarantee or indemnity for any of the items referred to in paragraphs (a) to (i) above without duplication.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Fleet Sustainability Score</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to such term in the Sustainability Pricing Adjustment Schedule.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Funding Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any individual rate notified by a Lender to the Facility Agent pursuant to sub-paragraph (ii) of paragraph (a) of Clause 12.5 <i style="font-style:italic;">(Cost of funds).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">GAAP</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means generally accepted accounting principles in the United States of America.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">General Assignment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, the general assignment creating Security over that Ship&#8217;s Earnings, its Insurances and any Requisition Compensation in relation to that Ship-, any charter entered into or to be entered into with a term exceeding or capable of exceeding 24 months and any charter to a member of the group and any supporting guarantee in relation to such charter in agreed form.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Group</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, at any time, the Parent Guarantor and its Subsidiaries at that time.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Guarantor</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Corporate Guarantor or the Parent Guarantor.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Hedging Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means each of:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the amended and restated 2002 ISDA Master Agreement originally dated as of 13 <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">September </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">December </u>2019 and entered into between the Borrowers and Nordea Bank Abp;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">17</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the amended and restated 2002 ISDA Master Agreement originally dated as of 13 <u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline line-through;text-decoration-style:solid;">September </u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">December </u>2019 and entered into between the Borrowers and Skandinaviska Enskilda Banken AB (publ); <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">and</font></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-decoration-line:underline;text-decoration-style:double;">(c)</u></font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">the 2002 ISDA Master Agreement dated as of</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-family:'Tahoma';text-decoration-line:underline;text-decoration-style:double;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:-126.37pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">2022 and entered into between the Borrowers and Skandinaviska Enskilda Banken AB (publ); and</u></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="color:#0000ff;">(d)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">(c)</font>any other master agreement, confirmation, transaction, schedule or other agreement in agreed form entered into or to be entered into by a Borrower or the Borrowers for the purpose of hedging interest payable under this Agreement or any Additional Swap.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Hedging Agreement Assignment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Borrower, a first assignment of that Borrower&#8217;s rights and interests in any Hedging Agreement, in agreed form.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Hedging Close Out Gains</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, as at any relevant date, the aggregate amount certified by the Borrowers to the Facility Agent as the net aggregate amount in dollars which would be payable to any Borrower under the Hedging Agreements to which it is a party at the relevant determination date as a result of termination or closing out under such Hedging Agreements; <b style="font-weight:bold;">provided that, </b>if a Hedge Counterparty notifies the Facility Agent that such amount in respect of the Hedging Agreements to which it is a party should differ from the amount calculated by the Borrowers, the amount calculated by the relevant Hedge Counterparty shall be used in substitution for the amount certified by the Borrower.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Hedging Close Out Liabilities</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, as at any relevant date, the aggregate amount certified by each Hedge Counterparty to the Facility Agent as the net aggregate amount in dollars which would be payable by any Borrower under the Hedging Agreements to which it is a party at the relevant determination date as a result of termination or closing out under such Hedging Agreements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Hedging Prepayment Proceeds</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any amount payable to a Borrower as a result of termination or closing out under a Hedging Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Historic Term SOFR</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to any Term SOFR Loan, the most recent applicable Term SOFR for a period equal in length to the Interest Period of that Term SOFR Loan and which is as of a day which is no more than three Additional Business Days before the Quotation Day.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Holding Company</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a person, any other person in relation to which it is a Subsidiary.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">IFRS</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means international accounting standards within the meaning of the IAS Regulation 1606/2002 to the extent applicable to the relevant financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Indemnified Person</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in Clause 16.2 <i style="font-style:italic;">(Other indemnities).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Initial Ship</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means Ship A, Ship B, Ship C, Ship D, Ship E, Ship F, Ship G, Ship H<font style="color:#ff0000;font-family:'Tahoma';text-decoration-line:line-through;text-decoration-style:solid;">&#160;</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">, Ship I, Ship J, Ship K </u>or Ship <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">l</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">L</u>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Insolvency Event</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>in relation to a Lender means that Lender:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(a)</font></font>is dissolved (other than pursuant to a consolidation, amalgamation or merger);</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">18</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">makes a general assignment, arrangement, or composition with or for the benefit of its creditors;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors&#8217; rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors&#8217; rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in paragraph (d) above);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(j)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(k)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs (a) to (h) above; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(l)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Insurances</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">all policies and contracts of insurance, including entries of that Ship in any protection and indemnity or war risks association, effected in relation to that Ship, the Earnings</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">19</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">or otherwise in relation to that Ship whether before, on or after the date of this Agreement; and</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">all rights and other assets relating to, or derived from, any of such policies, contracts or entries, including any rights to a return of premium and any rights in relation to any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Agreement.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Interest Payment Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in paragraph 10.3(a) of Clause 10.3 <i style="font-style:italic;">(Payment of interest).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Interest Period</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to the Loan or any part of the Loan, each period determined in accordance with Clause 11 <i style="font-style:italic;">(Interest Periods) </i>and, in relation to an Unpaid Sum, each period determined in accordance with Clause 10.4 <i style="font-style:italic;">(Default interest).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Interpolated Historic Term SOFR</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to any Term SOFR Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">either:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the most recent applicable Term SOFR (as of a day which is not more than three Additional Business Days before the Quotation Day) for the longest period (for which Term SOFR is available) which is less than the Interest Period of that Term SOFR Loan; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if no such Term SOFR is available for a period which is less than the Interest Period of that Term SOFR Loan, the RFR for a day which is no more than five Additional Business Days (and no less than two Additional Business Days) before the Quotation Day; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the most recent applicable Term SOFR (as of a day which is not more than three Additional Business Days before the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of that Term SOFR Loan.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Interpolated Term SOFR</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to any Term SOFR Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">either:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the applicable Term SOFR (as of the Specified Time) for the longest period (for which Term SOFR is available) which is less than the Interest Period of that Term SOFR Loan; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if no such Term SOFR is available for a period which is less than the Interest Period of that Term SOFR Loan, the RFR for the day which is two Additional Business Days before the Quotation Day; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the applicable Term SOFR (as of the Specified Time) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of that Term SOFR Loan.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">20</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Inventory of Hazardous Material</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means an inventory certificate or statement of compliance (as applicable) issued by the relevant classification society/shipyard authority which is supplemented by a list of any and all materials known to be potentially hazardous utilised in the construction of that Ship pursuant to the requirements of the EU Ship Recycling Regulation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">ISM Code</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (including the guidelines on its implementation), adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">ISPS Code</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization&#8217;s (IMO) Diplomatic Conference of December 2002, as the same may be amended or supplemented from time to time.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">&#8220;<b style="font-weight:bold;">ISSC</b>&#8221; means an International Ship Security Certificate issued under the ISPS Code.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Lender</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Original Lender; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any bank, financial institution, trust, fund or other entity which has become a Party as a &#8220;Lender&#8221; in accordance with Clause 6 <i style="font-style:italic;">(Establishment of Accordion Facility) </i>or in accordance with Clause 32 <i style="font-style:italic;">(Changes to the Lenders),</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">which in each case has not ceased to be a Party in accordance with this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Limitation Acts</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">LMA</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Loan Market Association (or any successor person).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Loan</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the aggregate amount of Advances to be made available under the Facilities or the aggregate principal amount outstanding for the time being of the borrowings under the Facilities and a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">part of the Loan</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means an Advance or any other part of the Loan as the context may require.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Lookback Period</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the number of days specified as such in the Benchmark Terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Major Casualty</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, any casualty to that Ship in relation to which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Majority Lenders</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if the Loan has not yet been advanced, a Lender or Lenders whose Commitments aggregate more than 66% per cent. of the Total Commitments; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 66% per cent. of the amount of the Loan then outstanding or, if the Loan has been repaid or prepaid in full, a Lender or Lenders whose participations in the Loan immediately before repayment or prepayment in full aggregate more than 66% per cent. of the Loan immediately before such repayment.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">21</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Manager</b><b style="font-weight:bold;">&#8217;</b><b style="font-weight:bold;">s Undertaking</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, the letter of undertaking from its Approved Technical Manager and the letter of undertaking from its Approved Commercial Manager subordinating the rights of such Approved Technical Manager and such Approved Commercial Manager respectively against that Ship and the relevant Borrower to the rights of the Finance Parties in agreed form.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Margin</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means 2.50 per cent. per annum, as adjusted as of <u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">the </u>first day of the next Interest Period for that Advance, in accordance with the Sustainability Pricing Adjustment Schedule.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8220;</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">Market Disruption Event</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8221;</b><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> has the meaning given to it in Clause 12.4 (</font><i style="color:#ff0000;font-style:italic;text-decoration-line:line-through;text-decoration-style:solid;">Market disruption</i><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Material Adverse Effect</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in the reasonable opinion of the Majority Lenders, a material adverse effect on:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the business, operations, property, condition (financial or otherwise) or prospects of any member of the Group or the Group as a whole; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the ability of any Transaction Obligor to perform its obligations under any Finance Document; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the validity or enforceability of, or the effectiveness or ranking of any Security granted or intended to be granted pursuant to any of, the Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Membership Interests Security</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, (i) in relation to an Original Borrower, a document creating Security in respect of the membership interests in that Original Borrower in agreed form or (ii) in relation to an Additional Borrower<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">, </u>a document creating Security in respect of the membership interests in that Additional Borrower if that Additional Borrower is a limited liability company or a document creating Security in respect of the shares in that Additional Borrower if that Additional Borrower is a limited company, in agreed form .</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Month</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Other than where paragraph (b) applies:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(subject to paragraph (iii) below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to an Interest Period for any Compounded Rate Loan (or any other period for the accrual of commission or fees after the Rate Switch Date) for which there are rules specified as &#8220;Business Day Conventions&#8221; in the Benchmark Terms, those rules shall apply.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">22</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">The above rules will only apply to the last Month of any period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Mortgage</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, a first preferred or priority ship mortgage (as applicable for the Approved Flag of that Ship) and, if as applicable for the Approved Flag of the Ship, a deed of covenant collateral to the said mortgage in agreed form.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Non-Consenting Lender</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any Lender which does not and continues not to consent or agree to a request of the Borrowers or the Facility Agent (at the request of the Borrowers) to give a consent in relation to, or to agree to a waiver or amendment of, any provision of the Finance Documents when:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:39.6pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the consent, waiver or amendment in question requires the approval of all of the Lenders; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:39.6pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Lenders whose commitments aggregate more than 66 per cent. of the Total Commitments have consented or agreed to such waiver or amendment.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Obligor</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a Borrower, a Hedge Guarantor, the Parent Guarantor or the Corporate Guarantor.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Operating Costs</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, the costs and expenses in respect of the technical and commercial operation, insurance, repair and maintenance of that Ship, all payments due under each of the management agreements for that Ship and any other day-to-day running costs in relation to that Ship (including Voyage Expenses but not including any dry docking or special survey costs).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Original Financial Statements</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means in relation to the Parent Guarantor, the unaudited consolidated financial statements of the Group for its financial year ended 31 December <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">2018</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">2021</u>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Overseas Regulations</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Overseas Companies Regulations 2009 (SI 2009/1801).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Parallel Debt</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any amount which an Obligor owes to the Security Agent under 35.2 <i style="font-style:italic;">(Parallel Debt (Covenant to pay the Security Agent)) </i>or under that Clause as incorporated by reference or in full in any other Finance Document.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Participating Member State</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Party</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a party to this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Permitted Charter</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, a charter:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:39.6pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">which is a time or consecutive voyage charter;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:39.6pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the duration of which does not exceed and is not capable of exceeding, by virtue of any optional extensions, 14 months;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:39.6pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">which is entered into on <i style="font-style:italic;">bona fide </i>arm&#8217;s length terms at the time at which that Ship is fixed; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:39.6pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to which not more than two months&#8217; hire is payable in advance,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">23</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">and any other charter which is approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Permitted Financial Indebtedness</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any Financial Indebtedness incurred under the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">until the first Utilisation Date, the Existing Indebtedness;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance Documents in a manner and on terms satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Financial Indebtedness reasonably incurred in connection with the normal commercial operation of the Ship.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Permitted Security</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Security created by the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances, any netting or right of pledge under the general base conditions of a Lender and any right of pledge and set off in connection with permitted cash pool arrangements;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">liens for unpaid master&#8217;s and crew&#8217;s wages in accordance with usual maritime practice and not being enforced through arrest;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">liens for salvage;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">liens for master&#8217;s disbursements incurred in the ordinary course of trading and not being enforced through arrest; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of any Ship:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">not as a result of any default or omission by any Obligor;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">not being enforced through arrest; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">subject, in the case of liens for repair or maintenance, to Clause 28.14 <i style="font-style:italic;">(Restrictions on chartering, appointment of managers etc.),</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">provided in the case of paragraph (f) that such lien does not secure amounts more than 30 days overdue (unless the overdue amount is being contested in good faith by appropriate steps and for the payment of which adequate reserves are held and provided further that such proceedings do not give rise to a material risk of the relevant Ship or any interest in it being seized, sold, forfeited or lost).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Pool Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, any pool agreement which that Ship is a party to subject to the prior written approval of the Facility Agent acting with the authorisation of</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">24</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">the Majority Lenders, provided the pool agreements for the Ships entered into the Ardmore MR Pool are approved.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Poseidon Principles</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced from time to time.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Potential Event of Default</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any event or circumstance specified in Clause 31 <i style="font-style:italic;">(Events of Default) </i>which would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of any of the foregoing) be an Event of Default.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Protected Party</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in Clause 14.1 <i style="font-style:italic;">(Definitions).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Quotation Day</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to any period for which an interest rate is to be determined, two Additional Business Days before the first day of that period unless market practice differs in the relevant syndicated loan market in which case the Quotation Day will be determined by the Facility Agent in accordance with that market practice (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Quoted Tenor</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any period for which Term SOFR is customarily displayed on the relevant page or screen of an information service.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Rate Switch Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means if the Borrowers request a switch from a Compounded Reference Rate to a Term SOFR Reference Rate, the date on which the Facility Agent, acting on the instructions of the Lenders agree in writing that interest under this Agreement should be calculated by reference to the Term SOFR Reference Rate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Receiver</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Recognised Organisation</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to such term in the Sustainability Pricing Adjustment Schedule.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Reduction Amount</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the amount resulting from the following formula:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 0pt 54pt;"><u style="font-family:'Tahoma';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">&#160;&#160;&#160;&#160;&#160;</u><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Total Revolving Commitments</u><u style="font-family:'Tahoma';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">&#160;&#160;&#160;&#160;&#160;</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="color:#ff0000;font-family:'Tahoma';text-decoration-line:line-through;text-decoration-style:solid;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">9.7</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(17.5 </u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-family:'Tahoma';text-decoration-line:underline;text-decoration-style:double;">&#8212;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> average age of the Initial Ships on the date of this Agreement which are subject to a Mortgage on the date of the relevant reduction) / 4</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Related Fund</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>in relation to a fund (the &#8220;first fund&#8221;), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Relevant Jurisdiction</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Transaction Obligor:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(a)</font></font>its jurisdiction of incorporation;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">25</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(b)</font></font>any jurisdiction where any asset subject to, or intended to be subject to, any of the Transaction Security created, or intended to be created, under the Finance Documents to which it is a party is situated;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(c)</font></font>any jurisdiction where it conducts its business; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(d)</font></font>the jurisdiction whose laws govern the perfection of any of the Transaction Security created, or intended to be created, under the Finance Documents to which it is a party.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Relevant Nominating Body</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Relevant Person</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in Clause 23.34 <i style="font-style:italic;">(Sanctions). </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Relevant Market</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the market specified as such in the Benchmark Terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Repayment Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means each date on which a Repayment Instalment is required to be paid under Clause 7.2 <i style="font-style:italic;">(Repayment of Accordion Facility).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Repayment Instalment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in Clause 7.2 <i style="font-style:italic;">(Repayment of Accordion Facility).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Repeating Representation</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means each of the representations set out in Clause 23 <i style="font-style:italic;">(Representations) </i>except Clause 23.10 <i style="font-style:italic;">(Insolvency) </i>and Clause 23.12 <i style="font-style:italic;">(Deduction of Tax) </i>and any representation of any Transaction Obligor made in any other Finance Document that is expressed to be a &#8220;Repeating Representation&#8221; or is otherwise expressed to be repeated.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Reporting Day</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the day specified as such in the Benchmark Terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Reporting Time</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the relevant time (if any) specified as such in the Benchmark Terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Representative</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Requisition</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any expropriation, confiscation, requisition or acquisition of that Ship, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition for hire for a fixed period not exceeding one year without any right to an extension) unless it is within 30 days redelivered to the full control of the relevant Borrower; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any arrest, capture, seizure or detention of that Ship (including any hijacking or theft) unless it is within 30 days redelivered to the full control of the relevant Borrower.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Requisition Compensation</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>includes all compensation or other moneys payable by reason of any Requisition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">26</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Resolution Authority</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any body which has authority to exercise any Write-down and Conversion Powers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Restricted Party</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a person:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">that is listed on any Sanctions List (whether designated by name or by reason of being included in a class of person);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">that is domiciled, registered as located or having its main place of business in or is incorporated under the laws of, or controlled by or acting on behalf of a person located in or organised under the laws of a country, region or territory which is subject to comprehensive country-wide, region-wide or territory-wide Sanctions and not covered by a license or exemption (including, without limitation, at the date of this Agreement, Cuba, Iran, North Korea and Syria);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">that is directly or indirectly owned or controlled by a person referred to in (a) and/or (b) above; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">with which any Lender is prohibited from dealing or otherwise engaging in a transaction with by any Sanctions Laws.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">RFR</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the rate specified as such in the Benchmark Terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">RFR Banking Day</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any day specified as such in the Benchmark Terms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Revolving Commitment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to an Original Lender, the amount set opposite its name under the heading &#8220;Revolving Commitment&#8221; in Part B of Schedule 1 <i style="font-style:italic;">(The Parties) </i>and the amount of any other Revolving Commitment transferred to it under this Agreement; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to any other Lender, the amount of any Revolving Commitment transferred to it under this Agreement,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">to the extent not cancelled, reduced or transferred by it under this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Revolving Facility</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the revolving credit facility made available under this Agreement as described in Clause 2.1 <i style="font-style:italic;">(The Facility).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Revolving Facility Loan</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a loan made or to be made under the Revolving Facility or the principal amount outstanding for the time being of that loan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Rollover Advance</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means one or more Advances under the Revolving Facility:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">made or to be made on the same day that a maturing Advance under the Revolving Facility is due to be repaid;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the aggregate amount of which is equal to or less than the amount of the maturing Advance under the Revolving Facility; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">made or to be made for the purpose of refinancing that maturing Advance under the Revolving Facility.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">27</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Safety Management Certificate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in the ISM Code.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Safety Management System</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in the ISM Code.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sanctions Authority</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Norwegian State, the United nations, the European Union, the member states of the European Union and the United States of America and any authority acting on behalf of any of them in connection with Sanctions Laws; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the respective government institutions and agencies of any of the foregoing (including, without limitation, the United States Office of Foreign Asset Control of the US Department of Treasury <b style="font-weight:bold;">(</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">OFAC</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), </b>the United States Department of State, and Trade and Her Majesty&#8217;s Treasury <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">HMT</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), </b>or any other regulatory, government agency or enforcement authority.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sanctions Laws</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the economic, financial or trade sanctions laws and/or regulations, trade embargoes, prohibitions, restrictive measures, decisions, executive orders or notices from regulators implemented, adapted, imposed, administered, enacted and/or enforced by any Sanctions Authority.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sanctions Event</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any representation contained in Clause 23.34 <i style="font-style:italic;">(Sanctions) </i>made or deemed to be made by an Obligor is or proves to have been incorrect or misleading when made or deemed to be made, or any undertaking in Clause 26.22 <i style="font-style:italic;">(Sanctions and use of proceeds) </i>is breached;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">an Obligor or any other member of the Group is or becomes a Restricted Party; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other event that would, in a Finance Party&#8217;s reasonable opinion, cause that Finance Party (or any Affiliate of that Finance Party) to violate Sanctions, as a result of maintaining the Facilities or its performance of, or the transactions contemplated by, the Finance Documents.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sanctions List</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any list of persons or entities published in connection with Sanctions Laws by or on behalf of any Sanctions Authority, each as amended, supplemented or substituted from time to time and including, without limitation, the Specially Designated Nationals and Blocked Persons list maintained by OFAC and the Consolidated List of Financial Sanctions Targets maintained by HMT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Secured Liabilities</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means all present and future obligations and liabilities, (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of each Transaction Obligor to any Secured Party under or in connection with each Finance Document.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Secured Party</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means each Finance Party from time to time party to this Agreement and any Receiver or Delegate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Security</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement having the effect of conferring security.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">28</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Security Period</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the period starting on the date of this Agreement and ending on the date on which the Facility Agent is satisfied that there is no outstanding Commitment in force and that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Security Property</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Transaction Security expressed to be granted in favour of the Security Agent as trustee for the Secured Parties and all proceeds of that Transaction Security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">all obligations expressed to be undertaken by a Transaction Obligor to pay amounts in relation to the Secured Liabilities to the Security Agent as trustee for the Secured Parties and secured by the Transaction Security together with all representations and warranties expressed to be given by a Transaction Obligor or any other person in favour of the Security Agent as trustee for the Secured Parties;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Security Agent&#8217;s interest in any turnover trust created under the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or contingent, which the Security Agent is required by the terms of the Finance Documents to hold as trustee on trust for the Secured Parties,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 72pt;">except:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">rights intended for the sole benefit of the Security Agent; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any moneys or other assets which the Security Agent has transferred to the Facility Agent or (being entitled to do so) has retained in accordance with the provisions of this Agreement.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Security Value</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the aggregate Fair Market Value of each Ship then subject to a Mortgage and which has not become a Total Loss; plus</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the net realisable value of additional Security previously provided under Clause 29 <i style="font-style:italic;">(Security Cover).</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Selection Notice</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a notice substantially in the form set out in Part B of Schedule 3 <i style="font-style:italic;">(Requests) </i>given in accordance with Clause 11 <i style="font-style:italic;">(Interest Periods).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Seller</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the seller of any Ship, as more particularly indicated in a memorandum of agreement to be made between that seller and a Borrower for the purchase of a Ship.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Separate Advance</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in paragraph (c) of Clause 7.1 <i style="font-style:italic;">(Reduction of Total Revolving Commitments).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Servicing Party</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Facility Agent or the Security Agent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Ship A</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Ship described as such in further details in Schedule <i style="font-style:italic;">7 (Ships).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Ship B</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Ship described as such in further details in Schedule 10 <i style="font-style:italic;">(Ships).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">29</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Ship C</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Ship described as such in further details in Schedule 10 <i style="font-style:italic;">(Ships).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Ship D</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Ship described as such in further details in Schedule 10 <i style="font-style:italic;">(Ships).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Ship E</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Ship described as such in further details in Schedule 10 <i style="font-style:italic;">(Ships).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Ship F</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Ship described as such in further details in Schedule 10 <i style="font-style:italic;">(Ships).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Ship G</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Ship described as such in further details in Schedule 10 <i style="font-style:italic;">(Ships).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Ship H</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Ship described as such in further details in Schedule 10 <i style="font-style:italic;">(Ships).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Ship I</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Ship described as such in further details in Schedule 10 <i style="font-style:italic;">(Ships).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">&#8220;</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Ship J</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">&#8221;</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;"> </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">means the Ship described as such in further details in Schedule 10 </u><i style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-style:italic;text-decoration-line:underline;text-decoration-style:double;">(Ships).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">&#8220;</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Ship K</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">&#8221;</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;"> </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">means the Ship described as such in further details in Schedule 10 </u><i style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-style:italic;text-decoration-line:underline;text-decoration-style:double;">(Ships).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">&#8220;</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Ship L</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">&#8221;</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;"> </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">means the Ship described as such in further details in Schedule 10 </u><i style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-style:italic;text-decoration-line:underline;text-decoration-style:double;">(Ships).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Ship</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means an Initial Ship, an Accordion Ship or any replacement vessel over which Security is provided in accordance with paragraph (f) of Clause 8.6 <i style="font-style:italic;">(Mandatory prepayment on sale or Total Loss).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Specified Time</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a time determined in accordance with Schedule 12 <i style="font-style:italic;">(Timetables).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Subsidiary</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a subsidiary within the meaning of section 1159 of the Companies Act 2006.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sustainability Certificate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a certificate signed by <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">both </font>one <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">director and</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> one senior </font>officer of the Parent Guarantor, in a form and substance reasonably satisfactory to the Facility Agent and substantially in the form of Schedule 8 <i style="font-style:italic;">(Form of Sustainability Certificate), </i>delivered pursuant to Clause 24.3 <i style="font-style:italic;">(Compliance Certificate and Sustainability Certificate), </i>that sets forth the Sustainability Pricing Adjustment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sustainability Pricing Adjustment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to this term in the Sustainability Pricing Adjustment Schedule.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sustainability Pricing Adjustment Schedule</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means Schedule 9 <i style="font-style:italic;">(Sustainability Pricing Adjustment Schedule), </i>as amended from time to time in accordance with Clause 46 <i style="font-style:italic;">(Amendments and waivers) </i>of this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sustainability Report</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means (i) an annual sustainability / progress report starting with the year 2021 (published in 2022) including commentary on the AER performance of the fleet, drivers of development in AER performance, initiatives to improve the AER performance of the fleet and details on diversity KPIs (i.e. bursary program<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> and</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> cadet program</font>); (ii) supporting calculations of the Fleet Sustainability Score (i.e. KPI 1) including the AER data for each vessel in the fleet as verified by a Recognised Organisation&#8217; and reported on a consolidated basis in the annual sustainability / progress report; (iii) detail of bursaries awarded (i.e. KPI <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">2a), in </font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">addition</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> to</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> detail</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> on</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> the</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> share</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> of female</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> cadets</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> (i.e. KPI 2b) </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">2), </u>during the calendar year (subject to legal and GDPR compliance). Reporting which is not available in the annual sustainability / progress report will be provided by way of a separate report signed by Ardmore&#8217;s management.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">30</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Tax</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Tax Credit</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in Clause 14.1 <i style="font-style:italic;">(Definitions). </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Tax Deduction</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in Clause 14.1 <i style="font-style:italic;">(Definitions). </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Tax Payment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in Clause 14.1 <i style="font-style:italic;">(Definitions). </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Term Market Disruption Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Term SOFR Reference Rate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Term SOFR</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Term SOFR Loan</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Loan, any part of the Loan or, if applicable, Unpaid Sum which is or becomes, a &#8220;Term SOFR Loan&#8221; pursuant to Clause 9 <i style="font-style:italic;">(Rate Switch).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Term SOFR Reference Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Term SOFR Loan:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the applicable Term SOFR as of the Specified Time and for a period equal in length to the Interest Period of that Term SOFR Loan; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">as otherwise determined pursuant to Clause 12.2 <i style="font-style:italic;">(Unavailability of Term SOFR),</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">and if, in either case, that rate is less than zero, the Term SOFR Reference Rate shall be deemed to be zero.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Termination Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">the fifth anniversary of the date of this Agreement</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">30 June 2027.</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Third Parties Act</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to it in Clause 1.5 <i style="font-style:italic;">(Third party rights).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Total Accordion Facility Commitments</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the aggregate of the Accordion Facility Commitments, being $0 at the date of this Agreement, but which may be increased to $<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">100,000,000 </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">60,000,000 </u>in accordance with and subject to the terms of this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Total Commitments</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the aggregate of the Revolving Commitments and the Total Accordion Facility Commitments, being a maximum of $245,500,000 at the date of this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Total Loss</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">actual, constructive, compromised, agreed or arranged total loss of that Ship; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Requisition.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Total Loss Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to the Total Loss of a Ship:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of an actual loss of that Ship, the date on which it occurred or, if that is unknown, the date when that Ship was last heard of;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">31</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of a constructive, compromised, agreed or arranged total loss of that Ship, the earlier of:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the date on which a notice of abandonment is given to the insurers; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the date of any compromise, arrangement or agreement made by or on behalf of the relevant Borrower with that Ship&#8217;s insurers in which the insurers agree to treat that Ship as a total loss; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of any other type of total loss, the date (or the most likely date) on which it appears to the Facility Agent that the event constituting the total loss occurred.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Total Revolving Commitments</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the aggregate of the Revolving Commitments, being $<u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline line-through;text-decoration-style:solid;">145,500,000 </u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">185,500,000 </u>at the date of this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Transaction Document</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a Finance Document;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Pool Agreement; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other document designated as such by the Facility Agent and the Borrower.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Transaction Obligor</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means an Obligor, an Approved Manager which is a member of the Group or any other person, except a Finance Party who executes a Finance Document.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Transaction Security</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Security created or intended to be created in favour of the Security Agent pursuant to the Finance Documents.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Transfer Certificate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a certificate substantially in the form set out in Schedule 5 <i style="font-style:italic;">(Form of Transfer Certificate) </i>or any other form agreed between the Facility Agent and the Borrowers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Transfer Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to an assignment or a transfer, the later of:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the date on which the Facility Agent executes the relevant Assignment Agreement or Transfer Certificate.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">UK Bail-In Legislation</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means Part 1 of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutes or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">UK Establishment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a UK establishment as defined in the Overseas Regulations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Unpaid Sum</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any sum due and payable but unpaid by an Obligor under the Finance Documents.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Utilisation</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the utilisation of a Facility.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">32</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Utilisation Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the date of a Utilisation, being the date on which the relevant Advance is to be made.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Utilisation Request</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a notice substantially in the form set out in Part A of Schedule 3 <i style="font-style:italic;">(Requests).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">VAT</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any value added tax imposed by the Value Added Tax Act 1994;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other tax of a similar nature, whether imposed in the United Kingdom or in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) or (b) above, or imposed elsewhere.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Voyage Expenses</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to a Ship, expenses and disbursements incurred by a Borrower or an Approved Manager in respect of that Ship for port dues, canal dues, pilotage, towage and other charges and/or taxes customarily charged to that Ship under a normal voyage charter together with the cost of repositioning for the next voyage and the cost of bunker fuel and lubrication oil consumed on such voyage or in repositioning and including insurance premiums and reimbursement where applicable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Write-down and Conversion Powers</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to any other applicable Bail-In Legislation:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">33</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any similar or analogous powers under that Bail-In Legislation.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">1.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Construction</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Unless a contrary indication appears, a reference in this Agreement to:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Account Bank</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>any <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Mandated Lead Arranger</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>any <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Bookrunner</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Facility Agent</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>any &#8220;Finance <b style="font-weight:bold;">Party</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>any &#8220;Hedge <b style="font-weight:bold;">Counterparty</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>any &#8220;Lender&#8221;, any <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Obligor</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>any <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Party</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>any <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Secured Party</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Security Agent</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>any <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Transaction Obligor</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Documentation Agent</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sustainability Coordinator</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">assets</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>includes present and future properties, revenues and rights of every description;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">contingent liability</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a liability which is not certain to arise and/or the amount of which remains unascertained;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">document</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>includes a deed and also a letter or fax;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">expense</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable Tax including VAT;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vi)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a Lender&#8217;s <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">cost of funds</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>in relation to its participation in the Loan or any part of the Loan is a reference to the average cost (determined either on an actual or a notional basis) which that Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of that participation in the Loan or that part of the Loan for a period equal in length to the Interest Period of the Loan or that part of the Loan;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Finance Document</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>or <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Transaction Document</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>or any other agreement or instrument is a reference to that Finance Document or Transaction Document or other agreement or instrument as amended, replaced, novated, supplemented, extended or restated;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(viii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">group of Lenders</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>includes all the Lenders;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ix)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">indebtedness</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(x)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">law</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xi)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">proceedings</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to any enforcement provision of a Finance Document, proceedings of any kind, including an application for a provisional or protective measure;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">person</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality);</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">34</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xiii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">regulation</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xiv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a reference to the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Ship</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">, </b>its name, its flag and, if applicable, its port of registry shall include any replacement name, flag and, if applicable, replacement port of registry, in each case, as may be approved in writing from time to time by the Facility Agent acting with the authorisation of the Majority Lenders;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a provision of law is a reference to that provision as amended or re-enacted from time to time;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xvi)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a time of day is a reference to London time;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xvii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of a jurisdiction other than England, be deemed to include that which most nearly approximates in that jurisdiction to the English legal term;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xviii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">words denoting the singular number shall include the plural and vice versa; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(xix)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">including</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>and <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">in particular</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>(and other similar expressions) shall be construed as not limiting any general words or expressions in connection with which they are used.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The determination of the extent to which a rate is <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">for a period equal in length</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Section, Clause and Schedule headings are for ease of reference only and are not to be used for the purposes of construction or interpretation of the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under, or in connection with, any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A reference in this Agreement to a page or screen of an information service displaying a rate shall include:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any replacement page of that information service which displays that rate; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the appropriate page of such other information service which displays that rate from time to time in place of that information service,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">and, if such page or service ceases to be available, shall include any other page or service displaying that rate specified by the Facility Agent after consultation with the Borrower.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A reference in this Agreement to a Central Bank Rate shall include any successor rate to, or replacement rate for, that rate.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any Compounded Rate Supplement overrides anything in:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(i)</font></font>Schedule 14 <i style="font-style:italic;">(Benchmark Terms); </i>or</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">35</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(ii)</font></font>any earlier Compounded Rate Supplement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A Compounding Methodology Supplement relating to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate overrides anything relating to that rate in:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(i)</font></font>Schedule 15 <i style="font-style:italic;">(Daily Non-Cumulative Compounded RFR Rate) </i>or Schedule 16 <i style="font-style:italic;">(Cumulative Compounded RFR Rate), </i>as the case may be; or</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(ii)</font></font>any earlier Compounding Methodology Supplement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A Potential Event of Default is &#8220;continuing&#8221; if it has not been remedied or waived and an Event of Default is &#8220;continuing&#8221; if it has not been waived.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">1.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Construction of insurance terms </b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">In this Agreement:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">approved</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, for the purposes of Clause 27 <i style="font-style:italic;">(Insurance Undertakings), </i>approved in writing by the Facility Agent;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">excess risks</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in respect of a Ship, the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of that Ship in consequence of its insured value being less than the value at which that Ship is assessed for the purpose of such claims;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">obligatory insurances</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means all insurances effected, or which any Borrower is obliged to effect, under Clause 27 <i style="font-style:italic;">(Insurance Undertakings) </i>or any other provision of this Agreement or of another Finance Document;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">policy</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">protection and indemnity risks</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 1 of the Institute Time Clauses (Hulls) (1/10/82) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">war risks</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>includes the risk of mines and all risks excluded by clauses 29, 30 or 31 of the International Hull Clauses (1/11/02), clauses 29 or 30 of the International Hull Clauses (1/11/03), clauses 24, 25 or 26 of the Institute Time Clauses (Hulls) (1/11/95) or clauses 23, 24 or 25 of the Institute Time Clauses (Hulls) (1/10/83) or any equivalent provision.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">1.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Agreed forms of Finance Documents</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">References in Clause 1.1 <i style="font-style:italic;">(Definitions) </i>to any Finance Document being in &#8220;agreed form&#8221; are to that Finance Document:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in a form attached to a certificate dated the same date as this Agreement (and signed by each Borrower and the Facility Agent); or</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">36</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in any other form agreed in writing between each Borrower and the Facility Agent acting with the authorisation of the Lenders.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.5</b></font><b style="font-weight:bold;">Third party rights</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Third Parties Act</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>to enforce or to enjoy the benefit of any term of this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any Receiver, Delegate or any other person described in paragraph (e) of Clause 16.2 <i style="font-style:italic;">(Other indemnities), </i>paragraph (b) of Clause 34.10 <i style="font-style:italic;">(Exclusion of liability) </i>or Clause 35.15 <i style="font-style:italic;">(No proceedings) </i>may, subject to this Clause 1.5 <i style="font-style:italic;">(Third party rights) </i>and the Third Parties Act, rely on any Clause of this Agreement which expressly confers rights on it.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">37</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SECTION 2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE FACILITY</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">2</b></font><b style="font-weight:bold;">THE FACILITY</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">2.1</b></font><b style="font-weight:bold;">The Facilities</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">Subject to the terms of this Agreement, the Lenders shall make available to the Borrowers:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a dollar revolving credit facility in an aggregate amount not exceeding the Total Revolving Commitments; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a dollar term loan accordion facility in an aggregate amount not exceeding the Total Accordion Facility Commitments.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">2.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Finance Parties</b><b style="font-weight:bold;">&#8217;</b><b style="font-weight:bold;"> rights and obligations</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The obligations of each Finance Party under the Finance Documents are several. Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a separate and independent debt.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Notwithstanding any other provision of the Finance Documents, a Finance Party may separately sue for any Unpaid Sum due to it without the consent of any other Finance Party or joining any other Finance Party to the relevant proceedings.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">2.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Borrowers</b><b style="font-weight:bold;">&#8217;</b><b style="font-weight:bold;"> Agent</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Borrower and the Corporate Guarantor by its execution of this Agreement irrevocably appoints the Parent Guarantor to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Parent Guarantor on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions (including Utilisation Requests), to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Borrower notwithstanding that they may affect the Borrower, without further reference to or the consent of that Borrower and/or the Corporate Guarantor; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">each Finance Party to give any notice, demand or other communication to that Borrower and/or the Corporate Guarantor pursuant to the Finance Documents to the Parent Guarantor,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">38</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">and in each case each Borrower and/or the Corporate Guarantor shall be bound as though that Borrower and/or the Corporate Guarantor itself had given the notices and instructions (including, without limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Parent Guarantor or given to the Parent Guarantor under any Finance Document on behalf of a Borrower and/or the Corporate Guarantor or in connection with any Finance Document (whether or not known to any Borrower and/or the Corporate Guarantor) shall be binding for all purposes on that Borrower and/or the Corporate Guarantor as if that Borrower and/or the Corporate Guarantor had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications of the Parent Guarantor and any Borrower and/or the Corporate Guarantor, those of the Parent Guarantor shall prevail.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">2.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Accordion Ships</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Subject to the terms of this Agreement, before the end of the Availability Period in respect of the Accordion Facility, the Borrowers may utilise the Available Commitment in respect of the Accordion Facility provided that:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Borrowers have complied with Clause 6 <i style="font-style:italic;">(Establishment of Accordion Facility);</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the relevant Additional Borrower accedes to this Agreement in accordance with Clause 33.2 <i style="font-style:italic;">(Additional Borrowers);</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Accordion Ship owned by that Additional Borrower satisfies the Accordion Ship Criteria;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">no Default has occurred and is continuing; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the relevant conditions precedent referred to in Clause 4.1 <i style="font-style:italic;">(Initial conditions precedent) </i>and/or Clause 4.2 <i style="font-style:italic;">(Further conditions precedent) </i>in relation to that Additional Borrower and that Accordion Ship have been satisfied.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">PURPOSE</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">3.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Purpose</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall apply all amounts borrowed by it under the Facilities only for the purpose stated in the preamble (Background) to this Agreement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">3.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Monitoring</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">39</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">CONDITIONS OF UTILISATION</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">4.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Initial conditions precedent</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 46.8pt;">The Borrowers may not deliver the initial Utilisation Request unless the Facility Agent has received all of the documents and other evidence listed in Part A of Schedule 2 <i style="font-style:italic;">(Conditions Precedent) </i>in form and substance satisfactory to the Facility Agent.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">4.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Further conditions precedent</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Lenders will only be obliged to comply with Clause 5.4 <i style="font-style:italic;">(Lenders</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;"> participation) </i>if on the date of the Utilisation Request and on the proposed Utilisation Date and before the Advance is made available:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">in the case of a Rollover Advance, no Event of Default is continuing or would result from the proposed Advance, and in the case of any other Advance, no Default is continuing or would result from the advance of the proposed Advance;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the Repeating Representations to be made by each Obligor are true;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">no event described in paragraph (a) of Clause 8.6 <i style="font-style:italic;">(Mandatory prepayment on sale or Total Loss) </i>has occurred in relation to any Ship;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the Borrowers are in compliance with Clause 29.1 <i style="font-style:italic;">(Security cover) </i>immediately after the making of any Advance;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">no breach of Clause 25 <i style="font-style:italic;">(Financial Covenants) </i>has occurred or will occur as a result of the proposed Advance under the Accordion Facility;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">in the case of the first Advance under the Revolving Facility and any subsequent Advance to finance or re-finance an Initial Ship, the Facility Agent has received, or is satisfied it will receive when that Advance is advanced, all of the documents and other evidence listed in Part B of Schedule 2 <i style="font-style:italic;">(Conditions Precedent) </i>in form and substance satisfactory to the Facility Agent; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">in the case of an Advance under the Accordion Facility or where a Rollover Advance is to be used to finance or refinance part of an Accordion Ship, the Facility Agent has received, or is satisfied it will receive when that Advance is advanced, all of the documents and other evidence listed in Part C of Schedule 2 <i style="font-style:italic;">(Conditions Precedent) </i>in form and substance satisfactory to the Facility Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">4.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Notification of satisfaction of conditions precedent</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The Facility Agent shall notify the Borrowers and the Lenders promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in Clause 4.1 <i style="font-style:italic;">(Initial conditions precedent) </i>and Clause 4.2 <i style="font-style:italic;">(Further conditions precedent).</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in paragraph (a) above, the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">40</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">4.4</b></font><b style="font-weight:bold;">Waiver of conditions precedent</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;">If the Lenders, at their discretion, permit the Loan to be borrowed before any of the conditions precedent referred to in Clause 4.1 <i style="font-style:italic;">(Initial conditions precedent) </i>or Clause 4.2 <i style="font-style:italic;">(Further conditions precedent) </i>has been satisfied, the Borrowers shall ensure that that condition is satisfied within five Business Days after the relevant Utilisation Date or such later date as the Facility Agent, acting with the authorisation of the Lenders, may agree in writing with the Borrowers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 46.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">41</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SECTION 3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">UTILISATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">5</b></font><b style="font-weight:bold;">UTILISATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">5.1</b></font><b style="font-weight:bold;">Delivery of the Utilisation Request</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers may utilise the Facilities or any part of it by delivery to the Facility Agent of a duly completed Utilisation Request not later than the Specified Time.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrower may not deliver a Utilisation Request if, as a result of the proposed Utilisation, more than <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">10 </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">12 </u>Advances with different Interest Periods in respect of the Revolving Facility or, once the Accordion Facility has been established in accordance with this Agreement, more than <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">six </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">18 </u>Advances with different Interest Periods in total would have been made under the Revolving Facility and the Accordion Facility and still be outstanding.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">5.2</b></font><b style="font-weight:bold;">Completion of Utilisation Request</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">it identifies the Facility to be utilised;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the proposed Utilisation Date is a Business Day within the relevant Availability Period;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the currency and amount of the Utilisation comply with Clause 5.3 (<i style="font-style:italic;">Currency and amount</i>);<i style="font-style:italic;"> </i>and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the proposed Interest Period complies with Clause 11 (<i style="font-style:italic;">Interest Periods</i>).</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(b)</font></font>Only one Advance may be requested in a Utilisation Request.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">5.3</b></font><b style="font-weight:bold;">Currency and amount</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(a)</font></font>The currency specified in the Utilisation Request must be dollars.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(b)</font></font>The amount of a proposed Loan must be an amount which is no more than:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of the Revolving Facility, the Available Commitment in relation to the Revolving Facility; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of the Accordion Facility, the Available Commitment in relation to the Accordion Facility.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to paragraph (d) below, the amount of any proposed Advance under the Revolving Facility must be a minimum of $1,000,000.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(d)</font></font>The amount of the proposed Loan must be an amount which is not more than:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(i)</font></font>in the case of the Revolving Facility, the Available Facility in relation to the Revolving Facility; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">42</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of the Accordion Facility, the Available Facility in relation to the Accordion Facility.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The amount of the proposed Loan must be an amount which would not oblige the Borrowers to provide additional security or prepay part of the Loan if the ratio set out in Clause 29 (<i style="font-style:italic;">Security Cover</i>)<i style="font-style:italic;"> </i>were applied and notice was given by the Facility Agent under Clause 29.1 (<i style="font-style:italic;">Minimum required security cover</i>)<i style="font-style:italic;"> </i>immediately after the Loan was advanced.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Without prejudice to paragraph (c) of Clause 5.5 (<i style="font-style:italic;">Cancellation of Commitments</i>)<i style="font-style:italic;"> </i>the Total Commitments after any Advance which is to be secured by a Mortgage shall not exceed <u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">the lower of (i) 60 per cent. of the aggregate Index Amount of the Ships that will be subject to a Mortgage upon the making of that Advance; and (ii) </u>60 per cent. of the aggregate Fair Market Value of the Ships that will be subject to a Mortgage upon the making of that Advance, determined by valuations prepared as at a date not more than 30 days before the proposed Utilisation Date.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">5.4</b></font><b style="font-weight:bold;">Lenders</b><b style="font-weight:bold;">&#8217;</b><b style="font-weight:bold;"> participation</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the conditions set out in this Agreement have been met, and subject to Clause 7.1 (<i style="font-style:italic;">Reduction of Total Revolving Commitments</i>)<i style="font-style:italic;">, </i>each Lender shall make its participation in the Loan available by the Utilisation Date through its Facility Office.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The amount of each Lender&#8217;s participation in each Advance will be equal to the proportion borne by its Available Commitment to the relevant Available Facility immediately before making that Advance.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall notify each Lender of the amount of each Advance and the amount of its participation in that Advance and, in the case of an Advance under the Revolving Facility, if different, the amount of that participation to be made available in accordance with Clause 39 (<i style="font-style:italic;">Payment Mechanics</i>)<i style="font-style:italic;"> </i>in each case by the Specified Time.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">5.5</b></font><b style="font-weight:bold;">Cancellation of Commitments</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Accordion Facility Commitments which are unutilised at the end of the Availability Period for the Accordion Facility shall then be cancelled.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Revolving Commitments which are unutilised at the end of the Availability Period for the Revolving Facility shall then be cancelled.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The amount of the Total Commitments in excess of 60 per cent. of the Fair Market Value of the Initial Ships as at the first Utilisation Date shall be cancelled on the first Utilisation Date immediately prior to the making of the first Advance, such cancellation to applied to the Revolving Commitments.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">5.6</b></font><b style="font-weight:bold;">Payment to third parties</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Facility Agent shall, on each Utilisation Date, pay to, or for the account of, the relevant Borrower which is to utilise the relevant Advance the amounts which the Facility Agent receives from the Lenders in respect of that Advance. That payment shall be made in like funds as the Facility Agent received from the Lenders in respect of that Advance:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to the account of the Existing Facility Agent under the Existing Facility Agreement which the Borrowers specify in the relevant Utilisation Request;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">43</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to the account of any Seller which the Borrowers specify in the relevant Utilisation Request; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to the account of an Obligor which the Borrowers specify in the relevant Utilisation Request.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">5.7</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Disbursement of Loan to third party</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">A payment by the Facility Agent under Clause 5.6 (<i style="font-style:italic;">Payment to third parties</i>)<i style="font-style:italic;"> </i>to a person other than a Borrower shall constitute the making of the Loan and the Borrowers shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender&#8217;s participation in that the Loan.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">5.8</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Prepositioning of funds</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If, in respect any proposed Advance under the Loan, the Lenders, at the request of the Borrowers and on terms acceptable to all the Lenders and in their absolute discretion, preposition funds with any bank, the Borrowers and the Guarantors:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">agree to pay interest on the amount of the funds so prepositioned at the rate described in Clause 10.1 (<i style="font-style:italic;">Calculation of interest</i>)<i style="font-style:italic;"> </i>on the basis of successive interest periods of one day and so that interest shall be paid together with the first payment of interest on such Advance after the Utilisation Date in respect of it or, if such Utilisation Date does not occur, within three Business Days of demand by the Facility Agent; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">shall, without duplication, indemnify each Finance Party against any costs, loss or liability it may incur in connection with such arrangement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">6</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">ESTABLISHMENT OF ACCORDION FACILITY</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">6.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Selection of Accordion Facility Lenders</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(a)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Definitions</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">In this Clause 6 (<i style="font-style:italic;">Establishment of Accordion Facility</i>)<i style="font-style:italic;">:</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Further Accordion Facility Shortfall</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to the Proposed Facility Size, any amount by which the Proposed Facility Size exceeds the aggregate of the proposed Accordion Facility Commitments offered by the Participating Lenders following the operation of paragraph (f) below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Facility Proportion</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to the Proposed Facility Size, the proportion borne from time to time by a Participating Lender&#8217;s proposed Accordion Facility Commitment to the Proposed Facility Size.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Facility Proposal</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a notice from the Borrowers addressed to each Lender which:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">invites each Lender to participate in a proposed Accordion Facility; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">sets out the proposed Accordion Facility Terms applicable to the Accordion Facility and any fee or commission proposed to be payable to lenders under the proposed Accordion Facility.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">44</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Facility Shortfall</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to the Proposed Facility Size, any amount by which the Proposed Facility Size exceeds the aggregate of the proposed Accordion Facility Commitments offered by the Participating Lenders pursuant to paragraph (c) below (as adjusted, if applicable, pursuant to paragraph (e) below).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Facility Solicitation Period</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to the Accordion Facility Proposal, the period of time starting on the date of the Accordion Facility Proposal and ending on the date which falls 20 Business Days (or such longer period as the Borrowers and the Facility Agent may agree) after the date of the Accordion Facility Proposal.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Participating Lender</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to the Accordion Facility Proposal, any Eligible Institution which makes an offer in respect of the Accordion Facility proposed in the Accordion Facility Proposal pursuant to paragraph (c) below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Proposed Facility Size</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to the Accordion Facility Proposal, the proposed Total Accordion Facility Commitments set out in the Accordion Facility Proposal.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(b)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Invitation to all Lenders under the Revolving Facility</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Corporate Guarantor shall invite all Lenders under the Revolving Facility, in writing to become an Accordion Facility Lender on a pro rata basis, by delivery of the Accordion Facility Proposal to the Facility Agent and each of those Lenders.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(c)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Lender</b><b style="font-weight:bold;">&#8217;</b><b style="font-weight:bold;">s offer</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any Lender which wishes to become an Accordion Facility Lender in respect of an Accordion Facility proposed in an Accordion Facility Proposal shall notify the Corporate Guarantor and the Facility Agent of the proposed Accordion Facility Commitment that it unconditionally offers to make available in respect of the proposed Accordion Facility no later than 5:00<font style="font-family:'Tahoma';">&#160;</font>p.m. on the last day of the Accordion Facility Solicitation Period relating to the Accordion Facility Proposal.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(d)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Expiry of Lender</b><b style="font-weight:bold;">&#8217;</b><b style="font-weight:bold;">s offer</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Participating Lender&#8217;s offer under paragraph (c) above (as adjusted, if applicable, pursuant to paragraphs (e) or (f) below) in respect of the Accordion Facility proposed in the Accordion Facility Proposal shall, unless otherwise agreed by all the Participating Lenders under the Accordion Facility Proposal, expire on the earlier of:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the day falling 30 Business Days after the last day of the Accordion Facility Solicitation Period relating to the Accordion Facility Proposal; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the day falling 10 Business Days after the Accordion Facility Date in respect of the proposed Accordion Facility.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(e)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Scaleback of Lenders</b><b style="font-weight:bold;">&#8217;</b><b style="font-weight:bold;"> offers</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If the aggregate amount of the proposed Accordion Facility Commitments offered by the Participating Lenders pursuant to paragraph (c) above in respect of the Accordion Facility proposed in the Accordion Facility Proposal exceeds the Proposed Facility Size set out in the Accordion Facility Proposal, those proposed Accordion Facility Commitments shall be reduced pro rata to the extent necessary, provided that any Lender who is a Participating Lender shall have a right of first refusal to be allocated such Lender&#8217;s Accordion Facility Proportion relating</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">45</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">to the Proposed Facility Size not greater than the proportion borne by the aggregate of such Lender&#8217;s Commitments to the aggregate of the Commitments of all of the Lenders.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(f)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Invitation to Participating Lenders if shortfall</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If there is an Accordion Facility Shortfall relating to the Proposed Facility Size set out in the Accordion Facility Proposal, the Corporate Guarantor shall invite each Participating Lender under the Accordion Facility Proposal to increase the proposed Accordion Facility Commitment offered by it in respect of the Accordion Facility proposed in the Accordion Facility Proposal by an amount no greater than that Accordion Facility Shortfall.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(g)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Deadline for Participating Lenders to offer increase</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Participating Lender under the Accordion Facility Proposal shall notify the Corporate Guarantor and the Facility Agent of its offer of an increased proposed Accordion Facility Commitment (if any) pursuant to paragraph (f) above no later than 5:00<font style="font-family:'Tahoma';">&#160;</font>p.m. on the day falling 10 Business Days after the last day of the Accordion Facility Solicitation Period relating to the Accordion Facility Proposal.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(h)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Wider invitation if further shortfall</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If there is a Further Accordion Facility Shortfall relating to the Proposed Facility Size set out in the Accordion Facility Proposal, the Corporate Guarantor may, in any manner, invite any Eligible Institution to offer proposed Accordion Facility Commitments in respect of the Accordion Facility proposed in the Accordion Facility Proposal in a maximum aggregate amount no greater than that Further Accordion Facility Shortfall.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(i)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Participating Lender</b><b style="font-weight:bold;">&#8217;</b><b style="font-weight:bold;">s Accordion Facility Commitment</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Participating Lender&#8217;s Accordion Facility Commitment specified in the Accordion Facility Notice delivered in respect of the Accordion Facility proposed in the Accordion Facility Proposal shall, unless that Participating Lender agrees to be allocated an Accordion Facility Commitment in a lower amount, be in an amount equal to the amount of the proposed Accordion Facility Commitment offered by that Participating Lender in response to the Accordion Facility Proposal (as adjusted, if applicable, pursuant to paragraphs (e) or (f) above).</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(j)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Accordion Facility Terms</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Accordion Facility Terms specified in the Accordion Facility Notice delivered in respect of the Accordion Facility and any fee or commission payable to the Accordion Facility Lenders under the Accordion Facility shall be the same as those set out in the Accordion Facility Proposal relating to the Accordion Facility.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(k)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Amendment and withdrawal</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Corporate Guarantor shall not amend the Accordion Facility Proposal but may withdraw the Accordion Facility Proposal at any time.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(l)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Effect of withdrawal</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Withdrawal of the Accordion Facility Proposal shall terminate the process set out in this Clause 6 (<i style="font-style:italic;">Establishment of Accordion Facility</i>)<i style="font-style:italic;"> </i>in respect of the Accordion Facility proposed in the Accordion Facility Proposal and the Accordion Facility shall not be established. Any withdrawal</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">46</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">of an Accordion Facility Proposal shall not prohibit the Corporate Guarantor from delivering one or more new Accordion Facility Proposals at a later date but within the Accordion Facility Availability Period.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">6.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Accordion Facility Commitment</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Accordion Facility Commitments specified in the Accordion Facility Notice:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">must be in an amount of not less than $20,000,000;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(b)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">must be in an amount that, when aggregated with all other Accordion Facility Commitments, does not exceed $<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">100,000,000</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">60,000,000</u>.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">6.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Delivery of the Accordion Facility Notice</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On completion of the solicitation process set out in Clause 6.1 (<i style="font-style:italic;">Selection of Accordion Facility Lenders</i>)<i style="font-style:italic;">, </i>the Corporate Guarantor and each relevant Accordion Facility Lender may request the establishment of an Accordion Facility by the Corporate Guarantor delivering to the Facility Agent the duly completed Accordion Facility Notice not later than 10 Business Days (or such shorter period as the Facility Agent may agree) prior to the proposed Accordion Facility Date specified in the Accordion Facility Notice.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The Accordion Facility Notice may not be delivered after the Availability Period.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">6.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Completion of the Accordion Facility Notice</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The Accordion Facility Notice is irrevocable and will not be regarded as having been duly completed unless:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">it sets out the Accordion Facility Terms applicable to the Accordion Facility;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Accordion Facility Terms applicable to the Accordion Facility comply with Clause 6.5 (<i style="font-style:italic;">Restrictions on Accordion Facility Terms and fees</i>)<i style="font-style:italic;">; </i>and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Accordion Facility Lenders and the Accordion Facility Commitments set out in the Accordion Facility Notice have been selected and allocated in accordance with Clause 6.1 (<i style="font-style:italic;">Selection of Accordion Facility Lenders</i>)<i style="font-style:italic;">.</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">No more than three Accordion Facilities may be requested.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">6.5</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Restrictions on Accordion Facility Terms and fees</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(a)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Currency</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Accordion Facility shall be denominated in dollars.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(b)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Commitment fee</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The percentage rate per annum according to which the fee payable under Clause 13.1 (<i style="font-style:italic;">Commitment fee</i>)<i style="font-style:italic;"> </i>in respect of the Accordion Facility is computed shall not exceed 40 per cent. per annum of the Margin.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">47</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(c)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Borrowers</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">The Accordion Facility shall be available only to an Additional Borrower.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(d)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Purpose</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">The Accordion Facility shall only be used for the purpose set out in Clause 3 (<i style="font-style:italic;">Purpose</i>)<i style="font-style:italic;">.</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(e)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Availability</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">The Accordion Facility shall only be available during the Availability Period.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">6.6</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Conditions to establishment</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The establishment of the Accordion Facility will only be effected in accordance with Clause 6.7 (<i style="font-style:italic;">Establishment of Accordion Facility</i>)<i style="font-style:italic;"> </i>if:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">on the date of the Accordion Facility Notice and on the Accordion Facility Date:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">no Default is continuing or would result from the establishment of the proposed Accordion Facility; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the Repeating Representations to be made by each Obligor are true in all material respects;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent has received in form and substance satisfactory to it:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the originals of any Accordion Facility Finance Documents (and of any documents required to be delivered by them); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">such documents (if any) as are reasonably necessary as a result of the establishment of the Accordion Facility to maintain the effectiveness of the Finance Documents and the Security Interests created thereunder including, but not limited to, any addenda or supplements to the Mortgages; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(C)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">such legal opinions as the Facility Agent may require in connection with the documents referred to in this paragraph (i)(A).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall notify the Corporate Guarantor and the Lenders promptly upon being satisfied under sub-paragraph (a)(ii) of paragraph (a) above.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in paragraph (b) above, the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">6.7</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Establishment of Accordion Facility</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the conditions set out in this Agreement have been met the establishment of the Accordion Facility is effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Accordion Facility Notice. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of the duly</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">48</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">completed Accordion Facility Notice appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute the Accordion Facility Notice.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall only be obliged to execute the Accordion Facility Notice delivered to it by the Borrowers once it is satisfied it has complied with all necessary &#8220;know your customer&#8221; or other similar checks under all applicable laws and regulations in relation to the establishment of the Accordion Facility.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On the Accordion Facility Date:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">subject to the terms of this Agreement the Accordion Facility Lenders make available a dollar term facility in an aggregate amount equal to the Accordion Facility Commitments specified in the Accordion Facility Notice which will be available to the Borrowers;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">each Accordion Facility Lender shall assume all the obligations of a Lender corresponding to the Accordion Facility Commitment (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Assumed Accordion Facility Commitment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>specified opposite its name in the Accordion Facility Notice as if it had been an Original Lender in respect of the Accordion Facility Commitment;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">each of the Obligors and each Accordion Facility Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and that Accordion Facility Lender would have assumed and/or acquired had that Accordion Facility Lender been an Original Lender in respect of the Assumed Accordion Facility Commitment;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">each Accordion Facility Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Accordion Facility Lender and those Finance Parties would have assumed and/or acquired had the Accordion Facility Lender been an Original Lender in respect of the Assumed Accordion Facility Commitment; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">each Accordion Facility Lender shall become a Party as a &#8220;Lender&#8221;.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">6.8</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Notification of establishment</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Facility Agent shall, as soon as reasonably practicable after the establishment of the Accordion Facility notify the Borrowers and the Lenders of that establishment and the Accordion Facility Date of the Accordion Facility.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">6.9</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Accordion Facility costs and expenses</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Borrowers shall within seven Business Days of demand pay the Facility Agent and the Security Agent the amount of all costs and expenses (including legal fees) reasonably incurred by either of them and, in the case of the Security Agent, by any Receiver or Delegate in connection with the establishment of the Accordion Facility under this Clause 6 (<i style="font-style:italic;">Establishment of Accordion Facility</i>)<i style="font-style:italic;">.</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">6.10</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Prior amendments binding</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Accordion Facility Lender, by executing an Accordion Facility Notice, confirms for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">49</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the establishment of the Accordion Facility requested in the Accordion Facility Notice became effective in accordance with this Agreement and that it is bound by that decision to the same extent as it would have been had it been an Original Lender.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">6.11</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Limitation of responsibility</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Clause 32.4 (<i style="font-style:italic;">Limitation of responsibility of Existing Lenders</i>)<i style="font-style:italic;"> </i>shall apply mutatis mutandis in this Clause 6 (<i style="font-style:italic;">Establishment of Accordion Facility</i>)<i style="font-style:italic;"> </i>in relation to any Accordion Facility Lender as if references in that Clause to:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">an <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Existing Lender</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>were references to all the Lenders immediately prior to the Accordion Facility Date;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">New Lender</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>were references to an <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Facility Lender</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">; </b>and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">re-transfer</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>and <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">re-assignment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>were references respectively to a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">transfer</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>and <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">assignment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">.</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">50</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SECTION 4</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">REPAYMENT, PREPAYMENT AND CANCELLATION</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">7</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">REPAYMENT</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">7.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Reduction of Total Revolving Commitments</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The Total Revolving Commitments shall be reduced by consecutive quarterly reductions, each in the amount of the Reduction Amount as at the date of such reduction and:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the first reduction shall take place on the date falling three months after the Utilisation Date of that Advance and the last reduction shall take place on or before the Termination Date;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">each reduction in the Total Revolving Commitments pursuant to this Clause 7.1 (<i style="font-style:italic;">Reduction of Total Revolving Commitments</i>)<i style="font-style:italic;"> </i>shall cause the amount of the Total Revolving Commitments to be permanently reduced by the amount of the reduction first against the part of the Total Revolving Commitments; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Borrowers shall ensure that at all times the aggregate outstanding amount of the Advances is not greater than the then applicable Total Revolving Commitments and, without prejudice to the generality of the foregoing, the Borrowers shall if necessary prepay some or all of the outstanding Advances so that the aggregate outstanding amount of the Advances does not (taking into account the scheduled reduction of the Total Revolving Commitments) exceed the Total Revolving Commitments as reducing from time to time thereafter pursuant to this Clause 7.1 (<i style="font-style:italic;">Reduction of Total Revolving Commitments</i>)<i style="font-style:italic;">. </i>For the avoidance of doubt, any amounts prepaid pursuant to this paragraph (iii) may not be reborrowed.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Without prejudice to the Borrowers&#8217; obligation under paragraph (a) above, if:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">an Advance under the Revolving Facility is to be made available:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">on the same day that a Maturing Advance under the Revolving Facility is due to be repaid; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in whole or in part for the purpose of refinancing the Maturing Advance under the Revolving Facility; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the proportion borne by each Lender&#8217;s participation in the Maturing Advance under the Revolving Facility to the amount of that Maturing Advance under the Revolving Facility is the same as the proportion borne by that Lender&#8217;s participation in the New Advance under the Revolving Facility to the amount of the New Advance under the Revolving Facility,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">the amount of the New Advance under the Revolving Facility shall, unless the Borrowers notify the Facility Agent to the contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the Maturing Advance under the Revolving Facility so that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 12pt 72pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(A)</font></font><font style="display:inline-block;width:-68.51pt;"></font>if the amount of the Maturing Advance under the Revolving Facility exceeds the amount of the New Advance under the Revolving Facility:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">51</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(1)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Borrowers will only be required to make a payment under Clause 39.1 (<i style="font-style:italic;">Payments to the Facility Agent</i>)<i style="font-style:italic;"> </i>in an amount equal to that excess; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(2)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">each Lender&#8217;s participation in the New Advance under the Revolving Facility shall be treated as having been made available and applied by the Borrowers in or towards repayment of that Lender&#8217;s participation in the Maturing Advance under the Revolving Facility and that Lender will not be required to make a payment under Clause 39.1 (<i style="font-style:italic;">Payments to the Facility Agent</i>)<i style="font-style:italic;"> </i>in respect of its participation in the New Advance under the Revolving Facility; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">if the amount of the Maturing Advance under the Revolving Facility is equal to or less than the amount of the New Advance under the Revolving Facility:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(1)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Borrowers will not be required to make a payment under Clause 39.1 (<i style="font-style:italic;">Payments to the Facility Agent</i>)<i style="font-style:italic;">; </i>and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:108pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(2)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">each Lender will be required to make a payment under Clause 39.1 (<i style="font-style:italic;">Payments to the Facility Agent</i>)<i style="font-style:italic;"> </i>in respect of its participation in the New Advance under the Revolving Facility only to the extent that its participation in the New Advance under the Revolving Facility exceeds that Lender&#8217;s participation in the Maturing Advance under the Revolving Facility and the remainder of that Lender&#8217;s participation in the New Advance under the Revolving Facility shall be treated as having been made available and applied by the Borrowers in or towards repayment of that Lender&#8217;s participation in the Maturing Advance under the Revolving Facility.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations of that Lender in the Revolving Facility Loans then outstanding will be automatically extended to the Termination Date applicable to the Revolving Facility and will be treated as separate Advances under the Revolving Facility (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Separate Advances</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">).</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Borrowers make a prepayment of an Advance under the Revolving Facility pursuant to Clause 8.4 (<i style="font-style:italic;">Voluntary prepayment of Advances under the Revolving Facility</i>)<i style="font-style:italic;">, </i>the Borrowers may prepay a Separate Advance by giving not less than three Business Days&#8217; prior notice to the Facility Agent. The proportion borne by the amount of the prepayment of the Separate Advance to the amount of the Separate Advances shall not exceed the proportion borne by the amount of the prepayment of the Revolving Facility Loan to the Revolving Facility Loans. The Facility Agent will forward a copy of a prepayment notice received in accordance with this paragraph (d) to the Defaulting Lender concerned as soon as practicable on receipt.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Interest in respect of a Separate Advance will accrue for successive Interest Periods selected by the Borrowers by the time and date specified by the Facility Agent (acting reasonably) and will be payable by the Borrowers to the Facility Agent (for the account of that Defaulting Lender) on the last day of each Interest Period of that Advance.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The terms of this Agreement relating to Advances under the Revolving Facility generally shall continue to apply to Separate Advances other than to the extent inconsistent with paragraphs (c) to (e) above, in which case those paragraphs shall prevail in respect of any Separate Advance.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">52</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">For the purposes of this Clause 7.1 (<i style="font-style:italic;">Reduction of Total Revolving Commitments</i>)<i style="font-style:italic;">:</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Maturing Advance</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to any date, an Advance of the Revolving Facility that is to be required to be repaid on that date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">New Advance</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to any date, an Advance of the Revolving Facility that is to be Utilised on that date.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">7.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Repayment of Accordion Facility</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Borrowers shall repay each Advance under the Accordion Facility by equal consecutive quarterly instalments, representing a repayment profile whereby the Accordion Facility would be repaid to zero once the average age of the Accordion Ships reaches 17.5 years of age, the first of which shall be repaid on the date falling 3 Months after the Utilisation Date of that Advance under the Accordion Facility and the last on the Termination Date, together with a balloon instalment of all outstanding amounts relating to the Accordion Facility repayable at the same time as the last quarterly instalment (each a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Repayment Instalment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">).</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">7.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Termination Date</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">On the Termination Date, the Borrowers shall additionally pay to the Facility Agent for the account of the Finance Parties all other sums then accrued and owing under the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">7.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Reborrowing</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The Borrowers may not reborrow any part of the Accordion Facility which is repaid.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Unless a contrary indication appears in this Agreement, any part of the Revolving Facility which is repaid may be reborrowed in accordance with the terms of this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">8</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">PAYMENT AND CANCELLATION</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">8.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Illegality</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If a Sanctions Event occurs or it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in an Advance or any part of the Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">that Lender (or, in the case of a Sanctions Event, any Lender) shall be entitled to, at its discretion, at any time notify the Facility Agent of that event;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">upon the Facility Agent notifying the Borrowers, the Commitment of that Lender will be immediately cancelled; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Borrowers shall repay that Lender&#8217;s participation in each part of the Loan on the last day of the Interest Period for that part of the Loan occurring after the Facility Agent has notified the Borrowers or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law or, in relation to a Sanctions Event, the last day permitted by the relevant Sanctions),</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">53</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">and, without prejudice to the Borrowers&#8217; obligation to make a prepayment under paragraph (iii), the Facility Agent shall notify the other Lenders before giving the Borrowers any notification pursuant to paragraph (ii).</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any partial prepayment under this Clause 8.1 (<i style="font-style:italic;">Illegality</i>)<i style="font-style:italic;"> </i>in respect of the Loan shall reduce <i style="font-style:italic;">pro rata </i>the amount of each Repayment Instalment falling after that prepayment by the amount prepaid.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">8.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Change of Control</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If, without the Lenders&#8217; prior consent, a Change of Control occurs:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Parent Guarantor shall promptly notify the Facility Agent upon becoming aware of that event; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">irrespective of whether a notice has been given pursuant to paragraph (a) above, if the Majority Lenders so require, the Facility Agent shall, by no less than 60 days&#8217; notice to the Borrowers, cancel the Facilities and declare the Loan, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Facility will be cancelled and all such outstanding amounts will become immediately due and payable.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">8.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Voluntary and automatic cancellation</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers may, if they give the Facility Agent not less than three Business Days&#8217; (or such shorter period as the Majority Lenders may agree) prior notice, cancel the whole or any part (being a minimum amount of $1,000,000) of the Available Facilities. Any cancellation under this Clause 8.3 (<i style="font-style:italic;">Voluntary and automatic cancellation</i>)<i style="font-style:italic;"> </i>shall reduce the Commitments of the Lenders rateably and, if that cancellation is effective before the first Utilisation Date, shall reduce the Commitments of the Lenders under each of the Facilities rateably.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The unutilised Accordion Facility Commitment (if any) of each Lender shall be automatically cancelled at close of business on the date on which the Accordion Facility is made available.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">8.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Voluntary prepayment of Advances under the Revolving Facility</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Borrowers may, if they give the Facility Agent not less than three Business Days&#8217; (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of an Advance under the Revolving Facility (but, if in part, being an amount that reduces the amount of the relevant Advance by a minimum amount of $1,000,000).</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">8.5</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Voluntary prepayment of Accordion Facility</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers may, if they give the Facility Agent not less than three Business Days&#8217; (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of the Accordion Facility (but, if in part, being an amount that reduces the amount of the Accordion Facility by a minimum amount of $1,000,000 or a multiple of that amount).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Accordion Facility may only be prepaid after the last day of the last Availability Period relating to the Accordion Facility (or, if earlier, the day on which the applicable Available Facility is zero).</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">54</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any partial prepayment under this Clause 8.4 (<i style="font-style:italic;">Voluntary prepayment of Loan</i>)<i style="font-style:italic;"> </i>shall reduce in pro rata the amount of each Repayment Instalment falling after that prepayment.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">8.6</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Mandatory prepayment on sale or Total Loss</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If a Ship is sold or becomes a Total Loss, the Borrowers shall on the Relevant Date:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">cancel the Relevant Percentage of the Revolving Commitments and shall prepay any amount of the Revolving Loan in excess of the Revolving Commitments as so reduced; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">prepay the Relevant Percentage of the Accordion Facility, or</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">procure that Security over a replacement vessel is provided in accordance with paragraph (f) below.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On the Relevant Date, the Borrowers shall also prepay such part of the Loan as shall eliminate any shortfall arising if the ratio set out in Clause 29 (<i style="font-style:italic;">Security Cover</i>)<i style="font-style:italic;"> </i>were applied immediately following the payment or provision of Security over a replacement vessel (as applicable) referred to in paragraph (a) above.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Provided that no Default has occurred and is continuing, any remaining proceeds of the sale or Total Loss of a Ship after the prepayments referred to in paragraph (a) and paragraph (b) above have been made together with all other amounts that are payable on any such prepayment pursuant to the Finance Documents shall be paid to the Borrower that owned the relevant Ship.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In this Clause 8.6 (<i style="font-style:italic;">Mandatory prepayment on sale or Total Loss</i>)<i style="font-style:italic;">:</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Index Amount</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to each Ship, the index amount specified for that Ship in Schedule 10 (<i style="font-style:italic;">Ships</i>)<i style="font-style:italic;">.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Relevant Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of a sale of a Ship, the date on which the sale is completed by delivery of that Ship to the buyer of that Ship; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of a Total Loss of a Ship, the earlier of:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the date falling 150 days after the Total Loss Date; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the date of receipt by the Security Agent of the proceeds of insurance relating to such Total Loss.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Relevant Percentage</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means: an amount calculated by reference to the following formula:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 36pt;">Relevant Percentage<font style="display:inline-block;width:36.9pt;"></font>=<font style="display:inline-block;width:30.36pt;"></font><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">A</u> x <u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">100</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 190.8pt;">B<font style="font-family:'Tahoma';">&#160;&#160;&#160;&#160;&#160;</font>1</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">Where:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">A =</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the Index Amount of the Ship to be sold or which becomes a Total Loss; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">55</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">B =</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the aggregate amount of the Index Amounts of the Ships (excluding any Ship already sold or which has already become a Total Loss in respect of which a prepayment has been made under this Clause 8.6 (<i style="font-style:italic;">Mandatory prepayment on sale or Total Loss</i>)<i style="font-style:italic;"> </i>before the Relevant Date).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any partial prepayment of the Loan under this Clause 8.6 (<i style="font-style:italic;">Mandatory prepayment on sale or Total Loss</i>)<i style="font-style:italic;"> </i>shall reduce pro rata the amount of each Repayment Instalment or Revolving Facility reduction falling after that prepayment by the amount prepaid.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The provision by the Borrowers of Security over a replacement vessel pursuant to paragraph (a) instead of making the prepayment referred to in that paragraph is subject to:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the replacement vessel being acceptable to the Facility Agent (acting on the instructions of the Lenders, not to be unreasonably withheld);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the replacement vessel being comparable to the Ship that it replaces (in particular regarding class, type, size and age);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">unless otherwise agreed by the Facility Agent (acting on the instructions of the Lenders) in writing in their absolute discretion, the Borrowers prepaying such part of the Loan as is required to restore the ratio of the Security Value to the Loan after the relevant Mortgage is released and the Security over a replacement vessel has been provided to no less than the ratio of the Security Value to the Loan calculated immediately prior to the release of that Mortgage and provision of that Security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the owner of the replacement vessel being a Borrower or having provided a guarantee of the obligations of the Borrowers under this Agreement and the Finance Documents on terms acceptable to the Facility Agent, acting with the authorisation of the Majority Lenders;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the replacement vessel being registered on an Approved Flag and being subject to Security securing the Secured Liabilities created by a first priority or preferred ship mortgage on that vessel and, if appropriate, a first priority deed of covenant collateral to that mortgage (or equivalent first priority Security) on substantially the same terms as the Mortgages and on such other terms and in such other form as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vi)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Security securing the Secured Liabilities being created in relation to the replacement vessel and the owner of it by documents equivalent to the Membership Interests Security, the General Assignments, the Accounts Security and, if applicable, the Hedging Agreement Security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the execution of such other documentation amending and supplementing the Finance Documents as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">8.7</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Mandatory </b><font style="font-style:italic;font-weight:bold;">prepayment </font><b style="font-weight:bold;">of Hedging Payment Proceeds</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any Hedging Prepayment Proceeds arising as a result of any cancellation or prepayment under this Agreement shall, following payment into the Earnings Account in accordance with 30.1 (<i style="font-style:italic;">Payment of Earnings</i>),<i style="font-style:italic;"> </i>be applied on the last day of the Interest Period for the Loan which ends on or after such payment in, in prepayment of the Loan and shall reduce <i style="font-style:italic;">pro rata </i>the amount of each Repayment Instalment falling after that prepayment by the amount prepaid.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">56</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">8.8</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Right of replacement or repayment and cancellation in relation to a single Lender</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any sum payable to any Lender by an Obligor is required to be increased under paragraph 14.2(c) of Clause 14.2 (<i style="font-style:italic;">Tax gross-up</i>)<i style="font-style:italic;">; </i>or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Lender claims indemnification from a Borrower under Clause 14.3 (<i style="font-style:italic;">Tax indemnity</i>)<i style="font-style:italic;"> </i>or Clause 15.1 (<i style="font-style:italic;">Increased costs</i>)<i style="font-style:italic;">; </i>or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent receives notification from <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">an</font><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline line-through;text-decoration-style:solid;"> Affected </u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">a </u>Lender under <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">paragraph </font><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline line-through;text-decoration-style:solid;">12.4 (a)(ii) of </u>Clause 12.4 (<i style="font-style:italic;">Market disruption</i>)<i style="font-style:italic;">,</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">the Borrowers may:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">whilst in the case of paragraph (i) and (ii) above the circumstance giving rise to the requirement for that increase or indemnification continues; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">whilst in the case of paragraph (iii) above the <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Market Disruption Event </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">situation </u>in relation to the<u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"> </u><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Affected </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">relevant </u>Lender continues, give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender&#8217;s participation in the Loan or give the Facility Agent notice of its intention to replace that Lender in accordance with paragraph (e) below.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">On receipt of a notice of cancellation referred to in paragraph (a) above, any Commitment of that Lender shall immediately be reduced to zero.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">On the last day of each Interest Period which ends after the Borrowers have given notice of cancellation under paragraph (a) above in relation to a Lender (or, if earlier, the date specified the Borrowers in that notice), the Borrowers shall repay that Lender&#8217;s participation in the Loan.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Any partial prepayment under this Clause 8.8 (<i style="font-style:italic;">Right of replacement or repayment and cancellation in relation to a single Lender</i>)<i style="font-style:italic;"> </i>shall reduce <i style="font-style:italic;">pro rata </i>the amount of each Repayment Instalment falling after that prepayment by the amount prepaid.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The Borrowers may, in the circumstances set out in paragraph (a) above, on 10 Business Days&#8217; prior notice to the Facility Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer pursuant to Clause 32 (<i style="font-style:italic;">Changes to the Lenders</i>)<i style="font-style:italic;"> </i>all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrowers which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause 32 (<i style="font-style:italic;">Changes to the Lenders</i>)<i style="font-style:italic;"> </i>for a purchase price in cash or other cash payment payable at the time of the transfer equal to the outstanding principal amount of such Lender&#8217;s participation in the Loan and all accrued interest (to the extent that the Facility Agent has not given a notification under Clause 32.9 (<i style="font-style:italic;">Pro rata interest settlement</i>))<i style="font-style:italic;">, </i>Break Costs and other amounts payable in relation thereto under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The replacement of a Lender pursuant to paragraph (e) above shall be subject to the following conditions:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">57</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Borrowers shall have no right to replace a Servicing Party;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">neither the Facility Agent nor any Lender shall have any obligation to find a replacement Lender;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in no event shall the Lender replaced under paragraph (e) above be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph (e) above once it is satisfied that it has complied with all necessary &#8220;know your customer&#8221; or other similar checks under all applicable laws and regulations in relation to that transfer; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent is satisfied that the replacement lender has complied with all necessary &#8220;know your customer&#8221; or other similar checks under all applicable laws and regulations in relation to that transfer.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A Lender shall perform the checks described in paragraph (iv) above as soon as reasonably practicable following delivery of a notice referred to in paragraph (e) above and shall notify the Facility Agent and the Borrowers when it is satisfied that it has complied with those checks.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">8.9</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Restrictions</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any notice of cancellation or prepayment given by any Party under this Clause 8 (<i style="font-style:italic;">payment and Cancellation</i>)<i style="font-style:italic;"> </i>shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and amounts (if any) payable under the Hedging Agreements in connection with that prepayment and, subject to any Break Costs, without premium or penalty.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Borrower may reborrow any part of the Accordion Facility which is prepaid.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Unless a contrary indication appears in this Agreement, any part of the Revolving Facility which is prepaid may be reborrowed in accordance with the terms of this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Borrower shall repay or prepay all or any part of the Loan or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Facility Agent receives a notice under this Clause 8 (<i style="font-style:italic;">payment and Cancellation</i>)<i style="font-style:italic;"> </i>it shall promptly forward a copy of that notice to either the Borrowers or the affected Lenders and/or Hedge Counterparties, as appropriate.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If all or part of any Lender&#8217;s participation in an Advance is repaid or prepaid and is not available for redrawing (other than by operation of Clause 4.2 (<i style="font-style:italic;">Further conditions precedent</i>)),<i style="font-style:italic;"> </i>an amount of that Lender&#8217;s Commitment (equal to the amount of the participation which is repaid or prepaid) in respect of the relevant Facility will be deemed to be cancelled on the date of repayment or prepayment.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">58</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SECTION 5</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">COSTS OF UTILISATION</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">9</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">RATE SWITCH</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">9.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Switch to Term SOFR Reference Rate</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><font style="display:inline-block;text-indent:0pt;width:-11.56pt;"><font style="color:#ff0000;font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;text-decoration-line:line-through;text-decoration-style:solid;">(a)</font></font>Subject to Clause 9.2 (<i style="font-style:italic;">Delayed switch for existing Compounded Rate Loans</i>),<i style="font-style:italic;"> </i>on and from the Rate Switch Date:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(a)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">(i)</font>use of the Term SOFR Reference Rate will replace the use of the Compounded Reference Rate for the calculation of interest for the Loan or any part of the Loan; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(b)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">(ii)</font>the Loan or any part of the Loan or Unpaid Sum shall be a &#8220;Term SOFR Loan&#8221; and Clause 10.2 (<i style="font-style:italic;">Calculation of interest</i><i style="font-family:'Tahoma';font-style:italic;">&#8211;</i><i style="font-style:italic;">Term SOFR Loans</i>)<i style="font-style:italic;"> </i>shall apply to the Loan, any such part of the Loan or Unpaid Sum.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">(b)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">There shall be only one Rate Switch Date per calendar year</font><font style="color:#ff0000;">.</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">9.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Delayed switch for existing Compounded Rate Loans</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If the Rate Switch Date falls before the last day of an Interest Period for a Compounded Rate Loan:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Loan, relevant part of the Loan or Unpaid Sum (as applicable) shall continue to be a Compounded Rate Loan for that Interest Period and Clause 10.1 (<i style="font-style:italic;">Calculation of interest </i><i style="font-family:'Tahoma';font-style:italic;">&#8211;</i><i style="font-style:italic;"> Compounded Rate Loans</i>)<i style="font-style:italic;"> </i>shall continue to apply to the Loan, relevant part of the Loan or Unpaid Sum (as applicable) for that Interest Period;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any provision of this Agreement which is expressed to relate solely to a Term SOFR Loan shall not apply in relation to the Loan, relevant part of the Loan or Unpaid Sum (as applicable) for that Interest Period; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">on and from the first day of the next Interest Period (if any) for the Loan, relevant part of the Loan or Unpaid Sum (as applicable):</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Loan, relevant part of the Loan or Unpaid Sum (as applicable) shall be a &#8220;Term SOFR Loan&#8221;; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Clause 10.2 (<i style="font-style:italic;">Calculation of interest </i><i style="font-family:'Tahoma';font-style:italic;">&#8211;</i><i style="font-style:italic;"> Term SOFR Loans</i>)<i style="font-style:italic;"> </i>shall apply to it.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">10</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">INTEREST</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">10.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Calculation of interest </b><b style="font-family:'Tahoma';font-weight:bold;">&#8212;</b><b style="font-weight:bold;"> Compounded Rate Loans</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The rate of interest on each Compounded Rate Loan for any day during an Interest Period is the percentage rate per annum which is the aggregate of the applicable:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Margin; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Compounded Reference Rate for that day.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">59</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If any day during an Interest Period for a Compounded Rate Loan is not a RFR Banking Day, the rate of interest on that Compounded Rate Loan for that day will be the rate applicable to the immediately preceding RFR Banking Day.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">10.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Calculation of interest </b><b style="font-family:'Tahoma';font-weight:bold;">&#8212;</b><b style="font-weight:bold;"> Term SOFR Loans</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The rate of interest on each Term SOFR Loan for an Interest Period is the percentage rate per annum which is the aggregate of the applicable:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Margin; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Term SOFR Reference Rate.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:32.4pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">10.3</b></font><font style="display:inline-block;width:3.6pt;"></font><b style="font-weight:bold;">Payment of interest</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The Borrowers shall pay accrued interest on the Loan or any part of the Loan on the last day of each Interest Period.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If an Interest Period is longer than three Months, the Borrowers shall also pay interest then accrued on the Loan or the relevant part of the Loan on the dates falling at three Monthly intervals after the first day of the Interest Period.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">10.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Default interest</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is two per cent. higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent. Any interest accruing under this Clause 10.4 (<i style="font-style:italic;">Default interest</i>)<i style="font-style:italic;"> </i>shall be immediately payable by the Obligor on demand by the Facility Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If an Unpaid Sum consists of all or part of a Term SOFR Loan which became due on a day which was not the last day of an Interest Period relating to a Term SOFR Loan:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to the Loan or that part of the Loan; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the rate of interest applying to that Unpaid Sum during that first Interest Period shall be two per cent. higher than the rate which would have applied if that Unpaid Sum had not become due.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">10.5</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Notifications</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The Facility Agent shall promptly upon a Compounded Rate Interest Payment being determinable, notify:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">60</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Borrowers of that Compounded Rate Interest Payment;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">each Lender of the proportion of that Compounded Rate Interest Payment which relates to that Lender&#8217;s participation in the relevant Compounded Rate Loan; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Lenders and the Borrowers of:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">each applicable rate of interest relating to the determination of that Compounded Rate Interest Payment; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">to the extent it is then determinable, the Compounded Market Disruption Rate (if any) relating to the relevant Compounded Rate Loan.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">This paragraph (b) shall not apply to any Compounded Rate Interest Payment determined pursuant to Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>).</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall promptly notify the Lenders and the Borrowers of the determination of a rate of interest relating to a Term SOFR Loan.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall promptly notify the Borrowers of each Funding Rate relating to the Loan or any part of the Loan.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall promptly notify the Lenders and the Borrowers of the determination of a rate of interest relating to a Compounded Rate Loan to which Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>) applies.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Clause 10.5 (<i style="font-style:italic;">Notifications</i>)<i style="font-style:italic;"> </i>shall not require the Facility Agent to make any notification to any Party on a day which is not a Business Day.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">10.6</b></font><b style="font-weight:bold;">Hedging</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers may enter into Hedging Agreements and shall after that date maintain such Hedging Agreements in accordance with this Clause 10.6 (<i style="font-style:italic;">Hedging</i>)<i style="font-style:italic;">.</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Hedging Agreement shall:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">be with a Hedge Counterparty and each Hedge Counterparty shall also be a Lender;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">be for a term ending on or before the Termination Date;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">have settlement dates coinciding with the Interest Payment Dates;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">be in agreed form;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">provide for two-way payments in the event of a termination of a transaction in respect of a Hedging Agreement, whether on a Termination Event (as defined in the relevant Hedging Agreement) or on an Event of Default (as defined in the relevant Hedging Agreement); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vi)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">provide that the Termination Currency (as defined in the relevant Hedging Agreement) shall be dollars.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">61</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The rights of each Borrower under the Hedging Agreements shall be assigned by way of security under a Hedging Agreement Assignment.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The parties to each Hedging Agreement must comply with the terms of that Hedging Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Neither a Hedge Counterparty nor a Borrower may amend, supplement, extend or waive the terms of any Hedging Agreement without the consent of the Facility Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Paragraph (e) above shall not apply to an amendment, supplement or waiver that is administrative and mechanical in nature and does not give rise to a conflict with any provision of this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If, at any time:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the aggregate notional principal amount of the transactions in respect of the Hedging Agreements (other than the Additional Swaps), exceeds or, as a result of any repayment or prepayment under this Agreement, will exceed 100 per cent. of the Total Commitments at that time, the Borrowers must promptly notify the Facility Agent and must reduce the aggregate notional amount of those transactions by an amount and in a manner satisfactory to the Hedge Counterparties so that it no longer exceeds or will not exceed 100 per cent. of the Total Commitments;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the aggregate notional principal amount of the transactions in respect of the Additional Swaps relating to the leasing agreements, exceeds or, as a result of any payment to be made under a leasing agreement, will exceed 100 per cent. of the aggregate payments of hire to be made under the leasing agreements, the Borrowers must promptly notify the Facility Agent and must reduce the aggregate notional amount of those transactions by an amount and in a manner satisfactory to the Hedge Counterparties so that it no longer exceeds or will not exceed 100 per cent. of the payments of hire to be made under the leasing agreements; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Secured Liabilities (other than in respect of the Hedging Agreements) have been irrevocably and unconditionally paid and discharged in full, the Borrowers must terminate or close out all transactions in respect of the Hedging Agreements in a manner satisfactory to the Hedge Counterparties;.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any reductions in the aggregate notional amount of the transactions in respect of the Hedging Agreements in accordance with paragraph (g) above will be apportioned as between those transactions <i style="font-style:italic;">pro rata.</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to paragraph (j) below, neither a Hedge Counterparty nor a Borrower may terminate or close out any transactions in respect of any Hedging Agreement (in whole or in part) except:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in accordance with paragraph (g) above;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">on the occurrence of an Illegality, (as such expression is defined in the relevant Hedging Agreement);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of termination or closing out by a Hedge Counterparty, if the Facility Agent makes a demand for repayment of the Loan but irrespective as to whether such payment is made pursuant to that demand;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">62</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of any other termination or closing out by a Hedge Counterparty or a Borrower, with the consent of the Facility Agent; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Secured Liabilities (other than in respect of the Hedging Agreements) have been irrevocably and unconditionally paid and discharged in full;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(j)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If a Hedge Counterparty is entitled to terminate or close out any transaction in respect of any Hedging Agreement under paragraph (i) above, such Hedge Counterparty shall promptly terminate or close out such transaction following a request to do so by the Security Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(k)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A Hedge Counterparty may only suspend making payments under a transaction in respect of a Hedging Agreement if a Borrower is in breach of its payment obligations under any transaction in respect of that Hedging Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(l)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Hedge Counterparty consents to, and acknowledges notices of, the assigning by way of security by each Borrower pursuant to the relevant Hedging Agreement Assignment of its rights under the Hedging Agreements to which it is party in favour of the Security Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(m)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any such assigning by way of security is without prejudice to, and after giving effect to, the operation of any payment or close-out netting in respect of any amounts owing under any Hedging Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(n)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Security Agent shall not be liable for the performance of any of a Borrower&#8217;s obligations under a Hedging Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">11</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">INTEREST PERIODS</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">11.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Selection of Interest Periods</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers may select the Interest Period for the Loan in the Utilisation Request. Subject to paragraphs (f) and (h) below and Clause 11.2 <i style="font-style:italic;">(Changes to Interest Periods), </i>the Borrowers may select each subsequent Interest Period in respect of the Facility in a Selection Notice.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Selection Notice is irrevocable and must be delivered to the Facility Agent by the Borrowers not later than the Specified Time.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers may select the Interest Period for each Advance under the Facility in the Utilisation Request for that Advance. An Advance under the Facility has one Interest Period only which shall start on its Utilisation Date.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Borrowers fail to select an Interest Period in the Utilisation Request or, fail to deliver a Selection Notice to the Facility Agent in accordance with paragraphs (a) and (b) above, the relevant Interest Period will, subject to paragraphs (f) and (h) below and Clause 11.2 <i style="font-style:italic;">(Changes to Interest Periods), </i>be three Months or, if the Loan or relevant part of the Loan is a Compounded Rate Loan, the period specified in the Benchmark Terms.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to this Clause 11 <i style="font-style:italic;">(Interest Periods), </i>the Borrowers may select an Interest Period of one, three or six Months if the Loan or relevant part of the Loan is not a Compounded Rate Loan or, if the Loan or relevant part of the Loan is a Compounded Rate Loan, of any period specified in the Benchmark Terms or, in either case, any other period agreed between the Borrower, the Facility Agent and all of the Lenders. If an Interest Period of six Months is selected, the Margin will be subject to an increase. Such increase shall be notified to the Borrowers by the Facility Agent.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">63</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">An Interest Period in respect of the Loan or any part of the Loan shall not extend beyond the Termination Date.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In respect of a Repayment Instalment, an Interest Period for a part of the Loan equal to such Repayment Instalment shall end on the Repayment Date relating to it if such date is before the end of the Interest Period then current.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The first Interest Period for the Loan shall start on its first Utilisation Date and each subsequent Interest Period shall start on the last day of the preceding Interest Period.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">11.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Changes to Interest Periods</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In respect of a Repayment Instalment, prior to commencement of an Interest Period, the Facility Agent may establish an Interest Period for a part of the Loan equal to such Repayment Instalment to end on the Repayment Date relating to it and the remaining part of the Loan shall have the Interest Period selected in the relevant Selection Notice, subject to paragraph 11.1(d) of Clause 11.1 <i style="font-style:italic;">(Selection of Interest Periods).</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Facility Agent makes any change to an Interest Period referred to in this Clause 11.2 <i style="font-style:italic;">(Changes to Interest Periods), </i>it shall promptly notify the Borrowers and the Lenders.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">11.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Non-Business Days</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Other than where paragraph (b) below applies, if an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In respect of any Compounded Rate Loan, if there are rules specified as &#8220;Business Day Conventions&#8221; in the Benchmark Terms, those rules shall apply to each Interest Period for that Compounded Rate Loan.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">12</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">CHANGES TO THE CALCULATION OF INTEREST</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">12.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Interest calculation if no RFR or Central Bank Rate before Rate Switch Date</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">there is no RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative Compounded RFR Rate for an RFR Banking Day during an Interest Period for a Compounded Rate Loan; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">&#8220;Cost of funds will apply as a fallback&#8221; is specified in the Benchmark Terms,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Clause 12.5 <i style="font-style:italic;">(Cost of funds) </i>shall apply to that Compounded Rate Loan for that Interest Period.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">12.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Unavailability of Term SOFR</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(a)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Interpolated Term SOFR</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If no Term SOFR is available for a Term SOFR Loan, the applicable Term SOFR Reference Rate shall be the Interpolated Term SOFR for a period equal in length to the Interest Period of that Term SOFR Loan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">64</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(b)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Historic Term SOFR</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If no Term SOFR is available for a Term SOFR Loan and it is not possible to calculate the Interpolated Term SOFR, the applicable Term SOFR Reference Rate shall be the Historic Term SOFR for the Term SOFR Loan.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">(c)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Interpolated Historic Term SOFR</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If paragraph (b) above applies but no Historic Term SOFR is available for a Term SOFR Loan, the applicable Term SOFR Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to the Interest Period of the Term SOFR Loan.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">12.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Cost of funds</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If paragraph 12.2(c) above applies but it is not possible to calculate the Interpolated Historic Term SOFR, there shall be no Term SOFR Reference Rate for the Term SOFR Loan and Clause 12.5 <i style="font-style:italic;">(Cost of funds) </i>shall apply to the Term SOFR Loan.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">12.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Market disruption</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">In the case of a Compounded Rate Loan, if:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">a Compounded Market Disruption Rate is specified in the Benchmark Terms; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">before the Reporting Time for the Loan or any part of the Loan, the Facility Agent receives notifications from a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan exceed 30 per cent. of the Loan or the relevant part of the Loan as appropriate) that its cost of funds relating to its participation in the Loan or that part of the Loan would be in excess of that Compounded Market Disruption Rate, then Clause 12.5 <i style="font-style:italic;">(Cost of funds) </i>shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">In the case of a Term SOFR Loan, if before close of business in London on the Quotation Day for the relevant Interest Period, the Facility Agent receives notification from a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan exceed 30 per cent. of the Loan or that part of the Loan as appropriate) that its cost of funds relating to its participation in the Loan or that part of the Loan would be in excess of the Term Market Disruption Rate then Clause 12.5 <i style="font-style:italic;">(Cost of funds) </i>shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">12.5</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Cost of funds</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If this Clause 12.5 <i style="font-style:italic;">(Cost of funds) </i>applies to the Loan or part of the Loan for an Interest Period, neither Clause 10.1 <i style="font-style:italic;">(Calculation of interest - Compounded Rate Loans) </i>nor Clause 10.2 <i style="font-style:italic;">(Calculation of interest - Term SOFR Loans) </i>shall apply to the Loan or that part of the Loan for that Interest Period and the rate of interest on the Loan or that part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the Margin; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">65</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the weighted average of the rates notified to the Facility Agent by each Lender as soon as practicable and in any event</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to a Compounded Rate Loan, by the Reporting Time for that Compounded Rate Loan</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to a Term SOFR Loan, within two Business Days of the first day of that Interest Period (or, if earlier, on the date falling three Business Days before the date on which interest is due to be paid in respect of that Interest Period) before interest is due to be paid in respect of that Interest Period; or to be that which expresses as a percentage rate per annum its cost of funds relating to its participation in the Loan or that part of the Loan.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If this Clause 12.5 <i style="font-style:italic;">(Cost of funds) </i>applies and the Facility Agent or the Borrowers so require, the Facility Agent and the Borrowers shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to Clause 46.4 <i style="font-style:italic;">(Changes to reference rates), </i>any substitute or alternative basis agreed pursuant to paragraph (b) above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If paragraph (e) below does not apply and any rate notified to the Facility Agent under sub<font style="font-family:'Tahoma';">&#173;</font>paragraph (a)(ii) of paragraph (a) above is less than zero, the relevant rate shall be deemed to be zero.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If this Clause 12.5 <i style="font-style:italic;">(Cost of funds) </i>applies pursuant to Clause 12.4 <i style="font-style:italic;">(Market disruption) </i>and:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">in relation to a Compounded Rate Loan a Lender&#8217;s Funding Rate is less than the relevant Compounded Market Disruption Rate that Lender&#8217;s cost of funds relating to its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of sub-paragraph (a)(ii) of paragraph (a) above, to be the Compounded Market Disruption Rate for that Compounded Rate Loan;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">in relation to a Term SOFR Loan a Lender&#8217;s Funding Rate is less than the Term Market Disruption Rate, that Lender&#8217;s cost of funds relating to its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of sub-paragraph (a)(ii) of paragraph (a) above, to be the Term Market Disruption Rate.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If this Clause 12.5 <i style="font-style:italic;">(Cost of funds) </i>applies but any Lender does not notify a rate to the Facility Agent by the time specified in sub-paragraph (a)(ii) of paragraph (a) above the rate of interest shall be calculated on the basis of the rates notified by the remaining Lenders.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If this Clause 12.5 <i style="font-style:italic;">(Cost of funds) </i>applies, the Facility Agent shall, as soon as practicable, notify the Borrowers.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">12.6</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Break Costs</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to paragraph (b) below, the Borrowers shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs (if any) attributable to all or any part</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">66</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">of the Loan or Unpaid Sum being paid by the Borrowers on a day prior to the last day of an Interest Period for the Loan, the relevant part of the Loan or that Unpaid Sum.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Paragraph (a) above shall apply in respect of a Compounded Rate Loan if an amount is specified as Break Costs in the Benchmark Terms.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in respect of which they become, or may become, payable.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">13</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">FEES</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">13.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Commitment fee</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers shall pay to the Facility Agent (for the account of each Lender) a fee computed at the rate of 40 per cent. of the Margin on that Lender&#8217;s Available Commitment in respect of the Revolving Facility from time to time for the Availability Period applicable to that Facility.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The accrued commitment fee is payable in arrears on each Utilisation Date, the last day of each successive period of three Months after the first Utilisation Date, on the last day of the relevant Availability Period and, if cancelled, on the cancelled amount of the relevant Lender&#8217;s Commitment at the time the cancellation is effective.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">13.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Other fees</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Borrowers shall pay to the relevant Finance Parties for distribution to the relevant Finance Parties such other fees in the amounts and at the times agreed in Fee Letters.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">67</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SECTION 6</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">ADDITIONAL PAYMENT OBLIGATIONS</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">14</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">TAX GROSS UP AND INDEMNITIES</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">14.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Definitions</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">In this Agreement:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Protected Party</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Tax Credit</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a credit against, relief or remission for, or repayment of any Tax.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Tax Deduction</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Tax Payment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means either the increase in a payment made by an Obligor to a Finance Party under Clause 14.2 <i style="font-style:italic;">(Tax gross-up) </i>or a payment under Clause 14.3 <i style="font-style:italic;">(Tax indemnity).</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Unless a contrary indication appears, in this Clause 14 <i style="font-style:italic;">(Tax Gross Up and Indemnities) </i>reference to &#8220;determines&#8221; or &#8220;determined&#8221; means a determination made in the absolute discretion of the person making the determination.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Clause 14 <i style="font-style:italic;">(Tax Gross Up and Indemnities) </i>shall not apply to any Hedging Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">14.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Tax gross-up</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The Borrowers shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly, a Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from a Lender it shall notify the Borrowers and that Obligor.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Facility Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">68</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">14.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Tax indemnity</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The Borrowers shall (within three Business Days of demand by the Facility Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Paragraph (a) above shall not apply:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">with respect to any Tax assessed on a Finance Party:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">under the law of the jurisdiction in which that Finance Party&#8217;s Facility Office is located in respect of amounts received or receivable in that jurisdiction,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">to the extent a loss, liability or cost:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is fully compensated for by an increased payment under Clause 14.2 <i style="font-style:italic;">(Tax gross-up); </i>or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">relates to a FATCA Deduction required to be made by a Party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">A Protected Party making, or intending to make, a claim under paragraph (a) above shall promptly notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the Facility Agent shall notify the Borrowers.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">A Protected Party shall, on receiving a payment from an Obligor under this Clause 14.3 <i style="font-style:italic;">(Tax indemnity), </i>notify the Facility Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">14.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Tax Credit</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">If an Obligor makes a Tax Payment and the relevant Finance Party determines that:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was received; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">that Finance Party has obtained and utilised that Tax Credit,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">69</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">14.5</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Stamp taxes</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Borrowers shall pay and, within three Business Days of demand, indemnify each Secured Party against any cost, loss or liability which that Secured Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">14.6</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">VAT</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph (b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If VAT is or becomes chargeable on any supply made by any Finance Party (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Supplier</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>to any other Finance Party (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Recipient</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>under a Finance Document, and any Party other than the Recipient (the &#8220;Relevant Party&#8221;) is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. The Recipient must (where this paragraph (i) applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part of it as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Any reference in this Clause 14.6 <font style="font-style:italic;font-weight:bold;">(VAT) </font>to any Party shall, at any time when that Party is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules provided for in Article 11 of Council Directive 2006/112/EC (or as implemented by the relevant member state of the European Union) or equivalent provisions imposed elsewhere so that a reference to a Party shall be construed as a reference to that Party or the relevant group or unity (or fiscal unity) of which that Party is a member for VAT purposes at</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">70</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">the relevant time or the relevant representative member (or representative or head) of that group or unity at the relevant time (as the case may be).</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party&#8217;s VAT registration and such other information as is reasonably requested in connection with such Finance Party&#8217;s VAT reporting requirements in relation to such supply.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">14.7</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">FATCA Information</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to paragraph (c) below, each Party shall, within 10 Business Days of a reasonable request by another Party:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">confirm to that other Party whether it is:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">a FATCA Exempt Party; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">not a FATCA Exempt Party;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party&#8217;s compliance with FATCA;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party&#8217;s compliance with any other law, regulation, or exchange of information regime.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If a Party confirms to another Party pursuant to paragraph (a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Paragraph (a) above shall not oblige any Finance Party to do anything, and paragraph (a)(iii) above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any law or regulation;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any fiduciary duty; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any duty of confidentiality.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with paragraph (c)(i) or (c)(ii) above (including, for the avoidance of doubt, where paragraph (c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">14.8</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">FATCA Deduction</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">71</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Borrowers and the Facility Agent and the Facility Agent shall notify the other Finance Parties.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">15</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">INCREASED COSTS</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">15.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Increased costs</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to Clause 15.3 <i style="font-style:italic;">(Exceptions), </i>the Borrowers shall, within three Business Days of a demand by the Facility Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">compliance with any law or regulation made, including any costs attributable to the implementation, application of, or compliance with, Basel III,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">in each case after the date of this Agreement; or</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the implementation, application of or compliance with Basel III or CRD IV or any law or regulation that implements or applies Basel III or CRD IV.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In this Agreement:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Basel III</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the agreements on capital requirements, a leverage ratio and liquidity standards contained in &#8220;Basel III: A global regulatory framework for more resilient banks and banking systems&#8221;, &#8220;Basel III: International framework for liquidity risk measurement, standards and monitoring&#8221; and &#8220;Guidance for national authorities operating the countercyclical capital buffer&#8221; published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the rules for global systemically important banks contained in &#8220;Global systemically important banks: assessment methodology and the additional loss absorbency requirement - Rules text&#8221; published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(C)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any further guidance or standards published by the Basel Committee on Banking Supervision relating to &#8220;Basel III&#8221;.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">CRD IV</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">72</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 108pt;">investment firms and amending regulation (EU) No. 648/2012, as amended by Regulation (EU) 2019/876;</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, as amended by Directive (EU) 2019/878; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(C)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other law or regulation which implements Basel III.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Increased Costs</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a reduction in the rate of return from a Facility or on a Finance Party&#8217;s (or its Affiliate&#8217;s) overall capital;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">an additional or increased cost; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(C)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a reduction of any amount due and payable under any Finance Document,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">15.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Increased cost claims</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A Finance Party intending to make a claim pursuant to Clause 15.1 <i style="font-style:italic;">(Increased costs) </i>shall notify the Facility Agent of the event giving rise to the claim, following which the Facility Agent shall promptly notify the Borrowers.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Increased Costs.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">15.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Exceptions</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">Clause 15.1 <i style="font-style:italic;">(Increased costs) </i>does not apply to the extent any Increased Cost is:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">attributable to a Tax Deduction required by law to be made by an Obligor;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">relates to a FATCA Deduction required to be made by a Party;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">compensated for by Clause 14.3 <i style="font-style:italic;">(Tax indemnity) </i>(or would have been compensated for under Clause 14.3 <i style="font-style:italic;">(Tax indemnity) </i>but was not so compensated solely because any of the exclusions in paragraph 14.3(b) of Clause 14.3 <i style="font-style:italic;">(Tax indemnity) </i>applied);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">compensated for by any payment made pursuant to Clause 16.3 <i style="font-style:italic;">(Mandatory Cost);</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">incurred by a Hedge Counterparty in its capacity as such.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">73</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">16</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">OTHER INDEMNITIES </b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">16.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Currency indemnity</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If any sum due from an Obligor under the Finance Documents (a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sum</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), </b>or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">First Currency</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>in which that Sum is payable into another currency (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Second Currency</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>for the purpose of:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">making or filing a claim or proof against that Obligor; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">that Obligor shall, as an independent obligation, on demand, indemnify each Secured Party to which that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between (A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Clause 16.1 <i style="font-style:italic;">(Currency indemnity) </i>does not apply to any sum due to a Hedge Counterparty in its capacity as such.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">16.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Other indemnities</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor shall, on demand, indemnify each Secured Party against any cost, loss or liability (including legal costs and fees) incurred by it as a result of:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the occurrence of any Event of Default;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause 38 <i style="font-style:italic;">(Sharing among the Finance Parties);</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">funding, or making arrangements to fund, its participation in the Loan requested by the Borrowers in the Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrowers.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor shall, on demand, indemnify each Finance Party, each Affiliate of a Finance Party and each officer or employee of a Finance Party or its Affiliate (each such person for the purposes of this Clause 16.2 <i style="font-style:italic;">(Other indemnities) </i>an <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Indemnified Person</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">), </b>against any cost, loss or liability incurred (including legal costs and fees) by that Indemnified Person pursuant to or in connection with any litigation, arbitration or administrative proceedings or regulatory enquiry, in connection with or arising out of the entry into and the transactions contemplated by the Finance Documents, having the benefit of any Security constituted by the Finance</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">74</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Documents or which relates to the condition or operation of, or any incident occurring in relation to, any Ship unless such cost, loss or liability is caused by the gross negligence or wilful misconduct of that Indemnified Person.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Without limiting, but subject to any limitations set out in paragraph (b) above, the indemnity in paragraph (b) above shall cover any cost, loss or liability incurred by each Indemnified Person in any jurisdiction:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any Environmental Law or any Sanctions; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in connection with any Environmental Claim.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Obligors shall, on demand, indemnify each Secured Party against any cost, loss or liability (including legal costs and fees) incurred by that Secured Party as a result of the investigation or occurrence of a Sanctions Event.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any Affiliate or any officer or employee of a Finance Party or of any of its Affiliates may rely on this Clause 16.2 <i style="font-style:italic;">(Other indemnities) </i>subject to Clause 1.5 <i style="font-style:italic;">(Third party rights) </i>and the provisions of the Third Parties Act.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">16.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Mandatory Cost</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall, on demand by the Facility Agent, pay to the Facility Agent for the account of the relevant Lender, such amount which any Lender certifies in a notice to the Facility Agent to be its good faith determination of the amount necessary to compensate it for complying with:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of a Lender lending from a Facility Office in a Participating Member State, the minimum reserve requirements (or other requirements having the same or similar purpose) of the European Central Bank (or any other authority or agency which replaces all or any of its functions) in respect of loans made from that Facility Office; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of any Lender lending from a Facility Office in the United Kingdom, any reserve asset, special deposit or liquidity requirements (or other requirements having the same or similar purpose) of the Bank of England (or any other governmental authority or agency) and/or paying any fees to the Financial Conduct Authority and/or the Prudential Regulation Authority (or any other governmental authority or agency which replaces all or any of their functions),</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">which, in each case, is referable to that Lender&#8217;s participation in the Loan. </p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">16.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Indemnity to the Servicing Parties</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Obligor shall, on demand, indemnify each Servicing Party against any reasonable cost, loss or liability incurred by that Servicing Party (acting reasonably) as a result of:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">investigating any event which it reasonably believes is a Default;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">75</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">16.5</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Indemnity to the Facility Agent</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Obligor shall, on demand, indemnify the Facility Agent against any reasonable cost, loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent&#8217;s gross negligence or wilful misconduct) or, in the case of any cost, loss or liability pursuant to Clause 39.11 <i style="font-style:italic;">(Disruption to Payment Systems etc.) </i>notwithstanding the Facility Agent&#8217;s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent in acting as Facility Agent under the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">16.6</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Indemnity to the Security Agent</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor shall, on demand, indemnify the Security Agent and every Receiver and Delegate against any cost, loss or liability incurred by any of them:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to or as a result of:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the taking, holding, protection or enforcement of the Finance Documents and the Transaction Security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(C)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver and Delegate by the Finance Documents or by law;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(D)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any default by any Transaction Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(E)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any action by any Obligor which vitiates, reduces the value of, or is otherwise prejudicial to, the Transaction Security; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(F)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of the Security Property or the performance of the terms of this Agreement or the other Finance Documents (otherwise, in each case, than by reason of the relevant Security Agent&#8217;s, Receiver&#8217;s or Delegate&#8217;s gross negligence or wilful misconduct); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any claim, action, civil penalty or fine against, any settlement, and any other kind of loss or liability, and all reasonable costs and expenses (including reasonable counsel fees and disbursements) incurred by the Facility Agent or any Lender as a result of conduct of any Obligor or any of their partners, directors, officers, employees, agents or advisors, that violates any Sanctions.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties, indemnify itself out of the Charged Property in respect of, and pay and retain,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">76</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.25pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">all sums necessary to give effect to the indemnity in this Clause 16.6 <i style="font-style:italic;">(Indemnity to the Security Agent) </i>and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all monies payable to it.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">16.7</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Indemnity to the Sustainability Coordinator</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Obligor shall, on demand, indemnify the Sustainability Coordinator against any reasonable cost, loss or liability incurred by the Sustainability Coordinator (otherwise than by reason of the Sustainability Coordinator &#8217;s gross negligence or wilful misconduct) or, in the case of any cost, loss or liability pursuant to Clause 39.11 <i style="font-style:italic;">(Disruption to Payment Systems etc.) </i>notwithstanding the Sustainability Coordinator &#8217;s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Sustainability Coordinator in acting as Sustainability Coordinator under the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">17</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">MITIGATION BY THE FINANCE PARTIES</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">17.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Mitigation</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Each Finance Party shall, in consultation with the Borrowers, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause 8.1 <i style="font-style:italic;">(Illegality), </i>Clause 14 <i style="font-style:italic;">(Tax Gross Up and Indemnities), </i>Clause 15 <i style="font-style:italic;">(Increased Costs) </i>or paragraph 16.3(a) of Clause 16.3 <i style="font-style:italic;">(Mandatory Cost) </i>including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Paragraph (a) above does not in any way limit the obligations of any Obligor under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">17.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Limitation of liability</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Each Borrower shall, on demand, indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause 17.1 <i style="font-style:italic;">(Mitigation).</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">A Finance Party is not obliged to take any steps under Clause 17.1 <i style="font-style:italic;">(Mitigation) </i>if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">18</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">COSTS AND EXPENSES </b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">18.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Transaction expenses</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Borrowers shall, on demand, pay the Facility Agent, the Security Agent, each Mandated Lead Arranger and the Documentation Agent the amount of all reasonable costs and expenses (including legal fees) reasonably incurred by any Secured Party in connection with the negotiation, preparation, printing, execution, syndication and perfection of:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">this Agreement and any other documents referred to in this Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the Transaction Security; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any other Finance Documents executed after the date of this Agreement.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">77</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">18.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Amendment costs </b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 36pt;">If:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">a Party requests an amendment, waiver or consent; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any amendment is made pursuant to Clause 39.9 <i style="font-style:italic;">(Change of currency) </i>or as contemplated in Clause 46.4 <i style="font-style:italic;">(Changes to reference rates); </i>or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Security Agent agrees to the release of all or any part of the Charged Property from the Transaction Security,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">the Borrowers shall, on demand, reimburse each of the Facility Agent and the Security Agent for the amount of all reasonable costs and expenses (including legal fees) reasonably incurred by each Secured Party in responding to, evaluating, negotiating or complying with that request or requirement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">18.3</b></font><b style="font-weight:bold;">Enforcement and preservation costs</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Borrowers shall, on demand, pay to each Secured Party the amount of all costs and expenses (including legal fees) incurred by that Secured Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document and the Transaction Security and any proceedings instituted by or against the Security Agent as a consequence of taking or holding the Transaction Security or enforcing those rights.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">18.4</b></font><b style="font-weight:bold;">Reference rate transition costs</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Borrowers shall on demand reimburse each of the Facility Agent and the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by each Secured Party in connection with:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the negotiation or entry into of any Compounded Rate Supplement or Compounding Methodology Supplement; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any amendment, waiver or consent relating to:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the transition to the Compounded Reference Rate;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Compounded Rate Supplement or Compounding Methodology Supplement; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">any change arising as a result of an amendment required under Clause 46.4 <i style="font-style:italic;">(Changes to reference rates).</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">78</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SECTION 7</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">GUARANTEES AND JOINT AND SEVERAL LIABILITY OF BORROWERS</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">19</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">GUARANTEE AND INDEMNITY</b><b style="font-family:'Tahoma';font-weight:bold;">&#160;</b><i style="font-family:'Tahoma';font-style:italic;">&#8212;&#160;</i><b style="font-weight:bold;">GUARANTORS</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">19.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Guarantee and indemnity</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Guarantor irrevocably and unconditionally:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">guarantees to each Finance Party punctual performance by each Obligor other than the Guarantors of all such other Obligor&#8217;s obligations under the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">undertakes with each Finance Party that whenever an Obligor other than the Guarantors do not pay any amount when due under or in connection with any Finance Document, the Guarantors shall immediately on demand pay that amount as if it were the principal obligor; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of an Obligor other than the Guarantors not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. The amount payable by the Guarantors under this indemnity will not exceed the amount it would have had to pay under this Clause 19 <i style="font-style:italic;">(Guarantee and Indemnity </i><i style="font-family:'Tahoma';font-style:italic;">&#8212;&#160;</i><i style="font-style:italic;">Guarantors) </i>if the amount claimed had been recoverable on the basis of a guarantee.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">19.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Continuing guarantee</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">19.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Reinstatement</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantors under this Clause 19 <i style="font-style:italic;">(Guarantee and Indemnity </i><i style="font-family:'Tahoma';font-style:italic;">&#8212;&#160;</i><i style="font-style:italic;">Guarantors) </i>will continue or be reinstated as if the discharge, release or arrangement had not occurred.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">19.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Waiver of defences</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The obligations of the Guarantors under this Clause 19 <i style="font-style:italic;">(Guarantee and Indemnity </i><i style="font-family:'Tahoma';font-style:italic;">&#8212;</i><i style="font-style:italic;"> Guarantors) </i>and in respect of any Transaction Security will not be affected or discharged by an act, omission, matter or thing which, but for this Clause 19.4 <i style="font-style:italic;">(Waiver of defences), </i>would reduce, release or prejudice any of its obligations under this Clause 19 <i style="font-style:italic;">(Guarantee and Indemnity </i><i style="font-family:'Tahoma';font-style:italic;">&#8211;</i><i style="font-style:italic;"> &#160;Guarantors) </i>or in respect of any Transaction Security (without limitation and whether or not known to it or any Secured Party) including:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any time, waiver or consent granted to, or composition with, any Obligor or other person;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">79</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any insolvency or similar proceedings. </p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">19.5</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Immediate recourse</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Guarantors waive any right they may have of first requiring any Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person (including without limitation to commence any proceedings under any Finance Document or to enforce any Transaction Security) before claiming or commencing proceedings under this Clause 19 <i style="font-style:italic;">(Guarantee and Indemnity </i><i style="font-family:'Tahoma';font-style:italic;">&#8212;</i><i style="font-style:italic;"> &#160;Guarantors). </i>This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">19.6</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Appropriations</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Secured Party (or any trustee or agent on its behalf) may:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">refrain from applying or enforcing any other moneys, security or rights held or received by that Secured Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantors shall not be entitled to the benefit of the same; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">hold in an interest-bearing suspense account any moneys received from the Guarantors or on account of any Guarantor&#8217;s liability under this Clause 19 <i style="font-style:italic;">(Guarantee and Indemnity </i><i style="font-family:'Tahoma';font-style:italic;">&#8212;</i><i style="font-style:italic;"> &#160;Guarantors).</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">19.7</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Deferral of Guarantors</b><b style="font-weight:bold;">&#8217;</b><b style="font-weight:bold;"> rights</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">All rights which the Guarantors at any time have (whether in respect of this guarantee, a mortgage or any other transaction) against any Borrower, any other Obligor or their respective assets shall be fully subordinated to the rights of the Secured Parties under the Finance Documents and until the end of the Security Period and unless the Facility Agent otherwise</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">80</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">directs, the Guarantors will not exercise any rights which they may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by the Guarantors of their obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 19 <i style="font-style:italic;">(Guarantee and Indemnity </i><i style="font-family:'Tahoma';font-style:italic;">&#8212;</i><i style="font-style:italic;"> &#160;</i><i style="font-style:italic;">Guarantors):</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">to be indemnified by an Obligor;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to claim any contribution from any third party providing security for, or any other guarantor of, any Obligor&#8217;s obligations under the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Secured Party;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which the Guarantors have given a guarantee, undertaking or indemnity under Clause 19 <i style="font-style:italic;">(Guarantee and Indemnity</i><i style="font-style:italic;"> </i><i style="font-family:'Tahoma';font-style:italic;">&#8212;</i><i style="font-style:italic;"> &#160;</i><i style="font-style:italic;">Guarantors);</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to exercise any right of set-off against any Obligor; and/or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to claim or prove as a creditor of any Obligor in competition with any Secured Party.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If the Guarantors receive any benefit, payment or distribution in relation to such rights they shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Secured Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 39 <i style="font-style:italic;">(Payment Mechanics).</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">19.8</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Additional security</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">This guarantee and any other Security given by the Guarantors is in addition to and is not in any way prejudiced by, and shall not prejudice, any other guarantee or Security or any other right of recourse now or subsequently held by any Secured Party or any right of set-off or netting or right to combine accounts in connection with the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">19.9</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Applicability of provisions of Guarantee to other Security</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Clauses 19.2 <i style="font-style:italic;">(Continuing guarantee), </i>19.3 <i style="font-style:italic;">(Reinstatement), </i>19.4 <i style="font-style:italic;">(Waiver of defences), </i>19.5 <i style="font-style:italic;">(Immediate recourse), </i>19.6 <i style="font-style:italic;">(Appropriations), </i>19.7 <i style="font-style:italic;">(Deferral of Guarantors</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;"> rights) </i>and 19.8 <i style="font-style:italic;">(Additional security) </i>shall apply, with any necessary modifications, to any Security which the Guarantors create (whether at the time at which it signs this Agreement or at any later time) to secure the Secured Liabilities or any part of them.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">20</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">JOINT AND SEVERAL LIABILITY OF THE GUARANTORS</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">20.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Joint and several liability</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">All liabilities and obligations of the Guarantors under this Agreement shall, whether expressed to be so or not, be joint and several.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">81</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">20.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Waiver of defences</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">The liabilities and obligations of a Guarantor shall not be impaired by:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">this Agreement being or later becoming void, unenforceable or illegal as regards the other Guarantor;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Lender or the Security Agent entering into any rescheduling, refinancing or other arrangement of any kind with the other Guarantor;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Lender or the Security Agent releasing the other Guarantor or any Security created by a Finance Document; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any time, waiver or consent granted to, or composition with the other Guarantor or other person;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the release of the other Guarantor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, the other Guarantor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the other Guarantor or any other person;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any amendment, novation, supplement, extension, restatement (however fundamental, and whether or not more onerous) or replacement of a Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any unenforceability, illegality or invalidity of any obligation or any person under any Finance Document or any other document or security; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(j)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any insolvency or similar proceedings.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">20.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Principal Debtor</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">Each Guarantor declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and the Finance Documents and no Guarantor shall, in any circumstances, be construed to be a surety for the obligations of the other Guarantor under this Agreement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">20.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Guarantor restrictions</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Subject to paragraph (b) below, during the Security Period no Guarantor shall:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">claim any amount which may be due to it from the other Guarantor whether in respect of a payment made under, or matter arising out of, this Agreement or any Finance Document, or any matter unconnected with this Agreement or any Finance Document; or</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">82</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">take or enforce any form of security from the other Guarantor for such an amount, or in any the way seek to have recourse in respect of such an amount against any asset of the other Guarantor; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">set off such an amount against any sum due from it to the other Guarantor; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure involving the other Guarantor; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">exercise or assert any combination of the foregoing.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If during the Security Period, the Facility Agent, by notice to a Guarantor, requires it to take any action referred to in paragraph (a) above in relation to the other Guarantor, that Guarantor shall take that action as soon as practicable after receiving the Facility Agent&#8217;s notice.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">20.5</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Deferral of Guarantors</b><b style="font-weight:bold;">&#8217;</b><b style="font-weight:bold;"> rights</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Until all amounts which may be or become payable by the Guarantors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Facility Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">to be indemnified by the other Guarantor; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">to claim any contribution from the other Guarantor in relation to any payment made by it under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">21</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">JOINT AND SEVERAL LIABILITY OF THE BORROWERS</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">21.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Joint and several liability</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">All liabilities and obligations of the Borrowers under this Agreement shall, whether expressed to be so or not, be joint and several.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">21.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Waiver of defences</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The liabilities and obligations of a Borrower shall not be impaired by:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">this Agreement being or later becoming void, unenforceable or illegal as regards any other Borrower;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any Lender or the Security Agent entering into any rescheduling, refinancing or other arrangement of any kind with any other Borrower;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any Lender or the Security Agent releasing any other Borrower or any Security created by a Finance Document; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any time, waiver or consent granted to, or composition with any other Borrower or other person;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the release of any other Borrower or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">83</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any other Borrower or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any other Borrower or any other person;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any amendment, novation, supplement, extension, restatement (however fundamental, and whether or not more onerous) or replacement of a Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any unenforceability, illegality or invalidity of any obligation or any person under any Finance Document or any other document or security; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(j)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any insolvency or similar proceedings.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">21.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Principal Debtor</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and the Finance Documents and no Borrower shall, in any circumstances, be construed to be a surety for the obligations of any other Borrower under this Agreement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">21.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Borrower restrictions</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to paragraph (b) below, during the Security Period no Borrower shall:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">claim any amount which may be due to it from any other Borrower whether in respect of a payment made under, or matter arising out of, this Agreement or any Finance Document, or any matter unconnected with this Agreement or any Finance Document; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">take or enforce any form of security from any other Borrower for such an amount, or in any the way seek to have recourse in respect of such an amount against any asset of any other Borrower; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">set off such an amount against any sum due from it to any other Borrower; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure involving any other Borrower; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">exercise or assert any combination of the foregoing.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If during the Security Period, the Facility Agent, by notice to a Borrower, requires it to take any action referred to in paragraph (a) above in relation to any other Borrower, that Borrower shall take that action as soon as practicable after receiving the Facility Agent&#8217;s notice.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">84</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">21.5</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Deferral of Borrowers</b><b style="font-weight:bold;">&#8217;</b><b style="font-weight:bold;"> rights</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Until all amounts which may be or become payable by the Borrowers under or in connection with the Finance Documents have been irrevocably paid in full and unless the Facility Agent otherwise directs, no Borrower will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">to be indemnified by any other Borrower; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">to claim any contribution from any other Borrower in relation to any payment made by it under the Finance Documents.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 12pt 10.79pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">85</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SECTION 8</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">GUARANTEE AND INDEMNITY - HEDGE GUARANTORS</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">22</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">GUARANTEE AND INDEMNITY</b><b style="font-family:'Tahoma';font-weight:bold;">&#8212;</b><b style="font-weight:bold;"> HEDGE GUARANTORS</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">22.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Guarantee and indemnity</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Hedge Guarantor irrevocably and unconditionally:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">guarantees to each Finance Party punctual performance by each Borrower of all that Borrower&#8217;s obligations under the Hedging Agreements;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">undertakes with each Finance Party that whenever a Borrower does not pay any amount when due under or in connection with any Hedging Agreement, that Hedge Guarantor shall immediately on demand pay that amount as if it were the principal obligor; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Hedging Agreement on the date when it would have been due. The amount payable by a Hedge Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity </i><i style="font-family:'Tahoma';font-style:italic;">&#8212;</i><i style="font-style:italic;"> Hedge Guarantors</i>)<i style="font-style:italic;"> </i>if the amount claimed had been recoverable on the basis of a guarantee.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">22.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Continuing guarantee</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Borrower under the Hedging Agreements, regardless of any intermediate payment or discharge in whole or in part.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">22.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Reinstatement</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If any discharge, release or arrangement (whether in respect of the obligations of any Borrower or any security for those obligations or otherwise) is made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Hedge Guarantor under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity </i><i style="font-family:'Tahoma';font-style:italic;">&#8212;</i><i style="font-style:italic;"> Hedge Guarantors</i>)<i style="font-style:italic;"> </i>will continue or be reinstated as if the discharge, release or arrangement had not occurred.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">22.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Waiver of defences</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The obligations of each Hedge Guarantor under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity </i><i style="font-family:'Tahoma';font-style:italic;">&#8212;</i><i style="font-style:italic;"> Hedge Guarantors</i>)<i style="font-style:italic;"> </i>(and in respect of any Transaction Security will not be affected or discharged by an act, omission, matter or thing which, but for this Clause 22.4 (<i style="font-style:italic;">Waiver of defences</i>),<i style="font-style:italic;"> </i>would reduce, release or prejudice any of its obligations under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity </i><i style="font-family:'Tahoma';font-style:italic;">&#8212;</i><i style="font-style:italic;"> Hedge Guarantors</i>))<i style="font-style:italic;"> </i>or in respect of any Transaction Security (without limitation and whether or not known to it or any Secured Party) including:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any time, waiver or consent granted to, or composition with, any Obligor or other person;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">86</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any insolvency or similar proceedings. </p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">22.5</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Immediate recourse</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Hedge Guarantor waives any right it may have of first requiring any Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person (including without limitation to commence any proceedings under any Finance Document or to enforce any Transaction Security) before claiming or commencing proceedings under this Clause 22 <i style="font-style:italic;">(Guarantee and Indemnity </i><i style="font-family:'Tahoma';font-style:italic;">&#8212;</i><i style="font-style:italic;"> Hedge Guarantors).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">22.6</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Appropriations</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Until all amounts which may be or become payable by the Borrowers under or in connection with the Hedging Agreements have been irrevocably paid in full, each Secured Party (or any trustee or agent on its behalf) may:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">refrain from applying or enforcing any other moneys, security or rights held or received by that Secured Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Hedge Guarantor shall be entitled to the benefit of the same; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">hold in an interest-bearing suspense account any moneys received from any Hedge Guarantor or on account of any Hedge Guarantor&#8217;s liability under this Clause 22 <i style="font-style:italic;">(Guarantee and Indemnity </i><i style="font-family:'Tahoma';font-style:italic;">&#8212;</i><i style="font-style:italic;"> Hedge Guarantors).</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">87</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">22.7</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Deferral of Hedge Guarantors</b><b style="font-weight:bold;">&#8217;</b><b style="font-weight:bold;"> rights</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">All rights which each Hedge Guarantor at any time has (whether in respect of this guarantee, a mortgage or any other transaction) against any Borrower, any other Obligor or their respective assets shall be fully subordinated to the rights of the Secured Parties under the Finance Documents and until the end of the Security Period and unless the Facility Agent otherwise directs, no Hedge Guarantor will exercise any rights which it may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 22 <i style="font-style:italic;">(Guarantee and Indemnity </i><i style="font-family:'Arial','Helvetica','sans-serif';font-style:italic;">&#8212;</i><i style="font-style:italic;"> Hedge Guarantors):</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to be indemnified by an Obligor;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to claim any contribution from any third party providing security for, or any other guarantor of, any Obligor&#8217;s obligations under the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Secured Party;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Hedge Guarantor has given a guarantee, undertaking or indemnity under Clause 21 <i style="font-style:italic;">(Joint and Several Liability of the Borrowers);</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to exercise any right of set-off against any Obligor; and/or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to claim or prove as a creditor of any Obligor in competition with any Secured Party.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If a Hedge Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Secured Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 39 <i style="font-style:italic;">(Payment Mechanics).</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">22.8</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Additional security</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">This guarantee and any other Security given by a Hedge Guarantor is in addition to and is not in any way prejudiced by, and shall not prejudice, any other guarantee or Security or any other right of recourse now or subsequently held by any Secured Party or any right of set-off or netting or right to combine accounts in connection with the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">22.9</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Applicability of provisions of Guarantee to other Security</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Clauses 22.2 <i style="font-style:italic;">(Continuing guarantee), </i>22.3 <i style="font-style:italic;">(Reinstatement), </i>22.4 <i style="font-style:italic;">(Waiver of defences), </i>22.5 <i style="font-style:italic;">(Immediate recourse), </i>22.6 <i style="font-style:italic;">(Appropriations), </i>22.7 <i style="font-style:italic;">(Deferral of Hedge Guarantors</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;"> rights) </i>and 22.8 <i style="font-style:italic;">(Additional security) </i>shall apply, with any necessary modifications, to any Security which a Hedge Guarantor creates (whether at the time at which it signs this Agreement or at any later time) to secure the Secured Liabilities or any part of them.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">88</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SECTION 9</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">REPRESENTATIONS </b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">General</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Obligor makes the representations and warranties set out in this Clause 23 <i style="font-style:italic;">(Representations) </i>to each Finance Party on the date of this Agreement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Status</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In the case of each Borrower and the Corporate Guarantor, it is a limited liability company, duly formed and validly existing in good standing under the law of its jurisdiction of incorporation and in the case of the Parent Guarantor it is a corporation, duly incorporated and validly existing in good standing under the law of its jurisdiction of incorporation.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">It has the power to own its assets and carry on its business as it is being conducted.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Membership interests and ownership</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The aggregate membership interests expressed in terms of shares authorised to be issued by each Borrower is:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of each of Faroe Shipco LLC, Fair Isle Shipco LLC, Forth Shipco LLC, Trafalgar Shipco LLC, Blasket Shipco LLC, Saltee Shipco LLC<font style="color:#ff0000;">,</font><u style="color:#ff0000;text-decoration-color:#ff0000;text-decoration-line:underline;text-decoration-style:solid;"> and Wight </u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Kilmore Shipco LLC, Killary Shipco LLC and Ballycotton </u>Shipco LLC, 100 LLC shares;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">in the case of each of Fisher Shipco LLC and Humber Shipco LLC, 2,963,289 LLC shares;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(iii)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">in the case of Wight Shipco LLC, 11,821,249 LLC shares, </u></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">which shares are, in each case, uncertificated.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The legal title to and beneficial interest in the membership interests in each Borrower is held free of any Security or any other claim by the Corporate Guarantor.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">None of the membership interests in any Borrower is subject to any option to purchase, pre-emption rights or similar rights.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The legal title to and beneficial interest in the membership interests in the Corporate Guarantor is held free of any Security or any other claim by the Parent Guarantor.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">23.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Binding obligations</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The obligations expressed to be assumed by it in each Transaction Document to which it is a party are legal, valid, binding and enforceable obligations.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">23.5</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">Validity, effectiveness and ranking of Security</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Finance Document to which it is a party does now or, as the case may be, will upon execution and delivery and, where applicable, registration create the Security it purports to</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">89</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">create over any assets to which such Security, by its terms, relates, and such Security will, when created or intended to be created, be valid and effective.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No third party has or will have any Security (except for Permitted Security) over any assets that are the subject of any Transaction Security granted by it.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Transaction Security granted by it to the Security Agent or any other Secured Party has or will when created or intended to be created have first ranking priority or such other priority it is expressed to have in the Finance Documents and is not subject to any prior ranking or <i style="font-style:italic;">pari passu </i>ranking security.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No concurrence, consent or authorisation of any person is required for the creation of or otherwise in connection with any Transaction Security.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.6</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Non-conflict with other obligations</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The entry into and performance by it of, and the transactions contemplated by, each Transaction Document to which it is a party do not and will not conflict with:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any law or regulation applicable to it;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the constitutional documents of any member of the Group; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any agreement or instrument binding upon it or any member of the Group or any member of the Group&#8217;s assets or constitute a default or termination event (however described) under any such agreement or instrument.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.7</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Power and authority</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">It has the power to enter into, perform and deliver, and has taken all necessary action to authorise:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">its entry into, performance and delivery of, each Transaction Document to which it is or will be a party and the transactions contemplated by those Transaction Documents; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of each Borrower, its registration of the Ship owned by it under its Approved Flag.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No limit on its powers will be exceeded as a result of the borrowing, granting of security or giving of guarantees or indemnities contemplated by the Transaction Documents to which it is a party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.8</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Validity and admissibility in evidence </b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">All Authorisations required or desirable:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction Documents to which it is a party; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to make the Transaction Documents to which it is a party admissible in evidence in its Relevant Jurisdictions,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">90</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">have been obtained or effected and are in full force and effect. </p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.9</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Governing law and enforcement</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The choice of governing law of each Transaction Document to which it is a party will be recognised and enforced in its Relevant Jurisdictions.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any judgment obtained in relation to a Transaction Document to which it is a party in the jurisdiction of the governing law of that Transaction Document will be recognised and enforced in its Relevant Jurisdictions.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.10</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Insolvency</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">No:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">corporate action, legal proceeding or other procedure or step described in paragraph 31.8(a) of Clause 31.8 <i style="font-style:italic;">(Insolvency proceedings); </i>or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">creditors&#8217; process described in Clause 31.10 <i style="font-style:italic;">(Ownership of the Obligors),</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">has been taken or, to its knowledge, threatened in relation to a member of the Group; and none of the circumstances described in Clause 31.7 <i style="font-style:italic;">(Insolvency) </i>applies to a member of the Group.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.11</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">No filing or stamp taxes</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">Under the laws of its Relevant Jurisdictions it is not necessary that the Finance Documents to which it is a party be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar taxes or fees be paid on or in relation to the Finance Documents to which it is a party or the transactions contemplated by those Finance Documents except for the recordation of each Mortgage with the Office of Maritime Administrator of the Republic of the Marshall Islands and any other filing, recording or enrolling or any tax or fee payable which is referred to in any legal opinion delivered pursuant to Clause 4 <i style="font-style:italic;">(Conditions of Utilisation) </i>and which will be made or paid promptly after the date of the relevant Finance Document.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.12</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Deduction of Tax</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">It is not required to make any Tax Deduction from any payment it may make under any Finance Document to which it is a party.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.13</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">No default</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Event of Default and, on the date of this Agreement and on each Utilisation Date, no Default is continuing or might reasonably be expected to result from the making of the Utilisation or the entry into, the performance of, or any transaction contemplated by, any Transaction Document.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No other event or circumstance is outstanding which constitutes a default or a termination event (however described) under any other agreement or instrument which is binding on it or to which its assets are subject which might have a Material Adverse Effect.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">91</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.14</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">No misleading information</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any factual information provided by any member of the Group for the purposes of this Agreement was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The financial projections contained in any such information have been prepared on the basis of recent historical information and on the basis of reasonable assumptions.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Nothing has occurred or been omitted from any such information and no information has been given or withheld that results in the information provided being untrue or misleading in any material respect.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.15</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Financial Statements</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Its Original Financial Statements were prepared in accordance with GAAP consistently applied.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Its Original Financial Statements give a true and fair view of its financial condition and operations (consolidated in the case of the Parent Guarantor) during the relevant financial year.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">There has been no material adverse change in its assets, business or financial condition (or the assets, business or consolidated financial condition of the Group, in the case of the Parent Guarantor) since 31 December 2021.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Its most recent financial statements delivered pursuant to Clause 24.2 (<i style="font-style:italic;">Financial statements</i>)<i style="font-style:italic;">:</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">have been prepared in accordance with Clause 24.4 (<i style="font-style:italic;">Requirements as to financial statements</i>)<i style="font-style:italic;">; </i>and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">give a true and fair view of (if audited) or fairly represent (if unaudited) its financial condition and operations (consolidated in the case of the Guarantor) during the relevant financial year.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Since the date of the most recent financial statements delivered pursuant to Clause 24.2 (<i style="font-style:italic;">Financial statements</i>)<i style="font-style:italic;"> </i>there has been no material adverse change in its business, assets or financial condition (or the business or consolidated financial condition of the Group, in the case of the Guarantor).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.16</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Pari passu ranking</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Its payment obligations under the Finance Documents to which it is a party rank at least <i style="font-style:italic;">pari passu </i>with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.17</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">No proceedings pending or threatened</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No litigation, arbitration or administrative proceedings or investigations (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) of or before any court, arbitral body or agency have (to the best of its knowledge and belief (having made due and careful enquiry)) been started or threatened against it which might have a Material Adverse Effect.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">92</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.18</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Validity and completeness of the Pool Agreements</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each of the Pool Agreements constitute legal, valid, binding and enforceable obligations of the parties to it.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The copy of the Pool Agreements delivered to the Facility Agent before the date of this Agreement are true and complete copies.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No material amendments or additions to the Pool Agreements have been agreed nor have any rights under the Pool Agreements been waived.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.19</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Valuations</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">All information supplied by it or on its behalf to an Approved Valuer for the purposes of a valuation delivered to the Facility Agent in accordance with this Agreement was true and accurate as at the date it was supplied or (if appropriate) as at the date (if any) at which it is stated to be given.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">It has not omitted to supply any information to an Approved Valuer which, if disclosed, would adversely affect any valuation prepared by such Approved Valuer.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">There has been no change to the factual information provided pursuant to paragraph (a) above in relation to any valuation between the date such information was provided and the date of that valuation which, in either case, renders that information untrue or misleading in any material respect.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.20</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">No breach of laws</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">It has not breached any law or regulation which breach has had or could reasonably be expected to have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.21</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">No Charter</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Ship is subject to any Charter other than a Permitted Charter.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.22</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Compliance with Environmental Laws</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">All Environmental laws relating to the ownership, operation and management of each Ship and the business of each member of the Group (as now conducted and as reasonably anticipated to be conducted in the future) and the terms of all Environmental Approvals have been complied with.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.23</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">No Environmental Claim</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Environmental Claim has been made or threatened against any member of the Group or any Ship.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.24</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">No Environmental Incident</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">93</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.25</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">ISM and ISPS Code compliance</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">All requirements of the ISM Code and the ISPS Code as they relate to each Borrower each Approved Manager and each Ship have been complied with.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.26</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Taxes paid</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">It is not and no other member of the Group is materially overdue in the filing of any Tax returns and it is not (and no other member of the Group is) overdue in the payment of any amount in respect of Tax.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No claims or investigations are being, or could reasonably be expected to be, made or conducted against it (or any other member of the Group) with respect to Taxes.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.27</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Financial Indebtedness</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 46.8pt;">No Borrower has any Financial Indebtedness outstanding other than as permitted by this Agreement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.28</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Overseas companies</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Obligor has delivered particulars, whether in its name stated in the Finance Documents or any other name, of any UK Establishment to the Registrar of Companies as required under the Overseas Regulations or, if it has so registered, it has provided to the Facility Agent sufficient details to enable an accurate search against it to be undertaken by the Lenders at the Companies Registry.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.29</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Good title to assets</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">It has good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business as presently conducted.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.30</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Ownership</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On the first Utilisation Date, Borrower A will be the sole legal and beneficial owner of Ship A, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On the first Utilisation Date, Borrower B will be the sole legal and beneficial owner of Ship B, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On the first Utilisation Date, Borrower C will be the sole legal and beneficial owner of Ship C, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On the first Utilisation Date, Borrower D will be the sole legal and beneficial owner of Ship D, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On the first Utilisation Date, Borrower E will be the sole legal and beneficial owner of Ship E, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On the first Utilisation Date, Borrower F will be the sole legal and beneficial owner of Ship F, its Earnings and its Insurances.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">94</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On the Utilisation Date in respect of Ship G, Borrower G will be the sole legal and beneficial owner of Ship G, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On the Utilisation Date in respect of Ship H, Borrower H will be the sole legal and beneficial owner of Ship H, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On the Utilisation Date in respect of Ship I, Borrower I will be the sole legal and beneficial owner of Ship I, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(j)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">On the Utilisation Date in respect of Ship J, Borrower J will be the sole legal and beneficial owner of Ship J, its Earnings and its Insurances.</u></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(k)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">On the Utilisation Date in respect of Ship K, Borrower K will be the sole legal and beneficial owner of Ship K, its Earnings and its Insurances.</u></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(l)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">On the Utilisation Date in respect of Ship L, Borrower L will be the sole legal and beneficial owner of Ship L, its Earnings and its Insurances.</u></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(m)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">(j)</font>With effect on and from the date of its creation or intended creation, each Borrower will be the sole legal and beneficial owner of any other asset that is the subject of any Transaction Security created or intended to be created by that Borrower.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.31</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Centre of main interests and establishments</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">For the purposes of The Council of the European Union Regulation No. 2015/848 on Insolvency Proceedings (recast) (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Regulation</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b>,<b style="font-weight:bold;"> </b>its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in Bermuda and it has no &#8220;establishment&#8221; (as that term is used in Article 2(h) of the Regulation) in any other jurisdiction save as disclosed to, and agreed by, the Lenders.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.32</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Place of business</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Obligor has a place of business in any countries other than as delivered to the Facility Agent in writing, and agreed to by the Lenders, on or around the date of this Agreement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.33</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">No employee or pension arrangements</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Obligor has any employees (other than as disclosed to the Lenders) or any liabilities under any pension scheme.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.34</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Sanctions</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">None of the Obligors, any Subsidiary of any of them, the Approved Commercial Managers or the Approved Technical Managers, and their respective directors, officers, employees, joint ventures, affiliates, agents and representatives (each a &#8220;Relevant Person&#8221;) is a Restricted Party, and none of such persons:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">has received notice of or is aware of any complaint, claim, action, suit, proceeding formal notice, investigation or other action against it with respect to Sanctions Laws by any Sanctions Authority;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is majority owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Restricted Party and none of such persons owns or controls a Restricted Party; or</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">95</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">has taken or is taking any action which constitutes or would constitute a violation by any Finance Party or any Restricted Party of Sanctions Laws.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.35</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Anti-Corruption Laws</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each member of the Group has conducted its businesses in compliance with Anti-Corruption Laws and has instituted and maintains as at the date of this Agreement policies and procedures designed to promote and achieve compliance with such laws.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No member of the Group (nor to the best of its knowledge and belief (having made due and careful enquiry) any agent, director, employee or officer of any member of the Group) has made or received, or directed or authorised any other person to make or receive, any offer, payment or promise to pay, of any money, gift or other thing of value, directly or indirectly, to or for the use or benefit of any person, where this violates or would violate, or creates or would create liability for it or any other person under, any Anti-Corruption Laws.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No member of the Group (nor to the best of its knowledge and belief (having made due and careful enquiry) any agent, director, employee or officer of any member of the Group) is being investigated by any agency, or party to any proceedings, in each case in relation to any Anti-Corruption Laws.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">23.36</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Repetition</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date of the Utilisation Request and the first day of each Interest Period.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">24</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">INFORMATION UNDERTAKINGS </b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">24.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">General</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The undertakings in this Clause 24 (<i style="font-style:italic;">Information Undertakings</i>)<i style="font-style:italic;"> </i>remain in force throughout the Security Period unless the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders), may otherwise permit.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">24.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Financial statements</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Obligors shall ensure that there are provided to the Facility Agent in sufficient copies for all the Lenders:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">as soon as they become available, but in any event within 120 days after the end of each of its respective financial years the audited consolidated financial statements of the Parent Guarantor for that financial year.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">as soon as the same become available, but in any event within 60 days after the end of each quarter of each of their respective financial years the consolidated financial statement of the Parent Guarantor for that financial quarter year.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">24.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Compliance Certificate and Sustainability Certificate</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Parent Guarantor shall supply to the Facility Agent, with each set of financial statements delivered pursuant to paragraph 24.2(a) or 24.2(b) of Clause 24.2 (<i style="font-style:italic;">Financial statements</i>)<i style="font-style:italic;">, </i>a Compliance Certificate setting out (in reasonable detail) computations as to compliance with</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">96</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Clause 25 (<i style="font-style:italic;">Financial Covenants</i>)<i style="font-style:italic;"> </i>as at the date as at which those financial statements were drawn up.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Parent Guarantor shall deliver to the Facility Agent, as soon as reasonably practicable and in any event on or before <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">30</font><font style="color:#ff0000;font-family:'Tahoma';text-decoration-line:line-through;text-decoration-style:solid;">&#160;</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">June </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">31 July </u>in each calendar year, a Sustainability Certificate for the prior calendar year. For the avoidance of doubt, calendar year 2022 shall be the first year to be measured; provided that if the Parent Guarantor fails to deliver a Sustainability Certificate, no Default or Event of Default will result from such failure to deliver such Sustainability Certificate in 2022 or any other calendar year thereafter.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Each Compliance Certificate and Sustainability Certificate shall be signed by <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">both </font>one <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">director and one senior </font>officer of the Parent Guarantor.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">24.4</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Requirements as to financial statements</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each set of financial statements delivered by a Borrower pursuant to Clause 24.2 (<i style="font-style:italic;">Financial statements</i>)<i style="font-style:italic;"> </i>shall be certified by an officer of the relevant company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and operations as at the date as at which those financial statements were drawn up.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers shall procure that each set of financial statements delivered pursuant to Clause 24.2 <i style="font-style:italic;">(Financial statements) </i>is prepared using GAAP.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers shall procure that each set of financial statements of an Obligor delivered pursuant to Clause 24.2 <i style="font-style:italic;">(Financial statements) </i>is prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for that Obligor unless, in relation to any set of financial statements, it notifies the Facility Agent that there has been a change in GAAP, the accounting practices or reference periods and its auditors (or, if appropriate, the auditors of the Obligor) deliver to the Facility Agent:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a description of any change necessary for those financial statements to reflect the GAAP, accounting practices and reference periods upon which that Obligor&#8217;s Original Financial Statements were prepared; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether Clause 25 (<i style="font-style:italic;">Financial Covenants</i>)<i style="font-style:italic;"> </i>has been complied with and make an accurate comparison between the financial position indicated in those financial statements and that Obligor&#8217;s Original Financial Statements.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">24.5</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">DAC6</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In this Clause 24.5 (<i style="font-style:italic;">DAC6</i>)<i style="font-style:italic;">, </i><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">DAC6</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Council Directive of 25 May 2018 (2018/822/EU) amending Directive 2011/16/EU or any replacement legislation applicable in the United Kingdom.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Borrower shall supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests):</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">97</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">promptly upon the making of such analysis or the obtaining of such advice, any analysis made or advice obtained on whether any transaction contemplated by the Transaction Documents or any transaction carried out (or to be carried out) in connection with any transaction contemplated by the Transaction Documents contains a hallmark as set out in Annex IV of DAC6; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">promptly upon the making of such reporting and to the extent permitted by applicable law and regulation, any reporting made to any governmental or taxation authority by or on behalf of any member of the Group or by any adviser to such member of the Group in relation to DAC6 or any law or regulation which implements DAC6 and any unique identification number issued by any governmental or taxation authority to which any such report has been made (if available).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">24.6</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Information: miscellaneous</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 12pt 36pt;">Each Obligor shall supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests):</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">all documents dispatched by it to its shareholders (or any class of them) or its creditors generally at the same time as they are dispatched;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings (including proceedings relating to any alleged or actual breach of the ISM Code or of the ISPS Code) which are current, threatened or pending against any member of the Group, and which might have a Material Adverse Effect;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">on the date the Sustainability Certificate is provided as per Clause 24.3 (<i style="font-style:italic;">Compliance Certificate and Sustainability Certificate</i>)<i style="font-style:italic;">, </i>information as to:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the ship recycling practices undertaken with respect to the Fleet Vessels and confirmation that these are in accordance with the provisions of The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 or EU Ship Recycling Regulation of 20 November 2013; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the ongoing initiatives of the Group with respect to fuel and CO2 reduction regarding the Fleet Vessels with the first annual update containing information where available as to the PBCF upgrade trials, slide valves, micro boiler and lean marine;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">promptly, such further information and/or documents regarding:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">each Ship, its Earnings and its Insurances;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Charged Property;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">compliance of the Transaction Obligors with the terms of the Finance Documents; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the financial condition, business and operations of any member of the Group,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 36pt;">as any Finance Party (through the Facility Agent) may reasonably request.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">98</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">24.7</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Notification of default</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor shall, and shall procure that each other Transaction Obligor shall, notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Promptly upon a request by the Facility Agent, each Borrower shall supply to the Facility Agent a certificate signed by one of its senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">24.8</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Use of websites</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor may satisfy its obligation under the Finance Documents to which it is a party to deliver any information in relation to those Lenders (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Website Lenders</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>which accept this method of communication by posting this information onto an electronic website designated by the Borrowers and the Facility Agent (the &#8220;<b style="font-weight:bold;">Designated</b> <b style="font-weight:bold;">Website</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>if:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the Facility Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">both the relevant Obligor and the Facility Agent are aware of the address of and any relevant password specifications for the Designated Website; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the information is in a format previously agreed between the relevant Obligor and the Facility Agent.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If any Lender (a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Paper Form Lender</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>does not agree to the delivery of information electronically then the Facility Agent shall notify the Obligors accordingly and each Obligor shall supply the information to the Facility Agent (in sufficient copies for each Paper Form Lender) in paper form. In any event each Obligor shall supply the Facility Agent with at least one copy in paper form of any information required to be provided by it.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Obligors or any of them and the Facility Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">An Obligor shall promptly upon becoming aware of its occurrence notify the Facility Agent if:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the Designated Website cannot be accessed due to technical failure;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the password specifications for the Designated Website change;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any new information which is required to be provided under this Agreement is posted onto the Designated Website;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if that Obligor becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">99</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If an Obligor notifies the Facility Agent under paragraph 24.8(c)(i) or paragraph 24.8(c)(v) above, all information to be provided by the Obligors under this Agreement after the date of that notice shall be supplied in paper form unless and until the Facility Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any Website Lender may request, through the Facility Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the Designated Website. The Obligors shall comply with any such request within 10 Business Days.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">24.9</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Know your customer</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> checks</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any change in the status of an Obligor after the date of this Agreement; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">obliges a Finance Party (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with &#8220;know your customer&#8221; or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of any Finance Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by a Servicing Party (for itself or on behalf of any other Finance Party) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for such Finance Party or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary &#8220;know your customer&#8221; or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order for that Servicing Party to carry out and be satisfied it has complied with all necessary &#8220;know your customer&#8221; or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">25</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">FINANCIAL COVENANTS</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">25.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Financial covenants</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Parent Guarantor shall at all times during the Security Period (save that in the case of paragraph (b) this shall apply from the first Utilisation Date throughout the remainder of the Security Period) on a consolidated basis maintain:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">a minimum Solvency of at least 30 per cent.;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">minimum Cash and Cash Equivalents of an amount the greater of:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">100</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.1pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if the Fleet Vessel size is below 40 vessels:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">$750,000 per Fleet Vessel; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">5 per cent. of the Total Consolidated Debt,</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">upon the Fleet Vessel size increasing to 40 vessels or more:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">$30,000,000;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">$500,000 per Fleet Vessel; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(C)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">5 per cent. of the Total Consolidated Debt,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">in both cases, with at least 60 per cent. of such minimum amount being held in cash and, for the purposes of this paragraph (b), Cash and Cash Equivalents shall include undrawn amounts under the Revolving Facility provided that the Termination Date in relation to the Revolving Facility is not within the next 12 Months;</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">a positive Working Capital excluding:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Balloon Repayments; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any amounts outstanding under the ABN AMRO Receivables Facility Agreement provided that the facility provided thereunder has a remaining maturity of more than three months,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">in this instance current liabilities shall exclude the current portion of debt and leases;</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">an Adjusted Net Worth of not less than $200,000,000; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">compliance with Clause 29.1 (<i style="font-style:italic;">Minimum required security cover</i>)<i style="font-style:italic;">.</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The financial covenants contained in this Clause 25.1 (<i style="font-style:italic;">Financial covenants</i>)<i style="font-style:italic;"> </i>shall be tested quarterly (save in the case of paragraph (e) above which shall be tested on 30 June and 30 December of each year) on the basis of the annual and quarterly financial statements provided under Clause 24.2 (<i style="font-style:italic;">Financial statements</i>)<i style="font-style:italic;"> </i>and shall be confirmed in the relevant compliance certificate referred to in Clause 24.3 (<i style="font-style:italic;">Compliance Certificate and Sustainability Certificate</i>)<i style="font-style:italic;">.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">In addition, for the purpose of testing the Fair Market Value of the Fleet Vessels, the Borrowers shall provide valuations of the Fleet Vessels in June and December of each year during the Facility Period and the most recent of such valuations shall be used to determine the Fair Market Value of the Fleet Vessels. <b style="font-weight:bold;">Provided that</b>, in the case of testing the financial covenants at the end of the first and third financial quarters in each year, the Borrowers shall obtain up to date Fair Market Values of any of the Fleet Vessels if requested by the Agent, acting on the instructions of the Majority Lenders.<font style="font-family:'Tahoma';">&#8211;</font>The valuations shall be at the Borrower&#8217;s cost, but no more than twice per year, unless the valuations show a breach of the required security cover ratio in Clause 29.1 (<i style="font-style:italic;">Minimum required security cover</i>)<i style="font-style:italic;">, </i>in which case any additional valuations will be at the Borrower&#8217;s cost.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">101</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">25.2</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Financial covenant definitions</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The expressions used in this Clause 25 <i style="font-style:italic;">(Financial Covenants) </i>shall be construed in accordance with GAAP or for the purposes of this Agreement:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">ABN AMRO Receivables Facility Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the receivables financing facility agreement dated 17 July 2020 as amended, supplemented or refinanced from time to time and made between (i) Ardmore MR Pool LLC as borrower, (ii) Ardmore Pool Holdings LLC and Ardmore Maritime Services LLC as corporate guarantors, (iii) Ardmore Shipping Corporation as parent guarantor, (iv) the banks and financial institutions named therein as lenders, (v) ABN AMRO Bank N.V. as mandated lead arranger, (vi) ABN AMRO Bank N.V. as facility agent and as security agent in relation to a revolving credit facility of $15,000,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Adjusted Net Worth</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, at any relevant time, the amount by which the Consolidated Adjusted Total Assets of the Group exceed Consolidated Adjusted Total Liabilities of the Group.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Balloon Repayment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a final repayment of principal payable in relation to a facility but excluding any portion of that final repayment representing a regular periodical payment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Cash and Cash Equivalents</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, at any relevant time:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">cash in hand or held with banks or financial institutions of the Parent Guarantor in Dollars or another currency freely convertible in Dollars, which is free of any Security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any cash equivalent of the Parent Guarantor and/or its Subsidiaries; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any marketable securities of the Parent Guarantor and/or its Subsidiaries which are free of any Security,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">as stated in the most recent financial statements of the Group provided in accordance with Clause 24.2 <i style="font-style:italic;">(Financial statements) </i>and determined in accordance with GAAP.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Consolidated Adjusted Total Assets</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Total Assets adjusted as follows:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">by using the Market Value Adjusted Total Assets value for the Fleet Vessels; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">by excluding intangible assets (including goodwill but not long-term contract revenue is acquired as part of a business combination).</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Consolidated Adjusted Total Liabilities</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Total Consolidated Debt plus the Current Liabilities (excluding current portion long term debt).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Current Assets</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the current assets of the Parent Guarantor on a consolidated basis as stated in the most recent financial statements of the Group provided in accordance with Clause 24.2 <i style="font-style:italic;">(Financial statements) </i>and determined in accordance with GAAP.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Current Liabilities</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the current liabilities of the Parent Guarantor on a consolidated basis as stated in the most recent financial statements of the Group provided in accordance with Clause 24.2 <i style="font-style:italic;">(Financial statements) </i>and determined in accordance with GAAP.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Financial Statements</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the financial statements of the Group provided in accordance with Clause 24.2 <i style="font-style:italic;">(Financial statements).</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">102</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.4pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Fleet Vessels</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any ship (including the Ships) from time to time wholly owned, leased or chartered in by the Parent Guarantor (directly or indirectly) (excluding vessels under construction and vessels chartered in for period shorter than 24 months) (each a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Fleet Vessel</b><b style="font-weight:bold;">&#8221;</b>).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Market Value Adjusted Total Assets</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, at any relevant time, the Total Assets adjusted to reflect the difference of the book value of the Fleet Vessels (as evidenced in the most recent financial statements of the Group provided in accordance with Clause 24.2 <i style="font-style:italic;">(Financial statements)) </i>and the Fair Market Value of the Fleet Vessels.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Solvency</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means 1 minus ((Total Consolidated Debt minus Cash and Cash and Cash Equivalents) / (Total Consolidated Debt plus Total Equity minus Cash and Cash and Cash Equivalents)).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Total Assets</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means at any relevant time, the total assets of the Parent Guarantor on a consolidated basis as stated in the most recent financial statements of the Group provided in accordance with Clause 24.2 <i style="font-style:italic;">(Financial statements)) </i>and determined in accordance with GAAP.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Total Equity</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means common equity, preferred equity and retained earnings.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Total Consolidated Debt</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, at any relevant time, the amount of the total liabilities of the Parent Guarantor on a consolidated basis (including without limitation any liability in respect of any lease or hire purchase contract) which would be included in the applicable Financial Statements of the Parent Guarantor as total long term debt in accordance with GAAP including the current portion of long term debt.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Working Capital</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Current Assets less the Current Liabilities.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">25.3</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Most favoured Lenders</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">In the event that the Parent Guarantor agrees to the incorporation of any amendment to the definition of Change of Control which is more onerous than those contained in the definition of Change of Control in this Agreement, or any additional financial covenants or financial covenants which are more onerous than those contained in Clause 25.1 <i style="font-style:italic;">(Financial covenants) </i>(other than paragraph 25.1(e)(e) of Clause 25.1 <i style="font-style:italic;">(Financial covenants)) </i>into any financial contract or financial document relating to any other senior secured indebtedness of the Parent Guarantor, the Parent Guarantor shall immediately notify the Facility Agent and those financial covenants or Change of Control shall be deemed to apply to this Agreement as if set out in full herein with effect from the date of such financial contract or financial document and during the currency of that financial contract or financial document. The Parent Guarantor shall enter into additional documentation as the Facility Agent may reasonably require in respect of such incorporation.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">GENERAL UNDERTAKINGS</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">General</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The undertakings in this Clause 26 <i style="font-style:italic;">(General Undertakings) </i>remain in force throughout the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">103</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Authorisations</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, promptly:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">obtain, comply with and do all that is necessary to maintain in full force and effect; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">supply certified copies to the Facility Agent of any Authorisation required under any law or regulation of a Relevant Jurisdiction or the state of the Approved Flag at any time of each Ship to enable it to:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">perform its obligations under the Transaction Documents to which it is a party;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">ensure the legality, validity, enforceability or admissibility in evidence in any Relevant Jurisdiction or in the state of the Approved Flag at any time of each Ship of any Transaction Document to which it is a party; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">own and operate each Ship (in the case of the Borrowers).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Compliance with laws</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Obligor shall, and shall procure that each other member of the Group and each Affiliate of any of them shall, comply in all respect with all laws and regulations to which it may be subject, including Sanctions Laws.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Environmental compliance</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, and the Parent Guarantor shall ensure that each other member of the Group will:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">comply with all Environmental Laws;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">obtain, maintain and ensure compliance with all requisite Environmental Approvals;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">implement procedures to monitor compliance with and to prevent liability under any Environmental Law, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">in relation to a member of the Group not including an Obligor only, where failure to do so has had or could reasonably be expected to have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Environmental claims</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, (through the Parent Guarantor), promptly upon becoming aware of the same, inform the Facility Agent in writing of:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Environmental Claim against any member of the Group which is current, pending or threatened; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against any member of the Group, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">where the claim against a member of the Group not including an Obligor, has had or could reasonably be expected to have a Material Adverse Effect.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">104</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Taxation</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor shall and shall procure that each other Transaction Obligor will pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">such payment is being contested in good faith;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">adequate reserves are maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements delivered to the Facility Agent under Clause 24.2 <i style="font-style:italic;">(Financial statements); </i>and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">such payment can be lawfully withheld and failure to pay those Taxes does not have or could not reasonably be expected to have a Material Adverse Effect.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Obligor shall change its residence for Tax purposes.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.7</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Overseas companies</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Obligor shall promptly inform the Facility Agent if it delivers to the Registrar particulars required under the Overseas Regulations of any UK Establishment and it shall comply with any directions given to it by the Facility Agent regarding the recording of any Transaction Security on the register which it is required to maintain under The Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.8</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Pari passu ranking</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least <i style="font-style:italic;">pari passu </i>with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.9</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Title</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">From the first Utilisation Date, Borrower A shall hold the legal title to, and own the entire beneficial interest in Ship A, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">From the first Utilisation Date, Borrower B shall hold the legal title to, and own the entire beneficial interest in Ship B, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">From the first Utilisation Date, Borrower C shall hold the legal title to, and own the entire beneficial interest in Ship C, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">From the first Utilisation Date, Borrower D shall hold the legal title to, and own the entire beneficial interest in Ship D, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">From the first Utilisation Date, Borrower E shall hold the legal title to, and own the entire beneficial interest in Ship E, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">From the first Utilisation Date, Borrower F shall hold the legal title to, and own the entire beneficial interest in Ship F, its Earnings and its Insurances.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">105</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">From the Utilisation Date in respect of Ship G, Borrower G shall hold the legal title to, and own the entire beneficial interest in Ship G, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">From the Utilisation Date in respect of Ship H, Borrower H shall hold the legal title to, and own the entire beneficial interest in Ship H, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">From the Utilisation Date in respect of Ship I, Borrower I shall hold the legal title to, and own the entire beneficial interest in Ship I, its Earnings and its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(j)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">From the Utilisation Date in respect of Ship J, Borrower J shall hold the legal title to, and own the entire beneficial interest in Ship J, its Earnings and its Insurances.</u></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(k)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">From the Utilisation Date in respect of Ship K, Borrower K shall hold the legal title to, and own the entire beneficial interest in Ship K, its Earnings and its Insurances.</u></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(l)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">From the Utilisation Date in respect of Ship L, Borrower L shall hold the legal title to, and own the entire beneficial interest in Ship L, its Earnings and its Insurances.</u></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">(m)</u></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">(j)</font>With effect on and from its creation or intended creation, each Borrower shall hold the legal title to, and own the entire beneficial interest in any other assets the subject of any Transaction Security created or intended to be created by it.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.10</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Negative pledge</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Obligor shall create or permit to subsist any Security over any of its assets which are the subject of the Security created or intended to be created by the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Borrower shall:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by a Borrower or any other member of the Group;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">sell, transfer or otherwise dispose of any of its receivables on recourse terms; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">enter into any other preferential arrangement having a similar effect, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Paragraphs (a) and (b) above do not apply to any Permitted Security. </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">26.11 Disposals</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Borrower shall enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset (including without limitation any Ship, its Earnings or its Insurances) and, for the avoidance of doubt, this does not apply to the sale, lease, transfer or otherwise disposal of any ships other than the Ships financed under this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Guarantor shall not transfer, lease or otherwise dispose of all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not except for cash on arm&#8217;s length terms for full consideration or otherwise in the usual course of its trading operations.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">106</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Paragraph (a) above does not apply to any charter of a Ship to which Clause 28.14 <i style="font-style:italic;">(Restrictions on chartering, appointment of managers etc.) </i>applies.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.12</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Merger</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Obligor shall enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction <b style="font-weight:bold;">Provided that </b>this restriction shall not apply if:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">there is no change of control of the Obligors and the Obligors are in compliance with Clause 31.10 <i style="font-style:italic;">(Ownership of the Obligors) </i>after any such amalgamation, demerger, merger, consolidation or corporate reconstruction;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Borrowers have notified the Facility Agent in advance of such amalgamation, demerger, merger, consolidation or corporate reconstruction;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Parties have agreed appropriate consequential amendments to this Agreement and the Finance Documents required by the Facility Agent (acting on the instructions of the Majority Lenders) as a consequence of such amalgamation, demerger, merger, consolidation or corporate reconstruction; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Borrowers provide the Facility Agent with a structure diagram showing the structure of the Group after such amalgamation, demerger, merger, consolidation or corporate reconstruction.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.13</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Change of business</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Parent Guarantor shall procure that no substantial change is made to the general nature of the business of the Parent Guarantor or the Group from that carried on at the date of this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Borrower shall engage in any business other than the ownership and operation of its Ship. </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">26.14 Financial Indebtedness</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Borrowers shall not incur any Financial Indebtedness except for Permitted Financial Indebtedness.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.15</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Expenditure</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Borrower shall incur any expenditure, except for expenditure reasonably incurred in the ordinary course of owning, operating, maintaining and repairing its Ship.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.16</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Membership interests </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">purchase, cancel or redeem any of its membership interests;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">increase or reduce its authorised membership interests;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">issue any membership interests except to the Corporate Guarantor and provided such new membership interests are made subject to the terms of the relevant Membership Interests Security applicable to that Borrower immediately upon the issue thereof in a manner</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">107</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">satisfactory to the Facility Agent and the terms of that Membership Interests Security are complied with;</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">appoint any further director or officer of that Borrower (unless the provisions of the Membership Interests Security applicable to that Borrower are complied with).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.17</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Dividends</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Obligor may make or pay any dividend or other distribution (in cash or in kind) in respect of its membership interests provided always that no Default has occurred and is continuing or would result from the making of any such payment.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.18</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Accounts</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Borrower shall open or maintain any account with any bank or financial institution except its Earnings Account and accounts with the Account Bank, the Facility Agent or the Security Agent for the purposes of the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.19</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Other transactions </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">be the creditor in respect of any loan or any form of credit to any person other than another Obligor and where such loan or form of credit is Permitted Financial Indebtedness;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person in respect of any obligation of any other person or enter into any document under which that Borrower assumes any liability of any other person other than any guarantee or indemnity given under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">enter into any material agreement other than:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Transaction Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other agreement expressly allowed under any other term of this Agreement; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">enter into any transaction on terms which are, in any respect, less favourable to that Borrower than those which it could obtain in a bargain made at arms&#8217; length; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">acquire any shares or other securities other than US or UK Treasury bills and certificates of deposit issued by major North American or European banks.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.20</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Unlawfulness, invalidity and ranking; Security imperilled</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Obligor shall and the Obligors shall procure that no other Transaction Obligor will, do (or fail to do) or cause or permit another person to do (or omit to do) anything which could be expected to:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">make it unlawful for an Obligor to perform any of its obligations under the Transaction Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">cause any obligation of an Obligor under the Transaction Documents to cease to be legal, valid, binding or enforceable;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">108</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">cause any Transaction Document to cease to be in full force and effect;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">cause any Transaction Security to rank after, or lose its priority to, any other Security; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">imperil or jeopardise the Transaction Security.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.21</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Further assurance</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor shall promptly, and in any event within the time period specified by the Security Agent do all such acts (including procuring or arranging any registration, notarisation or authentication or the giving of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges, notices, instructions, acknowledgments, proxies and powers of attorney), as the Security Agent may specify (and in such form as the Security Agent may require in favour of the Security Agent or its nominee(s)):</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to create, perfect, vest in favour of the Security Agent or protect the priority of the Security or any right or any kind created or intended to be created under or evidenced by the Finance Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of the Security Agent, any Receiver or the Secured Parties provided by or pursuant to the Finance Documents or by law;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to confer on the Security Agent or confer on the Secured Parties Security over any property and assets of that Transaction Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant to the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to facilitate or expedite the realisation and/or sale of, the transfer of title to or the grant of, any interest in or right relating to the assets which are, or are intended to be, the subject of the Transaction Security or to exercise any power specified in any Finance Document in respect of which the Security has become enforceable; and/or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to enable or assist the Security Agent to enter into any transaction to commence, defend or conduct any proceedings and/or to take any other action relating to any item of the Security Property.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor shall, and shall procure that each other Transaction Obligor will, (and the Parent Guarantor shall procure that each member of the Group will) take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Security Agent or the Secured Parties by or pursuant to the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">At the same time as a Transaction Obligor delivers to the Security Agent any document executed under this Clause 26.21 <i style="font-style:italic;">(Further assurance), </i>that Transaction Obligor shall deliver to the Security Agent a certificate signed by one of that Transaction Obligor&#8217;s officers which shall:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">set out the text of a resolution of that Transaction Obligor&#8217;s directors specifically authorising the execution of the document specified by the Security Agent; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">state that either the resolution was duly passed at a meeting of the directors validly convened and held, throughout which a quorum of directors entitled to vote on the</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">109</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">resolution was present, or that the resolution has been signed by all the directors of officers and is valid under that Transaction Obligor&#8217;s articles of association or other constitutional documents.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.22</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Sanctions and use of proceeds</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No proceeds of the Facilities shall be made available, directly or indirectly, to or for the benefit of a Restricted Party or otherwise shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions Laws.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor will and will procure that each Subsidiary of any of them will comply with Sanctions Laws and maintain policies and procedures designed to promote and achieve compliance with Sanctions Laws.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Finance Party will not fund all or any part of any payment under this Agreement or any other Finance Document out of proceeds directly derived from transactions which would be prohibited by Sanctions Laws or would otherwise cause any Security Party, any Finance Party or any Relevant Person to be in breach of Sanctions Laws.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Borrower shall procure that it will not (and the Borrowers shall ensure that no other Relevant Person will) cause any Obligor or any Finance Party to be in breach of Sanctions and shall not, and shall procure that no Transaction Obligor shall take any action or make any omission that results in or is reasonably likely to result in it or any Finance Party becoming a Restricted Party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.23</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Information: sanctions</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor shall supply to the Facility Agent promptly upon becoming aware of them, the details of any material inquiry, claim, action, suit, proceeding or investigation pursuant to Sanctions Laws against any Relevant Person, as well as information on what steps are being taken with regards to answer or oppose such material inquiry, claim, action, suit, proceeding or investigation provided that (i) that Obligor is not prohibited by law from supplying such details to the Facility Agent or (ii) such details are not confidential under any legal privilege.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor shall notify the Facility Agent promptly upon becoming aware that it, any of its direct or indirect owners, any of its subsidiaries or any other member of the Group, any of their joint ventures or any of their respective directors, officers, employees, agents or representatives has become or is likely to become a Restricted Party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.24</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Anti-corruption law</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Obligor shall (and the Parent Guarantor shall ensure that no other member of the Group will) directly or indirectly use the proceeds of the Facility for any purpose which would breach any Anti-Corruption Laws.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor shall (and the Parent Guarantor shall ensure that each other member of the Group will):</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">conduct its business in compliance with applicable Anti-Corruption Laws; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">maintain policies and procedures designed to promote and achieve compliance with such Anti-Corruption Laws.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">110</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">26.25</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">No variation, release etc. of Pool Agreement</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Obligor shall, without written notice to the Lenders, whether by a document, by conduct, by acquiescence or in any other way:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">vary the terms of any Pool Agreement in any material respect;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">release, waive, suspend or subordinate or permit to be lost or impaired any interest or right of any kind which such Obligor has at anytime to, in or in connection with any Pool Agreement or in relation to any matter arising out of or in connection with any Pool Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">waive any person&#8217;s breach of any Pool Agreement; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">rescind or terminate any Pool Agreement or treat itself as discharged or relieved from further performance of any of its obligations or liabilities under any Pool Agreement; </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">and, for the purposes of paragraph (a), it shall not in itself constitute a material amendment to any Pool Agreement if any participant (or vessel owned by that person) has left or joined the pool without otherwise materially amending the terms of that Pool Agreement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">INSURANCE UNDERTAKINGS </p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">General</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">In respect of a Ship, the undertakings in this Clause 27 <i style="font-style:italic;">(Insurance Undertakings) </i>shall apply and remain in force on and from the date of this Agreement and throughout the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Maintenance of obligatory insurances</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall keep the Ship owned by it insured at its expense against:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">fire and usual marine risks (including hull and machinery, increased value and excess risks);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">war risks (including blocking and trapping);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">protection and indemnity risks; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other risks against which the Facility Agent acting on the instructions of the Majority Lenders considers, having regard to practices and other circumstances prevailing at the relevant time, it would be reasonable for that Borrower to insure and which are specified by the Facility Agent by notice to that Borrower.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Terms of obligatory insurances</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">In respect of each Ship, the Borrowers shall effect such insurances:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in dollars;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">111</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">when aggregated with the insured values of the other Ships then subject to a Mortgage, 110 per cent. of the Loan; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the market value of that Ship;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of protection and indemnity risks, in respect of the full tonnage of its Ship;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">on approved terms; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">through Approved Brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Further protections for the Finance Parties</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">In addition to the terms set out in Clause 27.3 <i style="font-style:italic;">(Terms of obligatory insurances), </i>each Borrower shall procure that the obligatory insurances effected by it shall:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">subject always to paragraph (b), name that Borrower as the sole named assured unless the interest of every other named assured is limited:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in respect of any obligatory insurances for hull and machinery and war risks;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable claim on underwriters; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against it); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled to make by way of reimbursement following discharge of any third party liability claims made specifically against it; </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">and every other named assured has undertaken in writing to the Security Agent (in such form as it requires) that any deductible shall be apportioned between that Borrower and every other named assured in proportion to the gross claims made or paid by each of them and that it shall do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable in respect of the obligatory insurances;</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">whenever the Facility Agent requires, name (or be amended to name) the Security Agent as additional named assured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security Agent, but without the Security Agent thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance <b style="font-weight:bold;">Provided that </b>this paragraph (b) shall not apply to the protection and indemnity risks;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">112</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">name the Security Agent as loss payee with such directions for payment as the Facility Agent may specify;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Agent shall be made without set off, counterclaim or deductions or condition whatsoever;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">provide that the obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the Security Agent or any other Finance Party; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">provide that the Security Agent may make proof of loss if that Borrower fails to do so.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Renewal of obligatory insurances</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">at least 21 days before the expiry of any obligatory insurance effected by it:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">notify the Facility Agent of the Approved Brokers (or other insurers) and any protection and indemnity or war risks association through or with which it proposes to renew that obligatory insurance and of the proposed terms of renewal; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">obtain the Facility Agents&#8217; approval to the matters referred to in sub-paragraph (i) of paragraph (a) above;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">at least 14 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance with the Facility Agent&#8217;s approval pursuant to paragraph (a) above; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">procure that the approved brokers and/or the approved war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Facility Agent in writing of the terms and conditions of the renewal.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Copies of policies; letters of undertaking</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall ensure that the Approved Brokers provide the Security Agent with:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><i style="font-style:italic;">pro forma </i>copies of all policies relating to the obligatory insurances which they are to effect or renew; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a letter or letters or undertaking in a form required by the Facility Agent and including undertakings by the Approved Brokers that:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause 27.4 <i style="font-style:italic;">(Further protections for the Finance Parties);</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">they will hold such policies, and the benefit of such insurances, to the order of the Security Agent in accordance with such loss payable clause;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">they will advise the Security Agent immediately of any material change to the terms of the obligatory insurances;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">113</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">they will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Agent not less than 14 days before the expiry of the obligatory insurances;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if they receive instructions to renew the obligatory insurances, they will promptly notify the Facility Agent of the terms of the instructions;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vi)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower under such obligatory insurances any premiums or other amounts due to them or any other person whether in respect of that Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">they will arrange for a separate policy to be issued in respect of the Ship owned by that Borrower forthwith upon being so requested by the Facility Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.7</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Copies of certificates of entry</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall ensure that any protection and indemnity and/or war risks associations in which the Ship owned by it is entered provide the Security Agent with:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a certified copy of the certificate of entry for that Ship;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a letter or letters of undertaking in such form as may be required by the Facility Agent acting on the instructions of Majority Lenders; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant certifying authority in relation to that Ship.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.8</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Deposit of original policies</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall ensure that all policies relating to obligatory insurances effected by it are deposited with the Approved Brokers through which the insurances are effected or renewed.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.9</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Payment of premiums</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall punctually pay all premiums or other sums payable in respect of the obligatory insurances effected by it and produce all relevant receipts when so required by the Facility Agent or the Security Agent.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.10</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Guarantees</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.11</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Compliance with terms of insurances</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Borrower shall do or omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">114</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Without limiting paragraph (a) above, each Borrower shall:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in sub-paragraph (iii) of paragraph (b) of Clause 27.6 <i style="font-style:italic;">(Copies of policies; letters of undertaking)) </i>ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Facility Agent has not given its prior approval;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">not make any changes relating to the classification or classification society or manager or operator of the Ship owned by it approved by the underwriters of the obligatory insurances;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">make (and promptly supply copies to the Facility Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship owned by it is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">not employ the Ship owned by it, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.12</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Alteration to terms of insurances</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Borrower shall make or agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.13</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Settlement of claims </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.14</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Provision of copies of communications</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall provide the Security Agent, at the time of each such communication, with copies of all written communications between that Borrower and:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Approved Brokers;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the approved protection and indemnity and/or war risks associations; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the approved insurance companies and/or underwriters, which relate directly or indirectly to:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">115</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">that Borrower&#8217;s obligations relating to the obligatory insurances including, without limitation, all requisite declarations and payments of additional premiums or calls; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any credit arrangements made between that Borrower and any of the persons referred to in paragraphs (a) or (b) above relating wholly or partly to the effecting or maintenance of the obligatory insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.15</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Provision of information</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall promptly provide the Facility Agent (or any persons which it may designate) with any information which the Facility Agent (or any such designated person) requests for the purpose of:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">effecting, maintaining or renewing any such insurances as are referred to in Clause 27.16 <i style="font-style:italic;">(Mortgagee</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;">s interest and additional perils insurances) </i>or dealing with or considering any matters relating to any such insurances, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">and the Borrowers shall, forthwith upon demand, indemnify the Security Agent in respect of all fees and other expenses incurred by or for the account of the Security Agent in connection with any such report as is referred to in paragraph (a) above.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">27.16</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Mortgagee&#8217;s interest and additional perils insurances</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Security Agent shall be entitled from time to time to effect, maintain and renew a mortgagee&#8217;s interest marine insurance and a mortgagee&#8217;s interest additional perils insurance in such amounts (but not exceeding 120 per cent. of the Loan), on such terms, through such insurers and generally in such manner as the Security Agent acting on the instructions of the Majority Lenders may from time to time consider appropriate.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers shall upon demand fully indemnify the Security Agent and the Lenders (as the case may be) in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any insurance referred to in paragraph (a) above or dealing with, or considering, any matter arising out of any such insurance.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">SHIP UNDERTAKINGS </p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">General</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">In respect of a Ship, the undertakings in this Clause 28 <i style="font-style:italic;">(Ship Undertakings) </i>shall apply and remain in force on and from the date of this Agreement and throughout the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Ships&#8217; names and registration</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall, in respect of the Ship owned by it:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">keep that Ship registered in its name under an Approved Flag from time to time at its port of registration;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">116</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">not do or allow to be done anything as a result of which such registration might be suspended, cancelled or imperilled; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">not change the name of that Ship,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">provided that </b>any change of flag of a Ship shall be subject to:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">that Ship being registered on an Approved Flag and remaining subject to Security securing the Secured Liabilities created by a first priority or preferred ship mortgage on that Ship and, if appropriate, a first priority deed of covenant collateral to that mortgage (or equivalent first priority Security) on substantially the same terms as the Mortgage on that Ship and on such other terms and in such other form as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the execution of such other documentation amending and supplementing the Finance Documents as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Repair and classification</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">consistent with first class ship ownership and management practice; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">so as to maintain the Approved Classification free of overdue recommendations and conditions affecting that Ship&#8217;s class.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Modifications</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Borrower shall unless after consultation, and agreement, with the Facility Agent, make any modification or repairs to, or replacement of, any Ship or equipment installed on it which would or might materially alter the structure, type or performance characteristics of that Ship or materially reduce its value save for changes or modifications that are required to be made in order to satisfy updated rules and regulations from time to time applicable to that Ship.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Removal and installation of parts</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to paragraph (b) below, no Borrower shall remove any material part of any Ship, or any item of equipment installed on any Ship unless the part or item so removed:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is free from any Security in favour of any person other than the Security Agent; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">becomes, on installation on that Ship, the property of that Borrower and subject to the security constituted by the Mortgage on that Ship.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A Borrower may install equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship owned by that Borrower.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">117</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Surveys</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall submit the Ship owned by it regularly to all periodic or other surveys which may be required for classification purposes and, if so required by the Facility Agent acting on the instructions of the Majority Lenders, provide the Facility Agent, with copies of all survey reports and, in addition, the Facility Agent shall have the right to have a technical survey carried out at any time on each Ship and the Borrowers shall pay the cost of 1 such survey of each Ship per year at the Facility Agent&#8217;s request.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.7</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Inspection</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall permit the Security Agent (acting through surveyors or other persons appointed by it for that purpose) to board the Ship owned by it at all reasonable times to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.8</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Prevention of and release from arrest</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Borrower shall, in respect of the Ship owned by it, promptly discharge amounts due in respect of:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against that Ship, its Earnings or its Insurances;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">all Taxes, dues and other amounts charged in respect of that Ship, its Earnings or its Insurances; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">all other outgoings whatsoever in respect of that Ship, its Earnings or its Insurances.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Borrower shall immediately and, forthwith upon receiving notice of the arrest of the Ship owned by it or of its detention in exercise or purported exercise of any lien or claim, procure its release by providing bail or otherwise as the circumstances may require.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.9</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Compliance with laws etc.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">comply, or procure compliance with all laws or regulations:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">relating to its business generally; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">relating to the Ship owned by it, its ownership, employment, operation, management and registration, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 12pt 36pt;">including the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions Laws and the laws of the Approved Flag;</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">obtain, comply with and do all that is necessary to maintain in full force and effect any Environment Approvals; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">without limiting paragraph (a) above, not employ the Ship owned by it nor allow its employment, operation or management in any manner contrary to any law or regulation</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">118</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">including but not limited to the ISM Code, the ISPS Code, all Environmental Laws and all Sanctions Laws.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.10</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">ISPS Code</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Without limiting paragraph (a) of Clause 28.9 <i style="font-style:italic;">(Compliance with laws etc.), </i>each Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">procure that the Ship owned by it and the company responsible for that Ship&#8217;s compliance with the ISPS Code comply with the ISPS Code; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">maintain an ISSC for that Ship; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">notify the Facility Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.11</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Trading in war zones</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">In the event of hostilities in any part of the world (whether war is declared or not), no Borrower shall cause or permit any Ship to enter or trade to any zone which is declared a war zone by any government or by that Ship&#8217;s war risks insurers or which is otherwise excluded from the scope of coverage of the obligatory insurances unless:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">that Ship&#8217;s war risks insurers have agreed to cover such transit or trade under the annual war risks policy on terms and conditions not less restrictive than those already in place (it being understood the requirement for an additional premium does not constitute a restriction); or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the prior written consent of the Security Agent acting on the instructions of the Majority Lenders has been given; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">that Borrower has (at its expense) effected any special, additional or modified insurance cover which the Security Agent acting on the instructions of the Majority Lenders may require.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.12</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Provision of information</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Without prejudice to Clause 24.6 <i style="font-style:italic;">(Information: miscellaneous) </i>each Borrower shall, in respect of the Ship owned by it, promptly provide the Facility Agent with any information which it requests regarding:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">that Ship, its employment, position and engagements;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Earnings and payments and amounts due to its master and crew;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any expenditure incurred, or likely to be incurred, in connection with the operation, maintenance or repair of that Ship and any payments made by it in respect of that Ship;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any towages and salvages; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">its compliance, the Approved Manager&#8217;s compliance and the compliance of that Ship with the ISM Code and the ISPS Code, and, upon the Facility Agent&#8217;s request, provide copies of any current charter relating to that Ship, of any current guarantee of any such charter, the Ship&#8217;s Safety Management Certificate and any relevant Document of Compliance.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">119</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.13</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Notification of certain events</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall, in respect of the Ship owned by it, immediately notify the Facility Agent by fax, confirmed forthwith by letter of:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any casualty to that Ship which is or could reasonably be expected to be or to become a Major Casualty;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any occurrence as a result of which that Ship has become or could reasonably be expected, by the passing of time or otherwise, to become a Total Loss;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any requisition of that Ship for hire;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any requirement or recommendation made in relation to that Ship by any insurer or classification society or by any competent authority which is not immediately complied with;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any arrest or detention of that Ship, any exercise or purported exercise of any lien on that Ship or the Earnings or any requisition of that Ship for hire;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any intended dry docking of that Ship;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Environmental Claim made against that Borrower or in connection with that Ship, or any Environmental Incident;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any claim for breach of the ISM Code or the ISPS Code being made against that Borrower, an Approved Manager or otherwise in connection with that Ship; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with, and each Borrower shall keep the Facility Agent advised in writing on a regular basis and in such detail as the Facility Agent shall require as to that Borrower&#8217;s, any such Approved Manager&#8217;s or any other person&#8217;s response to any of those events or matters.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.14</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Restrictions on chartering, appointment of managers etc.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Borrower shall, in relation to the Ship owned by it:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">let that Ship on demise charter for any period;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">enter into any time or consecutive voyage charter in respect of that Ship other than a Permitted Charter;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">appoint a manager of that Ship other than the Approved Commercial Manager and the Approved Technical Manager or agree to any alteration to the terms of an Approved Manager&#8217;s appointment;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">de activate or lay up that Ship; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">other than in the event of a scheduled drydocking put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $1,000,000 (or the equivalent in any other currency) unless that person has first given to the</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">120</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Security Agent and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.15</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Notice of Mortgage</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall keep the relevant Mortgage registered against the Ship owned by it as a valid first priority or preferred mortgage, carry on board that Ship a certified copy of the relevant Mortgage and place and maintain in a conspicuous place in the navigation room and the master&#8217;s cabin of that Ship a framed printed notice stating that that Ship is mortgaged by that Borrower to the Security Agent.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.16</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Sharing of Earnings</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Borrower shall enter into any agreement or arrangement for the sharing of any Earnings, except for any internal agreement between a Borrower and Ardmore Shipping (Asia) Pte Limited or pursuant to a time charter entered into by a Borrower with a third party which includes profit sharing agreements which, in any case, are on terms approved by the Lenders or a Pool Agreement or any other pool that the Ships may be employed in from time to time subject to the consent of the Facility Agent, acting with the authorisation of the Majority Lenders.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.17</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Inventory of Hazardous Materials</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall procure that the Ship owned by it has, from the date that Borrower is legally obliged to do so, obtained an Inventory of Hazardous Material, in respect of said Ship which shall be maintained until the Loan has been fully repaid.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.18</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Sustainable and socially responsible dismantling of Ships</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each of the Obligors confirms that as long as it is in a lending relationship with any Lender, it will ensure that any Ship or other vessel controlled by it or any other member of the Group or sold to an intermediary with the intention of being scrapped, is recycled at a recycling yard which conducts its recycling business in a socially and environmentally responsible manner, in accordance with the provisions of The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 and/or EU Ship Recycling Regulation.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.19</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Poseidon Principles</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall, upon the request of any Lender and at the cost of the Borrowers, on or before 31 July in each calendar year, supply or procure the supply by the Approved Classification Society (as specified by the relevant Lender) to such Lender of all information reasonably necessary in order for any Lender to comply with its obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance, together with a Carbon Intensity and Climate Alignment Certificate (or equivalent document) in each case relating to the Ship owned by it for the preceding calendar year provided always that, for the avoidance of doubt, such information shall be &#8220;Confidential Information&#8221; for the purposes of Clause 47 <i style="font-style:italic;">(Confidentiality) </i>but the Obligors acknowledge that, in accordance with the Poseidon Principles, such information will form part of the information published regarding the relevant Lender&#8217;s portfolio climate alignment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">121</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">28.20</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Notification of compliance</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall promptly provide the Facility Agent from time to time with evidence (in such form as the Facility Agent requires) that it is complying with this Clause 28 <i style="font-style:italic;">(Ship Undertakings).</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">29</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">SECURITY COVER</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">29.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Minimum required security cover</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Clause 29.2 <i style="font-style:italic;">(Provision of additional security; prepayment) </i>applies if, at any time during the Security Period, the Facility Agent notifies the Borrowers that the Security Value is below 130 per cent. of the aggregate of (i) the Loan and (ii) the Hedging Close Out Liabilities in respect of any Additional Swaps.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">29.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Provision of additional security; prepayment</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Facility Agent serves a notice on the Borrowers under Clause 29.1 <i style="font-style:italic;">(Minimum </i>required security cover), the Borrowers shall, on or before the date falling one month after the date (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Prepayment Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>on which the Facility Agent&#8217;s notice is served, prepay such part of the Loan as shall eliminate the shortfall.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A Borrower may, instead of making a prepayment as described in paragraph (a) above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">has a net realisable value at least equal to the shortfall; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is documented in such terms as the Facility Agent may approve or require, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">29.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Value of additional vessel security</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The net realisable value of any additional security which is provided under Clause 29.2 <i style="font-style:italic;">(Provision of additional security; prepayment) </i>and which consists of Security over a vessel shall be the Fair Market Value of the vessel concerned.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">29.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Valuations binding</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any valuation under this Clause 29 <i style="font-style:italic;">(Security Cover) </i>shall be binding and conclusive as regards each Borrower.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">29.5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Provision of information</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Borrower shall promptly provide the Facility Agent and any shipbroker acting under this Clause 29 <i style="font-style:italic;">(Security Cover) </i>with any information which the Facility Agent or the shipbroker may request for the purposes of the valuation.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If a Borrower fails to provide the information referred to in paragraph (a) above by the date specified in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Facility Agent considers prudent.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">122</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">29.6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Prepayment mechanism</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any prepayment pursuant to Clause 29.2 <i style="font-style:italic;">(Provision of additional security; prepayment) </i>shall be:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">made in accordance with the relevant provisions of Clause 8 <i style="font-style:italic;">(payment and Cancellation) </i>but ignoring any restriction as to prepayments being made on the last day of the Interest Period;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">as regards the Accordion Facility, applied on a pro-rata basis towards satisfaction of the Repayment Instalments for the Accordion Facility set out in Clause 7.2 <i style="font-style:italic;">(Repayment of Accordion Facility); </i>and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">as regards the Revolving Facility, be applied on a pro-rata basis towards the Advances of the Revolving Facility.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">29.7</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Provision of valuations</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Borrower shall provide the Facility Agent with valuations of the Ship owned by it or that will be owned by it on the first Utilisation Date and any other vessel over which additional Security has been created in accordance with Clause 29.3 <i style="font-style:italic;">(Value of additional vessel security), </i>from an Approved Valuer, to enable the Facility Agent to determine the Fair Market Value of that Ship.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The valuations referred to in this Clause 29.7 <i style="font-style:italic;">(Provision of valuations) </i>are to be obtained:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">on or before the first Utilisation Date (not to be obtained earlier than 30 days prior to that Utilisation Date) and shown, in respect of such Ship when not on or before that Utilisation Date, as at 30 June and 31 December of each year during the Facility Period; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">at any other time requested by the Facility Agent (acting on the instructions of the Lenders) in its absolute discretion.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The valuations referred to in paragraph (b)(i) and (b)(ii) of Clause 29.7 <i style="font-style:italic;">(Provision of valuations) </i>shall be at the Borrowers&#8217; cost, but no more than twice per year, unless the valuations provided under paragraph (b)(i) and (b)(ii) of Clause 29.7 <i style="font-style:italic;">(Provision of valuations) </i>show a breach of Clause 29.1 <i style="font-style:italic;">(Minimum required security cover) </i>or are requested at a time when an Event of Default has occurred and is continuing, in which case any additional valuations will be at the Borrowers&#8217; cost.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">30</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">APPLICATION OF EARNINGS</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">30.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Payment of Earnings</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall ensure that,</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">subject only to the provisions of the General Assignment to which it is a party, all the Earnings in respect of the Ship owned by it are paid in to its Earnings Account; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">all payments by a Hedge Counterparty to that Borrower under a Hedging Agreement are paid to the Earnings Account.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">123</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">30.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Use of credit balances on the Earnings Account</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower may withdraw moneys from the Earnings Account in its name provided that no Default is continuing.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">30.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Location of accounts</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Borrower shall promptly:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">comply with any requirement of the Facility Agent as to the location or relocation of its Earnings Account (or any of them); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">execute any documents which the Facility Agent specifies to create or maintain in favour of the Security Agent Security over (and/or rights of set-off, consolidation or other rights in relation to) the Earnings Accounts.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">EVENTS OF DEFAULT </p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">General</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each of the events or circumstances set out in this Clause 31 <i style="font-style:italic;">(Events of Default) </i>is an Event of Default except for Clause 31.18 <i style="font-style:italic;">(Acceleration) </i>and Clause 31.19 <i style="font-style:italic;">(Enforcement of security).</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Non-payment</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">its failure to pay is caused by:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">administrative or technical error; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a Disruption Event; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">payment is made within three Business Days of its due date.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Specific obligations</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">A breach occurs of Clause 4.4 (<i style="font-style:italic;">Waiver of conditions precedent</i>), Clause 25 (<i style="font-style:italic;">Financial Covenants</i>), Clause 26.9 (<i style="font-style:italic;">Title</i>), Clause 26.10 (<i style="font-style:italic;">Negative pledge</i>), Clause 26.20 (<i style="font-style:italic;">Unlawfulness, invalidity and ranking; Security imperilled</i>), Clause 23.34 (<i style="font-style:italic;">Sanctions</i>), Clause 23.35 (<i style="font-style:italic;">Anti</i><i style="font-family:'Tahoma';font-style:italic;">&#173;</i><i style="font-style:italic;">corruption law</i>), Clause 27.2 (<i style="font-style:italic;">Maintenance of obligatory insurances</i>), Clause 27.3 (<i style="font-style:italic;">Terms of obligatory insurances</i>), Clause 27.5 (<i style="font-style:italic;">Renewal of obligatory insurances</i>), Clause 30.2 (<i style="font-style:italic;">Use of credit balances on the Earnings Account</i>) or, save to the extent such breach is a failure to pay and therefore subject to Clause 31.2 (<i style="font-style:italic;">Non-payment</i>), Clause 29 (<i style="font-style:italic;">Security Cover</i>).</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Other obligations</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A Transaction Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause 31.2 <i style="font-style:italic;">(Non-payment) </i>and Clause 31.3 <i style="font-style:italic;">(Specific obligations)).</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">124</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Event of Default under paragraph (a) above will occur if the failure to comply is capable of remedy and is remedied within 10 Business Days of the Facility Agent giving notice to the Borrowers or (if earlier) any Transaction Obligor becoming aware of the failure to comply.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Misrepresentation</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Transaction Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading when made or deemed to be made and which has had or could reasonably be expected to have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Cross default</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any Financial Indebtedness of any Obligor is not paid when due nor within any originally applicable grace period.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any Financial Indebtedness of any Obligor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor of any Obligor as a result of an event of default (however described).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of any Obligor due and payable prior to its specified maturity as a result of an event of default (however described).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Event of Default will occur under this Clause 31.6 <i style="font-style:italic;">(Cross default) </i>if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs (a) to (d) above is less than, in respect of each Borrower, $500,000 (or its equivalent in any other currency) and in respect of each of the Corporate Guarantor or Parent Guarantor and other members of the Group, $2,000,000 (or its equivalent in any other currency in aggregate).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.7</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Insolvency</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">An Obligor:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is unable or admits inability to pay its debts as they fall due;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is deemed to, or is declared to, be unable to pay its debts under applicable law;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">suspends or threatens to suspend making payments on any of its debts; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The value of the assets of any Obligor is less than its liabilities (taking into account contingent and prospective liabilities).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A moratorium is declared in respect of any indebtedness of any Obligor. If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">125</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.8</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Insolvency proceedings</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any corporate action, legal proceedings or other procedure or step is taken in relation to:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group other than a solvent liquidation or reorganisation of any member of the Group which is not an Obligor;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a composition, compromise, assignment or arrangement with any creditor of any member of the Group;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group which is not an Obligor), receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of any member of the Group or any of its assets; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">enforcement of any Security over any assets of any member of the Group, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 12pt 72pt;">or any analogous procedure or step is taken in any jurisdiction.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Paragraph (a) above shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.9</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Creditors&#8217; process</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of an Obligor.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.10</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Ownership of the Obligors</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Without the prior approval of the Lenders, there is any change in the (beneficial) ownership of an Obligor (other than the Parent Guarantor) from that advised to the Facility Agent as at the date of this Agreement or an Obligor is not or ceases to be a Subsidiary of the Parent Guarantor.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.11</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Unlawfulness, invalidity and ranking</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">It is or becomes unlawful for a Transaction Obligor to perform any of its obligations under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any obligation of a Transaction Obligor under the Finance Documents is not or ceases to be legal, valid, binding or enforceable if that cessation individually or together with any other cessations materially or adversely affects the interests of the Secured Parties under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any Finance Document ceases to be in full force and effect or to be continuing or is or purports to be determined or any Transaction Security is alleged by a party to it (other than a Finance Party) to be ineffective.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any Transaction Security proves to have ranked after, or loses its priority to, any other Security.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">126</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.12</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Security imperilled</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any Security created or intended to be created by a Finance Document is in any way imperilled or in jeopardy.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.13</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Cessation of business</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any Obligor suspends or ceases to carry on (or threatens to suspend or ceases to carry on) all or a material part of its business.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.14</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Expropriation</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The authority or ability of any member of the Group to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to any member of the Group or any of its assets.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.15</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Repudiation and rescission of agreements</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">An Obligor (or any other relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document or any of the Transaction Security or evidences an intention to rescind or repudiate a Transaction Document or any Transaction Security.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.16</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Litigation</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any litigation, arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened in relation to any of the Transaction Documents or the transactions contemplated in any of the Transaction Documents or against any member of the Group or its assets which has or may have a Material Adverse Effect and, for the avoidance of doubt, this clause shall not apply to any proceeding or dispute which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.17</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Material adverse change</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any event or circumstance occurs which has had or could reasonably be expected to have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.18</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Acceleration</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">On and at any time after the occurrence of an Event of Default which is continuing the Facility Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrowers:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">cancel the Total Commitments, whereupon they shall immediately be cancelled;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon it shall become immediately due and payable; and/or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">declare that all or part of the Loan be payable on demand, whereupon it shall immediately become payable on demand by the Facility Agent acting on the instructions of the Majority Lenders,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">127</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.44pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">and the Facility Agent may serve notices under paragraphs (a), (b) and (c) above simultaneously or on different dates and the Security Agent may take any action referred to in Clause 31.19 <i style="font-style:italic;">(Enforcement of security) </i>if no such notice is served or simultaneously with or at any time after the service of any of such notice.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">31.19</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Enforcement of security and other rights</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">On and at any time after the occurrence of an Event of Default which is continuing the Security Agent may, and shall if so directed by the Majority Lenders, take any action which, as a result of the Event of Default or any notice served under Clause 31.18 <i style="font-style:italic;">(Acceleration), </i>the Security Agent is entitled to take under any Finance Document or any applicable law or regulation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">128</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SECTION 10</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">CHANGES TO PARTIES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">32</b></font><b style="font-weight:bold;">CHANGES TO THE LENDERS</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">32.1</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">Assignments and transfers by the Lenders</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 46.8pt;">Subject to this Clause 32 <i style="font-style:italic;">(Changes to the Lenders), </i>a Lender (the &#8220;<b style="font-weight:bold;">Existing</b> <b style="font-weight:bold;">Lender</b>&#8221;)<b style="font-weight:bold;"> </b>may:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:46.8pt;text-indent:-46.8pt;margin:0pt 0pt 12pt 10.79pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(a)</font></font>assign any of its rights; or</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:46.8pt;text-indent:-46.8pt;margin:0pt 0pt 12pt 10.79pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(b)</font></font>transfer by novation any of its rights and obligations,</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">under the Finance Documents to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (except for a hedge fund) (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">New Lender</b><b style="font-weight:bold;">&#8221;</b>) but in no event to a member of the Group or a holding company, or holding company acting in concert, of the Parent Guarantor.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">32.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Conditions of assignment or transfer</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Existing Lender shall consult with the Borrowers for no more than five Business Days with regards to an assignment or transfer by an Existing Lender, unless the assignment or transfer is:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">to another Lender or an Affiliate of a Lender;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">if the Existing Lender is a fund, to a fund which is a Related Fund; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">made at a time when a Default or a Sanctions Event is continuing, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 46.8pt;">in which cases an assignment by an Existing Lender may be done freely.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">An assignment will only be effective on:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to the Facility Agent) that the New Lender will assume the same obligations to the other Secured Parties as it would have been under if it were an Original Lender; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">performance by the Facility Agent of all necessary &#8220;know your customer&#8221; or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">A transfer will only be effective if the procedure set out in Clause 32.5 <i style="font-style:italic;">(Procedure for transfer) </i>is complied with.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">If:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">129</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause 14 <i style="font-style:italic;">(Tax Gross Up and Indemnities) </i>or Clause 15 <i style="font-style:italic;">(Increased Costs),</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">32.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Assignment or transfer fee</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The New Lender shall, on or before the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of $5,000 unless the assignment or transfer is to an Affiliate of the Existing Lender.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">32.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Limitation of responsibility of Existing Lenders</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents, the Transaction Security or any other documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the financial condition of any Transaction Obligor;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the performance and observance by any Transaction Obligor of its obligations under the Finance Documents or any other documents; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">and any representations or warranties implied by law are excluded.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each New Lender confirms to the Existing Lender and the other Finance Parties and the Secured Parties that it:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Transaction Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Finance Document or the Transaction Security; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">130</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">will continue to make its own independent appraisal of the creditworthiness of each Transaction Obligor and its related entities throughout the Security Period.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:46.8pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(c)</font></font>Nothing in any Finance Document obliges an Existing Lender to:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause 32 <i style="font-style:italic;">(Changes to the Lenders); </i>or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Transaction Obligor of its obligations under the Finance Documents or otherwise.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">32.5</b></font>Procedure for transfer</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to the conditions set out in Clause 32.2 <i style="font-style:italic;">(Conditions of assignment or transfer), </i>a transfer is effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with this Agreement and delivered in accordance with this Agreement, execute that Transfer Certificate.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary &#8220;know your customer&#8221; or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to Clause 32.9 <i style="font-style:italic;">(Pro rata interest settlement), </i>on the Transfer Date:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents and in respect of the Transaction Security, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their respective rights against one another under the Finance Documents and in respect of the Transaction Security shall be cancelled (being the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Discharged Rights and Obligations</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">);</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent, the Security Agent, each Mandated Lead Arranger, the Documentation Agent, the Sustainability Coordinator, the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Facility Agent, the Security Agent, the each Mandated Lead Arranger, the Documentation Agent, the Sustainability Coordinator, and the Existing Lenders shall each be released from further obligations to each other under the Finance Documents; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">131</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the New Lender shall become a Party as a &#8220;Lender&#8221;. </p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">32.6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Procedure for assignment</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to the conditions set out in Clause 32.2 <i style="font-style:italic;">(Conditions of assignment or transfer) </i>an assignment may be effected in accordance with paragraph (c) below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. The Facility Agent shall, subject to paragraph (b) below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary &#8220;know your customer&#8221; or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to Clause 32.9 <i style="font-style:italic;">(Pro rata interest settlement), </i>on the Transfer Date:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Existing Lender will be released from the obligations (the &#8220;<b style="font-weight:bold;">Relevant Obligations</b>&#8221;)<b style="font-weight:bold;"> </b>expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of the Transaction Security); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the New Lender shall become a Party as a &#8220;Lender&#8221; and will be bound by obligations equivalent to the Relevant Obligations.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Lenders may utilise procedures other than those set out in this Clause 32.6 <i style="font-style:italic;">(Procedure for assignment) </i>to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause 32.5 <i style="font-style:italic;">(Procedure for transfer), </i>to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) <b style="font-weight:bold;">provided that </b>they comply with the conditions set out in Clause 32.2 <i style="font-style:italic;">(Conditions of assignment or transfer).</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">32.7</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Copy of Transfer Certificate or Assignment Agreement to Borrowers</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Obligors a copy of that Transfer Certificate or Assignment Agreement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">32.8</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Security over Lenders&#8217; rights</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">In addition to the other rights provided to Lenders under this Clause 32 <i style="font-style:italic;">(Changes to the Lenders), </i>each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">132</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">except that no such charge, assignment or Security shall:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">32.9</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Pro rata interest settlement</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a <i style="font-style:italic;">&#8220;</i><i style="font-style:italic;">pro rata </i>basis&#8221; to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 32.5 <i style="font-style:italic;">(Procedure for transfer) </i>or any assignment pursuant to Clause 32.6 <i style="font-style:italic;">(Procedure for assignment) </i>the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period):</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date <b style="font-weight:bold;">(</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accrued Amounts</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 32.9 <i style="font-style:italic;">(Pro rata interest settlement), </i>have been payable to it on that date, but after deduction of the Accrued Amounts.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause 32.9 <i style="font-style:italic;">(Pro rata interest settlement) </i>but which does not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">32.10</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Replacement of Lender by Borrowers</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers may, at any time (other than where an Event of Default or a Potential Event of Default has occurred and is continuing) in respect of:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">133</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a Lender whose costs of funds charged to the Borrowers are (in the Borrowers&#8217; reasonable opinion) materially higher than those of the other Lenders generally;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a Lender which is a Defaulting Lender; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a Lender which is a Non-Consenting Lender, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">by giving 10 Business Days&#8217; notice to the Facility Agent and that Lender (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Outgoing Lender</b><b style="font-weight:bold;">&#8221;</b>) replace the Outgoing Lender by requiring it to (and the Outgoing Lender must) transfer in accordance with Clause 32.5 <i style="font-style:italic;">(Procedure for transfer) </i>all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank (a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Replacement Lender</b><b style="font-weight:bold;">&#8221;</b>) selected by the Borrowers and which is acceptable to the Facility Agent (acting reasonably) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of the Outgoing Lender&#8217;s Contribution and all accrued interest, break costs and other amounts payable in relation to that Contribution under this Agreement and the other Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any transfer of rights and obligations of an Outgoing Lender under this Clause is subject to the following conditions:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">neither the Facility Agent nor the Outgoing Lender will have any obligation to the Borrowers to find a Replacement Lender;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the transfer must take place no later than 10 Business Days after the Borrowers&#8217; notice referred to above; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in no event will the Outgoing Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Outgoing Lender under this Agreement and the other Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">33</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">CHANGES TO THE OBLIGORS</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">33.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Assignment or transfer by Obligors</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">33.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Additional Borrowers</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to compliance with the provisions of Clause 24.9 <i style="font-style:italic;">(</i><i style="font-style:italic;">&#8220;</i><i style="font-style:italic;">Know your customer</i><i style="font-style:italic;">&#8221;</i><i style="font-style:italic;"> checks), </i>a wholly and directly owned Subsidiary of the Parent Guarantor may become an Additional Borrower. That Subsidiary shall become an Additional Borrower if:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">it is incorporated in the same jurisdiction as the Original Borrowers or another jurisdiction acceptable to the Lenders. For the avoidance of doubt, the jurisdictions of the Approved Flag is acceptable to the Lenders;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">it owns an Accordion Ship or Accordion Ships which is (or will be) subject to Security for any Advance pursuant to this Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">it delivers to the Facility Agent a duly completed and executed Accession Deed; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">134</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Borrowers confirm that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent has received all of the documents and other evidence listed in paragraph 1 of Part A of Schedule 2 <i style="font-style:italic;">(Conditions Precedent) </i>in relation to that Additional Borrower, each in form and substance satisfactory to the Facility Agent provided that references in paragraph 1 of Part A of Schedule 2 <i style="font-style:italic;">(Conditions Precedent) </i>to &#8220;the Additional Borrower&#8221; or to any Ship or document relating to that Additional Borrower shall be deemed to relate solely to the Additional Borrower or Additional Borrowers named in the relevant Accession Deed.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Delivery of an Accession Deed pursuant to paragraph (a) above constitutes confirmation by the relevant Additional Borrower that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 12pt 10.79pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="display:none;line-height:0pt;margin:0pt 0pt 12pt 0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:0pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">135</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SECTION 11</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE FINANCE PARTIES</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">THE FACILITY AGENT, THE MANDATED LEAD ARRANGERS AND THE DOCUMENTATION AGENT</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Appointment of the Facility Agent</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each other Finance Party appoints the Facility Agent to act as its agent under and in connection with the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each other Finance Party authorises the Facility Agent to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under, or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Duties of the Facility Agent</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to paragraph (b) below, the Facility Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Facility Agent for that Party by any other Party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Without prejudice to Clause 32.7 <i style="font-style:italic;">(Copy of Transfer Certificate or Assignment Agreement to Borrowers), </i>paragraph (a) above shall not apply to any Transfer Certificate or to any Assignment Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Facility Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Finance Parties.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Facility Agent or a Mandated Lead Arranger or the Security Agent or the Documentation Agent) under this Agreement it shall promptly notify the other Finance Parties.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent&#8217;s duties under the Finance Documents are solely mechanical and administrative in nature.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Role of the Mandated Lead Arrangers, Sustainability Coordinator and Documentation Agent</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Except as specifically provided in the Finance Documents, neither the Documentation Agent, the Sustainability Coordinator nor any Mandated Lead Arranger has any obligations of any kind to any other Party under, or in connection with, any Finance Document.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">No fiduciary duties</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall not have any liability to any person in respect of its obligations and duties under this Agreement or the other Finance Documents except as expressly set out in</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">136</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Clause 34.5 <i style="font-style:italic;">(Application of receipts), </i>and as excluded or limited by Clauses 34.8 <i style="font-style:italic;">(Majority Lenders</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;"> instructions), </i>34.9 <i style="font-style:italic;">(Responsibility for documentation), </i>34.10 <i style="font-style:italic;">(Exclusion of liability), </i>34.11 <i style="font-style:italic;">(Lenders</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;"> indemnity to the Facility Agent) </i>and 34.18 <i style="font-style:italic;">(Full freedom to enter into transactions).</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The provisions of paragraph (a) above shall apply even if, notwithstanding and contrary to paragraph (a) above, any provision of this Agreement or any other Finance Document by operation of law has the effect of constituting the Facility Agent as a fiduciary.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Nothing in the Finance Documents constitutes the Facility Agent, either Mandated Lead Arranger or the Documentation Agent a trustee of any other person.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">None of the Facility Agent, the Security Agent, the Sustainability Coordinator nor either Mandated Lead Arranger nor the Documentation Agent shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Application of receipts</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Except as expressly stated to the contrary in any Finance Document, any moneys which the Facility Agent receives or recovers in its capacity as Facility Agent shall be applied by the Facility Agent in accordance with Clause 39.5 <i style="font-style:italic;">(Application of receipts; partial payments).</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Business with the Group</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Facility Agent, either Mandated Lead Arranger and the Documentation Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.7</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Rights and discretions of the Facility Agent</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent may rely on:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">no Default has occurred (unless it has actual knowledge of a Default arising under Clause 31.2 <i style="font-style:italic;">(Non-payment));</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any notice or request made by any Borrower (other than the Utilisation Request or a Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">137</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent may act in relation to the Finance Documents through its personnel and agents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor either Mandated Lead Arranger nor the Documentation Agent is obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.8</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Majority Lenders&#8217; instructions</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Unless a contrary indication appears in a Finance Document, the Facility Agent shall:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">exercise any right, power, authority or discretion vested in it as Servicing Party in accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as a Servicing Party); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Lenders.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In the absence of instructions from the Majority Lenders (or, if appropriate, the Lenders), the Facility Agent shall not be obliged to take any action (or refrain from taking action) (even if it considers acting or not acting to be in the best interests of the Lenders). The Facility Agent may act (or refrain from taking action) as it considers to be in the best interest of the Lenders.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent is not authorised to act on behalf of a Lender or Hedge Counterparty (without first obtaining that Lender&#8217;s or Hedge Counterparty&#8217;s consent) in any legal or arbitration proceedings relating to any Finance Document. This paragraph (e) shall not apply to any legal or arbitration proceedings relating to the perfection, preservation or protection of rights under the Transaction Security or Finance Documents creating Transaction Security.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.9</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Responsibility for documentation</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">Neither the Facility Agent nor either Mandated Lead Arranger nor the Documentation Agent:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Facility Agent, either Mandated Lead Arranger, the Documentation Agent, an Obligor or any other person given in, or in connection with, any Transaction Document;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">138</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.25pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Transaction Security or any other agreement, arrangement or document entered into or made or executed in anticipation of, or in connection with, any Transaction Document or the Transaction Security; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is responsible for any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.10</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Exclusion of liability</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Without limiting paragraph (b) below (and without prejudice to the provisions of paragraph (e) of Clause 39.11 <i style="font-style:italic;">(Disruption to Payment Systems etc.), </i>the Facility Agent will not be liable for any action taken by it under or in connection with any Finance Document or the Transaction Security, unless directly caused by its gross negligence or wilful misconduct.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Party other than the Facility Agent may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and each officer, employee or agent of the Facility Agent may rely on this Clause subject to Clause 1.5 <i style="font-style:italic;">(Third party rights) </i>and the provisions of the Third Parties Act.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by it for that purpose.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Nothing in this Agreement shall oblige the Facility Agent or either Mandated Lead Arranger or the Documentation Agent to carry out any &#8220;know your customer&#8221; or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Facility Agent, either Mandated Lead Arranger and the Documentation Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent, either Mandated Lead Arranger or the Documentation Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.11</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Lenders&#8217; indemnity to the Facility Agent</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Facility Agent, within three Business Days of demand, against any cost, loss or liability incurred by the Facility Agent (otherwise than by reason of its gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 39.11 <i style="font-style:italic;">(Disruption to Payment Systems etc.) </i>notwithstanding the Facility Agent&#8217;s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by an Obligor pursuant to a Finance Document).</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.12</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Resignation of the Facility Agent</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrowers.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">139</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Alternatively, the Facility Agent may resign by giving 30 days&#8217; notice to the other Finance Parties and the Borrowers, in which case the Majority Lenders may appoint a successor Facility Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph (b) above within 20 days after notice of resignation was given, the retiring Facility Agent may appoint a successor Facility Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions Facility Agent under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent&#8217;s resignation notice shall only take effect upon the appointment of a successor.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause 34 <i style="font-style:italic;">(The Facility Agent, the Mandated Lead Arrangers and the Documentation Agent) </i>and any other provisions of a Finance Document which are expressed to limit or exclude its liability in acting as Facility Agent. Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph (b) above. In this event, the Facility Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the Borrowers.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The consent of any Borrower (or any other Obligor) is not required for an assignment or transfer of rights and/or obligations by the Facility Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall resign in accordance with paragraph (b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Facility Agent pursuant to paragraph (c) above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility Agent under the Finance Documents, either:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent fails to respond to a request under Clause 14.7 <i style="font-style:italic;">(FATCA Information) </i>and a Borrower or a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the information supplied by the Facility Agent pursuant to Clause 14.7 <i style="font-style:italic;">(FATCA Information) </i>indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent notifies the Borrowers and the Lenders that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(j)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">and (in each case) the Borrowers or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">140</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Exempt Party, and the Borrowers or that Lender, by notice to the Facility Agent, requires it to resign.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.13</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Confidentiality</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In acting as Facility Agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If information is received by a division or department of the Facility Agent other than that division or department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as confidential to that division or department, and the Facility Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.14</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Relationship with the Lenders</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to Clause 32.9 <i style="font-style:italic;">(Pro rata interest settlement), </i>the Facility Agent may treat the person shown in its records as Lender or Hedge Counterparty at the opening of business (in the place of the Facility Agent&#8217;s principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office or, as the case may be, the Hedge Counterparty:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">entitled to or liable for any payment due under any Finance Document on that day; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">unless it has received not less than five Business Days&#8217; prior notice from that Lender or Hedge Counterparty to the contrary in accordance with the terms of this Agreement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Lender shall supply the Facility Agent with any information required by the Facility Agent in order to calculate the Mandatory Cost.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Lender and each Hedge Counterparty shall supply the Facility Agent with any information that the Security Agent may reasonably specify (through the Facility Agent) as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent. Each Lender and Hedge Counterparty shall deal with the Security Agent exclusively through the Facility Agent and shall not deal directly with the Security Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. Such notice shall contain the address, fax number and (where communication by electronic mail or other electronic means is permitted under Clause 41.5 <i style="font-style:italic;">(Electronic communication)) </i>electronic mail address and/or any other information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as notification of a substitute address, fax number, electronic mail address, department and officer by that Lender for the purposes of Clause 41.2 <i style="font-style:italic;">(Addresses) </i>and paragraph 41.5(a)(ii) of Clause 41.5 <i style="font-style:italic;">(Electronic communication) </i>and the Facility Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">141</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.15</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Credit appraisal by the Lenders</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender and Hedge Counterparty confirms to the Facility Agent, each Mandated Lead Arranger and the Documentation Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in connection with, any Finance Document including but not limited to:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the financial condition, status and nature of each member of the Group;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and the Transaction Security and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Finance Document or the Transaction Security, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the adequacy, accuracy and/or completeness of any information provided by the Facility Agent, any Party or by any other person under, or in connection with, any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the right or title of any person in or to or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.16</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Facility Agent&#8217;s management time</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any amount payable to the Facility Agent under Clause 16.5 <i style="font-style:italic;">(Indemnity to the Facility Agent), </i>Clause 18 <i style="font-style:italic;">(Costs and Expenses) </i>and Clause 34.11 <i style="font-style:italic;">(Lenders</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;"> indemnity to the Facility Agent) </i>shall include the cost of utilising the Facility Agent&#8217;s management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Facility Agent may notify to the Borrowers and the other Finance Parties, and is in addition to any fee paid or payable to the Facility Agent under Clause 13 <i style="font-style:italic;">(Fees).</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.17</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Deduction from amounts payable by the Facility Agent</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If any Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">142</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.18</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Full freedom to enter into transactions</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Notwithstanding any rule of law or equity to the contrary, the Facility Agent shall be absolutely entitled:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party to, or referred to in, a Finance Document);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to deal in and enter into and arrange transactions relating to:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any securities issued or to be issued by any Transaction Obligor or any other person; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any options or other derivatives in connection with such securities; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to provide advice or other services to any Borrower or any person who is a party to, or referred to in, a Finance Document, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">and, in particular, the Facility Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">34.19</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Amounts paid in error</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Facility Agent pays an amount to another Party and the Facility Agent notifies that Party that such payment was an Erroneous Payment then the Party to whom that amount was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:46.8pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(b)</font></font>Neither:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the obligations of any Party to the Facility Agent; nor</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the remedies of the Facility Agent, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 46.8pt;">(whether arising under this Clause 34.19 <i style="font-style:italic;">(Amounts paid in error) </i>or otherwise) which relate to an Erroneous Payment will be affected by any act, omission, matter or thing which, but for this paragraph (b), would reduce, release or prejudice any such obligation or remedy (whether or not known by the Facility Agent or any other Party).</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">All payments to be made by a Party to the Facility Agent (whether made pursuant to this Clause 34.19 <i style="font-style:italic;">(Amounts paid in error) </i>or otherwise)) which relate to an Erroneous Payment shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">143</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In this Agreement, <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Erroneous Payment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a payment of an amount by the Facility Agent to another Party which the Facility Agent determines (in its sole discretion) was made in error.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">THE SECURITY AGENT </p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Trust</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Security Agent declares that it shall hold the Security Property on trust for the Secured Parties on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause 35 <i style="font-style:italic;">(The Security Agent) </i>and the other provisions of the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each of the parties to this Agreement agrees that the Security Agent shall have only those duties, obligations and responsibilities expressly specified in this Agreement or in the Finance Documents (and no others shall be implied).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Security Agent shall not have any liability to any person in respect of its duties, obligations and responsibilities under this Agreement or the other Finance Documents except as expressly set out in paragraph (a) of Clause 35.1 <i style="font-style:italic;">(Trust) </i>and as excluded or limited by this Clause 35 <i style="font-style:italic;">(The Security Agent) </i>including in particular Clause 35.8 <i style="font-style:italic;">(Instructions to Security Agent and exercise of discretion), </i>Clause 35.13 <i style="font-style:italic;">(Responsibility for documentation), </i>Clause 35.14 <i style="font-style:italic;">(Exclusion of liability), </i>Clause 35.16 <i style="font-style:italic;">(Lenders</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;"> indemnity to the Security Agent), </i>Clause 35.24 <i style="font-style:italic;">(Business with the Group) </i>and Clause 35.29 <i style="font-style:italic;">(Full freedom to enter into transactions).</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Parallel Debt (Covenant to pay the Security Agent)</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its Parallel Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Parallel Debt of an Obligor:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">shall become due and payable at the same time as its Corresponding Debt;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is independent and separate from, and without prejudice to, its Corresponding Debt.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">For purposes of this Clause 35.2 <i style="font-style:italic;">(Parallel Debt (Covenant to pay the Security Agent))), </i>the Security Agent:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is the independent and separate creditor of each Parallel Debt;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">acts in its own name and not as agent, representative or trustee of the Finance Parties and its claims in respect of each Parallel Debt shall not be held on trust; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">shall have the independent and separate right to demand payment of each Parallel Debt in its own name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in any kind of insolvency proceeding).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Parallel Debt of an Obligor shall be:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or discharged; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">144</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">increased to the extent that its Corresponding Debt has increased, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 12pt 72pt;">and the Corresponding Debt of an Obligor shall be:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">increased to the extent that its Parallel Debt has increased, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 36pt;">in each case provided that the Parallel Debt of an Obligor shall never exceed its Corresponding Debt.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">All amounts received or recovered by the Security Agent in connection with this Clause 35.2 <i style="font-style:italic;">(Parallel Debt (Covenant to pay the </i>Security Agent)) to the extent permitted by applicable law, shall be applied in accordance with Clause 39.5 (Application of receipts; partial payments).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Clause 35.2 <i style="font-style:italic;">(Parallel Debt (Covenant to pay the Security Agent)) </i>shall apply, with any necessary modifications, to each Finance Document.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">No independent power</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Secured Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any rights or powers arising under the Finance Documents creating the Transaction Security except through the Security Agent.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Application of receipts</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Except as expressly stated to the contrary in any Finance Document, any moneys which the Security Agent receives or recovers and which are, or are attributable to, Security Property (for the purposes of this Clause 35 <i style="font-style:italic;">(The Security Agent), </i>the &#8220;<b style="font-weight:bold;">Recoveries</b>&#8221;) shall be transferred to the Facility Agent for application in accordance with Clause 39.5 <i style="font-style:italic;">(Application of receipts; partial payments).</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Paragraph (a) above is without prejudice to the rights of the Security Agent, each Receiver and each Delegate:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">under Clause 16.6 <i style="font-style:italic;">(Indemnity to the Security Agent) </i>to be indemnified out of the Charged Property; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">under any Finance Document to credit any moneys received or recovered by it to any suspense account.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any transfer by the Security Agent to the Facility Agent in accordance with paragraph (a) above shall be a good discharge, to the extent of that payment, by the Security Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph (a) of this Clause 35.4 <i style="font-style:italic;">(Application of receipts) </i>in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Deductions from receipts</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Before transferring any moneys to the Facility Agent under Clause 35.4 <i style="font-style:italic;">(Application of receipts), </i>the Security Agent may, in its discretion:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">145</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">deduct any sum then due and payable under this Agreement or any other Finance Documents to the Security Agent or any Receiver or Delegate and retain that sum for itself or, as the case may require, pay it to another person to whom it is then due and payable;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made by it under this Agreement; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">pay all Taxes which may be assessed against it in respect of any of the Security Property, or as a consequence of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">For the purposes of paragraph (a)(i) above, if the Security Agent has become entitled to require a sum to be paid to it on demand, that sum shall be treated as due and payable, even if no demand has yet been served.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Prospective liabilities</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Following acceleration of any of the Transaction Security, the Security Agent may, in its discretion, or at the request of the Facility Agent, hold any Recoveries in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) for later payment to the Facility Agent for application in accordance with Clause 39.5 <i style="font-style:italic;">(Application of receipts; partial payments) </i>in respect of:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any sum to the Security Agent, any Receiver or any Delegate; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any part of the Secured Liabilities, </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">that the Security Agent or, in the case of paragraph (b) only, the Facility Agent, reasonably considers, in each case, might become due or owing at any time in the future.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.7</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Investment of proceeds</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Prior to the payment of the proceeds of the Recoveries to the Facility Agent for application in accordance with Clause 39.5 <i style="font-style:italic;">(Application of receipts; partial payments) </i>the Security Agent may, in its discretion, hold all or part of those proceeds in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) pending the payment from time to time of those moneys in the Security Agent&#8217;s discretion in accordance with the provisions of this Clause 35.7 <i style="font-style:italic;">(Investment of proceeds).</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.8</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Instructions to Security Agent and exercise of discretion</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to paragraph (d) below, the Security Agent shall act in accordance with any instructions given to it by the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) or, if so instructed by the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)), refrain from</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">146</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">exercising any right, power, authority or discretion vested in it as Security Agent and shall be entitled to assume that:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any instructions received by it from the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) are duly given in accordance with the terms of the Finance Documents; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">unless it has received actual notice of revocation, that those instructions or directions have not been revoked.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Security Agent shall be entitled to request instructions, or clarification of any direction, from the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) as to whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities and discretions and the Security Agent may refrain from acting unless and until those instructions or clarification are received by it.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any instructions given to the Security Agent by the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) shall override any conflicting instructions given by any other Party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Paragraph (a) above shall not apply:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">where a contrary indication appears in this Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">where this Agreement requires the Security Agent to act in a specified manner or to take a specified action;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in respect of any provision which protects the Security Agent&#8217;s own position in its personal capacity as opposed to its role of Security Agent for the Secured Parties including, without limitation, the provisions set out in Clauses 35.10 <i style="font-style:italic;">(Security Agent</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;">s discretions) </i>to Clause 35.29 <i style="font-style:italic;">(Full freedom to enter into transactions); </i>and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in respect of the exercise of the Security Agent&#8217;s discretion to exercise a right, power or authority under any of Clause 35.5 <i style="font-style:italic;">(Deductions from receipts) </i>and Clause 35.6 <i style="font-style:italic;">(Prospective liabilities).</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.9</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Security Agent&#8217;s Actions</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Without prejudice to the provisions of Clause 35.4 <i style="font-style:italic;">(Application of receipts), </i>the Security Agent may (but shall not be obliged to), in the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.10</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Security Agent&#8217;s discretions</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Security Agent may:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">assume (unless it has received actual notice to the contrary from the Facility Agent) that (i) no Default has occurred and no Obligor is in breach of or default under its obligations under any of the Finance Documents and (ii) any right, power, authority or discretion vested by any Finance Document in any person has not been exercised;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">147</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any notice or request made by any Borrower (other than the Utilisation Request or a Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if it receives any instructions or directions to take any action in relation to the Transaction Security, assume that all applicable conditions under the Finance Documents for taking that action have been satisfied;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers, surveyors or other experts (whether obtained by the Security Agent or by any other Secured Party) whose advice or services may at any time seem necessary, expedient or desirable;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">act in relation to the Finance Documents through its personnel and agents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vi)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">disclose to any other Party any information it reasonably believes it has received as security agent under this Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">rely upon any communication or document believed by it to be genuine and, as to any matters of fact which might reasonably be expected to be within the knowledge of a Secured Party or an Obligor, upon a certificate signed by or on behalf of that person; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(viii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">refrain from acting in accordance with the instructions of any Party (including bringing any legal action or proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or security that it may in its discretion require (whether by way of payment in advance or otherwise) for all costs, losses and liabilities which it may incur in so acting.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.11</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Security Agent&#8217;s obligations</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Security Agent shall promptly:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">copy to the Facility Agent the contents of any notice or document received by it from any Obligor under any Finance Document;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party provided that, except where a Finance Document expressly provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">inform the Facility Agent of the occurrence of any Default or any default by a Debtor in the due performance of or compliance with its obligations under any Finance Document of which the Security Agent has received notice from any other party to this Agreement.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">148</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.12</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Excluded obligations</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent shall not:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">be bound to enquire as to (i) whether or not any Default has occurred or (ii) the performance, default or any breach by a Transaction Obligor of its obligations under any of the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">be bound to account to any other Party for any sum or the profit element of any sum received by it for its own account;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">be bound to disclose to any other person (including but not limited to any Secured Party) (i) any confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">have or be deemed to have any relationship of trust or agency with, any Obligor.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.13</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Responsibility for documentation</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">None of the Security Agent, any Receiver nor any Delegate shall accept responsibility or be liable for:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security Agent or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Security Property;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any losses to any person or any liability arising as a result of taking or refraining from taking any action in relation to any of the Finance Documents, the Security Property or otherwise, whether in accordance with an instruction from the Facility Agent or otherwise unless directly caused by its gross negligence or wilful misconduct;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection with any of the Finance Documents, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, the Finance Documents or the Security Property; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any shortfall which arises on the enforcement or realisation of the Security Property.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.14</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Exclusion of liability</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Without limiting Clause 35.15 <i style="font-style:italic;">(No proceedings), </i>none of the Security Agent, any Receiver or any Delegate will be liable for any action taken by it or not taken by it under or in connection with any Finance Document or the Transaction Security, unless directly caused by its gross negligence or wilful misconduct.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">149</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Security Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by it for that purpose.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Nothing in this Agreement shall oblige the Security Agent to carry out any &#8220;know your customer&#8221; or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Security Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.15</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">No proceedings</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Party (other than the Security Agent, that Receiver or that Delegate) may take any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Security Property and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.5 <i style="font-style:italic;">(Third party rights) </i>and the provisions of the Third Parties Rights Act.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.16</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Lenders&#8217; indemnity to the Security Agent</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Security Agent and every Receiver and every Delegate, within three Business Days of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the relevant Security Agent&#8217;s, Receiver&#8217;s or Delegate&#8217;s gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under the Finance Documents (unless the relevant Security Agent, Receiver or Delegate has been reimbursed by a Transaction Obligor pursuant to a Finance Document).</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.17</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Security Agent&#8217;s management time</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any amount payable to the Security Agent under Clause 16.6 <i style="font-style:italic;">(Indemnity to the Security Agent), </i>Clause 18 <i style="font-style:italic;">(Costs and </i>Expenses) and Clause 35.16 (<i style="font-style:italic;">Lenders</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;"> indemnity to the Security Agent</i>) shall include the cost of utilising the Security Agent&#8217;s management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Security Agent may notify to the Borrowers and the other Finance Parties, and is in addition to any fee paid or payable to the Security Agent under Clause 13 (<i style="font-style:italic;">Fees</i>).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Without prejudice to paragraph (a) above, in the event of:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a Default;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Security Agent being requested by an Obligor or the Majority Lenders to undertake duties which the Security Agent and the Borrowers agree to be of an exceptional nature or outside the scope of the normal duties of the Security Agent under the Finance Documents; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Security Agent and the Borrowers agreeing that it is otherwise appropriate in the circumstances,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">150</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">the Borrowers shall pay to the Security Agent any additional remuneration (together with any applicable VAT) that may be agreed between them or determined pursuant to paragraph (c) below.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Security Agent and the Borrowers fail to agree upon the nature of the duties, or upon the additional remuneration referred to in paragraph (b) above or whether additional remuneration is appropriate in the circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent and approved by the Borrowers or, failing approval, nominated (on the application of the Security Agent) by the President for the time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by the Borrowers) and the determination of any investment bank shall be final and binding upon the Parties.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.18</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Own responsibility</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Secured Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the financial condition, status and nature of each member of the Group;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the legality, validity, effectiveness, adequacy and enforceability of any Finance Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Security Property;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the Security Property, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Security Property;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the adequacy, accuracy and/or completeness of any information provided by the Security Agent or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property, and each Secured Party warrants to the Security Agent that it has not relied on and will not at any time rely on the Security Agent in respect of any of these matters.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.19</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">No responsibility to perfect Transaction Security</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Security Agent shall not be liable for any failure to:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">require the deposit with it of any deed or document certifying, representing or constituting the title of any Transaction Obligor to any of the Charged Property;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">151</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any of the Finance Documents or the Transaction Security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of the Finance Documents or of the Transaction Security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">take, or to require any of the Transaction Obligors to take, any steps to perfect its title to any of the Charged Property or to render the Transaction Security effective or to secure the creation of any ancillary Security under the laws of any jurisdiction; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">require any further assurances in relation to any of the Finance Documents creating the Transaction Security.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.20</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Insurance by Security Agent</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Security Agent shall not be under any obligation to insure any of the Charged Property, to require any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the Finance Documents. The Security Agent shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy of any such insurance.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Where the Security Agent is named on any insurance policy as an insured party, it shall not be responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Facility Agent shall have requested it to do so in writing and the Security Agent shall have failed to do so within 14 days after receipt of that request.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.21</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Custodians and nominees</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any assets of the trust as the Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.22</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Acceptance of title</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the Transaction Obligors may have to any of the Charged Property and shall not be liable for or bound to require any Transaction Obligor to remedy any defect in its right or title.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.23</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Refrain from illegality</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent may refrain from doing anything which in its opinion will or may be contrary to any relevant law, directive or regulation of any jurisdiction and the Security Agent may do</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">152</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">anything which is, in its opinion, necessary to comply with any such law, directive or regulation.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.24</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Business with the Group</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.25</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Winding up of trust</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If the Security Agent, with the approval of the Facility Agent determines that (a) all of the Secured Liabilities and all other obligations secured by the Finance Documents creating the Transaction Security have been fully and finally discharged and (b) none of the Secured Parties is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Obligor pursuant to the Finance Documents:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Finance Documents creating the Transaction Security; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Retiring Security Agent shall release, without recourse or warranty, all of its rights under each of the Finance Documents creating the Transaction Security.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.26</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Powers supplemental</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The rights, powers and discretions conferred upon the Security Agent by this Agreement shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by general law or otherwise.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.27</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Trustee division separate</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In acting as trustee for the Secured Parties, the Security Agent shall be regarded as acting through its trustee division which shall be treated as a separate entity from any of its other divisions or departments.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If information is received by another division or department of the Security Agent, it may be treated as confidential to that division or department and the Security Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.28</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Disapplication</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">In addition to its rights under or by virtue of this Agreement and the other Finance Documents, the Security Agent shall have all the rights conferred on a trustee by the Trustee Act 1925, the Trustee Delegation Act 1999, the Trustee Act 2000 and by general law or otherwise, provided that:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement and the other Finance Documents; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">where there are any inconsistencies between (i) the Trustee Acts 1925 and 2000 and (ii) the provisions of this Agreement and any other Finance Document, the provisions of this Agreement and any other Finance Document shall, to the extent allowed by law, prevail and,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">153</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">in the case of any inconsistency with the Trustee Act 2000, such provisions shall constitute a restriction or exclusion for the purposes of the Trustee Act 2000.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.29</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Full freedom to enter into transactions</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Notwithstanding any rule of law or equity to the contrary, the Security Agent shall be absolutely entitled:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party to, or referred to in, a Finance Document);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to deal in and enter into and arrange transactions relating to:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any securities issued or to be issued by any Transaction Obligor or any other person; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any options or other derivatives in connection with such securities; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to provide advice or other services to any Borrower or any person who is a party to, or referred to in, a Finance Document, and, in particular, each Servicing Party shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.30</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Resignation of the Security Agent</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Security Agent may resign and appoint one of its affiliates as successor by giving notice to the Borrowers and each Finance Party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Alternatively the Security Agent may resign by giving notice to the other Parties in which case the Majority Lenders may appoint a successor Security Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph (b) above within 30 days after the notice of resignation was given, the Security Agent (after consultation with the Facility Agent) may appoint a successor Security Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The retiring Security Agent (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Retiring Security Agent</b><b style="font-weight:bold;">&#8221;</b>) shall, at its own cost, make available to the successor Security Agent such documents and records and provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security Agent under the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Security Agent&#8217;s resignation notice shall only take effect upon (i) the appointment of a successor and (ii) the transfer, by way of a document expressed as a deed, of all of the Security Property to that successor.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">154</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Upon the appointment of a successor, the Retiring Security Agent shall be discharged, by way of a document executed as a deed, from any further obligation in respect of the Finance Documents (other than its obligations under paragraph 35.25(b) of Clause 35.25 <i style="font-style:italic;">(Winding up of trust) </i>and under paragraph (d) above) but shall, in respect of any act or omission by it whilst it was the Security Agent, remain entitled to the benefit of Clause 35 <i style="font-style:italic;">(The Security Agent), </i>Clause 16.6 <i style="font-style:italic;">(Indemnity to the Security Agent), </i>Clause 35.16 <i style="font-style:italic;">(Lenders</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;"> indemnity to the Security Agent) </i>and any other provisions of a Finance Document which are expressed to limit or exclude its liability in acting as Security Agent. Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had been an original Party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph (b) above. In this event, the Security Agent shall resign in accordance with paragraph (b) above but the cost referred to in paragraph (d) above shall be for the account of the Borrowers.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The consent of any Borrower (or any other Obligor) is not required for an assignment or transfer of rights and/or obligations by the Security Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.31</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Delegation</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each of the Security Agent, any Receiver and any Delegate may, at anytime, delegate by power of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any of the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit in the interests of the Secured Parties and it shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any such delegate or sub delegate.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">35.32</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Additional Security Agents</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">if it considers that appointment to be in the interests of the Secured Parties; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">for the purposes of conforming to any legal requirements, restrictions or conditions which the Security Agent deems to be relevant; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">for obtaining or enforcing any judgment in any jurisdiction, and the Security Agent shall give prior notice to the Borrowers and the Facility Agent of that appointment.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred on the Security Agent by this Agreement) and the duties and obligations that are conferred or imposed by the instrument of appointment.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any applicable VAT) incurred by that person in performing its functions</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">155</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">pursuant to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">36</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">CONDUCT OF BUSINESS BY THE FINANCE PARTIES </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No provision of this Agreement will:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">37</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">CONTRACTUAL RECOGNITION OF BAIL-IN</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Bail-In Action in relation to any such liability, including (without limitation):</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">a cancellation of any such liability; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">38</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">SHARING AMONG THE FINANCE PARTIES </p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">38.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Payments to Finance Parties</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If a Finance Party (a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Recovering Finance Party</b><b style="font-weight:bold;">&#8221;</b>)<b style="font-weight:bold;"> </b>receives or recovers any amount from an Obligor other than in accordance with Clause 39 (<i style="font-style:italic;">Payment Mechanics</i>)<i style="font-style:italic;"> </i>(<i style="font-style:italic;">a </i><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Recovered Amount</b><b style="font-weight:bold;">&#8221;</b>)<b style="font-weight:bold;"> </b>and applies that amount to a payment due to it under the Finance Documents then:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Facility Agent;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed in accordance with Clause 39 (<i style="font-style:italic;">Payment Mechanics</i>)<i style="font-style:italic;">, </i>without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">156</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sharing Payment</b><b style="font-weight:bold;">&#8221;</b>)<b style="font-weight:bold;"> </b>equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause 39.5 (<i style="font-style:italic;">Application of receipts; partial payments</i>)<i style="font-style:italic;">.</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">38.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Redistribution of payments</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Facility Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it among the Finance Parties (other than the Recovering Finance Party) (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sharing Finance Parties</b><b style="font-weight:bold;">&#8221;</b>)<b style="font-weight:bold;"> </b>in accordance with Clause 39.5 (<i style="font-style:italic;">Application of receipts; partial payments</i>)<i style="font-style:italic;">; partial payments</i>)<i style="font-style:italic;"> </i>towards the obligations of that Obligor to the Sharing Finance Parties.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">38.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Recovering Finance Party&#8217;s rights</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">On a distribution by the Facility Agent under Clause 38.2 (<i style="font-style:italic;">Redistribution of payments</i>)<i style="font-style:italic;"> </i>of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">38.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Reversal of redistribution</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Redistributed Amount</b><b style="font-weight:bold;">&#8221;</b>);<b style="font-weight:bold;"> </b>and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">38.5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Exceptions</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Clause 37 (<i style="font-style:italic;">Contractual recognition of bail-in</i>)<i style="font-style:italic;"> </i>shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">it notified that other Finance Party of the legal or arbitration proceedings; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">157</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SECTION 12</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">ADMINISTRATION</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">39</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">PAYMENT MECHANICS</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">39.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Payments to the Facility Agent</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make an amount equal to such payment available to the Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Payment shall be made to such account in the principal financial centre of the country of that currency and with such bank as the Facility Agent, in each case, specifies.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">39.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Distributions by the Facility Agent</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause 39.3 <i style="font-style:italic;">(Distributions to an Obligor) </i>and Clause 39.4 <i style="font-style:italic;">(Clawback and pre-funding) </i>be made available by the Facility Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five Business Days&#8217; notice with a bank specified by that Party in the principal financial centre of the country of that currency, as specified by that Party or, in the case of an advance of the Loan, to such account of such person as may be specified by the Borrowers in the Utilisation Request.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">39.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Distributions to an Obligor</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Facility Agent may (with the consent of the Obligor or in accordance with Clause 40 <i style="font-style:italic;">(Set-Off)) </i>apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">39.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Clawback and pre-funding</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Unless paragraph (c) below applies, if the Facility Agent pays an amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Facility Agent is willing to make available amounts for the account of the Borrowers before receiving funds from the Lenders then if and to the extent that the Facility Agent does</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">158</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Borrowers:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Borrowers shall on demand refund it to the Facility Agent; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Lender by whom those funds should have been made available or, if the Lender fails to do so, the Borrowers to whom that sum was made available, shall on demand pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">39.5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Application of receipts; partial payments</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to paragraph (b) below and except as any Finance Document may otherwise provide, any payment that is received or recovered by any Finance Party under, in connection with, or pursuant to any Finance Document shall be paid to the Facility Agent which shall apply the same in the following order:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(i)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">first, </b>in or towards payment of any amounts then due and payable under any of the Finance Documents (not including any Hedging Agreement);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(ii)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">secondly, </b>in retention by the Security Agent of an amount equal to any amount not then payable under any Finance Document (not including any Hedging Agreement) but which the Facility Agent, by notice to the Borrowers and the other Finance Parties, states in its opinion will or may become payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(iii)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">thirdly, </b>in or towards payment of any amounts then due and payable under any Hedging Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(iv)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">fourthly, </b>in retention by the Security Agent of an amount equal to any amount not then payable under any Hedging Agreement but which the Facility Agent, by notice to the Borrowers and the other Finance Parties, states in its opinion will or may become payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(v)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">fifthly, </b>any surplus shall be paid to the Borrowers or to any other person who appears to be entitled to it.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Facility Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(i)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">first, </b>in or towards payment <i style="font-style:italic;">pro rata </i>of any unpaid fees, costs and expenses of, and any other amounts owing to, the Facility Agent, the Security Agent, any Receiver and any Delegate under the Finance Documents (not including any Hedging Agreement);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(ii)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">secondly, </b>in or towards payment of any accrued interest and fees due but unpaid to the Lenders under this Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(iii)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">thirdly, </b>in or towards payment of any principal due but unpaid to the Lenders under this Agreement;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">159</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(iv)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">fourthly, </b>in or towards payment <i style="font-style:italic;">pro rata </i>of any other sum due to any Finance Party but unpaid under the Finance Documents (not including any Hedging Agreement);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(v)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">fifthly, </b>in or towards payment <i style="font-style:italic;">pro rata </i>of any unpaid fees, costs and expenses of, and any other amounts owing to any Hedge Counterparty under any Hedging Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(vi)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">sixthly, </b>in or towards payment of any periodical payments (not being payments as a result of termination or closing out) due but unpaid to the Hedge Counterparties under the Hedging Agreements; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">(vii)</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">seventhly, </b>in or towards payment of any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under the Hedging Agreements.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall, if so directed by the Majority Lenders and the Hedge Counterparties, vary, or instruct the Security Agent to vary (as applicable), the order set out in paragraphs (b)(ii) to (b)(vii) above.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Paragraphs (a), (b) and (c) above will override any appropriation made by an Obligor.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">39.6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">No set-off by Obligors</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Paragraph (a) above shall not affect the operation of any payment or close-out netting in respect of any amounts owing under any Hedging Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">39.7</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Business Days</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">39.8</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Currency of account</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to paragraphs (b) and (c) below, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">39.9</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Change of currency</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">160</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Facility Agent (after consultation with the Borrowers); and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the Facility Agent (acting reasonably).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting reasonably and after consultation with the Borrowers) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the Relevant Interbank Market and otherwise to reflect the change in currency.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">39.10</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Currency Conversion</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">For the purpose of, or pending any payment to be made by any Servicing Party under any Finance Document, such Servicing Party may convert any moneys received or recovered by it from one currency to another, at a market rate of exchange.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">39.11</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Disruption to Payment Systems etc.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by a Borrower that a Disruption Event has occurred:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent may, and shall if requested to do so by a Borrower, consult with the Borrowers with a view to agreeing with the Borrowers such changes to the operation or administration of the Facilities as the Facility Agent may deem necessary in the circumstances;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent shall not be obliged to consult with the Borrowers in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any such changes agreed upon by the Facility Agent and the Borrowers shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause 46 <i style="font-style:italic;">(Amendments and Waivers);</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause 39.11 <i style="font-style:italic;">(Disruption to Payment Systems etc.); </i>and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">161</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">40</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">SET-OFF</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">A Finance Party may set off any obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation. If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">41</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">NOTICES</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">41.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Communications in writing</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">41.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Addresses</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The address and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents are:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of the Borrowers, that specified in Schedule 1 <i style="font-style:italic;">(The Parties);</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of each Lender, each Hedge Counterparty or any other Obligor, that specified in Schedule 1 <i style="font-style:italic;">(The Parties) </i>or, if it becomes a Party after the date of this Agreement, that notified in writing to the Facility Agent on or before the date on which it becomes a Party;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of the Facility Agent, that specified in Schedule 1 <i style="font-style:italic;">(The Parties); </i>and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in the case of the Security Agent, that specified in Schedule 1 <i style="font-style:italic;">(The Parties), </i>or any substitute address, fax number or department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other Parties, if a change is made by the Facility Agent) by not less than five Business Days&#8217; notice.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">41.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Delivery</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if by way of fax, when received in legible form; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, and, if a particular department or officer is specified as part of its address details provided under Clause 41.2 <i style="font-style:italic;">(Addresses), </i>if addressed to that department or officer.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">162</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any communication or document to be made or delivered to a Servicing Party will be effective only when actually received by that Servicing Party and then only if it is expressly marked for the attention of the department or officer of that Servicing Party specified in Schedule 1 (<i style="font-style:italic;">The Parties</i>) (or any substitute department or officer as that Servicing Party shall specify for this purpose).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">All notices from or to an Obligor shall be sent through the Facility Agent unless otherwise specified in any Finance Document.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any communication or document made or delivered to the Borrowers in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any communication or document which becomes effective, in accordance with paragraphs (a) to (d) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">41.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Notification of address and fax number</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Promptly upon receipt of notification of an address and fax number or change of address or fax number pursuant to Clause 41.2 <i style="font-style:italic;">(Addresses) </i>or changing its own address or fax number, the Facility Agent shall notify the other Parties.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">41.5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Electronic communication</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means, to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication and if those two Parties:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">notify each other of any change to their address or any other such information supplied by them by not less than five Business Days&#8217; notice.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any electronic communication made between those two Parties will be effective only when actually received in readable form and in the case of any electronic communication made by a Party to the Facility Agent only if it is addressed in such a manner as the Facility Agent shall specify for this purpose.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any electronic communication which becomes effective, in accordance with paragraph (b) above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">All Finance Parties confirm that they have consented to the use of the Facility Agent&#8217;s Debtdomain systems as an accepted method of communication under or in connection with the Finance Documents and agree that the Debtdomain system (or another electronic collaborative website) will be the primary method of communication between the Facility Agent and the other Finance Parties. The Finance Parties acknowledge that a communication via Debtdomain (or such other electronic collaborative website) will be effective once the communication is posted (in a readable form) to Debtdomain (or such other electronic collaborative website) by the Facility Agent.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">163</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">41.6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">English language</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any notice given under or in connection with any Finance Document must be in English.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">All other documents provided under or in connection with any Finance Document must be:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in English; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if not in English, and if so required by the Facility Agent, accompanied by a certified English translation prepared by a translator approved by the Facility Agent and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">41.7</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Hedging Agreement</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Notwithstanding anything in Clause 1.1 (<i style="font-style:italic;">Definitions</i>)<i style="font-style:italic;">, </i>references to the Finance Documents or a Finance Document in this clause do not include any Hedging Agreement entered into by the Borrowers with the Hedge Counterparty in connection with the Facilities.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">42</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">CALCULATIONS AND CERTIFICATES</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">42.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Accounts</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are <i style="font-style:italic;">prima facie </i>evidence of the matters to which they relate.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">42.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Certificates and determinations</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">42.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Day count convention and interest calculation</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any interest, commission or fee accruing under a Finance Document will accrue from day to day and the amount of any such interest, commission or fee is calculated:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">subject to paragraph (b) below, without rounding.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The aggregate amount of any accrued interest, commission or fee which is, or becomes, payable by an Obligor under a Finance Document shall be rounded to two decimal places.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">42.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Partial Invalidity</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality,</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">164</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">43</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">REMEDIES AND WAIVERS</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No failure to exercise, nor any delay in exercising, on the part of any Secured Party, any right or remedy under the Finance Documents shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. No election to affirm any of the Finance Documents on the part of a Secured Party shall be effective unless it is in writing. No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">44</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">SETTLEMENT OR DISCHARGE CONDITIONAL</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any settlement or discharge under any Finance Document between any Finance Party and any Obligor shall be conditional upon no security or payment to any Finance Party by any Obligor or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or otherwise.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">45</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">IRREVOCABLE PAYMENT</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If the Facility Agent considers that an amount paid or discharged by, or on behalf of, an Obligor or by any other person in purported payment or discharge of an obligation of that Obligor to a Finance Party under the Finance Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Obligor or otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">46</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">AMENDMENTS AND WAIVERS</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">46.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Required consents</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to Clause 46.2 (<i style="font-style:italic;">All Lender matters</i>)<i style="font-style:italic;"> </i>and Clause 46.3 (<i style="font-style:italic;">Other exceptions</i>)<i style="font-style:italic;"> </i>any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and, in the case of an amendment, the Obligors and any such amendment or waiver will be binding on all Parties.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause 46 (<i style="font-style:italic;">Amendments and Waivers</i>).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Without prejudice to the generality of Clause 34.7 (<i style="font-style:italic;">Rights and discretions of the Facility Agent</i>)<i style="font-style:italic;"> </i>and Clause 35.10 (<i style="font-style:italic;">Security Agent</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;">s discretions</i>)<i style="font-style:italic;">, </i>the Facility Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for and effecting any amendment, waiver or consent under this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">46.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">All Lender matters</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Subject to Clause 46.4 (<i style="font-style:italic;">Changes to reference rates</i>),<i style="font-style:italic;"> </i>an amendment of or waiver or consent in relation to any term of any Finance Document that has the effect of changing or which relates to:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">165</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the definition of &#8220;Majority Lenders&#8221;, &#8220;Relevant Person&#8221;, &#8220;Restricted Party&#8221;, &#8220;Sanctions Authority&#8221;, &#8220;Sanctions Event&#8221; &#8220;Sanctions Laws&#8221; or &#8220;Sanctions List&#8221; in Clause 1.1 (<i style="font-style:italic;">Definitions</i>);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a postponement to or extension of the date of payment of any amount under the Finance Documents (other than in relation to Clause 8.4 (<i style="font-style:italic;">Voluntary prepayment of Loan</i>)<i style="font-style:italic;"> </i>in respect of a prepayment made pursuant to Clause 29.2 (<i style="font-style:italic;">Provision of additional security; prepayment</i>)<i style="font-style:italic;">, </i>Clause 8.6 (<i style="font-style:italic;">Mandatory prepayment on sale or Total Loss</i>)<i style="font-style:italic;"> </i>or Clause 8.7 (<i style="font-style:italic;">Mandatory prepayment of Hedging Payment Proceeds</i>)<i style="font-style:italic;">;</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a reduction in the Margin or the amount of any payment of principal, interest, fees or commission payable;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a change in currency of payment of any amount under the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">an increase in any Commitment or the Total Commitments, an extension of any Availability Period or any requirement that a cancellation of Commitments reduces the Commitments rateably under the Facility;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a change to any Obligor;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any provision which expressly requires the consent of all the Lenders;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">this Clause 46 (<i style="font-style:italic;">Amendments and Waivers</i>)<i style="font-style:italic;">;</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any change to the preamble (Background), Clause 2 (<i style="font-style:italic;">The Facilities</i>)<i style="font-style:italic;">, </i>Clause 3 (<i style="font-style:italic;">Purpose</i>)<i style="font-style:italic;">, </i>Clause 5 (<i style="font-style:italic;">Utilisation</i>)<i style="font-style:italic;">, </i>Clause 10 (<i style="font-style:italic;">Interest</i>)<i style="font-style:italic;">, </i>Clause 23.34 (<i style="font-style:italic;">Sanctions</i>)<i style="font-style:italic;">, </i>Clause 26.22 (<i style="font-style:italic;">Sanctions and use of proceeds</i>)<i style="font-style:italic;">, </i>Clause 26.23 (<i style="font-style:italic;">Information: sanctions</i>)<i style="font-style:italic;">, </i>Clause 30 (<i style="font-style:italic;">Application of Earnings</i>)<i style="font-style:italic;">, </i>Clause 31.10 (<i style="font-style:italic;">Ownership of the Obligors</i>)<i style="font-style:italic;">, </i>Clause 32 (<i style="font-style:italic;">Changes to the Lenders</i>)<i style="font-style:italic;">, </i>Clause 50 (<i style="font-style:italic;">Governing Law</i>)<i style="font-style:italic;"> </i>or Clause 51 (<i style="font-style:italic;">Enforcement</i>)<i style="font-style:italic;">;</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(j)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any release of, or material variation to, any Transaction Security, guarantee, indemnity or subordination arrangement set out in a Finance Document (except in the case of a release of Transaction Security as it relates to the disposal of an asset which is the subject of the Transaction Security and where such disposal is expressly permitted by the Majority Lenders or otherwise under a Finance Document);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(k)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(other than as expressly permitted by the provisions of any Finance Document), the nature or scope of:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the guarantees and indemnities granted under Clause 19 (<i style="font-style:italic;">Guarantee and Indemnity </i><i style="font-family:'Arial','Helvetica','sans-serif';font-style:italic;">&#8211;</i><i style="font-style:italic;"> Guarantors) </i>or Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity </i><i style="font-family:'Arial','Helvetica','sans-serif';font-style:italic;">&#8211;</i><i style="font-style:italic;"> Hedge Guarantors</i>)<i style="font-style:italic;"> </i>and the joint and several liability of the Guarantors under Clause 20 (<i style="font-style:italic;">Joint and Several Liability of the Guarantors</i>)<i style="font-style:italic;"> </i>and Clause 21 (<i style="font-style:italic;">Joint and Several Liability of the Borrowers</i>)<i style="font-style:italic;">;</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Charged Property; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the manner in which the proceeds of enforcement of the Transaction Security are distributed, (except in the case of paragraphs (ii) and (iii) above, insofar as it relates to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document);</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">166</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(l)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the release of the guarantees and indemnities granted under Clause 19 (Guarantee and Indemnity <font style="font-family:'Tahoma';">&#8211;</font> Guarantors) or of any Transaction Security unless permitted under this Agreement or another Finance Document or relating to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document, shall not be made, or given, without the prior consent of all the Lenders.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">46.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Other exceptions</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">An amendment or waiver which relates to the rights or obligations of a Servicing Party, either Mandated Lead Arranger or the Documentation Agent (each in their capacity as such) may not be effected without the consent of that Servicing Party or, as the case may be, that Mandated Lead Arranger or the Documentation Agent.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">An amendment or waiver which relates to the rights or obligations of a Hedge Counterparty (in its capacity as such) may not be effected without the consent of that Hedge Counterparty.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers and the Facility Agent, either Mandated Lead Arranger, the Security Agent or the Documentation Agent, as applicable, may amend or waive a term of a Fee Letter to which they are party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If any Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any of the terms of any Finance Document or other vote of Lenders under the terms of this Agreement within 10 Business Days of such request (unless the Borrowers and the Facility Agent agree to a longer time period in relation to any request), (i) its Commitment shall not be included for the purpose of calculating the Total Commitments under the relevant Facility when ascertaining whether any relevant percentage (including for the avoidance of doubt, unanimity) of Total Commitments has been obtained to approve that request and (ii) its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">46.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Changes to reference rates</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Subject to Clause 46.3 (<i style="font-style:italic;">Other exceptions</i>)<i style="font-style:italic;">, </i>any amendment or waiver which relates to:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">providing for the use of a Replacement Reference Rate; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 46.8pt;">(ii)</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">aligning any provision of any Finance Document to the use of that Replacement Reference Rate;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(C)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">implementing market conventions applicable to that Replacement Reference Rate;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(D)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">167</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(E)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation), may be made with the consent of the Facility Agent (acting on the instructions of the Majority Lenders) and the Borrowers.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">An amendment or waiver that relates to, or has the effect of, aligning the means of calculation of interest on a Compounded Rate Loan under this Agreement to any recommendation of a Relevant Nominating Body which:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">relates to the use of the RFR on a compounded basis in the international or any relevant domestic syndicated loan markets; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is issued on or after the date of this Agreement, may be made with the consent of the Facility Agent (acting on the instructions of the Majority Lenders) and the Borrower.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If any Lender fails to respond to a request for an amendment or waiver described in paragraph (a) or (b) above within 20 Business Days (or such longer time period in relation to any request which the Borrowers and the Facility Agent may agree) of that request being made:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">its Commitment or its participation in the Loan (as the case may be) shall not be included for the purpose of calculating the Total Commitments or the amount of the Loan (as applicable) when ascertaining whether any relevant percentage of Total Commitments or the aggregate of participations in the Loan (as applicable) has been obtained to approve that request; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In this Clause 46.4 (<i style="font-style:italic;">Changes to reference rates</i>): </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Published Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the RFR; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Term SOFR for any Quoted Tenor.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Relevant Nominating Body</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Replacement Reference Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a reference rate which is:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">formally designated, nominated or recommended as the replacement for a Published Rate by:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">168</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the administrator of that Published Rate (provided that the market or economic reality that such reference rate measures is the same as that measured by that Published Rate); or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Relevant Nominating Body, and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the &#8220;Replacement Reference Rate&#8221; will be the replacement under sub-paragraph (ii) above;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor or alternative to a Published Rate; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">in the opinion of the Majority Lenders and the Borrower, an appropriate successor or alternative to a Published Rate.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">46.5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Obligor Intent</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Without prejudice to the generality of Clauses 1.2 (<i style="font-style:italic;">Construction</i>)<i style="font-style:italic;"> </i>and 19.4 (<i style="font-style:italic;">Waiver of defences</i>)<i style="font-style:italic;">, </i>each Obligor expressly confirms that it intends that any guarantee contained in this Agreement or any other Finance Document and any Security created by any Finance Document shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any of the following: business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">47</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">CONFIDENTIALITY</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">47.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Confidential Information</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 47.2 (<i style="font-style:italic;">Disclosure of Confidential Information</i>)<i style="font-style:italic;"> </i>and Clause 47.4 (<i style="font-style:italic;">Disclosure to numbering service providers</i>)<i style="font-style:italic;"> </i>and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">47.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Disclosure of Confidential Information</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Any Finance Party may disclose:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, insurers, insurance advisors, insurance brokers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph (a) is informed in writing of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">169</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to any person:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Facility Agent or Security Agent and, in each case, to any of that person&#8217;s Affiliates, Related Funds, Representatives and professional advisers;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person&#8217;s Affiliates, Related Funds, Representatives and professional advisers;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">appointed by any Finance Party or by a person to whom paragraph 47.2(b)(i) or 47.2(b)(ii) above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph 34.14(c) of Clause 34.14 (<i style="font-style:italic;">Relationship with the Lenders</i>))<i style="font-style:italic;">;</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph 47.2(b)(i) or 47.2(b)(i) above;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to whom information is required or requested to be disclosed by any court of competent jurisdiction, any Sanctions Authority or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vi)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitrations, administrative or other investigations, proceedings or disputes;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause 32.8 (<i style="font-style:italic;">Security over Lenders</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;"> rights</i>)<i style="font-style:italic;">;</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(viii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">who is a Party, a member of the Group or any related entity of an Obligor;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ix)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">which is a classification society or other entity which a Lender has engaged to make the calculations necessary to enable that Lender to comply with its reporting obligations under the Poseidon Principles;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(x)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">as a result of the registration of any Finance Document as contemplated by any Finance Document or any legal opinion obtained in connection with any Finance Document; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xi)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">with the consent of the Parent Guarantor; in each case, such Confidential Information as that Finance Party shall consider appropriate if:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">170</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to paragraphs 47.2(b)(i), 47.2(b)(i) and 47.2(b)(ii) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to paragraph 47.2(b)(iv) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:72pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(C)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">in relation to paragraphs 47.2(b)(v), 47.2(b)(vi), and 47.2(b)(vii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to any person appointed by that Finance Party or by a person to whom paragraph 47.2(b)(i) or 47.2(b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph 47.2(c) if the service provider to whom the Confidential Information is to be given has entered in to a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrowers and the relevant Finance Party;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">to the U.S. Securities and Exchange Commissioning (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">SEC</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>such Confidential Information as may be required to be disclosed to the SEC.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">47.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">DAC6</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Nothing in any Finance Document shall prevent disclosure of any Confidential Information or other matter to the extent that preventing that disclosure would otherwise cause any transaction contemplated by the Finance Documents or any transaction carried out in connection with any transaction contemplated by the Finance Documents to become an arrangement described in Part II A 1 of Annex IV of Directive 2011/16/EU.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">47.4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Disclosure to numbering service providers</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or one or more Obligors the following information:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">171</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">names of Obligors;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">country of domicile of Obligors;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">place of incorporation of Obligors;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">date of this Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Clause 50 (<i style="font-style:italic;">Governing law</i>);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vi)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the names of the Facility Agent, each Mandated Lead Arranger and the Documentation Agent;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(vii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">date of each amendment and restatement of this Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(viii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">amounts of, and names of, the Facilities;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ix)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">amount of Total Commitments;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(x)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">currency of the Facilities;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xi)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">type of Facilities;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">ranking of Facilities;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xiii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Termination Date for Facilities;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xiv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(xv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">such other information agreed between such Finance Party and the Borrowers, to enable such numbering service provider to provide its usual syndicated loan numbering identification services.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Obligor represents that none of the information set out in paragraphs (a)(i) to (a)(xv) above is, nor will at any time be, unpublished price-sensitive information.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent shall notify each Obligor and the other Finance Parties of:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement, the Facilities and/or one or more Obligors; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one or more Obligors by such numbering service provider.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">172</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">47.5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Entire agreement</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">This Clause 47 (<i style="font-style:italic;">Confidentiality</i>)<i style="font-style:italic;"> </i>constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">47.6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Inside information</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">47.7</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Notification of disclosure</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrowers:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">of the circumstances of any disclosure of Confidential Information made pursuant to paragraph 47.2(b)(v) of Clause 47.2 (<i style="font-style:italic;">Disclosure of Confidential Information</i>)<i style="font-style:italic;"> </i>except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">upon becoming aware that Confidential Information has been disclosed in breach of this Clause 47 (<i style="font-style:italic;">Confidentiality</i>)<i style="font-style:italic;">.</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">47.8</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Continuing obligations</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The obligations in this 47 (<i style="font-style:italic;">Confidentiality</i>)<i style="font-style:italic;"> </i>are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 12 months from the earlier of:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the date on which such Finance Party otherwise ceases to be a Finance Party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">48</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">CONFIDENTIALITY OF FUNDING RATES</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">48.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Confidentiality and disclosure</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it to anyone, save to the extent permitted by paragraphs (b) and (c) below.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent may disclose:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Funding Rate to the Borrowers pursuant to Clause 10.5 (<i style="font-style:italic;">Notification of rates of interest</i>)<i style="font-style:italic;">; </i>and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Funding Rate to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">173</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 72pt;">such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Facility Agent and the relevant Lender.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent and each Obligor may disclose any Funding Rate to:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this sub-paragraph (i) is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality in relation to it;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any person with the consent of the relevant Lender.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">48.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Related obligations</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent and each Obligor acknowledge that each Funding Rate is or may be price sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Facility Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Facility Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">of the circumstances of any disclosure made pursuant to sub-paragraph (ii) of paragraph (b) of Clause 48.1 (<i style="font-style:italic;">Confidentiality and disclosure</i>)<i style="font-style:italic;"> </i>except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">upon becoming aware that any information has been disclosed in breach of this Clause 48 (<i style="font-style:italic;">Confidentiality of Funding Rates</i>)<i style="font-style:italic;">.</i></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">174</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">48.3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">No Event of Default</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">No Event of Default will occur under Clause 31.4 (<i style="font-style:italic;">Other obligations</i>)<i style="font-style:italic;"> </i>by reason only of an Obligor&#8217;s failure to comply with this Clause 48 (<i style="font-style:italic;">Confidentiality of Funding Rates</i>)<i style="font-style:italic;">.</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">49</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">COUNTERPARTS</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">175</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SECTION 13</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">GOVERNING LAW AND ENFORCEMENT</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">50</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">GOVERNING LAW</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">51</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">ENFORCEMENT</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">51.1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Jurisdiction</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Unless specifically provided in another Finance Document in relation to that Finance Document, the courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with any Finance Document (including a dispute regarding the existence, validity or termination of any Finance Document or any non-contractual obligation arising out of or in connection with any Finance Document) (a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Dispute</b><b style="font-weight:bold;">&#8221;</b>).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Obligors accept that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Obligor will argue to the contrary.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">To the extent allowed by law, this Clause 51.1 (<i style="font-style:italic;">Jurisdiction</i>)<i style="font-style:italic;"> </i>is for the benefit of the Secured Parties only. As a result, no Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. To the extent allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">51.2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Service of process</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales):</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">irrevocably appoints WFW Legal Services Limited at its registered office presently at 15 Appold Street, London, EC2A 2HB as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Borrowers (on behalf of all the Obligors) must immediately (and in any event within three days of such event taking place) appoint another agent on terms acceptable to the Facility Agent. Failing this, the Facility Agent may appoint another agent for this purpose.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">This Agreement has been entered into on the date stated at the beginning of this Agreement.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">176</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE PARTIES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">PART A</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE OBLIGORS</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:36pt;"><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><div style="height:36pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 23.4pt;"><a name="_Hlk129383861"></a><b style="font-weight:bold;">Name of Borrower</b></p></div></div></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><div style="height:36pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Place of Incorporation</b></p></div></div></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><div style="height:36pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 23.4pt;"><b style="font-weight:bold;">Registration number (or equivalent, if any)</b></p></div></div></td><td style="vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><div style="height:36pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Address for</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Communication</b></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;">Faroe Shipco LLC</font></p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:9.5pt;">The Marshall Islands</font></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">962493</p></div></div></td><td rowspan="12" style="vertical-align:top;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 21.6pt;">c/o</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 21.6pt;">Ardmore Shipping</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 21.6pt;">Services (Ireland)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 21.6pt;">Limited</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 21.6pt;">Unit 1102</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 21.6pt;">One Albert Quay</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 21.6pt;">Albert Quay</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 21.6pt;">Cork</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 21.6pt;">T12 X8N6</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 21.6pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Fax: +353 21 240 9501 <br>Attn: Mr Paul Tivnan</p></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;">Fisher Shipco LLC</font></p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div 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LLC</font></p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">962491</p></div></div></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;">Humber Shipco LLC</font></p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961905</p></div></div></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;">Forth Shipco LLC</font></p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961752</p></div></div></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;">Trafalgar Shipco LLC</font></p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961756</p></div></div></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;">Wight Shipco LLC</font></p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">962434</p></div></div></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;">Saltee Shipco LLC</font></p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">963545</p></div></div></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;">Blasket Shipco LLC</font></p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">963539</p></div></div></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 12pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-size:9.5pt;letter-spacing:0.25pt;text-decoration-line:underline;text-decoration-style:double;">Kilmore Shipco LLC</u></p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">963543</u></p></div></div></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 12pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-size:9.5pt;letter-spacing:0.25pt;text-decoration-line:underline;text-decoration-style:double;">Killary Shipco LLC</u></p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">963542</u></p></div></div></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 12pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-size:9.5pt;letter-spacing:0.25pt;text-decoration-line:underline;text-decoration-style:double;">Ballycotton Shipco LLC</u></p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">963538</u></p></div></div></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:23.85pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:23.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of Parent</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Guarantor</b></p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:23.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Place of Incorporation</b></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div style="height:23.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Registration number (or equivalent, if any)</b></p></div></div></td><td style="vertical-align:top;width:26.63%;margin:0pt;padding:0pt;"><div style="height:23.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Address for</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Communication</b></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:152.55pt;"><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><div style="height:152.55pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping LLC</p></div></div></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><div style="height:152.55pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-size:9.5pt;">The Marshall Islands</font></p></div></div></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><div style="height:152.55pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961622</p></div></div></td><td style="vertical-align:top;width:26.63%;margin:0pt;padding:0pt;"><div style="height:152.55pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:9.5pt;">c/o</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt;"><font style="font-size:9.5pt;">Ardmore Shipping</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:11.55pt;margin:1.89pt 0pt 0pt 0pt;"><font style="font-size:9.5pt;">Services (Ireland)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:11.55pt;margin:1.89pt 0pt 0pt 0pt;"><font style="font-size:9.5pt;">Limited</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:11.55pt;margin:1.75pt 0pt 0pt 0pt;"><font style="font-size:9.5pt;">Unit 1102</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:11.6pt;margin:2pt 0pt 0pt 0pt;"><font style="font-size:9.5pt;">One Albert Quay</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:11.55pt;margin:1.85pt 0pt 0pt 0pt;"><font style="font-size:9.5pt;">Albert Quay</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;line-height:11.55pt;margin:1.89pt 0pt 0pt 0pt;"><font style="font-size:9.5pt;">Cork</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:9.5pt;">T12 X8N6</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Fax: +353 21 240 9501<br>Attn: Mr Paul Tivnan</p></div></div></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">177</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:23.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:23.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:26.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:26.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:23.85pt;"><td style="vertical-align:top;width:23.33%;margin:0pt;padding:0pt;"><div style="height:23.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of Corporate</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Guarantor</b></p></div></div></td><td style="vertical-align:top;width:23.32%;margin:0pt;padding:0pt;"><div style="height:23.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Place of Incorporation</b></p></div></div></td><td style="vertical-align:top;width:26.46%;margin:0pt;padding:0pt;"><div style="height:23.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Registration number (or</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">equivalent, if any)</b></p></div></div></td><td style="vertical-align:top;width:26.87%;margin:0pt;padding:0pt;"><div style="height:23.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Address for</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Communication</b></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:23.33%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:23.32%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:26.46%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:26.87%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:154.8pt;"><td style="vertical-align:top;width:23.33%;margin:0pt;padding:0pt;"><div style="height:154.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Ardmore Corporation</p></div></div></td><td style="vertical-align:top;width:23.32%;margin:0pt;padding:0pt;"><div style="height:154.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">Shipping Marshall Islands</p></div></div></td><td style="vertical-align:top;width:26.46%;margin:0pt;padding:0pt;"><div style="height:154.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">61477</p></div></div></td><td style="vertical-align:top;width:26.87%;margin:0pt;padding:0pt;"><div style="height:154.8pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 10.8pt;">c/o</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 1.85pt 10.8pt;">Ardmore Shipping</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 1.95pt 10.8pt;">Services (Ireland)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 1.85pt 10.8pt;">Limited</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 1.79pt 10.8pt;">Unit 1102</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 2pt 10.8pt;">One Albert Quay</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 1.85pt 10.8pt;">Albert Quay</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 1pt 10.8pt;">Cork</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 10.8pt;">T12 X8N6</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10.8pt;">Fax: +353 21 240 9501<br>Attn: Mr Paul Tivnan</p></div></div></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 11.6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-weight:bold;">Name of Hedge</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Guarantor</b></p></td><td style="vertical-align:top;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-weight:bold;">Place of Incorporation</b></p></td><td style="vertical-align:top;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-weight:bold;">Registration number (or</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">equivalent, if any)</b></p></td><td style="vertical-align:top;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><b style="font-weight:bold;">Address for</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Communication</b></p></td></tr><tr><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;">Faroe Shipco LLC</p></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:9pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-size:9.5pt;">The Marshall Islands</font></p></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;">962493</p></td><td rowspan="12" style="vertical-align:top;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10.8pt;">c/o</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10.8pt;">Ardmore Shipping</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10.8pt;">Services (Ireland)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10.8pt;">Limited</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10.8pt;">Unit 1102</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10.8pt;">One Albert Quay</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10.8pt;">Albert Quay</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10.8pt;">Cork</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10.8pt;">T12 X8N6</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 10.8pt;">Fax: +353 21 240 9501 <br>Attn: Mr Paul Tivnan</p></td></tr><tr><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;">Fisher Shipco LLC</p></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;">961904</p></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 14.4pt;"><font style="font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;">Fair Isle Shipco LLC</p></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;">962491</p></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;">Humber Shipco LLC</p></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;">961905</p></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;">Forth Shipco LLC</p></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;">961752</p></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;">Trafalgar Shipco LLC</p></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;">961756</p></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;">Wight Shipco LLC</p></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;">962434</p></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;">Saltee Shipco LLC</p></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;">963545</p></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;">Blasket Shipco LLC</p></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;">963539</p></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Kilmore Shipco LLC</u></p></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">963543</u></p></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Killary Shipco LLC</u></p></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">963542</u></p></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:23.36%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Ballycotton Shipco LLC</u></p></td><td style="vertical-align:bottom;width:23.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">963538 </u></p></td><td style="display:none;vertical-align:bottom;width:26.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 3pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 11.6pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">178</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 9.19pt 0pt;"><b style="font-weight:bold;">PART B</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 15pt 0pt;"><b style="font-weight:bold;">THE ORIGINAL LENDERS</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:1pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Name of Original Lender</b></p></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Revolving Commitment</b></p></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Nordea Bank Abp, filial i</p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">$72,750,000</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$92,750,000</u></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Essendropsgate 7</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Norge</p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 14.4pt;"><font style="font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">0368 Oslo </p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Norway</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For loan administration matters:</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Nordea Bank Abp, filial i Norge</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">P.O. Box 1166 Sentrum</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">N-0107 Oslo, Norway</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attn: SLS Norway</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">E-mail: <u style="color:#0000ff;text-decoration-color:#0000ff;text-decoration-line:underline;text-decoration-style:solid;">sls.norway@nordea.com</u></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Phone: +47 240 13 44</p></div></div></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-size:2pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Skandinaviska Enskilda</p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">$72,750,000</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$92,750,000</u></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New 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0pt 14.4pt;"><font style="font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">SEB</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 14.4pt;"><font style="font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">One Carter Lane</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC4V 5AN</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attention: Malcolm Stonehouse </p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Telephone no: +44 20 7246 4310</p></div></div></td></tr><tr style="height:13.95pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:13.95pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:13.95pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:13.95pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">E-mail: malcolm.stonehouse@seb.co.uk</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">With a copy to:</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attention: Ina Kuliese</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">SEB </p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">One Carter Lane</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">London EC4V 5AN</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">United Kingdom</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Telephone no: +44 20 7246 4069</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">E-mail: ina.kuliese@seb.co.uk</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For operational matters</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">SEB Structured Credit Operations</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">St&#228;rntarget 4,</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">106 40 Stockholm</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Sweden</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Telephone no: +46 8 763 8640</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Facsimile no: +46 8 611 0384</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:31.83%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:9.5pt;letter-spacing:0.25pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:31.82%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:36.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">E-mail: sco@seb.se</p></div></div></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:5pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">179</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE HEDGE COUNTERPARTIES</b></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:46.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:53.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:46.7%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Name of Original Hedge Counterparty</b></p></div></div></td><td style="vertical-align:top;width:53.29%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Address for Communication</b></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:46.7%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:53.29%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:middle;width:46.7%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.2pt 0pt;">Nordea Bank Abp</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:53.29%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">corp. re. no. 516406-0120</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:46.7%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:53.29%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">c/o Nordea Danmark, filial af Nordea Bank Abp,</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:46.7%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New 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style="vertical-align:bottom;width:46.7%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:53.29%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:46.7%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.55pt 0pt;">Skandinaviska Enskilda Banken AB (publ)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.34pt 10.8pt;">P.O Box 1843</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.5pt 10.8pt;">Vika</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 3pt 10.8pt;">NO-0123 OSLO</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:53.29%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New 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style="vertical-align:bottom;width:46.7%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:53.29%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">Vika</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:46.7%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:53.29%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">NO-0123 OSLO</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:46.7%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:53.29%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">Telephone:<font style="font-family:'Tahoma';">&#160;&#160;&#160;&#160;&#160;&#160;</font>+47 22 82 70 00</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:46.7%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:53.29%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">Facsimile No:<font style="font-family:'Tahoma';">&#160;&#160;</font>+47 22 82 70 70</p></div></div></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">180</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;">PART C</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 8pt 0pt;"><b style="font-weight:bold;">THE SERVICING PARTIES</b></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:74.84%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:52.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:52.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6.05pt 0pt;"><b style="font-weight:bold;">Name of Facility Agent</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Address for Communication</b></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:47.65%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:middle;width:52.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div 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style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.1pt 0pt;">N-0107 Oslo, Norway</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.1pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attn: Global Maritime Loans</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">E-mail: <u style="color:#0000ff;text-decoration-color:#0000ff;text-decoration-line:underline;text-decoration-style:solid;">agency.soosid@nordea.com</u></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">For loan administration matters:</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">Nordea Bank Abp, filial i Norge </p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">P.O.Box 1166 Sentrum N-0107 Oslo, Norway</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">Attn: SLS Norway</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">E-mail: <u style="color:#0000ff;text-decoration-color:#0000ff;text-decoration-line:underline;text-decoration-style:solid;">sls.norway@nordea.com</u></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:52.34%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:47.65%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">Phone: +47 240 13 444</p></div></div></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="padding-left:21.6pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:74.84%;"><tr style="height:1pt;"><td style="vertical-align:top;width:44.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Name of Security Agent</b> </p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Address for Communication</b></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:55.23%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 23.4pt;"><font style="font-size:2pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:middle;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Nordea Bank Abp, filial i Norge</p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Essendropsgate7</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">0368 Oslo</p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:top;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Norway</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6.3pt 0pt;">For agency matters:</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6.3pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Nordea Bank Abp, filial i Norge </p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">P.O.Box 1166 Sentrum </p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">N-0107 Oslo, Norway</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.1pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Attn: Global Maritime Loans</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">E-mail: <u style="color:#0000ff;text-decoration-color:#0000ff;text-decoration-line:underline;text-decoration-style:solid;">agency.soosid@nordea.com</u></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">For loan administration matters:</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">Nordea Bank Abp, filial i Norge </p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">P.O.Box 1166 Sentrum </p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">N-0107 Oslo, Norway</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">Attn: SLS Norway</p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">E-mail: <u style="color:#0000ff;text-decoration-color:#0000ff;text-decoration-line:underline;text-decoration-style:solid;">sls.norway@nordea.com</u></p></div></div></td></tr><tr style="height:7.2pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:7.2pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:14.4pt;"><td style="vertical-align:bottom;width:44.76%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:55.23%;margin:0pt;padding:0pt;"><div style="height:14.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.34pt 0pt;">Phone: +47 240 13 444</p></div></div></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">181</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">CONDITIONS PRECEDENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">PART A</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">CONDITIONS PRECEDENT TO INITIAL UTILISATION REQUEST</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Obligors</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A copy of the constitutional documents of each Obligor.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A copy of a resolution of the member of the board of directors, as the case may be, of each Obligor:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, the Utilisation Request and each Selection Notice) to be signed and/or despatched by it under, or in connection with, the Finance Documents to which it is a party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">An original of the power of attorney of any Obligor authorising a specified person or persons to execute the Finance Documents to which it is a party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A certificate of each Obligor (signed by an officer) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on that Transaction Obligor to be exceeded.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A certificate of each Obligor that is incorporated outside the UK (signed by an officer) certifying either that (i) it has not delivered particulars of any UK Establishment to the Registrar of Companies as required under the Overseas Regulations or (ii) it has a UK Establishment and specifying the name and registered number under which it is registered with the Registrar of Companies.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A certificate of an authorised signatory of the relevant Obligor certifying that each copy document relating to it specified in this Part A of Schedule 2 (<i style="font-style:italic;">Conditions Precedent</i>)<i style="font-style:italic;"> </i>is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Pool Agreement and other Documents</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Copies of the Pool Agreement and of all documents signed by the Borrowers in connection with it.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Such documentary evidence as the Facility Agent and its legal advisers may require in relation to the due authorisation and execution of the Pool Agreement by each of the parties thereto.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Copies of each Hedging Agreement executed by a Hedge Counterparty and the relevant Borrower.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">182</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Security</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A duly executed original of the Accounts Security in relation to each Earnings Account and of the Membership Interests Security in respect of each Borrower (and of each document to be delivered under each of them).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A duly executed original of the Hedging Agreement Assignment in respect of each Borrower (and of each document to be delivered under each of them).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Legal opinions</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A legal opinion of Watson, Farley &amp; Williams LLP, legal advisers to the Documentation Agent, the Mandated Lead Arrangers, the Facility Agent and the Security Agent in England, substantially in the form distributed to and agreed by the Original Lenders before signing this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If a Transaction Obligor is incorporated in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Documentation Agent, the Mandated Lead Arrangers, the Facility Agent and the Security Agent in the relevant jurisdiction, substantially in the form distributed and agreed by to the Original Lenders before signing this Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Other documents and evidence</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Evidence that any process agent referred to in Clause 51.2 (<i style="font-style:italic;">Service of process</i>),<i style="font-style:italic;"> </i>if not an Obligor, has accepted its appointment.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by any Transaction Document, or for the validity and enforceability of any Transaction Document.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Original Financial Statements of each Borrower and the Parent Guarantor.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The original of any mandates or other documents required in connection with the opening or operation of the Earnings Accounts.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause 13 (<i style="font-style:italic;">Fees</i>)<i style="font-style:italic;"> </i>and Clause 18 (<i style="font-style:italic;">Costs and Expenses</i>)<i style="font-style:italic;"> </i>have been paid or will be paid by the first Utilisation Date.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their &#8220;know your customer&#8221; or similar identification procedures in relation to the transactions contemplated by the Finance Documents.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">183</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">PART B</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">CONDITIONS PRECEDENT TO UTILISATION </b><b style="font-family:'Tahoma';font-weight:bold;">&#8212;</b><b style="font-weight:bold;"> INITIAL ADVANCES UNDER REVOLVING FACILITY</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Relevant Borrower</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">A certificate of an authorised signatory of each Borrower certifying that each copy document which it is required to provide under this Part B of Schedule 2 (<i style="font-style:italic;">Conditions Precedent</i>)<i style="font-style:italic;"> </i>is correct, complete and in full force and effect as at the first Utilisation Date.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Release of Existing Security</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">If relevant an original of the Deed of Release and of each document to be delivered under or pursuant to it, together with evidence satisfactory to the Facility Agent of its due execution by the parties to it.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Ship and other security</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A duly executed original of the Mortgage and the General Assignment in respect of each relevant Initial Ship and of each document to be delivered under or pursuant to each of them together with documentary evidence that the Mortgage in respect of each relevant Initial Ship has been duly registered as a valid first preferred or priority (as applicable) ship mortgage in accordance with the laws of the jurisdiction of its Approved Flag.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Documentary evidence that each relevant Initial Ship:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if relevant, has been unconditionally delivered by the Seller to, and accepted by, <u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">the</u> relevant Borrower and that the full purchase price payable and all other sums due to the Seller, other than the sums to be financed pursuant to the Advance, have been paid to the Seller;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is definitively and permanently registered in the name of the relevant Borrower under the Approved Flag;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is in the absolute and unencumbered ownership of the relevant Borrower save as contemplated by the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">maintains the Approved Classification with the Approved Classification Society free of all overdue recommendations and conditions of the Approved Classification Society; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in respect of insurances have been complied with.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Documents establishing that each relevant Initial Ship will, as from the relevant Utilisation Date, be managed commercially by its Approved Commercial Manager and managed technically by its Approved Technical Manager on terms acceptable to the Facility Agent acting with the authorisation of all of the Lenders, together with:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a Manager&#8217;s Undertaking for each of the Approved Technical Manager and the Approved Commercial Manager; and</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">184</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">copies of the Approved Technical Manager&#8217;s Document of Compliance and of each Ship&#8217;s Safety Management Certificate (together with any other details of the applicable safety management system which the Facility Agent requires) and of any other documents required under the ISM Code and the ISPS Code in relation to each Ship including without limitation an ISSC.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">An opinion from an independent insurance consultant acceptable to the Facility Agent on such matters relating to the Insurances as the Facility Agent may require.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A valuation of each Ship addressed to the Facility Agent on behalf of the Finance Parties, stated to be for the purposes of this Agreement and dated not earlier than 30 days before the first Utilisation Date from an Approved Valuer which shows an aggregate value for the Ships of not less than 130 per cent. of the Loan (after any Advances to be made on the Utilisation Date have been advanced).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Legal opinions</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Legal opinions of the legal advisers to the Documentation Agent, the Mandated Lead Arrangers, the Facility Agent and the Security Agent in England and Wales, the jurisdiction of the Approved Flag of each relevant Initial Ship and the Marshall Islands and such other relevant jurisdictions as the Facility Agent may require and in substance and form acceptable to the Lenders.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Other documents and evidence</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause 13 (<i style="font-style:italic;">Fees</i>)<i style="font-style:italic;"> </i>and Clause 18 (<i style="font-style:italic;">Costs and Expenses</i>)<i style="font-style:italic;"> </i>have been paid or will be paid by the first Utilisation Date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">185</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">PART C</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 46.8pt;"><b style="font-weight:bold;">CONDITIONS PRECEDENT TO UTILISATION </b><b style="font-family:'Tahoma';font-weight:bold;">&#8211;</b><b style="font-weight:bold;"> ADVANCE UNDER ACCORDION FACILITY</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Relevant Borrower</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">A certificate of an authorised signatory of each Borrower certifying that each copy document which it is required to provide under this Part B of Schedule 2 (<i style="font-style:italic;">Conditions Precedent</i>)<i style="font-style:italic;"> </i>is correct, complete and in full force and effect as at the first Utilisation Date.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Additional Borrowers</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A copy of the constitutional documents of each Additional Borrower.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A copy of a resolution of the member of the board of directors, as the case may be, of each Additional Borrower:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, the Utilisation Request and each Selection Notice) to be signed and/or despatched by it under, or in connection with, the Finance Documents to which it is a party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">An original of the power of attorney of any Additional Borrower authorising a specified person or persons to execute the Finance Documents to which it is a party.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A certificate of each Additional Borrower (signed by an officer) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on that Transaction Obligor to be exceeded.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(h)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A certificate of each Additional Borrower that is incorporated outside the UK (signed by an officer) certifying either that (i) it has not delivered particulars of any UK Establishment to the Registrar of Companies as required under the Overseas Regulations or (ii) it has a UK Establishment and specifying the name and registered number under which it is registered with the Registrar of Companies.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Release of Existing Security</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">An original of any deed of release of Security in relation to each Accordion Ship and of each document to be delivered under or pursuant to it, together with evidence satisfactory to the Facility Agent of its due execution by the parties to it.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Pool Agreement and other Documents</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Copies of the Pool Agreement in relation to the relevant Accordion Ship and of all documents signed by the relevant Additional Borrower in connection with it.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">186</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Such documentary evidence as the Facility Agent and its legal advisers may require in relation to the due authorisation and execution of that Pool Agreement by each of the parties thereto.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Copies of each Hedging Agreement executed by a Hedge Counterparty and the relevant Additional Borrower.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Accordion Ship and other security</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A duly executed original of the Accounts Security in relation to each Earnings Account and of the Membership Interests Security in respect of each Additional Borrower (and of each document to be delivered under each of them).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A duly executed original of the Hedging Agreement Assignment in respect of each Additional Borrower (and of each document to be delivered under each of them).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A duly executed original of the Mortgage and the General Assignment in respect of each relevant Accordion Ship and of each document to be delivered under or pursuant to each of them together with documentary evidence that the Mortgage in respect of each relevant Accordion Ship has been duly registered as a valid first preferred or priority (as applicable) ship mortgage in accordance with the laws of the jurisdiction of its Approved Flag.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Documentary evidence that each relevant Accordion Ship:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if relevant, has been unconditionally delivered by the Seller to, and accepted by, relevant Borrower and that the full purchase price payable and all other sums due to the Seller, other than the sums to be financed pursuant to the Advance, have been paid to the Seller;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is definitively and permanently registered in the name of the relevant Additional Borrower under the Approved Flag;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is in the absolute and unencumbered ownership of the relevant Additional Borrower save as contemplated by the Finance Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iv)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">maintains the Approved Classification with the Approved Classification Society free of all overdue recommendations and conditions of the Approved Classification Society; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(v)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in respect of insurances have been complied with.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Documents establishing that each relevant Accordion Ship will, as from the Utilisation Date, be managed commercially by its Approved Commercial Manager and managed technically by its Approved Technical Manager on terms acceptable to the Facility Agent acting with the authorisation of all of the Lenders, together with:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a Manager&#8217;s Undertaking for each of the Approved Technical Manager and the Approved Commercial Manager; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:36pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">copies of the Approved Technical Manager&#8217;s Document of Compliance and of each Ship&#8217;s Safety Management Certificate (together with any other details of the applicable safety management system which the Facility Agent requires) and of any</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">187</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 72pt;">other documents required under the ISM Code and the ISPS Code in relation to each relevant Accordion Ship including without limitation an ISSC.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">An opinion from an independent insurance consultant acceptable to the Facility Agent on such matters relating to the Insurances as the Facility Agent may require.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(g)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A valuation of each Ship addressed to the Facility Agent on behalf of the Finance Parties, stated to be for the purposes of this Agreement and dated not earlier than 30 days before the Utilisation Date from an Approved Valuer which shows an aggregate value for the Ships of not less than 130 per cent. of the Loan (after any Advances to be made on the Utilisation Date have been advanced).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Legal opinions</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Legal opinions of the legal advisers to the Documentation Agent, the Mandated Lead Arrangers, the Facility Agent and the Security Agent in England and Wales, the jurisdiction of the Approved Flag of each relevant Accordion Ship and the Marshall Islands and such other relevant jurisdictions as the Facility Agent may require and in substance and form acceptable to the Lenders.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">7</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">Other documents and evidence</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A duly executed Accession Deed.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause 13 (<i style="font-style:italic;">Fees</i>)<i style="font-style:italic;"> </i>and Clause 18 (<i style="font-style:italic;">Costs and Expenses</i>)<i style="font-style:italic;"> </i>have been paid or will be paid by the first Utilisation Date.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The original of any mandates or other documents required in connection with the opening or operation of the Earnings Accounts.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their &#8220;know your customer&#8221; or similar identification procedures in relation to the transactions contemplated by the Finance Documents.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by any Transaction Document, or for the validity and enforceability of any Transaction Document.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">188</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 3</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">REQUESTS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">PART A</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">UTILISATION REQUEST</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">From:</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">FAROE SHIPCO LLC </b><br><b style="font-weight:bold;">FISHER SHIPCO LLC </b><br><b style="font-weight:bold;">FAIR ISLE SHIPCO LLC </b><br><b style="font-weight:bold;">HUMBER SHIPCO LLC </b><br><b style="font-weight:bold;">FORTH SHIPCO LLC </b><br><b style="font-weight:bold;">TRAFALGAR SHIPCO LLC </b><br><b style="font-weight:bold;">WIGHT SHIPCO LLC </b><br><b style="font-weight:bold;">SALTEE SHIPCO LLC </b><br><b style="font-weight:bold;">BLASKET SHIPCO LLC </b><br><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILMORE SHIPCO LLC </b><font style="color:#0000ff;text-decoration-line:none;"><br></font><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;white-space:pre-wrap;">KILLARY SHIPCO LLC  </b><font style="color:#0000ff;text-decoration-line:none;"><br></font><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BALLYCOTTON SHIPCO LLC</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">To:</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE </b><br>as Facility Agent</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Dated: [<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">Dear Sirs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><b style="font-weight:bold;">Faroe Shipco LLC, Fisher Shipco LLC, Fair Isle Shipco LLC, Humber Shipco LLC, Forth Shipco LLC, Trafalgar Shipco LLC, Wight Shipco LLC, Saltee Shipco LLC</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;"> </b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">and</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">, </b><b style="font-weight:bold;">Blasket </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Shipco LLC, Kilmore Shipco LLC, Killary Shipco LLC and Ballycotton</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;"> </b><b style="font-weight:bold;">Shipco LLC </b><b style="font-family:'Tahoma';font-weight:bold;">&#8212;</b><b style="font-weight:bold;"> $245,500,000 Facilities Agreement </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">originally dated 30 June 2022 as amended and restated by an Amendment and Restatement Agreement</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;"> </b><b style="font-weight:bold;">dated [</b><font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font><b style="font-weight:bold;">] </b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">June</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;"> </b><b style="font-weight:bold;">2022 (the </b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;">We refer to the Agreement. This is a Utilisation Request. Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">We wish to borrow the [Revolving Facility] [Accordion Facility] on the following terms:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 46.8pt;">Proposed Utilisation Date:<font style="display:inline-block;width:37.9pt;"></font>[<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>] (or, if that is not a Business Day, the next Business Day)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 46.8pt;">Amount:<font style="display:inline-block;width:108.44pt;"></font>[<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>] or, if less, the Available Facility</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 46.8pt;">Interest Period:<font style="display:inline-block;width:82.63pt;"></font><b style="font-weight:bold;">[</b><font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font><b style="font-weight:bold;">]</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;">We confirm that each condition specified in Clause 4.1 (<i style="font-style:italic;">Initial conditions precedent</i>)<i style="font-style:italic;"> </i>and Clause 4.2 (<i style="font-style:italic;">Further conditions precedent</i>)<i style="font-style:italic;"> </i>as they relate to the part of the Loan to which this utilisation request refers of the Agreement is satisfied on the date of this Utilisation Request.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">189</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">We represent and warrant that the representations and warranties in Clause 23 (<i style="font-style:italic;">Representations</i>)<i style="font-style:italic;"> </i>remain true by reference to the facts and circumstances existing at the date of this, Utilisation Request.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">[The proceeds of the Loan should be credited to &#8216;Ardmore Shipping LLC Revolver&#8217;.] [This Advance is to be made in [whole][part] for the purpose of [re]financing [<i style="font-style:italic;">identify maturing Advance under Revolving Facility/Accordion Facility</i>]<i style="font-style:italic;">.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">This Utilisation Request is irrevocable. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">Yours faithfully</p><div style="padding-left:10.8pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:82.15%;"><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;">Name:</p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name:</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;">Title:</p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Title:</p></td></tr><tr><td style="vertical-align:bottom;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">authorised signatory for</p></td><td style="vertical-align:bottom;width:15.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">authorised signatory for</p></td></tr><tr><td style="vertical-align:bottom;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FAROE SHIPCO LLC</b></p></td><td style="vertical-align:bottom;width:15.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FISHER SHIPCO LLC</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6.09pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="padding-left:10.8pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:82.15%;"><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;">Name:</p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name:</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;">Title:</p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Title:</p></td></tr><tr><td style="vertical-align:bottom;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">authorised signatory for</p></td><td style="vertical-align:bottom;width:15.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">authorised signatory for</p></td></tr><tr><td style="vertical-align:bottom;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FAIR ISLE SHIPCO LLC</b></p></td><td style="vertical-align:bottom;width:15.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">HUMBER SHIPCO LLC</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6.09pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="padding-left:10.8pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:82.15%;"><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;">Name:</p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name:</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;">Title:</p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Title:</p></td></tr><tr><td style="vertical-align:bottom;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">authorised signatory for</p></td><td style="vertical-align:bottom;width:15.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">authorised signatory for</p></td></tr><tr><td style="vertical-align:bottom;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FORTH SHIPCO LLC</b></p></td><td style="vertical-align:bottom;width:15.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TRAFALGAR SHIPCO LLC</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6.09pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="padding-left:10.8pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:82.15%;"><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;">Name:</p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name:</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;">Title:</p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Title:</p></td></tr><tr><td style="vertical-align:bottom;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">authorised signatory for</p></td><td style="vertical-align:bottom;width:15.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">authorised signatory for</p></td></tr><tr><td style="vertical-align:bottom;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">WIGHT SHIPCO LLC</b></p></td><td style="vertical-align:bottom;width:15.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SALTEE SHIPCO LLC</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6.09pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">190</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div style="padding-left:10.8pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:82.15%;"><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;">Name:</p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Name:</u></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" 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style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:13.19%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:32.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font 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style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;margin-left:0pt;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Title:</u></p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times 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style="vertical-align:bottom;width:13.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 36pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;margin-left:0pt;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:32.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">authorised signatory for</u></p></td></tr><tr><td style="vertical-align:bottom;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;margin-left:0pt;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:33.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILLARY SHIPCO LLC</b></p></td><td style="vertical-align:bottom;width:13.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;margin-left:0pt;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:32.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BALLYCOTTON SHIPCO LLC</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">191</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">PART B</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SELECTION NOTICE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 21.59pt;">From: <b style="font-weight:bold;">FAROE SHIPCO LLC </b><br><b style="font-weight:bold;">FISHER SHIPCO LLC </b><br><b style="font-weight:bold;">FAIR ISLE SHIPCO LLC </b><br><b style="font-weight:bold;">HUMBER SHIPCO LLC </b><br><b style="font-weight:bold;">FORTH SHIPCO LLC </b><br><b style="font-weight:bold;">TRAFALGAR SHIPCO LLC </b><br><b style="font-weight:bold;">WIGHT SHIPCO LLC </b><br><b style="font-weight:bold;">SALTEE SHIPCO LLC </b><br><b style="font-weight:bold;">BLASKET SHIPCO LLC </b><br><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILMORE SHIPCO LLC </b><font style="color:#0000ff;text-decoration-line:none;"><br></font><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;white-space:pre-wrap;">KILLARY SHIPCO LLC  </b><font style="color:#0000ff;text-decoration-line:none;"><br></font><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BALLYCOTTON SHIPCO LLC</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:21.6pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">To:</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE </b><br>as Facility Agent</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Dated: [<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 21.6pt;">Dear Sirs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 21.6pt;"><b style="font-weight:bold;">Faroe Shipco LLC, Fisher Shipco LLC, Fair Isle Shipco LLC, Humber Shipco LLC, Forth Shipco LLC, Trafalgar Shipco LLC, Wight Shipco LLC, Saltee Shipco LLC</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;"> and </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">, </b><b style="font-weight:bold;">Blasket </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Shipco LLC, Kilmore Shipco LLC, Killary Shipco LLC and Ballycotton </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">S</b><b style="font-weight:bold;">hipco LLC </b><b style="font-family:'Tahoma';font-weight:bold;">&#8212;</b><b style="font-weight:bold;"> $245,500,000 Facilities Agreement </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">originally dated 30 June 2022 as amended and restated by an Amendment and Restatement Agreement </b><b style="font-weight:bold;">dated [</b><font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font><b style="font-weight:bold;">] </b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">June </b><b style="font-weight:bold;">2022 (the </b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 21.6pt;">We refer to the Agreement. This is a Selection Notice. Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 21.6pt;">We request that, subject to paragraph (e) of Clause 11.1 (<i style="font-style:italic;">Selection of Interest Periods</i>)<i style="font-style:italic;"> </i>of the Agreement, the next Interest Period for the Advance under the [Revolving Facility] [Accordion Facility] be [<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>].</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 21.6pt;">This Selection Notice is irrevocable. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 21.6pt;">Yours faithfully</p><div style="padding-left:10.8pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:82.15%;"><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;">Name:</p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name:</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;">Title:</p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Title:</p></td></tr><tr><td style="vertical-align:bottom;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">authorised signatory for</p></td><td style="vertical-align:bottom;width:15.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">authorised signatory for</p></td></tr><tr><td style="vertical-align:bottom;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="font-weight:bold;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FAROE SHIPCO LLC</b></p></td><td style="vertical-align:bottom;width:15.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">FISHER SHIPCO LLC</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6.44pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">192</p></div></div><hr 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0pt 6.05pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="padding-left:10.8pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:82.15%;"><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;">Name:</p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Name:</p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p 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Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:54.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Title:</u></p></td><td colspan="2" style="vertical-align:bottom;width:45.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Title:</u></p></td></tr><tr><td style="vertical-align:bottom;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 36pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;margin-left:0pt;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">authorised signatory for</u></p></td><td style="vertical-align:bottom;width:15.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 36pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;margin-left:0pt;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">authorised signatory for</u></p></td></tr><tr><td style="vertical-align:bottom;width:20.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;margin-left:0pt;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:33.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILLARY SHIPCO LLC</b></p></td><td style="vertical-align:bottom;width:15.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0pt 75.6pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;margin-left:0pt;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:30.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BALLYCOTTON SHIPCO LLC</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.65pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">193</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 4</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">FORM OF ACCESSION DEED</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">To:</font></font><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE </b>as Facility Agent</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">From:</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">[</b><font style="font-style:italic;font-weight:bold;">SUBSIDIARY</font><b style="font-weight:bold;">]</b><font style="font-style:italic;font-weight:bold;"> </font>and <br><b style="font-weight:bold;">FAROE SHIPCO LLC </b><br><b style="font-weight:bold;">FISHER SHIPCO LLC </b><br><b style="font-weight:bold;">FAIR ISLE SHIPCO LLC </b><br><b style="font-weight:bold;">HUMBER SHIPCO LLC </b><br><b style="font-weight:bold;">FORTH SHIPCO LLC </b><br><b style="font-weight:bold;">TRAFALGAR SHIPCO LLC </b><br><b style="font-weight:bold;">WIGHT SHIPCO LLC </b><br><b style="font-weight:bold;">SALTEE SHIPCO LLC </b><br><b style="font-weight:bold;">BLASKET SHIPCO LLC </b><br><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;white-space:pre-wrap;">KILMORE SHIPCO LLC  </b><font style="color:#0000ff;text-decoration-line:none;"><br></font><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILLARY SHIPCO LLC </b><font style="color:#0000ff;text-decoration-line:none;"><br></font><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BALLYCOTTON SHIPCO LLC</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Dated: [<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">Dear Sirs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><b style="font-weight:bold;">Faroe Shipco LLC, Fisher Shipco LLC, Fair Isle Shipco LLC, Humber Shipco LLC, Forth Shipco LLC, Trafalgar Shipco LLC, Wight Shipco LLC, Saltee Shipco LLC </b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;"> and </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">, </b><b style="font-weight:bold;">Blasket </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Shipco LLC, Kilmore Shipco LLC, Killary Shipco LLC and Ballycotton </b><b style="font-weight:bold;">Shipco LLC </b><b style="font-family:'Tahoma';font-weight:bold;">&#8212;</b><b style="font-weight:bold;"> $245,500,000 Facilities Agreement </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">originally dated 30 June 2022 as amended and restated by an Amendment and Restatement Agreement </b><b style="font-weight:bold;">dated [</b><font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font><b style="font-weight:bold;">] </b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">June </b><b style="font-weight:bold;">2022 (the </b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">We refer to the Agreement. This deed (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accession Deed</b><b style="font-weight:bold;">&#8221;</b>)<b style="font-weight:bold;"> </b>shall take effect as an Accession Deed for the purposes of the Agreement. Terms defined in the Agreement have the same meaning in this Accession Deed unless given a different meaning in this Accession Deed.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">[<i style="font-style:italic;">Subsidiary</i>]<i style="font-style:italic;"> </i>agrees to become an Additional Borrower and to be bound by the terms of the Agreement and the other Finance Documents as an Additional Borrower pursuant to Clause 33.2 (<i style="font-style:italic;">Additional Borrowers</i>)<i style="font-style:italic;"> </i>of the Agreement. [<i style="font-style:italic;">Subsidiary</i>]<i style="font-style:italic;"> </i>is a company duly incorporated under the laws of [<i style="font-style:italic;">name of relevant jurisdiction</i>]<i style="font-style:italic;"> </i>and is a [limited liability company][corporation] with registered number [<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>].</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers confirm that no Default is continuing or would occur as a result of <i style="font-style:italic;">[Subsidiary] </i>becoming an Additional Borrower.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">4</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">[<i style="font-style:italic;">Subsidiary</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;">s</i>]<i style="font-style:italic;"> </i>administrative details for the purposes of the Agreement are as follows:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.5pt 36pt;">Address:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 7.69pt 36pt;">Email:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 36.75pt 36pt;">Attention:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">194</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">[<i style="font-style:italic;">Subsidiary</i>]<i style="font-style:italic;"> </i>(for the purposes of this paragraph 5, the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Acceding Debtor</b><b style="font-weight:bold;">&#8221;</b>)<b style="font-weight:bold;"> </b>intends to incur Secured Liabilities under the following documents:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">[Insert details (date, parties and description) of relevant documents] </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Relevant Documents</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">.</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;">6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;"><font style="font-weight:normal;">IT IS AGREED</font> as follows:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Acceding Debtor and the Security Agent agree that the Security Agent shall hold:</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any Security in respect of the Secured Liabilities created or expressed to be created pursuant to the Relevant Documents;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">all proceeds of that Security;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">all obligations expressed to be undertaken by the Acceding Debtor to pay amounts in respect of the Secured Liabilities to the Security Agent as trustee for the Secured Parties (in the Relevant Documents or otherwise) and secured by the Transaction Security together with all representations and warranties expressed to be given by the Acceding Debtor (in the Relevant Documents or otherwise) in favour of the Security Agent as trustee for the Secured Parties, on trust for the Secured Parties on the terms and conditions contained in the Agreement.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">This Accession Deed and any non-contractual obligations arising out of or in connection with it are governed by English law.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">This Accession Deed has been signed on behalf of the Security Agent (for the purposes of paragraph 5 above only), signed on behalf of each Borrower and executed as a deed by [<i style="font-style:italic;">Subsidiary</i>]<i style="font-style:italic;"> </i>and is delivered on the date stated above.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">195</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">EXECUTION PAGES</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-size:1pt;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></b><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">[<b style="font-weight:bold;">SUBSIDIARY</b>]</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">EXECUTED </b>as a <b style="font-weight:bold;">DEED</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By: [<b style="font-weight:bold;">SUBSIDIARY</b>]</p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director</p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director/Secretary</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 13.39pt 21.6pt;"><font style="font-weight:bold;margin-left:0pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td 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style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">EXECUTED </b>as a <b style="font-weight:bold;">DEED</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By: <b style="font-weight:bold;">FAROE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td 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style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director/Secretary</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 13.39pt 21.6pt;"><font style="font-weight:bold;margin-left:0pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font 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style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director/Secretary</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 13.39pt 21.6pt;"><font style="font-weight:bold;margin-left:0pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font 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style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director</p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director/Secretary</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">196</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">EXECUTED </b>as a <b style="font-weight:bold;">DEED</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By: <b style="font-weight:bold;">HUMBER SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director</p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director/Secretary</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">EXECUTED </b>as a <b style="font-weight:bold;">DEED</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By: <b style="font-weight:bold;">FORTH SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director</p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director/Secretary</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">EXECUTED </b>as a <b style="font-weight:bold;">DEED</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By: <b style="font-weight:bold;">TRAFALGAR SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director</p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director/Secretary</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">EXECUTED </b>as a <b style="font-weight:bold;">DEED</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By: <b style="font-weight:bold;">WIGHT SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director</p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td 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Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director/Secretary</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New 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style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director</p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director/Secretary</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">197</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">EXECUTED </b>as a <b style="font-weight:bold;">DEED</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By: <b style="font-weight:bold;">BLASKET SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director</p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">EXECUTED </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">as a </u><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">DEED</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">By: </u><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILMORE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Director</u></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Director/Secretary</u></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">EXECUTED </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">as a </u><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">DEED</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">By: </u><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILLARY SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Director</u></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Director/Secretary</u></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">EXECUTED </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">as a </u><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">DEED</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">By: </u><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BALLYCOTTON SHIPCO LLC</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Director</u></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Director/Secretary</u></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SECURITY AGENT</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">EXECUTED </b>as a <b style="font-weight:bold;">DEED</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By: <b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director</p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:43.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td><td style="vertical-align:bottom;width:54.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Director/Secretary</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">198</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 5</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">FORM OF TRANSFER CERTIFICATE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">To:</font></font><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">From: </p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><b style="font-weight:bold;">[THE EXISTING LENDER] </b>(the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Existing Lender</b><b style="font-weight:bold;">&#8221;</b>)<b style="font-weight:bold;"> </b>and <br><b style="font-weight:bold;">[THE NEW LENDER] </b>(the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">New Lender</b><b style="font-weight:bold;">&#8221;</b>)</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Dated: [<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><b style="font-weight:bold;">Faroe Shipco LLC, Fisher Shipco LLC, Fair Isle Shipco LLC, Humber Shipco LLC, Forth Shipco LLC, Trafalgar Shipco LLC, Wight Shipco LLC, Saltee Shipco LLC</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;"> and </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">, </b><b style="font-weight:bold;">Blasket </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Shipco LLC, Kilmore Shipco LLC, Killary Shipco LLC and Ballycotton </b><b style="font-weight:bold;">Shipco LLC </b><b style="font-family:'Tahoma';font-weight:bold;">&#8212;</b><b style="font-weight:bold;"> $245,500,000 Facilities Agreement </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">originally dated 30 June 2022 as amended and restated by an Amendment and Restatement Agreement </b><b style="font-weight:bold;">dated [</b><font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font><b style="font-weight:bold;">] </b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">June </b><b style="font-weight:bold;">2022 (the </b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;">We refer to the Agreement. This is a Transfer Certificate. Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">We refer to Clause 32.5 (<i style="font-style:italic;">Procedure for transfer</i>)<i style="font-style:italic;"> </i>of the Agreement:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;">The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all of the Existing Lender&#8217;s rights and obligations under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender&#8217;s Commitment and participation in the Loan under the Agreement as specified in the Schedule in accordance with Clause 32.5 (<i style="font-style:italic;">Procedure for transfer</i>)<i style="font-style:italic;"> </i>of the Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">The proposed Transfer Date is [<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>].</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;">The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of Clause 41.2 (<i style="font-style:italic;">Addresses</i>)<i style="font-style:italic;"> </i>of the Agreement are set out in the Schedule.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;">The New Lender expressly acknowledges the limitations on the Existing Lender&#8217;s obligations set out in paragraph 32.4(c) of Clause 32.4 (<i style="font-style:italic;">Limitation of responsibility of Existing Lenders</i>)<i style="font-style:italic;"> </i>of the Agreement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">2</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;">Note: The execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender&#8217;s interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender&#8217;s Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">199</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE SCHEDULE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">COMMITMENT/RIGHTS AND OBLIGATIONS TO BE TRANSFERRED</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">[insert relevant details]</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">[Facility Office address, fax number and attention details</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">for notices and account details for payments.]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 14.4pt;">[<b style="font-weight:bold;">EXISTING LENDER</b>]<font style="display:inline-block;width:119.86pt;"></font>[<b style="font-weight:bold;">NEW LENDER</b>]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 14.4pt;">By:[<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>]<font style="display:inline-block;width:192.45pt;"></font>By:[<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 14.4pt;">This Transfer Certificate is accepted by the Facility Agent and the Transfer Date is confirmed as [<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>].</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 14.4pt;">[<b style="font-weight:bold;">FACILITY AGENT</b>]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 14.4pt;">By:[<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">200</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 6</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">FORM OF ASSIGNMENT AGREEMENT</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 21.6pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">To:</font></font><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE </b>as Facility Agent and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 57.6pt;"><b style="font-weight:bold;">FAROE SHIPCO LLC, FISHER SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 57.6pt;"><b style="font-weight:bold;">FAIR ISLE SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 57.6pt;"><b style="font-weight:bold;">HUMBER SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 57.6pt;"><b style="font-weight:bold;">FORTH SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 57.6pt;"><b style="font-weight:bold;">TRAFALGAR SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 57.6pt;"><b style="font-weight:bold;">WIGHT SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 57.6pt;"><b style="font-weight:bold;">SALTEE SHIPCO LLC</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;"> and</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 57.6pt;"><b style="font-weight:bold;">BLASKET </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 57.6pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILMORE SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 57.6pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILLARY SHIPCO LLC </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">and</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 57.6pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BALLYCOTTON </b><b style="font-weight:bold;">SHIPCO LLC </b>as Borrowers, for and on behalf of each Obligor</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 21.59pt;">From: [<b style="font-weight:bold;">THE EXISTING LENDER</b>]<b style="font-weight:bold;"> </b>(the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Existing Lender</b><b style="font-weight:bold;">&#8221;</b>)<b style="font-weight:bold;"> </b>and <br>[<b style="font-weight:bold;">THE NEW LENDER</b>]<b style="font-weight:bold;"> </b>(the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">New Lender</b><b style="font-weight:bold;">&#8221;</b>)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Dated: [<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 21.6pt;"><b style="font-weight:bold;">Faroe Shipco LLC, Fisher Shipco LLC, Fair Isle Shipco LLC, Humber Shipco LLC, Forth Shipco LLC, Trafalgar Shipco LLC, Wight Shipco LLC, Saltee Shipco LLC</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;"> and </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">, </b><b style="font-weight:bold;">Blasket </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Shipco LLC, Kilmore Shipco LLC, Killary Shipco LLC and Ballycotton </b><b style="font-weight:bold;">Shipco LLC </b><b style="font-family:'Tahoma';font-weight:bold;">&#8212;</b><b style="font-weight:bold;"> $245,500,000 Facilities Agreement </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">originally dated 30 June 2022 as amended and restated by an Amendment and Restatement Agreement </b><b style="font-weight:bold;">dated [</b><font style="font-family:'Symbol';">&#183;</font><b style="font-weight:bold;">] </b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">June </b><b style="font-weight:bold;">2022 (the </b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:21.6pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">We refer to the Agreement. This is an Assignment Agreement. Terms defined in the Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 21.6pt;"><font style="display:inline-block;text-indent:0pt;width:39.6pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">2</font></font>We refer to Clause 32.6 (<i style="font-style:italic;">Procedure for assignment</i>)<i style="font-style:italic;">:</i></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:21.6pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement, the other Finance Documents and in respect of the Transaction Security which correspond to that portion of the Existing Lender&#8217;s Commitment and participations in the Loan under the Agreement as specified in the Schedule.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:21.6pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender&#8217;s Commitments and participations in the Loan under the Agreement specified in the Schedule.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:21.6pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 21.6pt;"><font style="display:inline-block;text-indent:0pt;width:39.6pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">3</font></font>The proposed Transfer Date is [<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>].</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 21.6pt;"><font style="display:inline-block;text-indent:0pt;width:39.6pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">4</font></font>On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:21.6pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">5</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">The Facility Office and address, fax, number and attention details for notices of the New Lender for the purposes of Clause 41.2 (<i style="font-style:italic;">Addresses</i>)<i style="font-style:italic;"> </i>are set out in the Schedule.</p></td></tr></table></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">201</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">6</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The New Lender expressly acknowledges the limitations on the Existing Lender&#8217;s obligations set out in paragraph (c) of Clause 32.4 <i style="font-style:italic;">(Limitation of responsibility of Existing Lenders).</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">7</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Assignment Agreement acts as notice to the Facility Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause 32.7 <i style="font-style:italic;">(Copy of Transfer Certificate or Assignment Agreement to Borrowers), </i>to the Borrowers (on behalf of each Obligor) of the assignment referred to in this Assignment Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">8</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Assignment Agreement.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">9</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Assignment Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">10</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment Agreement.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;">Note: The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender&#8217;s interest in the Transaction Security in all jurisdictions. It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender&#8217;s Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">202</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE SCHEDULE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">COMMITMENT RIGHTS AND OBLIGATIONS TO BE TRANSFERRED BY ASSIGNMENT, RELEASE AND</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">ACCESSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">[insert relevant details]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">[Facility office address, fax number and attention details for notices</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">and account details for payments]</p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:95%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:54.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:45.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:54.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">[EXISTING LENDER]</b></p></td><td style="vertical-align:top;width:45.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">[NEW LENDER]</b></p></td></tr><tr><td style="vertical-align:top;width:54.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:45.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:54.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">By:[<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>]</p></td><td style="vertical-align:top;width:45.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:[<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>]</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">This Assignment Agreement is accepted by the Facility Agent and the Transfer Date is confirmed as <b style="font-weight:bold;">[</b><font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font><b style="font-weight:bold;">]</b>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">Signature of this Assignment Agreement by the Facility Agent constitutes confirmation by the Facility Agent of receipt of notice of the assignment referred to herein, which notice the Facility Agent receives on behalf of each Finance Party.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><b style="font-weight:bold;">[FACILITY AGENT] </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">By:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">203</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 7</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">FORM OF COMPLIANCE CERTIFICATE</b></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:95%;" align="center"><tr><td style="vertical-align:top;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">To:</p></td><td style="vertical-align:top;width:93.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p></td></tr><tr><td style="vertical-align:top;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:93.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">From:</p></td><td style="vertical-align:top;width:93.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Dated: [<font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font>]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">Dear Sirs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><b style="font-weight:bold;">Faroe Shipco LLC, Fisher Shipco LLC, Fair Isle Shipco LLC, Humber Shipco LLC, Forth Shipco LLC, Trafalgar Shipco LLC, Wight Shipco LLC, Saltee Shipco LLC</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;"> and</b><b style="font-weight:bold;">, Blasket</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Shipco LLC, Kilmore Shipco LLC, Killary Shipco LLC and Ballycotton</b><b style="font-weight:bold;"> Shipco LLC </b><b style="font-family:'Tahoma';font-weight:bold;">&#8212;</b><b style="font-weight:bold;"> $245,500,000 Facilities Agreement</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">originally dated 30 June 2022 as amended and restated by an Amendment and Restatement Agreement</b><b style="font-weight:bold;"> dated [</b><font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font><b style="font-weight:bold;">]</b> <b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">June-</b><b style="font-weight:bold;">2022 (the </b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;">We refer to the Agreement. This is a Compliance Certificate. Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">We confirm that we have maintained the following financial covenants pursuant to Clause 25.1 <i style="font-style:italic;">(Financial covenants) </i>of the Agreement:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(a)</font></font>a minimum Solvency of at least 30 per cent.;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(b)</font></font>minimum Cash and Cash Equivalents of an amount the greater of:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 46.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(i)</font></font>if the Fleet Vessel size is below 40 vessels:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 82.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(A)</font></font>$750,000 per Fleet Vessel; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 82.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(B)</font></font>5 per cent. of the Total Consolidated Debt,</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 46.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(ii)</font></font>upon the Fleet Vessel size becoming 40 vessels or more:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 82.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(A)</font></font>$30,000,000;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 82.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(B)</font></font>$500,000 per Fleet Vessel; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 82.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(C)</font></font>5 per cent. of the Total Consolidated Debt,</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 46.8pt;">in both cases with at least 60 per cent. of such minimum amount being held in cash and, for the purposes of this paragraph (b), Cash and Cash Equivalents shall include undrawn amounts under the Revolving Facility provided that the Termination Date in relation to the Revolving Facility is not within the next 12 Months.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(c)</font></font>a positive Working Capital excluding:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 46.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(i)</font></font>Balloon Repayments; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">204</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">any amounts outstanding under the ABN AMRO Receivables Facility Agreement provided that the facility provided thereunder has a remaining maturity of more than three months, in this instance current liabilities shall exclude the current portion of debt and leases;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">an Adjusted Net Worth of not less than $200,000,000[; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">compliance with Clause 29.1 (<i style="font-style:italic;">Minimum required security cover</i>)]<sup style="font-size:7.5pt;vertical-align:top;">1</sup><i style="font-style:italic;">.</i></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">Please refer to the attached documents which confirm the calculation for the above financial covenants and the accompanying Financial Statements.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">[We confirm that no Default is continuing.]*</p><div style="padding-left:10.8pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:98%;"><tr style="height:1pt;"><td colspan="2" style="vertical-align:top;width:50.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:49.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:9.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Signed:</p></td><td style="vertical-align:top;width:40.19%;border-bottom:1px dotted #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:49.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:49.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Officer</p></td><td style="vertical-align:top;width:49.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">of</p></td><td style="vertical-align:top;width:49.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b></p></td><td style="vertical-align:top;width:49.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10.0pt;margin-bottom:0pt;margin-left:10.8pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><hr noshade="true" color="#000000" size="1" style="background-color:#000000;color:#000000;height:1pt;position:relative;top:0.6em;width:98%;border:none;margin:0pt;" align="left"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 21.6pt;"><sup style="font-size:7.5pt;vertical-align:top;">1</sup><font style="display:inline-block;width:11.15pt;"></font>To be included in 30 June and 30 December compliance certificate only</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">205</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 8</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">FORM OF SUSTAINABILITY CERTIFICATE</b></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:95%;" align="center"><tr><td style="vertical-align:top;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">To:</p></td><td style="vertical-align:top;width:93.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE </b>as Facility Agent</p></td></tr><tr><td style="vertical-align:top;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:93.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:6.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">From:</p></td><td style="vertical-align:top;width:93.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION </b>as Parent Guarantor</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 10.8pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">[</b><font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font><b style="font-weight:bold;">], 20[</b><font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font><b style="font-weight:bold;">]</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><b style="font-weight:bold;">Faroe Shipco LLC, Fisher Shipco LLC, Fair Isle Shipco LLC, Humber Shipco LLC, Forth Shipco LLC, Trafalgar Shipco LLC, Wight Shipco LLC, Saltee Shipco LLC</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;"> and </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">,</b><b style="font-weight:bold;"> Blasket</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Shipco LLC, Kilmore Shipco LLC, Killary Shipco LLC and Ballycotton</b><b style="font-weight:bold;white-space:pre-wrap;">  Shipco LLC </b><b style="font-family:'Arial','Helvetica','sans-serif';font-weight:bold;">&#8212;</b><b style="font-weight:bold;"> $245,500,000 Facilities Agreement</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">originally dated 30 June 2022 as amended and restated by an Amendment and Restatement Agreement</b><b style="font-weight:bold;"> dated [</b><font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font><b style="font-weight:bold;">]</b> <b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">June-</b><b style="font-weight:bold;">2022 (the </b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Sustainability Certificate dated [</b><font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font><b style="font-weight:bold;">] 20[</b><font style="font-family:'Calibri','Helvetica','sans-serif';">&#9679;</font><b style="font-weight:bold;">]</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">We refer to the Agreement. This is a Sustainability Certificate. Terms defined in the Agreement have the same meaning when used in this Sustainability Certificate unless given a different meaning in this Sustainability Certificate.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><font style="display:inline-block;text-indent:0pt;width:39.6pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">2</font></font>We confirm that, as at the date hereof:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the calculation of the Fleet Sustainability Score for the prior calendar year ending 31<font style="font-family:'Tahoma';">&#160;</font>December 20<b style="font-weight:bold;">[</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">&#9679;</b><b style="font-weight:bold;">], </b>as evidenced by the Carbon Intensity and Climate Alignment Certificate, was as follows:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 46.8pt;"><b style="font-weight:bold;">[</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">&#9679;</b><b style="font-weight:bold;">]</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Bursary Percentage for the prior calendar year ending 31 December <b style="font-weight:bold;">20[</b><font style="font-family:'Symbol';">&#183;</font><b style="font-weight:bold;">] is [</b><font style="font-family:'Symbol';">&#183;</font><b style="font-weight:bold;">] </b>per cent., which is [above/below] to the Bursary Percentage Target (Target <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">2a</font><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">2</b>) of 25 per cent. for the calendar year ending 31 December <b style="font-weight:bold;">20[</b><font style="font-family:'Symbol';">&#183;</font><b style="font-weight:bold;">],</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">(c)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">the Active Women Cadets Percentage for the prior calender year ending 31 December 20[</font><font style="color:#ff0000;font-family:'Arial','Helvetica','sans-serif';text-decoration-line:line-through;text-decoration-style:solid;">&#9679;</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">] is[</font><font style="color:#ff0000;font-family:'Arial','Helvetica','sans-serif';text-decoration-line:line-through;text-decoration-style:solid;">&#9679;</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">] per cent., which is [above/below] the Active Women Cadets Percentage Target (Target 2b) of [</font><font style="color:#ff0000;font-family:'Arial','Helvetica','sans-serif';text-decoration-line:line-through;text-decoration-style:solid;">&#9679;</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">] for the calender year ending 31 December 20[</font><font style="color:#ff0000;font-family:'Arial','Helvetica','sans-serif';text-decoration-line:line-through;text-decoration-style:solid;">&#9679;</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">],</font></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><font style="color:#0000ff;">(c)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">(d)</font>accordingly the Sustainability Pricing Adjustment is as follows: [<font style="font-family:'Arial','Helvetica','sans-serif';">&#9679;</font>]</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="color:#0000ff;">(d)</font></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">(e)</font>we have provided the Sustainability Coordinator with a copy of the most recent Sustainability Report.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">We confirm that no Default is continuing.</p><div style="padding-left:10.8pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:98%;"><tr style="height:1pt;"><td style="vertical-align:top;width:6.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:93.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Signed:</p></td><td style="vertical-align:top;width:93.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;..</font></p></td></tr><tr><td style="vertical-align:top;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:93.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:93.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;white-space:pre-wrap;">  Director</font></p></td></tr><tr><td style="vertical-align:top;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:93.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;white-space:pre-wrap;">  Officer</u></p></td></tr><tr><td style="vertical-align:top;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:93.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;white-space:pre-wrap;">  </u><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;white-space:pre-wrap;">  of</font>of</p></td></tr><tr><td style="vertical-align:top;width:6.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:93.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">ARDMORE SHIPPING CORPORATION</b><b style="font-weight:bold;">ARDMORE</b><b style="font-weight:bold;"> SHIPPING CORPORATION</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">206</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">207</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;min-height:725.54pt;"><div style="height:22.34pt;left:76%;max-width:24%;position:absolute;top:703.2pt;width:0.5pt;z-index:251658240;"><img src="asc-20241231xex4d5004.jpg" alt="Graphic" style="height:22.34pt;width:0.5pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 9</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SUSTAINABILITY PRICING ADJUSTMENT SCHEDULE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:18pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(a)</font></font><font style="display:inline-block;width:-87.34pt;"></font>Upon the delivery of a Sustainability Certificate in accordance with Clause 24.3 (<i style="font-style:italic;">Compliance Certificate and Sustainability Certificate</i>)<i style="font-style:italic;">, </i>the Initial Margin (as defined below) shall (subject to the provisions of paragraph (d) below) be adjusted as follows (each, a <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Sustainability Pricing Adjustment</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">):</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:95%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:15.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:17.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:18.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:17.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:30.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="5" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 3.6pt 5pt 3.6pt;"><b style="font-weight:bold;">Fleet Sustainability Score, as set forth in the relevant Sustainability Certificate</b></p></td></tr><tr><td style="vertical-align:top;width:15.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><b style="font-weight:bold;">Target 1</b></p></td><td style="vertical-align:top;width:17.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Above or equal to 20.0%</p></td><td style="vertical-align:top;width:18.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Above or equal to 15.0% and below 20.0%</p></td><td style="vertical-align:top;width:17.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Above or equal to 10.0% and below 15.0%</p></td><td style="vertical-align:top;width:30.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Below 10.0%</p></td></tr><tr><td style="vertical-align:top;width:15.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:2pt 3.6pt 4.8pt 3.6pt;"><b style="font-weight:bold;">Adjustment </b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">to Initial </b><br><b style="font-weight:bold;">Margin</b></p></td><td style="vertical-align:top;width:17.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><i style="font-style:italic;">Margin</i><i style="font-style:italic;"><br></i><i style="font-style:italic;">decrease of 4.5 </i><i style="font-style:italic;"><br></i><i style="font-style:italic;">basis points</i></p></td><td style="vertical-align:top;width:18.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><i style="font-style:italic;">Margin </i><i style="font-style:italic;"><br></i><i style="font-style:italic;">decrease</i><i style="font-family:'Verdana';font-style:italic;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</i><i style="font-style:italic;">of</i><i style="font-style:italic;"><br></i><i style="font-style:italic;">2.25 basis</i><i style="font-style:italic;"><br></i><i style="font-style:italic;">points</i></p></td><td style="vertical-align:top;width:17.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><i style="font-style:italic;">No adjustment</i></p></td><td style="vertical-align:top;width:30.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:2pt 3.6pt 4.8pt 3.6pt;"><i style="font-style:italic;">Margin increase of 4.5 basis </i><i style="font-style:italic;"><br></i><i style="font-style:italic;">points</i></p></td></tr><tr><td colspan="5" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 3.6pt 5pt 3.6pt;"><b style="font-weight:bold;">Diversity</b></p></td></tr><tr><td style="vertical-align:top;width:15.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><b style="font-weight:bold;">Target </b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">2a</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">2</b></p></td><td style="vertical-align:top;width:17.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Bursary Percentage Target not met</p></td><td style="vertical-align:top;width:18.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Bursary Percentage Target met</p></td><td style="vertical-align:top;width:17.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Bursary Percentage Target met</font></p></td><td style="vertical-align:top;width:30.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Bursary Percentage Target not met</font></p></td></tr><tr><td style="vertical-align:top;width:15.74%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">Target 2b</b></p></td><td style="vertical-align:top;width:17.56%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Active Women </font><font style="color:#ff0000;text-decoration-line:none;"><br></font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Cadets </font><font style="color:#ff0000;text-decoration-line:none;"><br></font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Percentage </font><font style="color:#ff0000;text-decoration-line:none;"><br></font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Target not met</font></p></td><td style="vertical-align:top;width:18.41%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Active Women </font><font style="color:#ff0000;text-decoration-line:none;"><br></font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Cadets </font><font style="color:#ff0000;text-decoration-line:none;"><br></font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Percentage </font><font style="color:#ff0000;text-decoration-line:none;"><br></font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Target met</font></p></td><td style="vertical-align:top;width:17.59%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Active Women </font><font style="color:#ff0000;text-decoration-line:none;"><br></font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Cadets </font><font style="color:#ff0000;text-decoration-line:none;"><br></font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Percentage </font><font style="color:#ff0000;text-decoration-line:none;"><br></font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Target not met</font></p></td><td style="vertical-align:top;width:30.69%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Active Women Cadets Percentage Target met</font></p></td></tr><tr><td style="vertical-align:top;width:15.74%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><b style="font-weight:bold;">Adjustment</b></p></td><td style="vertical-align:top;width:17.56%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><i style="font-style:italic;">Margin increase of 0.5 basis points</i></p></td><td style="vertical-align:top;width:18.41%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><i style="font-style:italic;">Margin decrease of 0.5 basis points</i></p></td><td style="vertical-align:top;width:17.59%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><i style="color:#ff0000;font-style:italic;text-decoration-line:line-through;text-decoration-style:solid;">No adjustment</i></p></td><td style="vertical-align:top;width:30.69%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:2pt 3.6pt 4.8pt 3.6pt;"><i style="color:#ff0000;font-style:italic;text-decoration-line:line-through;text-decoration-style:solid;">No adjustment</i></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">In relation to each Sustainability Pricing Adjustment, the starting point for calculating any adjustment to the Margin shall be 2.5 per cent per annum <b style="font-weight:bold;">(</b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Initial Margin</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">).</b></p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Any Sustainability Pricing Adjustment for that year shall become effective on the first day of the next Interest Period for that Advance.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(d)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">No Sustainability Pricing Adjustment shall result in the Margin being increased or decreased from the Initial Margin by more than 5 basis points per annum.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(e)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Borrowers fail to provide a Sustainability Certificate or any of the Sustainability Reporting or verification by the KPI Reporting Longstop Date, the Sustainability Pricing Adjustment will be deemed to be an increase to the Initial Margin of five basis points per annum starting from the day following the KPI Reporting Longstop Date, until the day in the subsequent calendar year on which such Sustainability Certificate is delivered (in which case the Margin will be recalculated and the relevant Sustainability Margin Adjustment will become effective on the first day of the next Interest Period for that Advance following the KPI Reporting Date. The first reporting will be provided in 2023 for full-year 2022.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(f)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">For the avoidance of doubt, failure to report shall not constitute an Event of Default.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">208</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Defined terms used herein:</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8220;</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">Active Women Cadets</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8221;</b><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> means with respect to any calendar year, the sum of the total number of days each female cadet spends on board an Ardmore ship during the calendar year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8220;</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">Active Women Cadets Percentage</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8221;</b><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> means, with respect to any calendar year, Active Women Cadets in relation to Active Total Cadets expressed as a percentage.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8220;</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">Active Total Cadets</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8221;</b><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> means with respect to any calendar year, the sum of the total number of days all cadets spend on board Ardmore</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">&#8217;</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">s ships during the calendar year.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8220;</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">Active Women Cadets Percentage Target</b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">&#8221;</b><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> means the following:</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:56.62%;"><tr style="height:1pt;"><td style="vertical-align:top;width:49.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:49.95%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">Year</b></p></td><td style="vertical-align:top;width:50.04%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">Target % of female-cadets-on </b><font style="color:#ff0000;text-decoration-line:none;"><br></font><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">board</b></p></td></tr><tr><td style="vertical-align:top;width:49.95%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Starting point</font></p></td><td style="vertical-align:top;width:50.04%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">20.93 %</font></p></td></tr><tr><td style="vertical-align:top;width:49.95%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">2022</font></p></td><td style="vertical-align:top;width:50.04%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">23.02%</font></p></td></tr><tr><td style="vertical-align:top;width:49.95%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">2023</font></p></td><td style="vertical-align:top;width:50.04%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">25.32%</font></p></td></tr><tr><td style="vertical-align:top;width:49.95%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">2024</font></p></td><td style="vertical-align:top;width:50.04%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">27.86%</font></p></td></tr><tr><td style="vertical-align:top;width:49.95%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">2025</font></p></td><td style="vertical-align:top;width:50.04%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">30.64</font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">%</font></p></td></tr><tr><td style="vertical-align:top;width:49.95%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">2026</font></p></td><td style="vertical-align:top;width:50.04%;background:#ffe1eb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">33.71%</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">AER Trajectory Value</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, with respect to any Fleet Vessel, the relevant AER trajectory value as published on the website of the Poseidon Principles. The Poseidon Trajectory based off the fourth IMO GHG Study (published in 2020) will be the trajectory used for the duration of this facility. See the table below as a reference.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><img src="asc-20241231xex4d5005.jpg" alt="Graphic" style="display:inline-block;height:230.15pt;width:540pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Average Efficiency Ratio</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>or <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">AER</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, with respect to any Fleet Vessel, the average efficiency ratio of such Fleet Vessel as calculated per the Poseidon Principles as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:5pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">209</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 54pt;"><img src="asc-20241231xex4d5006.jpg" alt="Graphic" style="display:inline-block;height:32.99pt;left:0%;padding-bottom:0.05pt;position:relative;top:0pt;width:123.73pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 21.6pt;">where C<i style="font-style:italic;">i</i> is the carbon emissions for voyage <i style="font-style:italic;">i </i>computed using the fuel consumption and carbon factor of each type of fuel, DWT is the design deadweight of a Fleet Vessel, and D<i style="font-style:italic;">i</i> is the distance travelled on voyage <i style="font-style:italic;">i. </i>The AER with respect to any Fleet Vessel is computed for all voyages performed by the Fleet Vessel over a calendar year.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 21.6pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Bursary Percentage</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, with respect to any calendar year, the percentage of bursaries provided to women cadets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 21.6pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Bursary Percentage Target</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, with respect to any calendar year, a Bursary Percentage of at least 25 per cent.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 21.6pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Carbon Intensity and Climate Alignment Certificate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means a certificate from a Recognised Organisation relating to a Fleet Vessel and a calendar year setting out:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:21.6pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Average Efficiency Ratio of that Fleet Vessel for all voyages performed by it over that calendar year using ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI in respect of that calendar year; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:21.6pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the climate alignment of that Fleet Vessel for such calendar year:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 21.6pt;">in each case as calculated in accordance with the Poseidon Principles and, in relation to the first certificate delivered under this Agreement, calculated based on data for year-end 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 21.6pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">DWT</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, with respective to any Fleet Vessel, the difference in tons between displacement of the Fleet Vessel in water of relative density of 1025 kg/m3 at the summer load draught and the lightweight of the Fleet Vessel; the summer load draught should be taken as the maximum summer draught as certified in the stability booklet approved by the relevant maritime administration or an organization recognized by it.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 21.6pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Fleet Sustainability Score</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, with respect to any calendar year and verified by a Recognised Organisation, the weighted average (rounded to two decimal places) of the Vessel Sustainability Score of all Fleet Vessels for such calendar year, determined based on Vessel Weighting.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 21.6pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Fleet Vessel</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to such term in Clause 25.2 (<i style="font-style:italic;">Financial covenant definitions</i>)<i style="font-style:italic;">.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 21.6pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">KPI</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means Key Performance Indicator and is a common definition for the KPI 1 (Fleet Sustainability</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 21.6pt;">Score)<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">, </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">and</u> KPI <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">2a </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">2</u> (Bursary Percentage)<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;"> and KPI 2b (Active Women Cadets Percentage)</font><font style="color:#ff0000;">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 21.6pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">KPI Performance Misrepresentation</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means if any confirmation, representation or statement made under or in connection with any Sustainability Certificate is or proves to have been incorrect or misleading when made, the Borrower shall notify the Agent of such misrepresentation promptly upon becoming aware of its occurrence and provide to the Agent as soon as reasonably practicable (at its own expense) a revised Sustainability Certificate for the same Financial Year and any other information reasonably requested by the Agent in each case: (i) correcting any inaccuracies giving rise to the relevant misrepresentation and (ii) confirming whether or not the Target(s) are met. Upon the occurrence of such misrepresentation, the Borrower shall pay to the Agent (for the account of each Lender) the amount required to put the Lenders in the position each Lender would have been in had the misrepresentation had not occurred and the correct Margin been applicable in the relevant period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">210</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">KPI Reporting Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the date the Agent receives, in satisfactory form to the Lenders, the Sustainability Certificate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">KPI Reporting Longstop Date</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means <font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">180</font> <u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">210</u> calendar days from year-end.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Owned Days</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, for a given Fleet Vessel, the number of days in a calendar year that such Fleet Vessel is owned, whether directly or indirectly, by the Borrowers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Recognised Organisation</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in respect of a Fleet Vessel an organisation representing that Fleet Vessel&#8217;s flag state as agreed between the Borrowers and the Lenders and, for the purposes of Clause 28.19 (<i style="font-style:italic;">Poseidon Principles</i>)<i style="font-style:italic;">, </i>duly authorised to determine whether the Borrowers have complied with regulation 22A of Annex VI.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Trajectory Adjustments</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means changes to Target 1 (in reference to paragraph (a), (b), and/or (c) below) and/or Trajectory (in reference to paragraph (c)) either due to:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">changes to the calculation methodology for KPI 1;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">significant changes in data due to better data accessibility; or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:10.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(c)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">a fleet sale or purchase of 5 or more vessels in one transaction or a group of related transactions,</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;">such as, but not limited to, transactions in the form of sale, purchase, merger, acquisition, spin-off of vessels or of companies. Such transactions may require a recalculation or pro forma adjustment of the Trajectory (with adjustments to Target 1 when applicable).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">Notwithstanding the above, the below (d) applies in addition (a) through (c).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-indent:-36pt;margin:0pt 0pt 12pt 10.79pt;">(d)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 46.8pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(i)</font></font>If either:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:86.4pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(A)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the Borrowers; and/or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:86.4pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:32.4pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(B)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Facility Agent (acting on the instructions of any of the Lenders) and/or the Sustainability Coordinator</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;">determine that a KPI and/or a Target is no longer available, cannot be calculated, or is no longer appropriate with respect to the Borrowers, such party may request, by written notice to the other parties, that each such party shall negotiate in good faith, following which the Borrower and the Sustainability Coordinator shall negotiate in good faith for a period of 30 days with a view to agreeing:</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:118.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(1)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">relevant new KPI(s) to replace one or more of the existing KPI(s);</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:118.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(2)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">relevant new Target to replace one or more of the existing Target(s); and/or</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:118.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(3)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">appropriate consequential amendments to one or more of the existing KPI(s) and/or Target(s) and/or related provisions (as applicable),</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;">and, for the avoidance of doubt, any such new KPI(s), new Target(s) and/or appropriate consequential amendments shall be agreed by the Company and the Facility Agent (acting on the instructions of the Lenders).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">211</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">If the Company and the Agent (acting on the instructions of the Lenders) agree on the new KPI(s) or the new Target(s), such amendments will take effect for the purposes of the Facilities Agreement from the period starting on the first day of the next Financial Year (unless otherwise agreed between the Company and the Agent (acting on the instructions of the Lenders)).</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:46.8pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(iii)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 82.8pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(A)</font></font>the Company has not engaged in such negotiations (where applicable); or</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 82.8pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(B)</font></font>no agreement is reached between the relevant parties;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 10.8pt;">following a 30-day negotiation period,</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;">the Agent (acting on the instructions of the Lenders) may, by notice to the Company, declassify the Facilities Agreement as a sustainability-linked financing, upon which the Sustainability Pricing Adjustment shall cease to apply for the remaining life of the Facility.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Vessel Sustainability Score</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, for any Vessel in the Fleet, and a particular calendar year, the percentage difference between the AER Trajectory Value and the Vessel&#8217;s Average Efficiency Ratio and at the same point in time, calculated as set out in the Poseidon Principles. A Vessel&#8217;s Vessel Sustainability Score shall be evidenced by a Carbon Intensity and Climate Alignment Certificate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 10.8pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Vessel Weighting</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>shall mean, for any Fleet Vessel for any calendar year, the product of (i) the Owned Days and (ii) the Fleet Vessel&#8217;s DWT.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">212</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 10</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SHIPS</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:4.82%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:11.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:16.34%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:10.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:10.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:8.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:9.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:7.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:4.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:16.38%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:4.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Ship</b></p></td><td style="vertical-align:top;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Owner</b></p></td><td style="vertical-align:top;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Vessel Name</b></p></td><td style="vertical-align:top;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Vessel Type / Capacity</b></p></td><td style="vertical-align:top;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">IMO numbers</b></p></td><td style="vertical-align:top;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">DWT</b></p></td><td style="vertical-align:middle;width:9.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Classification Society</b></p></td><td style="vertical-align:middle;width:7.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Class Notation</b></p></td><td style="vertical-align:top;width:4.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Built</b></p></td><td style="vertical-align:top;width:16.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Index Amount</b></p></td></tr><tr><td style="vertical-align:top;width:4.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Ship A</p></td><td style="vertical-align:top;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">Faroe Shipco LLC</p></td><td style="vertical-align:top;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">ARDMORE SEAFOX</p></td><td style="vertical-align:top;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Product/chemical tanker</p></td><td style="vertical-align:top;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">9708215</p></td><td style="vertical-align:top;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">49,999</p></td><td style="vertical-align:top;width:9.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Lloyds&#8217;s Register</p></td><td style="vertical-align:top;width:7.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">+100A1</p></td><td style="vertical-align:top;width:4.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">2015</p></td><td style="vertical-align:top;width:16.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">$29,500,000</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$32,000,000</u></p></td></tr><tr><td style="vertical-align:top;width:4.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Ship B</p></td><td style="vertical-align:top;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">Fisher Shipco LLC</p></td><td style="vertical-align:top;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">ARDMORE CHINOOK</p></td><td style="vertical-align:top;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Product/chemical</font><font style="color:#0000ff;white-space:pre-wrap;">     </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Oil tanker/chemical </u>tanker</p></td><td style="vertical-align:top;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">9707869</p></td><td style="vertical-align:top;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">25,233</p></td><td style="vertical-align:top;width:9.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">ABS</p></td><td style="vertical-align:top;width:7.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">+Al</p></td><td style="vertical-align:top;width:4.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">2015</p></td><td style="vertical-align:top;width:16.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">$25,800,000</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$26,750,000</u></p></td></tr><tr><td style="vertical-align:top;width:4.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Ship C</p></td><td style="vertical-align:top;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">Fair Isle Shipco LLC</p></td><td style="vertical-align:top;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">ARDMORE SEALION</p></td><td style="vertical-align:top;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Product/chemical tanker</p></td><td style="vertical-align:top;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">9708203</p></td><td style="vertical-align:top;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">49,999</p></td><td style="vertical-align:top;width:9.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Lloyds&#8217;s Register</p></td><td style="vertical-align:top;width:7.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">+100A1</p></td><td style="vertical-align:top;width:4.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">2015</p></td><td style="vertical-align:top;width:16.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">$29,500,000</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$32,000,000</u></p></td></tr><tr><td style="vertical-align:top;width:4.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Ship D</p></td><td style="vertical-align:top;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">Humber Shipco LLC</p></td><td style="vertical-align:top;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">ARDMORE CHIPPEWA</p></td><td style="vertical-align:top;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Product/chemical</font><font style="color:#ff0000;white-space:pre-wrap;">      </font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Oil tanker/chemical</u> tanker</p></td><td style="vertical-align:top;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">9707871</p></td><td style="vertical-align:top;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">25,210</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">25,217</u></p></td><td style="vertical-align:top;width:9.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">ABS</p></td><td style="vertical-align:top;width:7.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">+Al</p></td><td style="vertical-align:top;width:4.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">2015</p></td><td style="vertical-align:top;width:16.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">$25,800,000</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$26,750,000</u></p></td></tr><tr><td style="vertical-align:top;width:4.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Ship E</p></td><td style="vertical-align:top;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">Forth Shipco LLC</p></td><td style="vertical-align:top;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">ARDMORE SEAVANTAGE</p></td><td style="vertical-align:top;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Product/chemical tanker</p></td><td style="vertical-align:top;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">9637076</p></td><td style="vertical-align:top;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">49,997</p></td><td style="vertical-align:top;width:9.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">ABS</font><font style="color:#0000ff;">Lloyds Register</font></p></td><td style="vertical-align:top;width:7.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">+<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">A1</font><font style="color:#0000ff;">100A1</font></p></td><td style="vertical-align:top;width:4.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">2014</p></td><td style="vertical-align:top;width:16.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">$27,900,000</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$30,375,000</u></p></td></tr><tr><td style="vertical-align:top;width:4.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Ship F</p></td><td style="vertical-align:top;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">Trafalgar Shipco LLC</p></td><td style="vertical-align:bottom;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">ARDMORE ENDEAVOUR</p></td><td style="vertical-align:top;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Product/chemical tanker</p></td><td style="vertical-align:top;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">9667942</p></td><td style="vertical-align:top;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">49,997</p></td><td style="vertical-align:top;width:9.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">ABS</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Lloyds Register</u></p></td><td style="vertical-align:top;width:7.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">+<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">A1</font><font style="color:#0000ff;">100A1</font></p></td><td style="vertical-align:top;width:4.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">2013</p></td><td style="vertical-align:top;width:16.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">$25,600,000</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$28,125,000</u></p></td></tr><tr><td style="vertical-align:top;width:4.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Ship G</p></td><td style="vertical-align:top;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">Wight Shipco LLC</p></td><td style="vertical-align:top;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">ARDMORE DAUNTLESS</p></td><td style="vertical-align:top;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Product/chemical tanker</p></td><td style="vertical-align:top;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">9707388</p></td><td style="vertical-align:top;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">37,764</p></td><td style="vertical-align:top;width:9.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Lloyds Register</p></td><td style="vertical-align:top;width:7.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">+100A1</p></td><td style="vertical-align:top;width:4.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">2015</p></td><td style="vertical-align:top;width:16.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">$27,300,000</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$28,625,000</u></p></td></tr><tr><td style="vertical-align:top;width:4.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Ship H</p></td><td style="vertical-align:top;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">Saltee Shipco LLC</p></td><td style="vertical-align:middle;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">ARDMORE ENTERPRISE</p></td><td style="vertical-align:middle;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Product/chemical tanker</p></td><td style="vertical-align:top;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">9654555</p></td><td style="vertical-align:top;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">49,453</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">49,452</u></p></td><td style="vertical-align:top;width:9.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">DNV GL</p></td><td style="vertical-align:top;width:7.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">+1A1</p></td><td style="vertical-align:top;width:4.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">2013</p></td><td style="vertical-align:top;width:16.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">$25,600,000</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$28,125,000</u></p></td></tr><tr><td style="vertical-align:top;width:4.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Ship I</p></td><td style="vertical-align:top;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">Blasket Shipco LLC</p></td><td style="vertical-align:bottom;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">ARDMORE ENDURANCE</p></td><td style="vertical-align:top;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Product/chemical tanker</p></td><td style="vertical-align:top;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">9759886</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">9654567</u></p></td><td style="vertical-align:top;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">49,828</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">49,466</u></p></td><td style="vertical-align:top;width:9.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">ABS</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">DNV GL</u></p></td><td style="vertical-align:top;width:7.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">+<font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">AE1</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">1A1</u></p></td><td style="vertical-align:top;width:4.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">2013</p></td><td style="vertical-align:top;width:16.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">$25,600,000</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$28,125,000</u></p></td></tr><tr><td style="vertical-align:middle;width:4.82%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Ship J</u></p></td><td style="vertical-align:middle;width:11.01%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Kilmore Shipco LLC</u></p></td><td style="vertical-align:bottom;width:16.34%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">ARDMORE ENGINEER</u></p></td><td style="vertical-align:top;width:10.46%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Product/chemical tanker</u></p></td><td style="vertical-align:top;width:10.84%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">9654787</u></p></td><td style="vertical-align:top;width:8.87%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">49,420</u></p></td><td style="vertical-align:top;width:9.25%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">DNV GL</u></p></td><td style="vertical-align:top;width:7.57%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">+1A1</u></p></td><td style="vertical-align:top;width:4.42%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">2014</u></p></td><td style="vertical-align:top;width:16.38%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$30,375,000</u></p></td></tr><tr><td style="vertical-align:top;width:4.82%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Ship K</u></p></td><td style="vertical-align:top;width:11.01%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Killary Shipco LLC</u></p></td><td style="vertical-align:bottom;width:16.34%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">ARDMORE EXPLORER</u></p></td><td style="vertical-align:top;width:10.46%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Product/chemical tanker</u></p></td><td style="vertical-align:top;width:10.84%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">9654581</u></p></td><td style="vertical-align:top;width:8.87%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">49,494</u></p></td><td style="vertical-align:top;width:9.25%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">DNV GL</u></p></td><td style="vertical-align:top;width:7.57%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">+1A1</u></p></td><td style="vertical-align:top;width:4.42%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">2014</u></p></td><td style="vertical-align:top;width:16.38%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$30,375,000</u></p></td></tr><tr><td style="vertical-align:top;width:4.82%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Ship L</u></p></td><td style="vertical-align:top;width:11.01%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Ballycotton Shipco LLC</u></p></td><td style="vertical-align:bottom;width:16.34%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">ARDMORE ENCOUNTER</u></p></td><td style="vertical-align:top;width:10.46%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Product/chemical tanker</u></p></td><td style="vertical-align:top;width:10.84%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">9654579</u></p></td><td style="vertical-align:top;width:8.87%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">49,478</u></p></td><td style="vertical-align:top;width:9.25%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">DNV GL</u></p></td><td style="vertical-align:top;width:7.57%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">+1A1</u></p></td><td style="vertical-align:top;width:4.42%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">2014</u></p></td><td style="vertical-align:top;width:16.38%;background:#cceeff;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$30,375,000</u></p></td></tr><tr><td style="vertical-align:top;width:4.82%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#0000ff;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:11.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><font style="color:#0000ff;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:16.34%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#0000ff;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.46%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#0000ff;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.84%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#0000ff;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:8.87%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:9.25%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#0000ff;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:7.57%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#0000ff;font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:4.42%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;">Total</p></td><td style="vertical-align:top;width:16.38%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 6pt 0pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">$242,600,000</font><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">$352,000,000</u></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">213</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 11</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">LIST OF APPROVED VALUERS</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 144pt;"><b style="font-weight:bold;">Shipbroker</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 144pt;">Maersk Broker UK Ltd </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 144pt;">Inge Steensland AS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 144pt;">Arrow Valuation Ltd</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 144pt;">Fearnleys AS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 144pt;">Simpson Spence &amp; Young </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 144pt;">Clarksons</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 144pt;">Braemar Shipbrokers Ltd</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">214</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 12</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">TIMETABLES</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.9%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Delivery of a duly completed Utilisation Request (Clause 5.1 (<i style="font-style:italic;">Delivery of the Utilisation Request</i>)) or a Selection Notice (Clause 11.1 (<i style="font-style:italic;">Selection of Interest Periods</i>))</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Five Business Days before the intended Utilisation Date (Clause 5.1 (<i style="font-style:italic;">Delivery of the Utilisation Request</i>))<i style="font-style:italic;"> </i>or the expiry of the preceding Interest Period (Clause 11.1 (<i style="font-style:italic;">Selection of Interest Periods</i>))</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Facility Agent notifies the Lenders of the Loan in accordance with Clause 5.4 <i style="font-style:italic;">(Lenders</i><i style="font-style:italic;">&#8217;</i><i style="font-style:italic;"> participation)</i></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Three Business Days before the intended Utilisation Date.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">215</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 13</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">FORM OF ACCORDION FACILITY NOTICE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">To:</font></font><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE </b>as Agent</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 4pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">From:</font></font><b style="font-weight:bold;">FAROE SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 4pt 36pt;"><b style="font-weight:bold;">FISHER SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 4pt 36pt;"><b style="font-weight:bold;">FAIR ISLE SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 4pt 36pt;"><b style="font-weight:bold;">HUMBER SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 4pt 36pt;"><b style="font-weight:bold;">FORTH SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 4pt 36pt;"><b style="font-weight:bold;">TRAFALGAR SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 4pt 36pt;"><b style="font-weight:bold;">WIGHT SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 4pt 36pt;"><b style="font-weight:bold;">SALTEE SHIPCO LLC</b><font style="color:#ff0000;"> </font><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">and</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 4pt 36pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BLASKET SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 4pt 36pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILMORE SHIPCO LLC,</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 4pt 36pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILLARY SHIPCO LLC </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">and</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">BLASKET</b><b style="color:#0000ff;font-weight:bold;"> </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BALLYCOTTON</b><b style="font-weight:bold;white-space:pre-wrap;">  SHIPCO LLC </b>as joint and several Borrowers and the entities listed in the Schedule as Accordion Facility Lenders (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Accordion Facility Lenders</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Dated: [<font style="font-family:'Times New Roman';">&#9679;</font>]</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Faroe Shipco LLC, Fisher Shipco LLC, Fair Isle Shipco LLC, Humber Shipco LLC, Forth Shipco LLC, Trafalgar Shipco LLC, Wight Shipco LLC, Saltee Shipco LLC </b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">and</b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">, </b><b style="font-weight:bold;">Blasket</b><b style="color:#0000ff;font-weight:bold;text-decoration-color:#0000ff;text-decoration-line:underline;text-decoration-style:solid;"> </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">Shipco LLC, Kilmore Shipco LLC, Killary Shipco LLC and Ballycotton</b><b style="font-weight:bold;white-space:pre-wrap;">  Shipco LLC </b><b style="font-family:'Tahoma';font-weight:bold;">&#8212;</b><b style="font-weight:bold;"> $245,500,000 Facilities Agreement</b><b style="color:#0000ff;font-weight:bold;text-decoration-color:#0000ff;text-decoration-line:underline;text-decoration-style:solid;"> </b><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">originally dated 30 June 2022 as amended and restated by an Amendment and Restatement Agreement</b><b style="font-weight:bold;"> dated [</b><font style="font-family:'Symbol';">&#183;</font><b style="font-weight:bold;">]</b><b style="color:#ff0000;font-weight:bold;"> </b><b style="color:#ff0000;font-weight:bold;text-decoration-line:line-through;text-decoration-style:solid;">June</b><b style="font-weight:bold;">-2022 (the </b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">)</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">1</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">We refer to the Agreement. This is an Accordion Facility Notice. This Accordion Facility Notice shall take effect as an Accordion Facility Notice for the purposes of the Agreement. Terms defined in the Agreement have the same meaning in this Accordion Facility Notice unless given a different meaning in this Accordion Facility Notice.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">2</font></font>We refer to Clause 6 (<i style="font-style:italic;">Establishment of Accordion Facility</i>)<i style="font-style:italic;"> </i>of the Agreement.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">3</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">We request the establishment of the Accordion Facility with the following Accordion Facility Terms: </p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 12pt 36pt;">Currency: $ </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">Margin:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">4</b></font><b style="font-weight:bold;">Borrowers</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">The Accordion Facility shall be available only to the Borrowers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">5</b></font><b style="font-weight:bold;">Purpose</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Accordion Facility shall only be used for the purpose set out in Clause 3 (<i style="font-style:italic;">Purpose</i>)<i style="font-style:italic;"> </i>of the Agreement.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">6</b></font><b style="font-weight:bold;">Availability</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">216</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The Accordion Facility shall only be available during the Availability Period relating to the Accordion Facility.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">7</b></font><b style="font-weight:bold;">The proposed Accordion Facility Date is [</b><font style="font-family:'Symbol';">&#183;</font><b style="font-weight:bold;">].</b></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">8</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The Borrowers confirm that the Accordion Facility Terms set out above comply with Clause 6.5 (<i style="font-style:italic;">Restrictions on Accordion Facility Terms and fees</i>)<i style="font-style:italic;"> </i>of the Agreement;</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Accordion Facility Lenders and the Accordion Facility Commitments set out in this Accordion Facility Notice have been selected and allocated in accordance with Clause 6.1 (<i style="font-style:italic;">Selection of Accordion Facility Lenders</i>)<i style="font-style:italic;"> </i>of the Agreement; and</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">each condition specified in sub-paragraph (i) of paragraph (a) of Clause 6.6 (<i style="font-style:italic;">Conditions to establishment</i>)<i style="font-style:italic;"> </i>of the Agreement is satisfied on the date of this Accordion Facility Notice.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">9</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Accordion Facility Lender agrees to assume and will assume all of the obligations corresponding to the Accordion Facility Commitment set opposite its name in the Schedule as if it had been an Original Lender under the Agreement in respect of that Accordion Facility Commitment.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">10</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">On the Accordion Facility Date each Accordion Facility Lender becomes party to the relevant Finance Documents as a Lender.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">11</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">Each Accordion Facility Lender expressly acknowledges the limitations on the Lenders&#8217; obligations referred to in Clause 6.11 (<i style="font-style:italic;">Limitation of responsibility</i>)<i style="font-style:italic;"> </i>of the Agreement.</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">12</font></font>This Accordion Facility Notice is irrevocable.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">13</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Accordion Facility Notice may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Accordion Facility Notice.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">14</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Accordion Facility Notice and any non-contractual obligations arising out of or in connection with it are governed by English law.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">15</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">This Accordion Facility Notice has been entered into on the date stated at the beginning of this Accordion Facility Notice.</p></td></tr></table><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">16</p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">The facility office and address and attention details for notices of the Accordion Facility Lenders for the purposes of Clause 41 (<i style="font-style:italic;">Notices</i>)<i style="font-style:italic;"> </i>of the Agreement are:</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-indent:0pt;width:36pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">(a)</font></font><b style="font-weight:bold;">[</b><font style="font-family:'Symbol';">&#183;</font><b style="font-weight:bold;">]</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Note: The execution of this Accordion Facility Notice may not be sufficient for each Accordion Facility Lender to obtain the benefit of the Transaction Security in all jurisdictions. It is the responsibility of each Accordion Facility Lender to ascertain whether any other documents or other formalities are required to obtain the benefit of the Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">217</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE SCHEDULE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Name of Accordion Facility Lender</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Accordion Facility Commitment ($)</b></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BORROWERS</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:46.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For and on behalf of</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FAROE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:46.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For and on behalf of</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FISHER SHIPCO LLC</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:46.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For and on behalf of</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FAIR ISLE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:46.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For and on behalf of</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">HUMBER SHIPCO LLC</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FORTH SHIPCO LLC</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:46.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 3.6pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">218</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:46.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:46.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For and on behalf of</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BLASKET SHIPCO LLC</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">For and on behalf of</u></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILMORE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">By:</u></p></td><td style="vertical-align:top;width:46.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">For and on behalf of</u></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILLARY SHIPCO LLC</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">By:</u></p></td><td style="vertical-align:top;width:46.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">For and on behalf of</u></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BALLYCOTTON SHIPCO LLC</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">ACCORDION FACILITY LENDERS</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr style="height:1pt;"><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:46.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:46.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For and on behalf of</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">[</b><font style="font-family:'Symbol';">&#183;</font><b style="font-weight:bold;">]</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">This document is accepted as an Accordion Facility Notice for the purposes of the Agreement by the Facility Agent and the Accordion Facility Date is confirmed as [<font style="font-family:'Symbol';">&#183;</font>].</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">AGENT</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:3.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:46.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">For and on behalf of</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">219</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 14</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">BENCHMARK TERMS</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">CURRENCY:</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Dollars.</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;">Cost of funds as a fallback</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Cost of funds will apply as a fallback.</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;">Definitions</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Additional Business Days:</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">An RFR Banking Day.</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Break Costs:</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">No Break Costs shall be charged for any voluntary prepayment under this Agreement subject to the following conditions:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(a)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">Up to three voluntary prepayments per twelve month period unless the Facility is cancelled in full in which case a voluntary prepayment in full is permitted.</p></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(b)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">Each voluntary prepayment in excess of the limitation above shall be subject to the payment by the Borrower of administrative costs reasonably incurred by each relevant Finance Party attributable to all or any party of that prepayment being made on a day other than the last day of an Interest Period for the relevant Compounded Rate Loan.</p></div></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Business Day Conventions (definition of </b><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Month</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> and Clause 11.3 (</b><font style="font-style:italic;font-weight:bold;">Non-Business Days</font><b style="font-weight:bold;">)):</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(a)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">If any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period:</p></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;width:36pt;padding:0pt;"></div><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(i)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">subject to sub-paragraph (iii) below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;</p></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;width:36pt;padding:0pt;"></div><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(ii)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and</p></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">220</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;width:36pt;padding:0pt;"></div><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(iii)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end.</p></div></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(b)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).</p></div></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Central Bank Rate:</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(c)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">The short-term interest rate target set by the US Federal Open Market Committee as published by the Federal Reserve Bank of New York from time to time; or</p></div></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(d)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">if that target is not a single figure, the arithmetic mean of:</p></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;width:36pt;padding:0pt;"></div><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(i)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">the upper bound of the short-term interest rate target range set by the US Federal Open Market Committee and published by the Federal Reserve Bank of New York; and</p></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;width:36pt;padding:0pt;"></div><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(ii)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">the lower bound of that target range.</p></div></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Central Bank Rate Adjustment:</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In relation to the Central Bank Rate prevailing at close of business on any RFR Banking Day, the 20 per cent trimmed arithmetic mean (calculated by the Facility Agent or by any other Finance Party which agrees to determine that mean in place of the Facility Agent), of the Central Bank Rate Spreads for the five most immediately preceding RFR Banking Days for which the RFR is available.</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Central Bank Rate Spread</b><b style="font-weight:bold;">&#8221;</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In relation to any RFR Banking Day, the difference (expressed as a percentage rate per annum) calculated by the Facility Agent (or by any other Finance Party which agrees to determine that rate in place of the Facility Agent) of:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;width:36pt;padding:0pt;"></div><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(a)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the RFR for that RFR Banking Day; and</p></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;width:36pt;padding:0pt;"></div><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">(b)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;">the Central Bank Rate prevailing at close of business on that RFR Banking Day.</p></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Compounded Market Disruption Rate:</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The percentage rate per annum which is the Cumulative Compounded RFR Rate for the Interest Period of the relevant Compounded Rate Loan.</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">221</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Daily Rate:</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The &#8220;<b style="font-weight:bold;">Daily Rate</b>&#8221;<b style="font-weight:bold;"> </b>for any RFR Banking Day is:</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(a)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">the RFR for that RFR Banking Day; or</p></div></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(b)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">if the RFR is not available for that RFR Banking Day, the percentage rate per annum which is the aggregate of:</p></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;width:36pt;padding:0pt;"></div><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(i)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the Central Bank Rate for that RFR Banking Day; and</p></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;width:36pt;padding:0pt;"></div><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">(ii)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;">the applicable Central Bank Rate Adjustment; or</p></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(c)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">if paragraph (b) above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of:</p></div></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;width:36pt;padding:0pt;"></div><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(i)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">the most recent Central Bank Rate for a day which is no more than five RFR Banking Days before that RFR Banking Day; and</p></div></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;width:36pt;padding:0pt;"></div><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(ii)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">the applicable Central Bank Rate Adjustment,</p></div></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">rounded, in either case, to four decimal places.</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;">Interest Periods</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Length of Interest Period in absence of selection (paragraph (d) of Clause 11.1 (<i style="font-style:italic;">Selection of Interest Periods</i>)):</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Three </p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="white-space:pre-wrap;">Periods capable of selection as Interest  Periods (paragraph (e) of Clause 11.1 (</font><i style="font-style:italic;">Selection of Interest Periods</i>)):</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">One, three or six Months</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Lookback Period:</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Five RFR Banking Days.</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Relevant Market:</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The market for overnight cash borrowing collateralised by US Government securities.</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Reporting Day:</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Business Day which follows the day which is the Lookback Period prior to the last day of the Interest Period.</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Reporting Times</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">222</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Deadline for Lenders to report market disruption in accordance with Clause 12.4 (<i style="font-style:italic;">Market disruption</i>)</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Close of business in London on the Reporting Day for the relevant Compounded Rate Loan.</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Deadline for Lenders to report their cost of funds in accordance with Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>)</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Close of business on the date falling two Business Days after the Reporting Day for the relevant Compounded Rate Loan (or, if earlier, on the date falling three Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Compounded Rate Loan).</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">RFR:</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate).</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-align:justify;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">RFR Banking Day:</b></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Any day other than:</p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(a)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">a Saturday or Sunday; and</p></div></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><div border="0" cellpadding="0" cellspacing="0" style="display:table;"><div style="display:table-row;"><div style="display:table-cell;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">(b)</p></div><div style="display:table-cell;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;text-align:justify;">a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities.</p></div></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">223</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 15</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">DAILY NON-CUMULATIVE COMPOUNDED RFR RATE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Daily Non-Cumulative Compounded RFR Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>for any RFR Banking Day &#8220;i&#8221; during an Interest Period for a Compounded Rate Loan is the percentage rate per annum (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose) calculated as set out below:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><img src="asc-20241231xex4d5007.jpg" alt="Graphic" style="display:inline-block;height:43.2pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:166.11pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">where:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">UCCDRi</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">i</b><b style="font-weight:bold;">&#8221;</b>;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">UCCDRi-1</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, in relation to that RFR Banking Day &#8220;i&#8221;, the Unannualised Cumulative Compounded Daily Rate for the immediately preceding RFR Banking Day (if any) during that Interest Period;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">dcc</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">ni</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the number of calendar days from, and including, that RFR Banking Day &#8220;i&#8221; up to, but excluding, the following RFR Banking Day; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Unannualised Cumulative Compounded Daily Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>for any RFR Banking Day (the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Cumulated RFR Banking Day</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;">) </b>during that Interest Period is the result of the below calculation (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose):</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><img src="asc-20241231xex4d5008.jpg" alt="Graphic" style="display:inline-block;height:28.8pt;left:0%;padding-bottom:0pt;position:relative;top:0pt;width:59.78pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">Where:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">ACCDR</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">tni</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day which immediately follows the last day of the Cumulation Period;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Cumulation Period</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the period from, and including, the first RFR Banking Day of that Interest Period to, and including, that Cumulated RFR Banking Day;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">dcc</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to that term above; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">the <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Annualised Cumulative Compounded Daily Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to five decimal places) calculated as set out below:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 223.2pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">224</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><img src="asc-20241231xex4d5009.jpg" alt="Graphic" style="display:inline-block;height:50.4pt;left:0%;padding-bottom:0.6pt;position:relative;top:0pt;width:185.05pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">where:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">d0</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the number of RFR Banking Days in the Cumulation Period; </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Cumulation Period</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to that term above;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">&#8220;i&#8221; means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order in the Cumulation Period;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">DailyRatei-LP</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, for any RFR Banking Day &#8220;i&#8221; in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day <font style="font-family:'Tahoma';">&#8220;</font>i<font style="font-family:'Tahoma';">&#8221;</font>;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">ni</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, for any RFR Banking Day &#8220;i&#8221; in the Cumulation Period, the number of calendar days from, and including, that RFR Banking Day &#8220;i&#8221; up to, but excluding, the following RFR Banking Day;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">dcc</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to that term above; and </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">tni</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>has the meaning given to that term above.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">225</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">SCHEDULE 16</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">CUMULATIVE COMPOUNDED RFR RATE</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Cumulative Compounded RFR Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>for any Interest Period for a Compounded Rate Loan is the percentage rate per annum (rounded to the same number of decimal places as is specified in the definition of <b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">Annualised Cumulative Compounded Daily Rate</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>in Schedule 15 (<i style="font-style:italic;">Daily Non-Cumulative Compounded RFR Rate</i>))<i style="font-style:italic;"> </i>calculated as set out below:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><img src="asc-20241231xex4d5010.jpg" alt="Graphic" style="display:inline-block;height:43.2pt;left:0%;padding-bottom:0.3pt;position:relative;top:0pt;width:160.45pt;"></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;">where:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">d0</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the number of RFR Banking Days during the Interest Period;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">&#8220;i&#8221; means a series of whole numbers from one to <b style="font-weight:bold;">d0</b>, each representing the relevant RFR Banking Day in chronological order during the Interest Period;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">DailyRatei-LP</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means for any RFR Banking Day &#8220;i&#8221; during the Interest Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day <font style="font-family:'Tahoma';">&#8220;</font>i<font style="font-family:'Tahoma';">&#8221;</font>;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">ni</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means, for any RFR Banking Day &#8220;i&#8221;, the number of calendar days from, and including, that RFR Banking Day &#8220;i&#8221; up to, but excluding, the following RFR Banking Day;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">dcc</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 36pt;"><b style="font-weight:bold;">&#8220;</b><b style="font-weight:bold;">d</b><b style="font-weight:bold;">&#8221;</b><b style="font-weight:bold;"> </b>means the number of calendar days during that Interest Period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">226</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">EXECUTION PAGES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">BORROWERS</b></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FAROE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FISHER SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font 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style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FAIR ISLE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">227</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">HUMBER SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FORTH SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">TRAFALGAR SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">WIGHT SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">228</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SALTEE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a name="_Hlk129404146"></a><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BLASKET SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">SIGNED </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">by:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">duly authorised</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">for and on behalf of</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILMORE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">in the presence of:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> signature:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> name:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> address:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">SIGNED </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">by:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">duly authorised</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">for and on behalf of</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="color:#0000ff;font-weight:bold;text-decoration-color:#0000ff;text-decoration-line:underline;text-decoration-style:solid;">KILLARY SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">in the presence of:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> signature:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> name:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> address:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">229</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">SIGNED </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">by:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">duly authorised</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">for and on behalf of</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BALLYCOTTON SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">in the presence of:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> signature:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> name:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> address:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">PARENT GUARANTOR</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a name="_Hlk129404420"></a><b style="font-weight:bold;">CORPORATE GUARANTOR</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">230</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">HEDGE GUARANTORS</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FAROE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FISHER SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FAIR ISLE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">HUMBER SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">231</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FORTH SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">TRAFALGAR SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">WIGHT SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SALTEE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">232</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BLASKET SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">SIGNED </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">by:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">duly authorised</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">for and on behalf of</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="color:#0000ff;font-weight:bold;text-decoration-color:#0000ff;text-decoration-line:underline;text-decoration-style:solid;">KILMORE SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">in the presence of:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> signature:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> name:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> address:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">SIGNED </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">by:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">duly authorised</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">for and on behalf of</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">KILLARY SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">in the presence of:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> signature:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> name:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> address:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">SIGNED </b><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">by:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">duly authorised</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">for and on behalf of</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;font-weight:bold;text-decoration-line:underline;text-decoration-style:double;">BALLYCOTTON SHIPCO LLC</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">in the presence of:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> signature:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> name:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Witness</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">&#8217;</u><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;"> address:</u></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">)</u></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">233</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">ORIGINAL LENDERS</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BANKEN AB (PUBL)</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">ORIGINAL HEDGE COUNTERPARTIES</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">234</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a name="_Hlk129406833"></a><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BANKEN AB (PUBL)</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a name="_Hlk129406820"></a><b style="font-weight:bold;">MANDATED LEAD ARRANGERS</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a name="_Hlk129406897"></a><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BANKEN AB (PUBL)</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">235</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a name="_Hlk129407651"></a><b style="font-weight:bold;">BOOKRUNNERS</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BANKEN AB (PUBL)</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">DOCUMENTATION AGENT</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BANKEN AB (PUBL)</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">236</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SUSTAINABILITY COORDINATOR</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SKANDINAVISKA ENSKILDA</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">BANKEN AB (PUBL)</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">FACILITY AGENT</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr style="height:1pt;"><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SECURITY AGENT</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">SIGNED </b>by:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">duly authorised attorney-in-fact</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">for and on behalf of</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">NORDEA BANK ABP, FILIAL I NORGE</b></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">in the presence of:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; signature:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; name:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr><tr><td style="vertical-align:top;width:45.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Witness&#8217; address:</p></td><td style="vertical-align:top;width:54.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">237</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:always;width:88.24%;border-width:0;"><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:20.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:79.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;background:#c0c0c0;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 2pt 3.6pt;">Summary Report</p></td></tr><tr><td style="vertical-align:middle;width:20.01%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Title</p></td><td style="vertical-align:top;width:79.98%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><b style="font-weight:bold;">pdfDocs compareDocs Comparison Results</b></p></td></tr><tr><td style="vertical-align:middle;width:20.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Date &amp; Time</p></td><td style="vertical-align:top;width:79.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">28/07/2022 16:35:23</p></td></tr><tr><td style="vertical-align:middle;width:20.01%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Comparison Time</p></td><td style="vertical-align:top;width:79.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">8.23 seconds</p></td></tr><tr><td style="vertical-align:middle;width:20.01%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">compareDocs version</p></td><td style="vertical-align:top;width:79.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">v5.1.200.4</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:20.01%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:79.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;background:#c0c0c0;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 2pt 3.6pt;">Source</p></td></tr><tr><td style="vertical-align:middle;width:20.01%;border-left:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Original Document </p></td><td style="vertical-align:top;width:79.98%;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">[#71148966] [v5] Nordea - SEB - Ardmore - $245m Accordion and Revolving Facilities.docx</p></td></tr><tr><td style="vertical-align:middle;width:20.01%;border-bottom:1px solid #000000;border-left:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Modified Document</p></td><td style="vertical-align:top;width:79.98%;border-bottom:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">[#71304032] [v5] Amended and Restated - Nordea - SEB - Ardmore - $245m Accordion and Revolving Facilities.docx</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:22.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:25.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:29.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:20%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td colspan="2" style="vertical-align:top;width:48.33%;background:#c0c0c0;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Comparison Statistics</p></td><td style="vertical-align:top;width:2.54%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 0pt 2pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="2" style="vertical-align:top;width:49.11%;background:#c0c0c0;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 2pt 3.6pt;">Word Rendering Set Markup Options</p></td></tr><tr><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Insertions</p></td><td style="vertical-align:middle;width:25.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">187</p></td><td style="vertical-align:top;width:2.54%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 0pt 2pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Name</p></td><td style="vertical-align:top;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 2pt 3.6pt;">Standard</p></td></tr><tr><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Deletions</p></td><td style="vertical-align:middle;width:25.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">39</p></td><td style="vertical-align:top;width:2.54%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 0pt 2pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#0000ff;text-decoration-line:underline;text-decoration-style:double;">Insertions</u></p></td><td style="vertical-align:top;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Changes</p></td><td style="vertical-align:middle;width:25.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">69</p></td><td style="vertical-align:top;width:2.54%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 0pt 2pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:29.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="color:#ff0000;text-decoration-line:line-through;text-decoration-style:solid;">Dcictiona</font></p></td><td style="vertical-align:top;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Moves</p></td><td style="vertical-align:middle;width:25.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">0</p></td><td style="vertical-align:top;width:2.54%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 0pt 2pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><u style="border-bottom-style:solid;border-bottom-width:0.5pt;color:#008000;text-decoration-line:underline;text-decoration-style:double;">Moves</u><font style="color:#008000;"> / </font><font style="color:#008000;text-decoration-line:line-through;text-decoration-style:solid;">Moves</font></p></td><td style="vertical-align:top;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Font Changes</p></td><td style="vertical-align:middle;width:25.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">0</p></td><td style="vertical-align:top;width:2.54%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 0pt 2pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="color:#808000;">Font Changes</font></p></td><td style="vertical-align:top;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Paragraph Style Changes</p></td><td style="vertical-align:middle;width:25.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">0</p></td><td style="vertical-align:top;width:2.54%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 0pt 2pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="color:#00ffff;">Paragraph Style Changes</font></p></td><td style="vertical-align:top;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Character Style Changes</p></td><td style="vertical-align:middle;width:25.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">0</p></td><td style="vertical-align:top;width:2.54%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 0pt 2pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="color:#ff659a;">Character Style Changes</font></p></td><td style="vertical-align:top;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">TOTAL CHANGES</p></td><td style="vertical-align:middle;width:25.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">295</p></td><td style="vertical-align:top;width:2.54%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 0pt 2pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Inserted cells</p></td><td style="vertical-align:top;width:20%;background:#dbe5f1;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:25.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.54%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 0pt 2pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Deleted cells</p></td><td style="vertical-align:top;width:20%;background:#f2dbdb;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:25.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.54%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 0pt 2pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Merged cells</p></td><td style="vertical-align:top;width:20%;background:#ffffcc;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.52%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:25.81%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;"><font style="margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.54%;border-left:1px solid #000000;border-right:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 0pt 2pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:29.11%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 2pt 3.6pt;">Changed lines</p></td><td style="vertical-align:top;width:20%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 2pt 3.6pt;">Mark left border.</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:50.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:19.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:middle;width:29.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;"><font style="font-size:1pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr style="height:15.85pt;"><td style="vertical-align:middle;width:50.77%;background:#c0c0c0;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">compareDocs Settings Used</p></div></div></td><td style="vertical-align:middle;width:19.85%;background:#c0c0c0;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Category</p></div></div></td><td style="vertical-align:middle;width:29.37%;background:#c0c0c0;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Option Selected</p></div></div></td></tr><tr style="height:15.35pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Open Comparison Report after saving</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">General</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Always</p></div></div></td></tr><tr style="height:15.35pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Report Type</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Redline</p></div></div></td></tr><tr style="height:15.6pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Character Level</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">False</p></div></div></td></tr><tr style="height:15.85pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Include Comments</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.85pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">False</p></div></div></td></tr><tr style="height:15.35pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Include Field Codes</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">True</p></div></div></td></tr><tr style="height:15.6pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Flatten Field Codes</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">False</p></div></div></td></tr><tr style="height:15.35pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Include Footnotes / End notes</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">True</p></div></div></td></tr><tr style="height:15.6pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Include Headers / Footers</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">True</p></div></div></td></tr><tr style="height:15.6pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Image compare mode</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Insert/Delete</p></div></div></td></tr><tr style="height:15.4pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Include List Numbers</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.4pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">True</p></div></div></td></tr><tr style="height:15.6pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Include Quotation Marks</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">False</p></div></div></td></tr><tr style="height:15.35pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Show Moves</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">True</p></div></div></td></tr><tr style="height:15.6pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Include Tables</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">True</p></div></div></td></tr><tr style="height:15.35pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Include Text Boxes</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">True</p></div></div></td></tr><tr style="height:15.6pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Show Reviewing Pane</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">True</p></div></div></td></tr><tr style="height:15.6pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Summary Report</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.6pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">End</p></div></div></td></tr><tr style="height:15.35pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Detail Report</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:15.35pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">End</p></div></div></td></tr><tr style="height:16.1pt;"><td style="vertical-align:middle;width:50.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:16.1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:2pt 3.6pt 4.8pt 3.6pt;">Document View</p></div></div></td><td style="vertical-align:middle;width:19.85%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:16.1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Word</p></div></div></td><td style="vertical-align:middle;width:29.37%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><div style="height:16.1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:2pt 3.6pt 4.8pt 3.6pt;">Print</p></div></div></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:24pt 0pt 0pt 0pt;">238</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.8
<SEQUENCE>6
<FILENAME>asc-20241231xex4d8.htm
<DESCRIPTION>EX-4.8
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/7/2025 04:23:32 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;min-height:35.45pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Execution version </b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;margin:24pt 0pt 12pt 0pt;"><a name="_9kP1qJ9mv4EH"></a>Dated 2 August 2022 as amended and restated on 15 June 2023 and as further amended and restated by an amendment and restatement agreement dated<b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:3.6pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></b><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u> </b><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:33.51pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></b>2024</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;margin:0pt;"><font style="margin-bottom:120pt;margin-top:24pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><b style="font-weight:bold;">$150,388,077</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">REVOLVING AND ACCORDION FACILITIES</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><b style="font-weight:bold;">FITZROY SHIPCO LLC</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">BAILEY SHIPCO LLC </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><b style="font-weight:bold;">CROMARTY SHIPCO LLC</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">DOGGER SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><b style="font-weight:bold;">LUNDY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><b style="font-weight:bold;">VIKING SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><b style="font-weight:bold;">TRAMORE SHIPCO LLC</b><b style="font-weight:bold;"><br></b>as joint and several Original Borrowers<br>and as Hedge Guarantors</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">ARDMORE SHIPPING LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">as Corporate Guarantor</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">ARDMORE SHIPPING CORPORATION</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">as Parent Guarantor</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">The Banks and Financial Institutions</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">listed in Schedule 2, Part B<br>as Lenders</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">the banks and financial institutions</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">listed in Schedule 2, Part B<br>as Hedge Counterparties</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">cr&#201;dit agricole corporate and investment bank</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">as Mandated Lead Arrangers</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">ABN AMRO BANK N.V.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">as Facility Agent</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">ABN AMRO BANK N.V.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:center;margin:3pt 0pt 3pt 0pt;">as Security Agent</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;">and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;text-align:center;text-transform:uppercase;margin:3pt 0pt 3pt 0pt;">ABN AMRO BANK N.V.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;">as Sustainability Coordinator</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:73.48%;">&#9;</font>1</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="AgreementTitle"></a>FACILITIES AGREEMENT</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;">relating to the financing or refinancing of m.t.s. </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;">&quot;ARDMORE SEAVALIANT&quot;, &quot;ARDMORE SEAVENTURE&quot;, &quot;ARDMORE CHEROKEE&quot;, &quot;ARDMORE CHEYENNE&quot;, &quot;ARDMORE DEFENDER&quot;, &quot;ARDMORE SEAVANGUARD&quot; and &quot;ARDMORE EXPORTER&quot;<br><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>2</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">Index</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Clause</b></font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Page</b></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513258">Section 1 Interpretation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513258"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513258">7</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513259">1</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513259"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513259">Definitions and Interpretation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513259"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513259">7</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513260">Section 2 The Facilities</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513260"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513260">40</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513261">2</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513261"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513261">The Facilities</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513261"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513261">40</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513262">3</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513262"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513262">Purpose</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513262"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513262">41</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513263">4</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513263"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513263">Conditions of Utilisation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513263"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513263">42</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513264">Section 3 Utilisation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513264"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513264">44</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513265">5</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513265"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513265">Utilisation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513265"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513265">44</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513266">6</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513266"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513266">Establishment of an Accordion Facility</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513266"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513266">46</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513267">Section 4 Reduction, Prepayment and Cancellation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513267"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513267">53</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513268">7</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513268"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513268">Reduction</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513268"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513268">53</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513269">8</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513269"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513269">Payment and Cancellation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513269"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513269">57</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513270">Section 5 Costs of Utilisation</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513270"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513270">64</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513271">9</a></font><font style="display:inline-block;width:5.11%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513271"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513271">Interest</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513271"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513271">64</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513272">10</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513272"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513272">Rate Switch</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513272"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513272">67</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513273">11</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513273"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513273">Interest Periods</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513273"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513273">68</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513274">12</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513274"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513274">Changes to the Calculation of Interest</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513274"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513274">69</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513275">13</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513275"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513275">Fees</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513275"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513275">71</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513276">Section 6 Additional Payment Obligations</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513276"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513276">73</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513277">14</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513277"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513277">Tax Gross Up and Indemnities</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513277"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513277">73</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513278">15</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513278"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513278">Increased Costs</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513278"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513278">77</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513279">16</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513279"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513279">Other Indemnities</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513279"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513279">79</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513280">17</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513280"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513280">Mitigation by the Finance Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513280"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513280">82</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513281">18</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513281"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513281">Costs and Expenses</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513281"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513281">82</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513282">Section 7 Guarantees and Joint and Several Liability of Guarantors and the Borrowers</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513282"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513282">84</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513283">19</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513283"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513283">Guarantee and Indemnity &#8211; Guarantors</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513283"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513283">84</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513284">20</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513284"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513284">Joint and Several Liability of the Guarantors</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513284"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513284">86</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513285">21</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513285"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513285">Joint and Several Liability of the Borrowers</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513285"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513285">88</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513286">Section 8 Guarantee and Indemnity - Hedge Guarantors</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513286"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513286">91</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513287">22</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513287"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513287">Guarantee and Indemnity &#8211; Hedge Guarantors</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513287"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513287">91</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513288">Section 9 Representations, Undertakings and Events of Default</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513288"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513288">94</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513289">23</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513289"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513289">Representations</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513289"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513289">94</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513290">24</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513290"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513290">Information Undertakings</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513290"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513290">101</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513291">25</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513291"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513291">Financial Covenants</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513291"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513291">105</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513292">26</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513292"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513292">General Undertakings</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513292"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513292">109</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513293">27</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513293"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513293">Insurance Undertakings</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513293"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513293">116</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513294">28</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513294"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513294">Ship Undertakings</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513294"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513294">121</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513295">29</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513295"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513295">Security Cover</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513295"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513295">127</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513296">30</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513296"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513296">Application of Earnings</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513296"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513296">129</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513297">31</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513297"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513297">Events of Default</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513297"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513297">130</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513298">Section 10 Changes to Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513298"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513298">134</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513299">32</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513299"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513299">Changes to the Lenders</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513299"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513299">134</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513300">33</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513300"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513300">Changes to the Obligors</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513300"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513300">139</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513301">Section 11 The Finance Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513301"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513301">141</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513302">34</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513302"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513302">The Facility Agent and the Mandated Lead Arrangers</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513302"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513302">141</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513303">35</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513303"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513303">The Security Agent</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513303"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513303">149</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513304">36</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513304"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513304">Conduct of Business by the Finance Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513304"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513304">161</a></font></font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>3</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513305">37</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513305"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513305">Sharing Among the Finance Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513305"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513305">161</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513306">Section 12 Administration</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513306"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513306">163</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513307">38</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513307"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513307">Payment Mechanics</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513307"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513307">163</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513308">39</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513308"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513308">Set-Off</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513308"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513308">166</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513309">40</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513309"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513309">Bail-In</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513309"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513309">167</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513310">41</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513310"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513310">Notices</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513310"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513310">167</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513311">42</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513311"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513311">Calculations and Certificates</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513311"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513311">169</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513312">43</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513312"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513312">Remedies and Waivers</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513312"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513312">170</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513313">44</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513313"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513313">Settlement or Discharge Conditional</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513313"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513313">170</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513314">45</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513314"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513314">Irrevocable Payment</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513314"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513314">170</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513315">46</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513315"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513315">Amendments and Waivers</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513315"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513315">170</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513316">47</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513316"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513316">Confidentiality</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513316"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513316">174</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513317">48</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513317"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513317">Confidentiality of Funding Rates</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513317"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513317">178</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513318">49</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513318"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513318">Counterparts</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513318"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513318">179</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513319">Section 13 Governing Law and Enforcement</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513319"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513319">180</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513320">50</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513320"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513320">Governing Law</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513320"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513320">180</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513321">51</a></font><font style="display:inline-block;width:4.17%;">&#9;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513321"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513321">Enforcement</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513321"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513321">180</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Schedules</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513322">Schedule 1 Revolving Facility Reduction Schedule</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513322"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513322">181</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513323">Schedule 2 The Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513323"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513323">182</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513324">Part A The Obligors</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513324"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513324">182</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513325">Part B The Original Lenders</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513325"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513325">185</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513326">Part C The Servicing Parties</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513326"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513326">187</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513327">Schedule 3 Conditions Precedent</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513327"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513327">188</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513328">Part A Conditions Precedent to Initial Utilisation Request</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513328"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513328">188</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513329">Part B Conditions Precedent to Utilisation &#8211; Initial Advances Under revolving Facility</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513329"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513329">190</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:35.45pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513330">Part C Conditions Precedent To Utilisation of an Advance Under an Accordion Facility</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513330"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513330">192</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513331">Schedule 4 Utilisation Request</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513331"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513331">195</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513332">Schedule 5 Form of Accession Deed</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513332"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513332">198</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513333">Schedule 6 Form of Transfer Certificate</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513333"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513333">202</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513334">Schedule 7 Form of Assignment Agreement</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513334"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513334">204</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513335">Schedule 8 Form of Compliance Certificate</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513335"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513335">207</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513336">Schedule 9 Form of Sustainability Certificate</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513336"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513336">209</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513337">Schedule 10 Sustainability Pricing Adjustment Schedule</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513337"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513337">210</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513338">Schedule 11 List of Approved Valuers</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513338"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513338">214</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513339">Schedule 12 Reduction Instalment Formula</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513339"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513339">215</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513340">Schedule 13 Timetables</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513340"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513340">216</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513341">Schedule 14 Form of Accordion Facility Notice</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513341"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513341">217</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513342">Schedule 15 Benchmark Terms</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513342"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513342">221</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513343">Schedule 16 Daily Non-Cumulative Compounded RFR Rate</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513343"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513343">225</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513344">Schedule 17 Cumulative Compounded RFR Rate</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513344"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513344">227</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Execution</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;text-align:justify;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513345">Execution Pages</a></font></font><font style="bottom:3.4541016pt;display:block;height:1em;left:0pt;position:absolute;width:100%;z-index:0;border-bottom:1.0px dotted #000000;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513345"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a href="#_Toc159513345">228</a></font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>4</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THIS AGREEMENT </b>is made on 2 August 2022 as amended and restated on 15 June 2023 and as further amended and restated by an amendment and restatement agreement dated<u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:17.12pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u> &#160; &#160; &#160; &#160; &#160; &#160; &#160;</u>2024</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;text-transform:uppercase;"><a name="_Ref136857437"></a>PARTIES</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(1)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857438"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">FITZROY SHIPCO LLC (&quot;Borrower A&quot;), BAILEY</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">SHIPCO LLC (&quot;Borrower B&quot;),</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">CROMARTY SHIPCO LLC (&quot;Borrower C&quot;),</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">DOGGER SHIPCO LLC (&quot;Borrower D&quot;), LUNDY SHIPCO LLC (&quot;Borrower E&quot;), VIKING SHIPCO LLC (&quot;Borrower F&quot;) </b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">and</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> TRAMORE SHIPCO LLC (&quot;Borrower G&quot;) </b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each a limited liability company formed in the Republic of the Marshall Islands whose registered address is at The </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr266489aZ799UK13srG"></a><a name="_9kR3WTr26649AaZ799UK13srG"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Trust Company</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of the Marshall Islands, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26648AbZ799UK13srGgR8AA0D"></a><a name="_9kR3WTr26649BbZ799UK13srGgR8AA0D"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Trust Company Complex</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26648BJ8jm2skpXcsi"></a><a name="_9kR3WTr26649CJ8jm2skpXcsi"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Ajeltake Road</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26648CK8jm2skpOX7qtx"></a><a name="_9kR3WTr26649DK8jm2skpOX7qtx"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Ajeltake Island</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26648DXBf094"></a><a name="_9kR3WTr26649EXBf094"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Majuro</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26649FYBn6xglxVX7qtx3n7vefgY"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Marshall Islands MH 96960</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> as joint and several borrowers (together the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Original</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Borrowers</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; and each an &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Original Borrower</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(2)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857439"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ARDMORE SHIPPING LLC</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, a limited liability company formed in the Republic of the Marshall Islands whose registered address is at The </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4886ABcb9BBWM35utI"></a><a name="_9kMHG5YVt4886BCcb9BBWM35utI"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Trust Company</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of the Marshall Islands, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4886ACdb9BBWM35utIiTACC2F"></a><a name="_9kMHG5YVt4886BDdb9BBWM35utIiTACC2F"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Trust Company Complex</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4886ADLAlo4umrZeuk"></a><a name="_9kMHG5YVt4886BELAlo4umrZeuk"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Ajeltake Road</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4886AEMAlo4umrQZ9svz"></a><a name="_9kMHG5YVt4886BFMAlo4umrQZ9svz"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Ajeltake Island</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4886AFZDh2B6"></a><a name="_9kMHG5YVt4886BGZDh2B6"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Majuro</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4886BHaDp8zinzXZ9svz5p9xghia"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Marshall Islands MH 96960</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> as a guarantor (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Corporate Guarantor</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(3)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857440"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ARDMORE SHIPPING CORPORATION</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, a corporation incorporated in the Republic of the Marshall Islands whose registered address is at The </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMIH5YVt4886ABcb9BBWM35utI"></a><a name="_9kMIH5YVt4886BCcb9BBWM35utI"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Trust Company</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of the Marshall Islands, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMIH5YVt4886ACdb9BBWM35utIiTACC2F"></a><a name="_9kMIH5YVt4886BDdb9BBWM35utIiTACC2F"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Trust Company Complex</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMIH5YVt4886ADLAlo4umrZeuk"></a><a name="_9kMIH5YVt4886BELAlo4umrZeuk"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Ajeltake Road</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMIH5YVt4886AEMAlo4umrQZ9svz"></a><a name="_9kMIH5YVt4886BFMAlo4umrQZ9svz"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Ajeltake Island</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMIH5YVt4886AFZDh2B6"></a><a name="_9kMIH5YVt4886BGZDh2B6"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Majuro</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMIH5YVt4886BHaDp8zinzXZ9svz5p9xghia"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Marshall Islands MH 96960</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> as a guarantor (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Parent Guarantor</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(4)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857441"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">THE COMPANIES </b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">listed in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part A</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Obligors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as hedge guarantors (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedge Guarantors</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(5)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857442"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ABN AMRO BANK N.V. and CR&#201;DIT AGRICOLE CORPORATE AND INVESTMENT BANK </b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as mandated lead arrangers (the &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr19A48EYBjnbsxiQMiiJSG0x4w8N"></a><a name="_9kR3WTr19A49GZBjnbsxiQMiiJSG0x4w8N"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mandated Lead Arrangers</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(6)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857443"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">THE BANKS AND FINANCIAL INSTITUTIONS</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> listed in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part B</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as lenders (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Original Lenders</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(7)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857444"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">THE BANKS AND FINANCIAL INSTITUTIONS</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> listed in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part B</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as hedge counterparties (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedge Counterparties</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(8)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857445"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ABN AMRO BANK N.V.</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, acting in such capacity through its office at </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26648FTP88ruhHjvt08siw"></a><a name="_9kR3WTr26649HUP88ruhHjvt08siw"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Gustav Mahlerlaan</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, 1082PP Amsterdam, The Netherlands as agent for the other Finance Parties (the &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr19A48GT4Yhrs1IaDowC"></a><a name="_9kR3WTr19A49IU4Yhrs1IaDowC"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Facility Agent</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(9)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857446"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ABN AMRO BANK N.V.</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, acting in such capacity through its office at </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4886AHVRAAtwjJlxv2Auky"></a><a name="_9kMHG5YVt4886BJWRAAtwjJlxv2Auky"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Gustav Mahlerlaan</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, 1082PP Amsterdam, The Netherlands as security agent for the Secured Parties (the &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr19A48HhLct9y1IaDowC"></a><a name="_9kR3WTr19A49JiLct9y1IaDowC"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security Agent</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(10)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857447"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ABN AMRO BANK N.V.</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, acting in such capacity through its office at </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMIH5YVt4886AHVRAAtwjJlxv2Auky"></a><a name="_9kMIH5YVt4886BJWRAAtwjJlxv2Auky"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Gustav Mahlerlaan</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, 1082PP Amsterdam, The Netherlands as sustainability coordinator (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sustainability Coordinator</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;)</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;text-transform:uppercase;"><a name="_Ref136857448"></a>BACKGROUND</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857449"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Lenders have agreed to make available to the Borrowers loan facilities of up to</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk109998129"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> $</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk136617818"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">150,388,077 </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">comprising:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857451"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a revolving credit facility in a principal amount not exceeding $88,388,077 for general corporate purposes of the Borrowers, of which $</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">44,194,038.50</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> has been advanced and is outstanding at the date of this Agreement; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>5</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857452"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a maximum of three revolving credit accordion facilities, in an aggregate principal amount not exceeding the lower of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef5"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> $62,000,000 and (ii) 58 per cent. of the aggregate Fair Market Value of the Accordion Ships as determined on the relevant Utilisation Date for the purposes of financing or refinancing the Accordion Ships and for general corporate and working capital purposes.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857453"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Hedge Counterparties may enter into interest rate swap transactions with the Borrowers from time to time to hedge the Borrowers&#39; exposure under this Agreement to interest rate fluctuations.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">OPERATIVE PROVISIONS</b></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>6</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 1</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413610"></a><a name="_Toc371413826"></a><a name="_Toc371932704"></a><a name="_Toc378965661"></a><a name="_Toc380566874"></a><a name="_Toc380579010"></a><a name="_Toc382507866"></a><a name="_Toc384670117"></a><a name="_Toc442833342"></a><a name="_Toc444194806"></a><a name="_Toc445290384"></a><a name="_Ref136857454"></a><a name="_Toc159513258"></a>Interpretation</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093887"></a><a name="_Toc360097788"></a><a name="_Toc360191427"></a><a name="_Toc360191544"></a><a name="_Toc360191660"></a><a name="_Toc362504339"></a><a name="_Toc362518386"></a><a name="_Toc362605333"></a><a name="_Toc363549773"></a><a name="_Toc367198616"></a><a name="_Toc367792004"></a><a name="_Toc367866991"></a><a name="_Toc371413611"></a><a name="_Toc371413827"></a><a name="_Toc371932705"></a><a name="_Toc378965662"></a><a name="_Toc380566875"></a><a name="_Toc380579011"></a><a name="_Toc382507867"></a><a name="_Toc384670118"></a><a name="_Toc442833343"></a><a name="_Toc444194807"></a><a name="_Toc445290385"></a><a name="_Ref136857455"></a><a name="_Toc159513259"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Definitions and Interpretation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360099424"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Definitions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In this Agreement:</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref513850441"></a>&quot;<a name="_9kR3WTr19A48IQ1adu90x3TFnn"></a><a name="_9kR3WTr19A4ABH1adu90x3TFnn"></a><b style="font-weight:bold;">Accession Deed</b>&quot; means a document substantially in the form set out in Schedule 5 (<i style="font-style:italic;">Form of Accession Deed</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857458"></a><a name="_Ref106404084"></a>&quot;<b style="font-weight:bold;">Accordion</b> <b style="font-weight:bold;">Advance</b>&quot; means, following the establishment of an Accordion Facility in accordance with Clause 6 (<i style="font-style:italic;">Establishment of an Accordion Facility</i>), that part of the Loan made or to be made available to the Borrowers to finance the acquisition of an Accordion Ship and for general corporate and working capital purposes in a principal amount not exceeding 58 per cent. of the Fair Market Value of that Accordion Ship subject to the aggregate principal amount of the Accordion Facility not exceeding $62,000,000.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;">&quot;<b style="font-weight:bold;">Accordion Facility</b>&quot; means any revolving credit facility that may be established and made available under this Agreement as described in Clause 6 (<i style="font-style:italic;">Establishment of an Accordion Facility</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404088"></a>&quot;<b style="font-weight:bold;">Accordion Facility Commitment</b>&quot; means in relation to a Lender which is an Accordion Facility Lender, the dollar amount set opposite its name under the heading &quot;Accordion Facility Commitment&quot; in the Accordion Facility Notice, to the extent not cancelled, reduced or transferred by it under this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404091"></a>&quot;<b style="font-weight:bold;">Accordion Facility Date</b>&quot; means the later of:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404095"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the proposed Accordion Facility Date specified in the relevant Accordion Facility Notice; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404098"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date on which the Facility Agent executes the relevant Accordion Facility Notice.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404101"></a>&quot;<b style="font-weight:bold;">Accordion Facility Finance Documents</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404105"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Accordion Facility Notice;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404108"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Finance Document;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404112"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other document reasonably required by the Facility Agent (acting on the instructions of the Lenders) as a condition to the occurrence of any Accordion Facility Date; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404115"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other document designated as such by the Facility Agent and the Borrowers.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404119"></a>&quot;<b style="font-weight:bold;">Accordion Facility Lender</b>&quot; means any entity which is listed as such in the relevant Accordion Facility Notice.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404122"></a>&quot;<b style="font-weight:bold;">Accordion Facility Notice</b>&quot; means a notice substantially in the form set out in Schedule 14 (<i style="font-style:italic;">Form of Accordion Facility Notice</i>).</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>7</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref513850448"></a>&quot;<b style="font-weight:bold;">Accordion</b> <b style="font-weight:bold;">Facility Tranche</b>&quot; means, in respect of each Ship, the amount of the outstanding Accordion Facility (if any) allocated to that Ship as set out in the revolving facility reduction schedule to be agreed under paragraph (e) of Clause 7.3 (<i style="font-style:italic;">Reduction of Accordion Facilities</i>) in the case of the Accordion Facility.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;">&quot;<b style="font-weight:bold;">Accordion </b><b style="font-weight:bold;">Reduction Date</b>&quot; means each date by which an Accordion Facility must be reduced as determined in accordance with Clause 7.3 (<i style="font-style:italic;">Reduction of Accordion Facilities</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;">&quot;<b style="font-weight:bold;">Accordion </b><b style="font-weight:bold;">Reduction Instalment</b>&quot; means each instalment for reduction of the Advances under an Accordion Facility referred to in paragraph (a) of Clause 7.3 (<i style="font-style:italic;">Reduction of Accordion Facilities</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;">&quot;<b style="font-weight:bold;">Accordion Ship</b>&quot; means any ship which may become subject to Security for an Advance under an Accordion Facility pursuant to this Agreement in accordance with Clause 2.4 (<i style="font-style:italic;">Accordion Ships</i>) and which must satisfy the Accordion Ship Criteria.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref513850449"></a>&quot;<b style="font-weight:bold;">Accordion Ship Criteria</b>&quot; means, in relation to an Accordion Ship, a ship nominated by the Corporate Guarantor:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857456"></a><a name="_Ref513850450"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that is a product tanker or chemical tanker built at a reputable yard not older than eight and a half years at the date it becomes subject to Security pursuant to any Finance Document, or if there is more than one Accordion Ship, the average age of all the Accordion Ships is not more than eight and a half years; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857457"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that is registered in the name of an Additional Borrower on an Approved Flag and classed with an Approved Classification Society</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref513850451"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857459"></a>&quot;<a name="_9kR3WTr19A4ACI1an666V7q1"></a><b style="font-weight:bold;">Account Bank</b>&quot; means <a name="_9kR3WTr2664ADWQ1rfdB6p0OAw"></a>Nordea Bank Abp, filial i Norge acting through its office at <a name="_9kR3WTr2664AEOL6tppu65A2lz4J"></a>Essendropsgate 7, 0368 Oslo, Norway or any other bank acceptable to the Majority Lenders.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857460"></a>&quot;<b style="font-weight:bold;">Account Security</b>&quot; means a document creating Security over any Earnings Account in agreed form.</div><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref84935867"></a><a name="_Ref136857461"></a><a name="_Ref106404136"></a>&quot;<b style="font-weight:bold;">Additional Borrower</b>&quot; means each wholly and directly owned Subsidiary of the Parent Guarantor which becomes an Additional Borrower in accordance with Clause 33.2 (<a name="DocXTextRef4729"></a><i style="font-style:italic;">Additional Borrowers</i>).</div><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857462"></a>&quot;<b style="font-weight:bold;">Additional Business Day</b>&quot; means any day specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857463"></a>&quot;<b style="font-weight:bold;">Advance</b>&quot; means any Utilisation of the Revolving Facility or an Accordion Facility under this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857464"></a>&quot;<b style="font-weight:bold;">Affiliate</b>&quot; means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857466"></a>&quot;<b style="font-weight:bold;">Annex VI</b>&quot; means <a name="_9kR3WTr2CC46EOCwozr7"></a>Annex VI of the <a name="_9kR3WTr2664AFaV145pq0"></a>Protocol of 1997 to amend the <a name="_9kR3WTr2664AGUK2ut3nu3z5srUSAIA3JFBH"></a>International Convention for the <a name="_9kR3WTr2664AHcVrwxq62y45yae75FOD9F"></a>Prevention of Pollution from <a name="_9kR3WTr2664AIgOlu5INUP"></a>Ships 1973 (<a name="_9kR3WTr2664AJbBn31y"></a>Marpol), as modified by the <a name="_9kMHG5YVt4886CHcX367rs2"></a>Protocol of 1978 relating thereto.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857467"></a>&quot;<b style="font-weight:bold;">Anti-Corruption Laws</b>&quot; means the England and <a name="_9kR3WTr2664AKmLhmuSM0lizKeD3UPPQ"></a>Wales Bribery Act 2010, the United States Foreign Corrupt Practices Act 1977 or other applicable anti-corruption legislation in any other jurisdictions.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>8</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857468"></a>&quot;<b style="font-weight:bold;">Approved Brokers</b>&quot; means such insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, war risks and protection and indemnity risks associations as have been approved by the Facility Agent, acting with the authorisation of the Majority Lenders in writing in advance.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857469"></a>&quot;<b style="font-weight:bold;">Approved Classification</b>&quot; means as at the date of this Agreement:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857470"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to Ship A and Ship B, +A1, Chemical Carrier, Oil Carrier, ESP, </font><font style="font-family:'MS Gothic';font-size:11pt;font-style:normal;font-weight:normal;">&#9402;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> +AMS, +ACCU, CPS, CSR, AB-CM, BWE, CPP, CRC, RES, RRDA, RW, TCM, UWILD, VEC-L;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to Ship C and Ship D, +A1, Chemical Carrier, Oil Carrier, ESP, </font><font style="font-family:'MS Gothic';font-size:11pt;font-style:normal;font-weight:normal;">&#9402;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> + AMS, + ACCU, &#160;CPS, BWT, CPP, CRC, GP, RRDA, RW, TCM, UWILD, VEC;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to Ship E, A1 Chemical Carrier, Oil Carrier, ESP, AMS, ACCU CPS CSR, BWE, BWT, CRC(I) RRDA, SPMA, TCM, UWILD;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to Ship F, +A1, Chemical Carrier, Oil Carrier, ESP, </font><font style="font-family:'MS Gothic';font-size:11pt;font-style:normal;font-weight:normal;">&#9402;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">,+AMS, +ACCU, CPS,CSR, AB-CM, RRDA, BWE,VEC-L, UWILD, TCM, CRC, RES, CPP, RW</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to Ship G, +A1 Tanker for chemicals and oil, BIS, BWM(E(s)) Clean, COAT-PSPC (B), CSR, E0, ESP, ETC, SPM, TMON, VCS (2, B),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">with the Approved Classification Society.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857472"></a>&quot;<b style="font-weight:bold;">Approved Classification Society</b>&quot; means, in relation to a Ship, as at the date of this Agreement, DNV GL, <a name="_9kR3WTr2664BEKK7sctpUx25yy"></a>Bureau Veritas, <a name="_9kR3WTr2664BFVLv9zujQmr4G32D2he1AICBA"></a>Lloyds Register of Shipping, <a name="_9kR3WTr2664BGLBmsxjcoQSF0k1G2he1AICBA"></a>American Bureau of Shipping, <a name="_9kR3WTr2664BHZKt110XFkuvXiJ6ts"></a>Nippon Kaiji Kyokai or any other classification society which is a member of the <a name="_9kR3WTr2664BIVK2ut3nu3z5srSUJG1wv7GCIJC"></a>International Association of Classification Societies approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857473"></a>&quot;<b style="font-weight:bold;">Approved Commercial Manager</b>&quot; means <font style="color:#242424;font-family:'-apple-system';">in relation to a Ship, Ardmore Maritime Services (Asia) PTE Limited, an Affiliate of Ardmore Maritimes Services (Asia) PTE Limited, or any other person approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders, as the commercial manager of that Ship and, for the avoidance of doubt, this shall include Ardmore MR Pool LLC or any pool manager (which shall be an affiliate of Ardmore MR Pool LLC) under a pool agreement (if any), in relation to the Ships which may be approved by the Facility Agent acting with the authorisation of the Majority Lenders.</font></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857474"></a>&quot;<b style="font-weight:bold;">Approved Flag</b>&quot; means, in relation to a Ship, Marshall Islands, or such other flag approved in writing by the Facility Agent acting with the authorisation of all the Lenders.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857475"></a>&quot;<b style="font-weight:bold;">Approved Manager</b>&quot; means, in relation to a Ship, the Approved Commercial Manager or the Approved Technical Manager of that Ship.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857476"></a>&quot;<b style="font-weight:bold;">Approved Technical Manager</b>&quot; means, in relation to a Ship, Anglo Ardmore Ship Management Limited or an Affiliate of Anglo Ardmore Ship Management Limited, Anglo-Eastern Investment Holdings Ltd or an Affiliate of Anglo-Eastern Investment Holdings Ltd, or any other person agreed between the Borrowers and the Majority Lenders.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857477"></a>&quot;<b style="font-weight:bold;">Approved Valuer</b>&quot; means, in relation to a Ship, at any time during the Security Period, any of the firms listed in Schedule 11 (<i style="font-style:italic;">List of Approved Valuers</i>) or any other firm or firms of shipbrokers approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>9</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857478"></a>&quot;<b style="font-weight:bold;">Article </b><a name="DocXTextRef9"></a><b style="font-weight:bold;">55</b><b style="font-weight:bold;"> BRRD</b>&quot; means <a name="_9kR3WTr2CC46FPG6yimpAP"></a>Article <a name="DocXTextRef10"></a>55 of <a name="_9kR3WTr2664BKSAvseu1419JJO"></a>Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857479"></a>&quot;<b style="font-weight:bold;">Assignment Agreement</b>&quot; means an agreement substantially in the form set out in Schedule 7 (<i style="font-style:italic;">Form of Assignment Agreement</i>) or any other form agreed between the relevant assignor and assignee.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404217"></a>&quot;<b style="font-weight:bold;">Assumed Accordion Facility Commitment</b>&quot; has the meaning given to it in Clause 6.7 (<i style="font-style:italic;">Establishment of an Accordion Facility</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857480"></a>&quot;<b style="font-weight:bold;">Authorisation</b>&quot; means an authorisation, consent, approval, resolution, licence, exemption, filing, notarisation, legalisation or registration.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857481"></a>&quot;<b style="font-weight:bold;">Availability Period</b>&quot; means the period from and including the date of this Agreement to and including:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857483"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to the Revolving Facility, the date falling 3 Months before the Termination Date; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857484"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to any Accordion Facility, the date falling 12 months after the date of the Second Amendment and Restatement Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857485"></a>&quot;<b style="font-weight:bold;">Available Commitment</b>&quot; means, in relation to a Facility, a Lender&#39;s Commitment under that Facility minus:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857486"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the amount of its participation in the outstanding Advances under that Facility; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857487"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to any proposed Utilisation, the amount of its participation in any other Advance that is due to be made under that Facility on or before the proposed Utilisation Date.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857488"></a>&quot;<b style="font-weight:bold;">Available Facility</b>&quot; means, in relation to a Facility, the aggregate for the time being of each Lender&#39;s Available Commitment in respect of that Facility.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857489"></a>&quot;<b style="font-weight:bold;">Bail-In Action</b>&quot; means the exercise of any Write-down and Conversion Powers.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857490"></a>&quot;<b style="font-weight:bold;">Bail-In Legislation</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857491"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to an EEA Member Country which has implemented, or which at any time implements, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4EE68HRI80korCR"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Article </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef11"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">55</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404259"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to any state other than such an EEA Member Country and the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857492"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to the United Kingdom, the UK Bail-In Legislation.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857493"></a>&quot;<a name="_9kR3WTr1AB4BLRasxrwuv"></a><b style="font-weight:bold;">BASEL III</b>&quot;<a name="_Ref106404263"></a> has the meaning given to it in Clause 15.1 (<i style="font-style:italic;">Increased costs</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404295"></a>&quot;<b style="font-weight:bold;">Benchmark Terms</b>&quot; means the terms set out in Schedule 15 (<i style="font-style:italic;">Benchmark Terms</i>) or in any Compounded Rate Supplement.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>10</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref84935902"></a>&quot;<b style="font-weight:bold;">Borrower</b>&quot; means an Original Borrower or any Additional Borrower and &quot;<b style="font-weight:bold;">Borrowers</b>&quot; means all of them.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857494"></a>&quot;<b style="font-weight:bold;">Blocking Law</b>&quot; means: </div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857495"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any provision of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2664CDJF44njtdRn4Ar095B"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Council Regulation</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (EC) No 2271/1996 of 22 November 1996 (or any law or regulation implementing such Regulation in any member state of the European Union or the United Kingdom); or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857496"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any similar blocking or anti-boycott law applicable to that Finance Party.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404278"></a>&quot;<b style="font-weight:bold;">Break Costs</b>&quot; means the amount (if any) by which:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404291"></a><a name="_Ref136857497"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in respect of any Compounded Rate Loan, any amount specified as such in the Benchmark Terms</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404281"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In respect of any Term SOFR Loan, the amount (if any) by which:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404284"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the interest (excluding the Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in the Loan or that Unpaid Sum to the last day of the current Interest Period in relation to the Loan, the relevant part of the Loan or that Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">exceeds</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857498"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank for a period starting on the Business Day following receipt or recovery and ending on the last day of the current Interest Period.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857499"></a>&quot;<a name="_9kR3WTr19A4CEJK76qqFoPyxlxD1pu"></a><b style="font-weight:bold;">Bursary Percentage</b>&quot; means, with respect to any calendar year, the percentage of bursaries provided to women cadets as a percentage of total bursaries provided and to be evidenced by back-up documentation.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857500"></a>&quot;<a name="_9kR3WTr19A4CFKK76qqFoPyxlxD1puiZ4BzD"></a><b style="font-weight:bold;">Bursary Percentage Target</b>&quot; means, with respect to any calendar year, a Bursary Percentage of at least 25 per cent.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857501"></a>&quot;<b style="font-weight:bold;">Business Day</b>&quot; means a day (other than a Saturday or Sunday) on which banks are open for general business in London, <a name="_9kR3WTr2664CGMF1y"></a>Cork, Paris, Amsterdam, Singapore and New York and, in relation to:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857502"></a><a name="_Ref106404306"></a><a name="_Ref106404302"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any date for payment or purchase of an amount relating to a Compounded Rate Loan;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857503"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the determination of the first day or the last day of an Interest Period for a Compounded Rate Loan or otherwise in relation to the determination of the length of such an Interest Period; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857504"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the fixing of an interest rate in respect of a Term SOFR Loan</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">,</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857505"></a>which is an Additional Business Day relating to that Term SOFR Loan or Compounded Rate Loan (as the case may be).</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>11</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857506"></a>&quot;<a name="_9kR3WTr19A4CHN1npn0VQ80vA68P7x1RU792AFX"></a><b style="font-weight:bold;">Carbon Intensity and Climate Alignment Certificate</b>&quot; means a certificate from a Recognised Organisation relating to a Ship and a calendar year setting out:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857507"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the average efficiency ratio of that Ship for all voyages performed by it over that calendar year using ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4EE68GQEyq1t9"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Annex VI</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> in respect of that calendar year; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857508"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the climate alignment of that Ship for such calendar year:</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857509"></a>in each case as calculated in accordance with the Poseidon Principles.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404313"></a>&quot;<a name="_9kR3WTr19A4CIO5n38qlN7q1gR05"></a><b style="font-weight:bold;">Central Bank Rate</b>&quot; has the meaning given to that term in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404316"></a>&quot;<a name="_9kR3WTr19A4CJP5n38qlN7q1gR05NHxFPPK68O"></a><b style="font-weight:bold;">Central Bank Rate Adjustment</b>&quot; has the meaning given to that term in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404320"></a>&quot;<a name="_9kR3WTr19A4CKQ5n38qlN7q1gR05flH7rr"></a><b style="font-weight:bold;">Central Bank Rate Spread</b>&quot; has the meaning given to that term in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857510"></a>&quot;<b style="font-weight:bold;">Change in Ultimate Beneficial Owner</b>&quot; means, in respect of an Obligor, any event by which a private individual <a name="DocXTextRef12"></a>(i) acquires the legal and/or beneficial ownership (directly or indirectly) of 25 per cent. or more of the issued share capital of that Obligor or (ii) acquires the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to (directly or indirectly) cast, or control the casting of, 25 per cent. or more of the votes that might be cast at a general meeting of that Obligor or (iii) gains effective control over that Obligor (such private individual being referred to as the &quot;<b style="font-weight:bold;">Ultimate Beneficial Owner</b>&quot;).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857511"></a>&quot;<b style="font-weight:bold;">Charged Property</b>&quot; means all of the assets which from time to time are, or are expressed to be, the subject of the Transaction Security.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857512"></a>&quot;<b style="font-weight:bold;">Charter</b>&quot; means, in relation to a Ship, any charter relating to that Ship, or other contract for its employment, whether or not already in existence.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857513"></a>&quot;<b style="font-weight:bold;">Code</b>&quot; means the United States Internal Revenue Code of 1986.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857514"></a>&quot;<b style="font-weight:bold;">Commitment</b>&quot; means a Revolving Commitment or an Accordion Facility Commitment.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857515"></a>&quot;<b style="font-weight:bold;">Compliance Certificate</b>&quot; means a certificate in the form set out in Schedule 8 (<i style="font-style:italic;">Form of Compliance Certificate</i>) or in any other form agreed between the Parent Guarantor and the Facility Agent.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404387"></a>&quot;<a name="_9kR3WTr19A4CLRFwy177rjkTLx8w6gQCMPOOIEK"></a><b style="font-weight:bold;">Compounded Market Disruption Rate</b>&quot; means the rate specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404390"></a>&quot;<b style="font-weight:bold;">Compounded Rate Interest Payment</b>&quot; means the aggregate amount of interest that:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404394"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is, or is </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef13"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">scheduled</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to become, payable under any Finance Document; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404397"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relates to a Compounded Rate Loan.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404400"></a>&quot;<b style="font-weight:bold;">Compounded Rate Loan</b>&quot; means the Loan, part of the Loan or, if applicable, Unpaid Sum which is not a Term SOFR Loan.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404404"></a>&quot;<b style="font-weight:bold;">Compounded Rate Supplement</b>&quot; means a document which:</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>12</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404408"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is agreed in writing by the Borrowers and the Facility Agent (in its own capacity) and the Facility Agent (acting on the instructions of the Majority Lenders);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404411"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">specifies the relevant terms which are expressed in this Agreement to be determined by reference to the Benchmark Terms; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404415"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has been made available to the Borrowers and each Finance Party.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;"><a name="_Ref106404418"></a>&quot;<b style="font-weight:bold;">Compounded Reference Rate</b>&quot; means, in relation to any RFR Banking Day during the Interest Period of a Compounded Rate Loan, the percentage rate per annum which is <a name="_Ref106404421"></a>the Daily Non-Cumulative Compounded RFR Rate for that RFR Banking Day.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404428"></a>&quot;<b style="font-weight:bold;">Compounding Methodology Supplement</b>&quot; means, in relation to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate, a document which:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404431"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is agreed in writing by the Borrower, the Facility Agent (in its own capacity) and the Facility Agent (acting on the instructions of the Majority Lenders);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404435"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">specifies a calculation methodology for that rate; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106404438"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has been made available to the Borrowers and each Finance Party.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857516"></a>&quot;<b style="font-weight:bold;">Confidential Information</b>&quot; means all information relating to any Transaction Obligor, the Group, the Finance Documents or all or any part of a Facility of which a Finance Party becomes aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or all or any part of a Facility from either:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255651"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any member of the Group or any of its advisers; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255657"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from such information but excludes:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857517"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">information that:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857518"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">47</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Confidentiality</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857519"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857520"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>13</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857521"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Funding Rate.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857522"></a>&quot;<b style="font-weight:bold;">Confidentiality Undertaking</b>&quot; means a confidentiality undertaking in substantially the appropriate form recommended by the LMA from time to time or in any other form agreed between the Borrowers and the Facility Agent.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857523"></a>&quot;<b style="font-weight:bold;">Corresponding Debt</b>&quot; means any amount, other than any Parallel Debt, which an Obligor owes to a Secured Party under or in connection with the Finance Documents.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404475"></a>&quot;<a name="_9kR3WTr19A4CMSL233kt252KP68BHH1tuiFGTdC"></a><b style="font-weight:bold;">Cumulative Compounded RFR Rate</b>&quot; means, in relation to an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Facility Agent (or by any other Finance Party which agrees to determine that rate in place of the Facility Agent) in accordance with the methodology set out in Schedule 17 (<i style="font-style:italic;">Cumulative Compounded RFR Rate</i>) or in any relevant Compounding Methodology Supplement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404478"></a>&quot;<a name="_9kR3WTr19A4DEK2eq7kV2RTABBs1ADASXEGJPP9"></a><b style="font-weight:bold;">Daily Non-Cumulative Compounded RFR Rate</b>&quot; means, in relation to any RFR Banking Day during an Interest Period for a Compounded Rate Loan, the percentage rate per annum determined by the Facility Agent (or by any other Finance Party which agrees to determine that rate in place of the Facility Agent) in accordance with the methodology set out in Schedule 16 (<i style="font-style:italic;">Daily Non-Cumulative Compounded RFR Rate</i>) or in any relevant Compounding Methodology Supplement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106404482"></a>&quot;<a name="_9kR3WTr19A4DFL2eq7oLuz"></a><b style="font-weight:bold;">Daily Rate</b>&quot; means the rate specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857524"></a>&quot;<a name="_9kR3WTr19A4DGLsum5"></a><b style="font-weight:bold;">CRD IV</b>&quot; means: </div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857525"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Regulation (EU) No 575/2013 of the European Parliament and of the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2664DHMF44njt"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Council</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857526"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Directive 2013/36/EU of the European Parliament and of the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4886FJOH66plv"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Council</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2664DIOAvseu1419JIL"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Directive 2002</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">/87/EC and repealing </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2664DJPAvseu141zOKJQ"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Directives 2006</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">/48/EC and 2006/49/EC; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857527"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other law or regulation which implements Basel III.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857528"></a>&quot;<b style="font-weight:bold;">Deed of Release</b>&quot; means a deed releasing the Existing Security in a form acceptable to the Facility Agent.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857529"></a>&quot;<b style="font-weight:bold;">Default</b>&quot; means an Event of Default or a Potential Event of Default.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857530"></a>&quot;<b style="font-weight:bold;">Defaulting Lender</b>&quot; means any Lender:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857531"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">which has failed to make available the relevant proportion of its Commitment in respect of any part of the Loan or has given notice to the Facility Agent that it will not make such amount available by the relevant Utilisation Date pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Lenders&#39; participation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857532"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">which has otherwise rescinded or repudiated a Finance Document; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857533"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">with respect to which an Insolvency Event has occurred and is continuing,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">unless, in the case of paragraph (a) above:</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>14</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857534"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its failure to pay is caused by:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857535"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">administrative or technical error; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857536"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Disruption Event; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857537"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">payment is made within five Business Days of its due date; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857538"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Lender is disputing in good faith whether it is contractually obliged to make the relevant payment.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857539"></a>&quot;<b style="font-weight:bold;">Delegate</b>&quot; means any delegate, agent, attorney, co-trustee or other person appointed by the Security Agent.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857540"></a>&quot;<b style="font-weight:bold;">Disruption Event</b>&quot; means either or both of:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857541"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facilities (or otherwise in order for the transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857542"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other, Party:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857543"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">from performing its payment obligations under the Finance Documents; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857544"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">from communicating with other Parties in accordance with the terms of the Finance Documents,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and which (in either such case) is not caused by, and is beyond the control of, the Party whose operations are disrupted.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857545"></a>&quot;<b style="font-weight:bold;">Document of Compliance</b>&quot; has the meaning given to it in the ISM Code.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857546"></a>&quot;<b style="font-weight:bold;">dollars</b>&quot; and &quot;<b style="font-weight:bold;">$</b>&quot; mean the lawful currency, for the time being, of the United States of America.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857547"></a>&quot;<b style="font-weight:bold;">Earnings</b>&quot; means, in relation to a Ship, all moneys whatsoever which are now, or later become, payable (actually or contingently) to a Borrower or the Security Agent and which arise out of or in connection with or relate to the use or operation of that Ship, including (but not limited to): </div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref23519941"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the following, save to the extent that any of them is, with the prior written consent of the Facility Agent, pooled or shared with any other person:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255691"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all freight, hire and passage moneys including, without limitation, all moneys payable under, arising out of or in connection with a Charter or a related guarantee;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857548"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the proceeds of the exercise of any lien on sub-freights;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857549"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compensation payable to a Borrower or the Security Agent in the event of requisition of that Ship for hire or use;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>15</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857550"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">remuneration for salvage and towage services;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857551"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">demurrage and detention moneys;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857552"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">without prejudice to the generality of sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of that Ship;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255697"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all moneys which are at any time payable under any Insurances in relation to loss of hire;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref24047875"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all monies which are at any time payable to a Borrower in relation to general average contribution; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857553"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if and whenever that Ship is employed on terms whereby any moneys falling within sub-paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(viii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing arrangement which is attributable to that Ship.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857554"></a>&quot;<b style="font-weight:bold;">Earnings Account</b>&quot; means, in relation to a Borrower:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857555"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an account in the name of that Borrower with the Account Bank designated &quot;Earnings Account&quot;;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref457481023"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other account in the name of that Borrower with the Account Bank or any other bank which may, with the prior written consent of the Facility Agent, be opened in the place of the account referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, irrespective of the number or designation of such replacement account; or</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857556"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any sub-account of any account referred to in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857557"></a>&quot;<b style="font-weight:bold;">EEA Member Country</b>&quot; means any member state of the European Union, Iceland, Liechtenstein and Norway.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857558"></a>&quot;<b style="font-weight:bold;">Eligible Institution</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857559"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Lender; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857560"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other bank or financial institution selected by the Corporate Guarantor and subject to approval to by the Lenders in their sole discretion </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk106957892"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">and which, in each case, is not an Affiliate of any Obligor or a member of the Group</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857561"></a>&quot;<b style="font-weight:bold;">Environmental Approval</b>&quot; means any present or future permit, ruling, variance or other Authorisation required under Environmental Laws.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857562"></a>&quot;<b style="font-weight:bold;">Environmental Claim</b>&quot; means any claim by any governmental, judicial or regulatory authority or any other person which arises out of an Environmental Incident or an alleged Environmental Incident or which relates to any Environmental Law and, for this purpose, &quot;<b style="font-weight:bold;">claim</b>&quot; includes a claim for damages, compensation, contribution, injury, fines, losses and penalties or any other payment of any kind, including in relation to clean-up and removal, whether or not similar to the foregoing; an order or direction to take, or not to take, certain action or to desist from or suspend certain action; and any form of enforcement or regulatory action, including the arrest or attachment of any asset.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>16</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857563"></a>&quot;<b style="font-weight:bold;">Environmental Incident</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857564"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any release, emission, spill or discharge of Environmentally Sensitive Material that is:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857565"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">within a Ship or from a Ship; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857566"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">into any other vessel or into or upon the air, water, land or soils (including the seabed) or surface water; or</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857567"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, water, land or soils (including the seabed) or surface water from a vessel other than any Ship and which involves a collision between any Ship and such other vessel or some other incident of navigation or operation, in either case, in connection with which a Ship is actually or potentially liable to be arrested, attached, detained or injuncted and/or a Ship and/or any Obligor and/or any operator or manager of a Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857568"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, water, land or soils (including the seabed) or surface water otherwise than from a Ship and in connection with which a Ship is actually or potentially liable to be arrested and/or where any Obligor and/or any operator or manager of a Ship is at fault or allegedly at fault or otherwise liable to any legal or administrative action, other than in accordance with an Environmental Approval.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857569"></a>&quot;<b style="font-weight:bold;">Environmental Law</b>&quot; means any present or future law relating to pollution or protection of human health or the environment, to conditions in the workplace, to the carriage, generation, handling, storage, use, release or spillage of Environmentally Sensitive Material or to actual or threatened releases of Environmentally Sensitive Material.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857570"></a>&quot;<b style="font-weight:bold;">Environmentally Sensitive Material</b>&quot; means and includes all contaminants, oil, oil products, toxic substances and any other substance (including any chemical, gas or other hazardous or noxious substance) which is (or is capable of being or becoming) polluting, toxic or hazardous.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857571"></a>&quot;<b style="font-weight:bold;">EU Bail-In Legislation Schedule</b>&quot; means the document described as such and published by the Loan Market Association (or any successor person) from time to time.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857572"></a>&quot;<b style="font-weight:bold;">EU Ship Recycling Regulation</b>&quot; means Regulation (EU) No 1257/2013 of the European Parliament and of the <a name="_9kMIH5YVt4886FJOH66plv"></a>Council of 20 November 2013 on ship recycling and amending Regulation (EC) No 1013/2006 and <a name="_9kR3WTr2664DKQAvseu1419JIS"></a>Directive 2009/16/EC.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857573"></a>&quot;<b style="font-weight:bold;">Event of Default</b>&quot; means any event or circumstance specified as such in Clause 31 (<i style="font-style:italic;">Events of Default</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857574"></a>&quot;<b style="font-weight:bold;">Existing Facility Agent</b>&quot; means the &quot;Facility Agent&quot; as such term is defined in the Existing Facility Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857575"></a>&quot;<b style="font-weight:bold;">Existing Facility Agreement</b>&quot; means the facility agreement entered into between, <i style="font-style:italic;">inter alia</i>, <a name="DocXTextRef15"></a>(i) Borrower A, Borrower B, Borrower C and Borrower D as joint and several borrowers and (ii) Existing Facility Agent as facility agent and security agent dated 11 December 2019, in relation to a $61,500,000 facility. </div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>17</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106431978"></a>&quot;<b style="font-weight:bold;">Existing Indebtedness</b>&quot; means, at any date and in respect of the Existing Facility Agreement, the outstanding Financial Indebtedness relating to the relevant Initial Ships on that date under the Existing Facility Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857576"></a>&quot;<b style="font-weight:bold;">Existing Security</b>&quot; means any security created to secure the Existing indebtedness.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857577"></a>&quot;<b style="font-weight:bold;">Facility</b>&quot; means the Revolving Facility or an Accordion Facility.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857578"></a>&quot;<b style="font-weight:bold;">Facility Office</b>&quot; means the office or offices notified by a Lender to the Facility Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days&#39; written notice) as the office or offices through which it will perform its obligations under this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857579"></a>&quot;<b style="font-weight:bold;">Fair </b><b style="font-weight:bold;">Market</b> <b style="font-weight:bold;">Value</b>&quot; means, in relation to a Ship, at any date, the market value of that Ship shown by the arithmetic average of two valuations each prepared:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857580"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as at a date not more than 30 days previously (except in relation to valuations provided in connection with the first Utilisation Date, in which case such valuations shall be prepared as at a date not more than 36 days previously);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857581"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">by an Approved Valuer appointed by the Borrowers;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857582"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">with or without physical inspection of that Ship or vessel (as the Facility Agent may require); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857583"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the basis of a sale for prompt delivery for cash on normal arm&#39;s length commercial terms as between a willing seller and a willing buyer, free of any Charter,</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857584"></a>after deducting the estimated amount of the usual and reasonable expenses which would be incurred in connection with the sale.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857585"></a>&quot;<b style="font-weight:bold;">FATCA</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255757"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">sections 1471 to 1474 of the Code or any associated regulations;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255762"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857586"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857587"></a>&quot;<b style="font-weight:bold;">FATCA Application Date</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref374957186"></a><a name="_Ref136857588"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to a &quot;withholdable payment&quot; described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857589"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to a &quot;passthru payment&quot; described in section 1471(d)(7) of the Code not falling within paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the first date from which such payment may become subject to a deduction or withholding required by FATCA.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857590"></a>&quot;<b style="font-weight:bold;">FATCA Deduction</b>&quot; means a deduction or withholding from a payment under a Finance Document required by FATCA.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>18</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857591"></a>&quot;<b style="font-weight:bold;">FATCA Exempt Party</b>&quot; means a Party that is entitled to receive payments free from any FATCA Deduction. </div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857592"></a>&quot;<b style="font-weight:bold;">Fee Letter</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any letter or letters dated on or about the date of this Agreement between the Facility Agent and the Borrowers or Parent Guarantor setting out any of the fees referred to in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">13</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any letter or letters dated on or about the date of the Second Amendment and Restatement Agreement between each of the Mandated Lead Arrangers and the Borrowers or Parent Guarantor setting out any of the fees referred to in clause 7 (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Second Amendment and Restatement Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857593"></a>&quot;<a name="_9kR3WTr19A4DLTCrklogINt0BwyE"></a><b style="font-weight:bold;">Finance Document</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857594"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857595"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Fee Letter;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857596"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Membership Interests Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857597"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Mortgage;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857598"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any General Assignment;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857599"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Accounts Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857600"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Manager&#39;s Undertaking;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857601"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Accordion Facility Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857602"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Hedging Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857603"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Hedging Agreement Assignment;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(k)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857604"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Sustainability Certificate;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(l)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857605"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Compounded Rate Supplement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(m)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857606"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2664DMRFwy177rjkTP37301AB7I5wQMJ"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Compounded Methodology Supplement</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(n)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the First Amendment and Restatement Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(o)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Second Amendment and Restatement Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(p)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857607"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other document (whether or not it creates Security) which is executed as security for, or for the purpose of establishing any priority or subordination arrangement in relation to, the Secured Liabilities; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(q)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857608"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other document designated as such by the Facility Agent and the Borrowers.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857609"></a>&quot;<a name="_9kR3WTr19A4DNVCrklogULuEM"></a><b style="font-weight:bold;">Finance Party</b>&quot; means the Facility Agent, the Security Agent, the Mandated Lead Arrangers, the Sustainability Coordinator, a Lender or a Hedge Counterparty.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>19</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857610"></a>&quot;<b style="font-weight:bold;">Financial Indebtedness</b>&quot; means any indebtedness for or in relation to:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255828"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">moneys borrowed and debit balances at banks or other financial institutions;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857611"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amount raised by acceptance under any acceptance credit facility or dematerialised equivalent;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857612"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amount raised pursuant to any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857613"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the amount of any liability in relation to any lease or hire purchase contract which would, in accordance with GAAP, be treated as a balance sheet liability (other than any liability in respect of a lease or hire purchase contract in force prior to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef16"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> January 2019 which would, in accordance with GAAP have been treated as an operating lease);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857614"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857615"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amount raised under any other transaction (including any forward sale or purchase, sale and sale back or sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowing under GAAP;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857616"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price (and, when calculating the value of any derivative transaction, only the marked to market value shall be taken into account);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255835"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any counter-indemnity obligation in relation to a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref381377517"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amount raised by the issue of shares which are redeemable (other than at the option of the Issuer) before the Termination Date or are otherwise classified as borrowings under GAAP; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857617"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the amount of any liability in relation to any guarantee or indemnity for any of the items referred to in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857465"></a><a name="_Hlk42090139"></a><a name="_Ref106432021"></a>&quot;<b style="font-weight:bold;">First</b> <b style="font-weight:bold;">Amendment and Restatement Agreement</b>&quot; means the amendment and restatement agreement dated 15 June 2023 entered into between the parties to this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><b style="font-weight:bold;">&quot;Fleet Sustainability Score</b>&quot;<b style="font-weight:bold;"> </b>has the meaning given to such term in the Sustainability Pricing Adjustment Schedule.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432022"></a>&quot;<b style="font-weight:bold;">Funding Rate</b>&quot; means any individual rate notified by a Lender to the Facility Agent pursuant to sub-paragraph (ii) of paragraph (a) of Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857618"></a>&quot;<b style="font-weight:bold;">GAAP</b>&quot; means generally accepted accounting principles in the United States of America.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857619"></a>&quot;<b style="font-weight:bold;">General Assignment</b>&quot; means, in relation to a Ship, the general assignment creating Security over that Ship&#39;s Earnings, its Insurances and any Requisition Compensation in relation to that Ship and any charter entered into or to be entered into with a term exceeding or capable of exceeding 14 months (including a redelivery allowance of between 30 to 60 days) and any supporting guarantee in relation to such charter in agreed form and including, in relation to </div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>20</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;">each Ship, the Supplemental General Assignment (as defined in the First Amendment and Restatement Agreement) and the Second Supplemental General Assignment (as defined in the Second Amendment and Restatement Agreement).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857620"></a>&quot;<b style="font-weight:bold;">Group</b>&quot; means, at any time, the Parent Guarantor and its Subsidiaries at that time.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857621"></a>&quot;<b style="font-weight:bold;">Guarantor</b>&quot; means the Corporate Guarantor or the Parent Guarantor.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857622"></a>&quot;<b style="font-weight:bold;">Hedging Agreement</b>&quot; means any master agreement, confirmation, transaction, schedule, off-balance sheet instrument or other agreement in agreed form entered into or to be entered into by a Borrower or the Borrowers for the purpose of hedging interest payable under this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857623"></a>&quot;<b style="font-weight:bold;">Hedging Agreement Assignment</b>&quot; means, in relation to a Borrower, a first assignment of that Borrower&#39;s rights and interests in any Hedging Agreement, in agreed form and including, in relation to each <a name="_9kR3WTr1AB4EFIE15390wC3pbmGC9z124K81jX0"></a>Borrower, the Supplemental Hedging Assignment (as defined in the First Amendment and Restatement Agreement) and the <a name="_9kR3WTr1AB4EGaLcnzpVhB74uwxzF3weSvy4CBZ"></a>Second Supplemental Hedging Assignment (as defined in the Second Amendment and Restatement Agreement).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857624"></a>&quot;<b style="font-weight:bold;">Hedging Close Out Liabilities</b>&quot; means, as at any relevant date, the aggregate amount certified by each Hedge Counterparty to the Facility Agent as the net aggregate amount in dollars which would be payable by any Borrower under the Hedging Agreements to which it is a party at the relevant determination date as a result of termination or closing out under such Hedging Agreements.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857625"></a>&quot;<b style="font-weight:bold;">Hedging Prepayment Proceeds</b>&quot; means any amount payable to a Borrower or the Borrowers (as the case may be) as a result of termination or closing out under a Hedging Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432031"></a>&quot;<b style="font-weight:bold;">Historic Term SOFR</b>&quot; means, in relation to any Term SOFR Loan, the most recent applicable Term SOFR for a period equal in length to the Interest Period of that Term SOFR Loan and which is as of a day which is no more than three Additional Business Days before the Quotation Day.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857626"></a>&quot;<b style="font-weight:bold;">Holding Company</b>&quot; means, in relation to a person, any other person in relation to which it is a Subsidiary.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857627"></a>&quot;<b style="font-weight:bold;">Indemnified Person</b>&quot; has the meaning given to it in Clause 16.2 (<i style="font-style:italic;">Other indemnities</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857628"></a>&quot;<b style="font-weight:bold;">Initial</b> <b style="font-weight:bold;">Ship</b>&quot; means Ship A, Ship B, Ship C, Ship D, Ship E, Ship F or Ship G.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857630"></a>&quot;<b style="font-weight:bold;">Insolvency Event</b>&quot; in relation to a Lender means that Lender:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432036"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is dissolved (other than pursuant to a consolidation, amalgamation or merger);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432037"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432038"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">makes a general assignment, arrangement, or composition with or for the benefit of its creditors;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432039"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the jurisdiction of its head or home </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>21</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors&#39; rights, or a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar official;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432040"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors&#39; rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above and:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432041"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432042"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432043"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432044"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long as it is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432045"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(k)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432046"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(h)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above; or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432047"></a></font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(l)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857631"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857632"></a>&quot;<b style="font-weight:bold;">Insurances</b>&quot; means, in relation to a Ship:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857633"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all policies and contracts of insurance, including entries of that Ship in any protection and indemnity or war risks association, effected in relation to that Ship, the Earnings or otherwise in relation to that Ship whether before, on or after the date of this Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857634"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all rights and other assets relating to, or derived from, any of such policies, contracts or entries, including any rights to a return of premium and any rights in relation to any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432051"></a>&quot;<b style="font-weight:bold;">Interest Payment Date</b>&quot; has the meaning given to it in Clause 9.4 (<i style="font-style:italic;">Payment of interest</i>).</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>22</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857635"></a>&quot;<b style="font-weight:bold;">Interest Period</b>&quot; means, in relation to an Advance, the Loan or any part of the Loan, each period determined in accordance with Clause 11 (<i style="font-style:italic;">Interest Periods</i>) and, in relation to an Unpaid Sum, each period determined in accordance with Clause 9.5 (<i style="font-style:italic;">Default interest</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432053"></a>&quot;<b style="font-weight:bold;">Interpolated Historic Term SOFR</b>&quot; means, in relation to any Term SOFR Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432054"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">either:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857636"></a><a name="_Ref106432055"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the most recent applicable Term SOFR (as of a day which is not more than three Additional Business Days before the Quotation Day) for the longest period (for which Term SOFR is available) which is less than the Interest Period of that Term SOFR Loan; or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432056"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if no such Term SOFR is available for a period which is less than the Interest Period of that Term SOFR Loan, the RFR for a day which is no more than five Additional Business Days (and no less than two Additional Business Days) before the Quotation Day; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432057"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the most recent applicable Term SOFR (as of a day which is not more than three Additional Business Days before the Quotation Day) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of that Term SOFR Loan.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432058"></a><b style="font-weight:bold;">&quot;Interpolated Term SOFR</b>&quot; means, in relation to any Term SOFR Loan, the rate (rounded to the same number of decimal places as Term SOFR) which results from interpolating on a linear basis between:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432059"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">either:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432060"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the applicable Term SOFR (as of the Specified Time) for the longest period (for which Term SOFR is available) which is less than the Interest Period of that Term SOFR Loan; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432061"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if no such Term SOFR is available for a period which is less than the Interest Period of that Term SOFR Loan, the RFR for the day which is two Additional Business Days before the Quotation Day; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432062"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the applicable Term SOFR (as of the Specified Time) for the shortest period (for which Term SOFR is available) which exceeds the Interest Period of that Term SOFR Loan.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857637"></a>&quot;<b style="font-weight:bold;">Inventory of Hazardous Material</b>&quot; means an inventory certificate or statement of compliance (as applicable) issued by the relevant classification society/shipyard authority which is supplemented by a list of any and all materials known to be potentially hazardous utilised in the construction of that Ship pursuant to the requirements of the EU Ship Recycling Regulation.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857638"></a>&quot;<b style="font-weight:bold;">ISM Code</b>&quot; means the <a name="_9kR3WTr2664EHRK2ut3nu3z5srkUot8TxU23x29"></a>International Safety Management Code for the <a name="_9kR3WTr2664EIcHbgQWtwtw51781gd09K"></a>Safe Operation of Ships and for <a name="_9kR3WTr2664EJaSvt3C1x3fe056zFB7D"></a>Pollution Prevention (including the guidelines on its implementation), adopted by the International Maritime Organisation, as the same may be amended or supplemented from time to time.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>23</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857639"></a>&quot;<b style="font-weight:bold;">ISPS Code</b>&quot; means the <a name="_9kR3WTr2664EKUK2ut3nu3z5srkby70z3gmLRqS"></a>International Ship and Port Facility Security (ISPS) Code as adopted by the International Maritime Organization&#39;s (IMO) <a name="_9kR3WTr2664ELQAtxxzmu3nIP7zr4521t68YSyz"></a>Diplomatic Conference of December 2002, as the same may be amended or supplemented from time to time.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857640"></a>&quot;<b style="font-weight:bold;">ISSC</b>&quot; means an <a name="_9kR3WTr2664EMWK2ut3nu3z5srkby7sctAQFIZt"></a>International Ship Security Certificate issued under the ISPS Code.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857641"></a>&quot;<a name="_9kR3WTr19A4ENaEnnfu"></a><b style="font-weight:bold;">Lender</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432068"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Original Lender; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432069"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any bank, financial institution, trust, fund or other entity which has become a Party as a &quot;Lender&quot; in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Establishment of an Accordion Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to the Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">which in each case has not ceased to be a Party in accordance with this Agreement.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857642"></a>&quot;<b style="font-weight:bold;">Limitation</b> <b style="font-weight:bold;">Acts</b>&quot; means the Limitation Act 1980 and the Foreign Limitation Periods Act 1984.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857643"></a>&quot;<b style="font-weight:bold;">LMA</b>&quot; means the Loan Market Association (or any successor person).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857644"></a>&quot;<b style="font-weight:bold;">Loan</b>&quot; means the aggregate amount of Advances to be made available under the Facilities or the aggregate principal amount outstanding for the time being of the borrowings under the Facilities and a &quot;<b style="font-weight:bold;">part of the Loan</b>&quot; means an Advance or any other part of the Loan as the context may require.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432073"></a>&quot;<a name="_9kR3WTr19A4EObOyvjacnbQz42y"></a><b style="font-weight:bold;">Lookback Period</b>&quot; means the number of days specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857645"></a>&quot;<b style="font-weight:bold;">Major</b> <b style="font-weight:bold;">Casualty</b>&quot; means, in relation to a Ship, any casualty to that Ship in relation to which the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds $1,000,000 or the equivalent in any other currency.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857646"></a>&quot;<b style="font-weight:bold;">Majority</b> <b style="font-weight:bold;">Lenders</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857647"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if the Loan has not yet been advanced, a Lender or Lenders whose Commitments aggregate more than 66&#8532; per cent. of the Total Commitments; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857648"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">at any other time, a Lender or Lenders whose participations in the Loan aggregate more than 66&#8532; per cent. of the amount of the Loan then outstanding or, if the Loan has been repaid or prepaid in full, a Lender or Lenders whose participations in the Loan immediately before repayment or prepayment in full aggregate more than 66&#8532; per cent. of the Loan immediately before such repayment.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857649"></a>&quot;<b style="font-weight:bold;">Manager&#39;s</b> <b style="font-weight:bold;">Undertaking</b>&quot; means, in relation to a Ship, the letter of undertaking from its Approved Technical Manager and the letter of undertaking from its Approved Commercial Manager subordinating the rights of such Approved Technical Manager and such Approved Commercial Manager respectively against that Ship and the relevant Borrower to the rights of the Finance Parties in agreed form.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857650"></a>&quot;<b style="font-weight:bold;">Mandatory Costs</b>&quot; has the meaning given to it in Clause 16.3 (<i style="font-style:italic;">Mandatory Cost</i>);</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432079"></a>&quot;<b style="font-weight:bold;">Margin</b>&quot; means <a name="DocXTextRef17"></a><a name="_Hlk43387086"></a>2.50 per cent. per annum, as adjusted as of the first day of the next Interest Period for that Advance, in accordance with the <a name="_Hlk42684303"></a>Sustainability Pricing Adjustment Schedule.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>24</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857651"></a>&quot;<b style="font-weight:bold;">Material</b> <b style="font-weight:bold;">Adverse</b> <b style="font-weight:bold;">Effect</b>&quot; means, in the reasonable opinion of the Majority Lenders, a material adverse effect on:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857652"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the business, operations, property, condition (financial or otherwise) or prospects of any member of the Group or the Group as a whole; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857653"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the ability of any Transaction Obligor to perform its obligations under any Finance Document; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857654"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the validity or enforceability of, or the effectiveness or ranking of any Security granted or intended to be granted pursuant to any of, the Finance Documents or the rights or remedies of any Finance Party under any of the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;"><a name="_Ref106432085"></a>&quot;<b style="font-weight:bold;">Membership Interests Security</b>&quot; means, <a name="DocXTextRef18"></a>(i) in relation to an Original Borrower, a document from the Corporate Guarantor creating Security in respect of the membership interests in that Original Borrower in agreed form or (ii) in relation to an Additional Borrower, a document creating Security in respect of the membership interests in that Additional Borrower if that Additional Borrower is a limited liability company or a document creating Security in respect of the shares in that Additional Borrower if that Additional Borrower is a limited company or corporation, in agreed form.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432086"></a>&quot;<b style="font-weight:bold;">Month</b>&quot; means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month, except that:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432087"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Other than where paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> applies:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432088"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below) if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432089"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that calendar month; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255921"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432090"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to an Interest Period for any Compounded Rate Loan (or any other period for the accrual of commission or fees after the Rate Switch Date) for which there are rules specified as &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr266566IK8xtqwBXA2fQ8G81HD9FK"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Business Day Conventions</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; in the Benchmark Terms, those rules shall apply</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref65498696"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The above rules will only apply to the last Month of any period.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857655"></a>&quot;<b style="font-weight:bold;">Mortgage</b>&quot; means, in relation to a Ship, a first preferred or priority ship mortgage (as applicable for the Approved Flag of that Ship) and, if as applicable for the Approved Flag of the Ship, a deed of covenant collateral to the said mortgage in agreed form and including, in relation to each <a name="_9kR3WTr1AB567aOlu6zlRW8E4mnsNQ133357N"></a>Ship, the Mortgage Amendment (as defined in the First Amendment and Restatement Agreement) and the <a name="_9kR3WTr1AB568bLcnzpPV7D3lmrMP022246M"></a>Second Mortgage Amendment (as defined in the Second Amendment and Restatement Agreement).</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>25</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857656"></a>&quot;<b style="font-weight:bold;">Non-Consenting Lender</b>&quot; means any Lender which does not and continues not to consent or agree to a request of the Borrowers or the Facility Agent (at the request of the Borrowers) to give a consent in relation to, or to agree to a waiver or amendment of, any provision of the Finance Documents when:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857657"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the consent, waiver or amendment in question requires the approval of all of the Lenders; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857658"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Lenders whose commitments aggregate more than 66&#8532; per cent. of the Total Commitments have consented or agreed to such waiver or amendment.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857659"></a>&quot;<a name="_9kR3WTr19A569YEiqmt5"></a><b style="font-weight:bold;">Obligor</b>&quot; means a Borrower, a Hedge Guarantor, the Corporate Guarantor or the Parent Guarantor.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857660"></a>&quot;<b style="font-weight:bold;">Original</b> <b style="font-weight:bold;">Financial</b> <b style="font-weight:bold;">Statements</b>&quot; means in relation to the Parent Guarantor, the audited consolidated financial statements of the Group for its financial year ended 31 December 2021.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857661"></a>&quot;<b style="font-weight:bold;">Overseas</b> <b style="font-weight:bold;">Regulations</b>&quot; means the Overseas Companies Regulations 2009 (SI 2009/1801).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857662"></a>&quot;<b style="font-weight:bold;">Parallel</b> <b style="font-weight:bold;">Debt</b>&quot; means any amount which an Obligor owes to the Security Agent under Clause 35.2 (<i style="font-style:italic;">Parallel Debt (Covenant to pay the Security Agent)</i>) or under that Clause as incorporated by reference or in full in any other Finance Document.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432100"></a>&quot;<b style="font-weight:bold;">Participating Member State</b>&quot; means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857663"></a>&quot;<a name="_9kR3WTr19A56AaEn7F"></a><b style="font-weight:bold;">Party</b>&quot; means a party to this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857664"></a>&quot;<b style="font-weight:bold;">Permitted</b> <b style="font-weight:bold;">Charter</b>&quot; means, in relation to a Ship, a charter:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857665"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">which is a time or consecutive voyage charter;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857666"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the duration of which does not exceed and is not capable of exceeding, by virtue of any optional extensions, 14 months;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857667"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">which is entered into on </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">bona fide</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> arm&#39;s length terms at the time at which that Ship is fixed; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857668"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to which not more than two months&#39; hire is payable in advance,</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857669"></a>and any other charter which is approved in writing by the Facility Agent acting with the authorisation of the Majority Lenders.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857670"></a>&quot;<b style="font-weight:bold;">Permitted</b> <b style="font-weight:bold;">Financial</b> <b style="font-weight:bold;">Indebtedness</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857671"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Financial Indebtedness incurred under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857672"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">until the first Utilisation Date, the Existing Indebtedness;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857673"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Financial Indebtedness that is subordinated to all Financial Indebtedness incurred under the Finance Documents in a manner and on terms satisfactory to the Facility Agent (acting on the instructions of the Majority Lenders); and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>26</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857674"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Financial Indebtedness reasonably incurred in connection with the normal commercial operation of the Ship.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857675"></a>&quot;<b style="font-weight:bold;">Permitted</b> <b style="font-weight:bold;">Security</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857676"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Security created by the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857677"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any netting or set-off arrangement entered into by any member of the Group in the ordinary course of its banking arrangements for the purpose of netting debit and credit balances, any netting or right of pledge under the general base conditions of a Lender and any right of pledge and set off in connection with permitted cash pool arrangements;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857678"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">liens for unpaid master&#39;s and crew&#39;s wages in accordance with usual maritime practice and not being enforced through arrest;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857679"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">liens for salvage;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857680"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">liens for master&#39;s disbursements incurred in the ordinary course of trading and not being enforced through arrest; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857681"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of any Ship:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857682"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not as a result of any default or omission by any Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857683"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not being enforced through arrest; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857684"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">subject, in the case of liens for repair or maintenance, to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Restrictions on chartering, appointment of managers etc.</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 72pt;">provided such lien does not secure amounts more than 30 days overdue (unless the overdue amount is being contested in good faith by appropriate steps and for the payment of which adequate reserves are held and provided further that such proceedings do not give rise to a material risk of the relevant Ship or any interest in it being seized, sold, forfeited or lost).</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857685"></a>&quot;<b style="font-weight:bold;">Pool Agreement</b>&quot; means, in relation to a Ship, any pool agreement which that Ship is a party to subject to the prior written approval of the Facility Agent acting with the authorisation of the Majority Lenders, provided the pool agreements for the Ships entered into the Ardmore MR Pool are approved.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857686"></a>&quot;<b style="font-weight:bold;">Poseidon Principles</b>&quot; means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced from time to time.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857687"></a>&quot;<b style="font-weight:bold;">Potential</b> <b style="font-weight:bold;">Event</b> <b style="font-weight:bold;">of</b> <b style="font-weight:bold;">Default</b>&quot; means any event or circumstance specified in Clause 31 (<i style="font-style:italic;">Events of Default</i>) which would (with the expiry of a grace period, the giving of notice or any combination of any of the foregoing) be an Event of Default.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857688"></a>&quot;<b style="font-weight:bold;">Protected</b> <b style="font-weight:bold;">Party</b>&quot; has the meaning given to it in Clause 14.1 (<i style="font-style:italic;">Definitions</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857689"></a>&quot;<b style="font-weight:bold;">Quotation</b> <b style="font-weight:bold;">Day</b>&quot; means, in relation to a Term SOFR Loan and in relation to any period for which an interest rate is to be determined, two Additional Business Days before the first day of that period unless market practice differs in the relevant syndicated loan market in which case the Quotation Day will be determined by the Facility Agent in accordance with that </div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>27</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;">market practice (and if quotations would normally be given on more than one day, the Quotation Day will be the last of those days).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432126"></a><b style="font-weight:bold;">&quot;Quoted Tenor&quot;</b> means any period for which Term SOFR is customarily displayed on the relevant page or screen of an information service.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432127"></a><a name="_Ref136857690"></a>&quot;<b style="font-weight:bold;">Rate Switch Date</b>&quot; means, if the Borrowers request a switch from a Compounded Reference Rate to a Term SOFR Reference Rate, the date (which shall be the last day of an Interest Period) on which <a name="_Ref90468486"></a>the Facility Agent, acting in its individual capacity and on behalf and on the instructions of the Lenders, agree in writing that interest under this Agreement should be calculated by reference to the Term SOFR Reference Rate.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857691"></a>&quot;<b style="font-weight:bold;">Receiver</b>&quot; means a receiver or receiver and manager or administrative receiver of the whole or any part of the Charged Property.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;">&quot;<b style="font-weight:bold;">Redu</b><a name="_Ref136857692"></a><b style="font-weight:bold;">ction Date</b>&quot; means each date by which the Revolving Facility must be reduced as set out in Schedule 1 (<i style="font-style:italic;">Revolving Facility Reduction Schedule</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857693"></a>&quot;<b style="font-weight:bold;">Reduction Instalment</b>&quot; means each instalment for reduction of the Advances under the Revolving Facility referred to in paragraph 7.1(a) of Clause &#8206;7.1 (<i style="font-style:italic;">Reduction of Revolving Facility</i>).</div><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;"><a name="_Ref106432138"></a>&quot;<b style="font-weight:bold;">Recognised Organisation</b>&quot; has the meaning given to such term in the Sustainability Pricing Adjustment Schedule.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857694"></a>&quot;<b style="font-weight:bold;">Related</b> <b style="font-weight:bold;">Fund</b>&quot; in relation to a fund (the &quot;first fund&quot;), means a fund which is managed or advised by the same investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment adviser of the first fund.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857695"></a>&quot;<b style="font-weight:bold;">Relevant</b> <b style="font-weight:bold;">Jurisdiction</b>&quot; means, in relation to a Transaction Obligor:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857696"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its jurisdiction of incorporation;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857697"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any jurisdiction where any asset subject to, or intended to be subject to, any of the Transaction Security created, or intended to be created, under the Finance Documents to which it is a party is situated;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857698"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any jurisdiction where it conducts its business; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857699"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the jurisdiction whose laws govern the perfection of any of the Transaction Security created, or intended to be created, under the Finance Documents to which it is a party.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857700"></a>&quot;<a name="_9kR3WTr19A56BdKlmxun7iY4z1u1A54TW5G"></a><b style="font-weight:bold;">Relevant Nominating Body</b>&quot; means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the <a name="_9kR3WTr26656CSCrklokjngjyhq12BSlW26A"></a>Financial Stability Board.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857701"></a>&quot;<b style="font-weight:bold;">Relevant Person</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref20475223"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref20475231"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each subsidiary of any Obligor; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>28</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857702"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all respective directors, officers, employees, agents and representatives of each of the persons mentioned in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432149"></a>&quot;<a name="_9kR3WTr19A56DfKlmxun7hJv6u4"></a><b style="font-weight:bold;">Relevant Market</b>&quot; means <a name="_Ref67328185"></a>the market specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857705"></a>&quot;<b style="font-weight:bold;">Repeating</b> <b style="font-weight:bold;">Representation</b>&quot; means each of the representations set out in Clause 23 (<i style="font-style:italic;">Representations</i>) except Clause 23.10 (<i style="font-style:italic;">Insolvency</i>) and Clause 23.12 (<i style="font-style:italic;">Deduction of Tax</i>) and any representation of any Transaction Obligor made in any other Finance Document that is expressed to be a &quot;Repeating Representation&quot; or is otherwise expressed to be repeated.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432153"></a>&quot;<a name="_9kR3WTr19A56EgKp0391wvMB3"></a><b style="font-weight:bold;">Reporting Day</b>&quot; means the day specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432154"></a>&quot;<b style="font-weight:bold;">Reporting Time</b>&quot; means the relevant time (if any) specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857706"></a>&quot;<b style="font-weight:bold;">Representative</b>&quot; means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857707"></a>&quot;<b style="font-weight:bold;">Requisition</b>&quot; means, in relation to a Ship:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857708"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any expropriation, confiscation, requisition or acquisition of that Ship, whether for full consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition for hire for a fixed period not exceeding one year without any right to an extension) unless it is within 30 days redelivered to the full control of the relevant Borrower; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857709"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any arrest, capture, seizure or detention of that Ship (including any hijacking or theft) unless it is within 30 days redelivered to the full control of the relevant Borrower.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857710"></a>&quot;<b style="font-weight:bold;">Requisition</b> <b style="font-weight:bold;">Compensation</b>&quot; includes all compensation or other moneys payable by reason of any Requisition.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857711"></a>&quot;<b style="font-weight:bold;">Resolution Authority</b>&quot; means any body which has authority to exercise any Write-down and Conversion Powers.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857712"></a>&quot;<b style="font-weight:bold;">Restricted Party</b>&quot; means a person that is:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857713"></a><a name="_Ref20921284"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">listed on or directly or indirectly owned or controlled by a person or persons listed on any Sanctions List; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857714"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">located in, organised under the laws of or directly or indirectly owned or controlled by, or acting on behalf of, a person located in or organised under the laws of a country or territory which is a subject of country-wide or territory-wide Sanctions (including, without limitation, at the date of this Agreement, Cuba, Iran, North Korea, Syria, Sudan, Crimea and the so-called </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26656FfIo0yowkRwD0s0sz3TXE5CRJ26"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">People&#8217;s Republic of Donetsk and People&#8217;s Republic of Luhansk</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of the Ukraine); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857715"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">otherwise a subject of Sanctions.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857717"></a><a name="_Ref106432166"></a>&quot;<b style="font-weight:bold;">Revolving Commitment</b>&quot; means:</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>29</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857718"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to an Original Lender, the amount set opposite its name under the heading &quot;Revolving Commitment&quot; in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part B</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the amount of any other Revolving Commitment transferred to it under this Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857719"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to any other Lender, the amount of any Revolving Commitment transferred to it under this Agreement,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">to the extent not cancelled, reduced or transferred by it under this Agreement.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857716"></a><a name="_Ref136857720"></a>&quot;<a name="_9kR3WTr19A577YKv6x53wvODhq01AR"></a><b style="font-weight:bold;">Revolving Facility</b>&quot; means the revolving credit facility made available under this Agreement as described in Clause 2.1 (<i style="font-style:italic;">The Facilities</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;">&quot;<b style="font-weight:bold;">Revolving</b> <b style="font-weight:bold;">Facility Tranche</b>&quot; means, in respect of each Ship, the amount of the outstanding Revolving Facility allocated to that Ship as set out in Schedule 1 (<i style="font-style:italic;">Revolving Facility Reduction Schedule</i>) in the case of the Revolving Facility.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;">&quot;<a name="_9kR3WTr1AB578ZUvtx8zwTA20two"></a><b style="font-weight:bold;">Rollover Advance</b>&quot; means one or more Advances under the Revolving Facility:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857721"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">made or to be made on the same day that a maturing Advance under the Revolving Facility is due to be repaid;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857722"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the aggregate amount of which is equal to or less than the amount of the maturing Advance under the Revolving Facility; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857723"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">made or to be made for the purpose of refinancing that maturing Advance under the Revolving Facility.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857724"></a>&quot;<a name="_9kR3WTr19A579avw"></a><b style="font-weight:bold;">RFR</b>&quot; means the rate specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432167"></a>&quot;<a name="_9kR3WTr19A57Abvwt3mxtxwNC4"></a><b style="font-weight:bold;">RFR Banking Day</b>&quot; means any day specified as such in the Benchmark Terms.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857725"></a>&quot;<b style="font-weight:bold;">Sanctions</b>&quot; means any trade, economic or financial sanctions laws, regulations, embargoes or restrictive measures administered, enacted or enforced by a Sanctions Authority.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857726"></a>&quot;<b style="font-weight:bold;">Safety</b> <b style="font-weight:bold;">Management</b> <b style="font-weight:bold;">Certificate</b>&quot; has the meaning given to it in the ISM Code.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857727"></a>&quot;<a name="_9kR3WTr1AB57BdHbgvGkHpqkpwxzFvvSOB5"></a><b style="font-weight:bold;">Safety</b> <b style="font-weight:bold;">Management</b> <b style="font-weight:bold;">System</b>&quot; has the meaning given to it in the ISM Code.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857728"></a>&quot;<b style="font-weight:bold;">Sanctions Authority</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857729"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26657CeLct9y1IcNCCvr1"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Security Council</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of the United Nations;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857730"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the United States;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857731"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the United Kingdom;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857732"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the European Union;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857733"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any member state of the European Union (including, without limitation, The Netherlands and France);</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref478982337"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any country in which any Obligor is registered or has material (financial or otherwise) interests or operations; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>30</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857734"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the governments and institutions or agencies of any of paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(f)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) above, including without limitation the U.S. Office of Foreign Asset Control (&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">OFAC</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;), the U.S. Department of State, and His Majesty&#39;s Treasury (&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">HMT</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;).</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857735"></a>&quot;<b style="font-weight:bold;">Sanctions List</b>&quot; means the <a name="_9kR3WTr26657DfWpdihlxBeF16v1w38tdV8HDJ6"></a>Specially Designated Nationals and Blocked Persons list maintained by OFAC, the <a name="_9kR3WTr26657EQFx24ytmfw1mUU8KH4WU923621"></a>Consolidated List of Financial Sanctions Targets maintained by HMT, or any other list maintained by, or public announcement of a Sanctions designation made by, a Sanctions Authority, each as amended, supplemented or substituted from time to time.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857736"></a>&quot;<b style="font-weight:bold;">Second</b> <b style="font-weight:bold;">Amendment and Restatement Agreement</b>&quot; means the amendment and restatement agreement dated<u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:30.58pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:36pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u> 2024 entered into between the parties to this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;">&quot;<b style="font-weight:bold;">Secured</b> <b style="font-weight:bold;">Liabilities</b>&quot; means all present and future obligations and liabilities, (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of each Transaction Obligor to any Secured Party under or in connection with each Finance Document.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857737"></a>&quot;<a name="_9kR3WTr19A57FhLct9uhTLuEM"></a><b style="font-weight:bold;">Secured</b> <b style="font-weight:bold;">Party</b>&quot; means each Finance Party from time to time party to this Agreement and any Receiver or Delegate.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857738"></a>&quot;<b style="font-weight:bold;">Security</b>&quot; means a mortgage, pledge, lien, charge, assignment, hypothecation or security interest or any other agreement or arrangement having the effect of conferring security.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857739"></a>&quot;<b style="font-weight:bold;">Security</b> <b style="font-weight:bold;">Period</b>&quot; means the period starting on the date of this Agreement and ending on the date on which the Facility Agent is satisfied that there is no outstanding Commitment in force and that the Secured Liabilities have been irrevocably and unconditionally paid and discharged in full.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857740"></a>&quot;<b style="font-weight:bold;">Security</b> <b style="font-weight:bold;">Property</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857741"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Transaction Security expressed to be granted in favour of the Security Agent as trustee for the Secured Parties and all proceeds of that Transaction Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857742"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all obligations expressed to be undertaken by a Transaction Obligor to pay amounts in relation to the Secured Liabilities to the Security Agent as trustee for the Secured Parties and secured by the Transaction Security together with all representations and warranties expressed to be given by a Transaction Obligor or any other person in favour of the Security Agent as trustee for the Secured Parties;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857743"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Security Agent&#39;s interest in any turnover trust created under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857744"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other amounts or property, whether rights, entitlements, choses in action or otherwise, actual or contingent, which the Security Agent is required by the terms of the Finance Documents to hold as trustee on trust for the Secured Parties,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">except:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857745"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">rights intended for the sole benefit of the Security Agent; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>31</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857746"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any moneys or other assets which the Security Agent has transferred to the Facility Agent or (being entitled to do so) has retained in accordance with the provisions of this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857747"></a>&quot;<b style="font-weight:bold;">Seller</b>&quot; means the seller of any Ship, as more particularly indicated in a memorandum of agreement to be made between that seller and a Borrower for the purchase of a Ship.</div><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">Servicing</b> <b style="font-weight:bold;">Party</b>&quot; means the Facility Agent or the Security Agent.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857748"></a>&quot;<b style="font-weight:bold;">Ship</b> <b style="font-weight:bold;">A</b>&quot; means the 49,998 dwt 2013 built MR product tanker registered in the name of Borrower A on <a name="_Hlk24384954"></a>Marshall Islands flag under the name m.t. &quot;ARDMORE SEAVALIANT&quot;.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857749"></a>&quot;<b style="font-weight:bold;">Ship</b> <b style="font-weight:bold;">B</b>&quot; means the 49,998 dwt 2013 built MR product tanker registered in the name of Borrower B on Marshall Islands flag under the name m.t. &quot;ARDMORE SEAVENTURE&quot;.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857750"></a>&quot;<b style="font-weight:bold;">Ship C</b>&quot; means the 25,215 dwt 2015 built chemical tanker registered in the name of Borrower C on Marshall Islands flag under the name m.t. &quot;ARDMORE CHEROKEE&quot;.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857751"></a>&quot;<b style="font-weight:bold;">Ship</b> <b style="font-weight:bold;">D</b>&quot; means the 25,217 dwt 2015 built chemical tanker registered in the name of Borrower D on Marshall Islands flag under the name m.t. &quot;ARDMORE CHEYENNE&quot;.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857752"></a>&quot;<b style="font-weight:bold;">Ship</b> <b style="font-weight:bold;">E</b>&quot; means the 37,800 dwt 2015 built chemical tanker registered in the name of Borrower D on Marshall Islands flag under the name m.t. &quot;ARDMORE DEFENDER&quot;.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857753"></a>&quot;<b style="font-weight:bold;">Ship</b> <b style="font-weight:bold;">F</b>&quot; means the 50,000 dwt 2014 built chemical tanker registered in the name of Borrower D on Marshall Islands flag under the name m.t. &quot;ARDMORE SEAVANGUARD&quot;.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857754"></a>&quot;<b style="font-weight:bold;">Ship</b> <b style="font-weight:bold;">G</b>&quot; means the 49,500 dwt 2014 built chemical tanker registered in the name of Borrower D on Marshall Islands flag under the name m.t. &quot;ARDMORE EXPORTER&quot;.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857755"></a>&quot;<a name="_9kR3WTr19A57GiOlu"></a><b style="font-weight:bold;">Ship</b>&quot; means an Initial Ship, an Accordion Ship or any replacement vessel over which Security is provided in accordance with paragraph (a) of Clause 8.6 (<i style="font-style:italic;">Mandatory prepayment or replacement on sale or Total Loss</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857756"></a>&quot;<b style="font-weight:bold;">Specified</b> <b style="font-weight:bold;">Time</b>&quot; means a time determined in accordance with Schedule 13 (<i style="font-style:italic;">Timetables</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857757"></a><a name="_Hlk26351129"></a>&quot;<b style="font-weight:bold;">Statement of Compliance</b>&quot; means a Statement of Compliance related to fuel oil consumption pursuant to regulations <a name="DocXTextRef4733"></a><a name="_9kR3WTr2CC46GMK"></a>6.6 and <a name="DocXTextRef4734"></a><a name="_9kR3WTr2CC478DL"></a>6.7 of <a name="_9kR3WTr2CC479ICwozr7"></a>Annex VI.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857758"></a>&quot;<b style="font-weight:bold;">Subsidiary</b>&quot; means a subsidiary within the meaning of section 1159 of the Companies Act 2006.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432231"></a>&quot;<b style="font-weight:bold;">Sustainability Certificate&quot; </b>means a certificate signed by one officer of the Parent Guarantor, in a form and substance reasonably satisfactory to the Facility Agent and substantially in the form of Schedule 9 (<i style="font-style:italic;">Form of Sustainability Certificate</i>), delivered pursuant to Clause 24.3 (<i style="font-style:italic;">Compliance Certificate and Sustainability Certificate</i>), that sets forth the Sustainability Pricing Adjustment.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432232"></a><b style="font-weight:bold;">&quot;</b><a name="_9kR3WTr19A588Zb88rhvodmxy7Ovj9vw87VN3LV"></a><b style="font-weight:bold;">Sustainability Pricing Adjustment</b><b style="font-weight:bold;">&quot; </b>has the meaning given to this term in the Sustainability Pricing Adjustment Schedule.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>32</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432233"></a><b style="font-weight:bold;">&quot;Sustainability Pricing Adjustment Schedule&quot; </b>means Schedule 10 (<i style="font-style:italic;">Sustainability Pricing Adjustment Schedule</i>), as amended from time to time in accordance with Clause 46 (<i style="font-style:italic;">Amendments and waivers</i>) of this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857759"></a>&quot;<a name="_Hlk109130646"></a><b style="font-weight:bold;">Sustainability Report</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857760"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an annual sustainability and progress report commencing with the year 2022 (published in 2023), prepared by the Parent Guarantor and delivered to the Facility Agent on an annual basis together with the Sustainability Certificate in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.3(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4736"></a></font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Compliance Certificate and Sustainability Certificate</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk109823481"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">and following any applicable adjustments to be made by the Facility Agent to the Margin, to be shared with the Lenders</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, which shall include:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857761"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">commentary on the AER performance of the fleet, drivers of development in AER performance, initiatives to improve the AER performance of the fleet and details on diversity KPIs (i.e. the bursary program);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857762"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">supporting calculations of the Fleet Sustainability Score (i.e. KPI 1) including the AER data for each vessel in the fleet as independently verified by a Recognised Organisation and reported on a consolidated basis in the annual sustainability and progress report; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857763"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">details of bursaries awarded (i.e. KPI 2) verified by an independent competent party (appointed from time to time by the Borrowers and such appointment to be confirmed by the Facility Agent, acting on the instructions of the Majority Lenders) and subject to legal and GDPR compliance; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857764"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a separate report (if applicable), prepared and signed by a director of the Parent Guarantor and delivered to the Facility Agent (to be shared with the Lenders), to include any reporting which is not available in the annual sustainability and progress report.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857765"></a>&quot;<b style="font-weight:bold;">Tax</b>&quot; means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any failure to pay or any delay in paying any of the same).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857766"></a>&quot;<b style="font-weight:bold;">Tax</b> <b style="font-weight:bold;">Credit</b>&quot; has the meaning given to it in Clause 14.1 (<i style="font-style:italic;">Definitions</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857767"></a>&quot;<b style="font-weight:bold;">Tax</b> <b style="font-weight:bold;">Deduction</b>&quot; has the meaning given to it in Clause 14.1 (<i style="font-style:italic;">Definitions</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857768"></a>&quot;<b style="font-weight:bold;">Tax</b> <b style="font-weight:bold;">Payment</b>&quot; has the meaning given to it in Clause 14.1 (<i style="font-style:italic;">Definitions</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432238"></a><a name="_Ref136857775"></a>&quot;<b style="font-weight:bold;">Term Market Disruption Rate</b>&quot; means the Term SOFR Reference Rate.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432243"></a>&quot;<b style="font-weight:bold;">Term SOFR</b>&quot; means the term SOFR reference rate administered by CME Group Benchmark Administration Limited (or any other person which takes over the administration of that rate) for the relevant period published (before any correction, recalculation or republication by the administrator) by CME Group Benchmark Administration Limited (or any other person which takes over the publication of that rate).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432239"></a>&quot;<b style="font-weight:bold;">Term SOFR Loan</b>&quot; means the Loan, any part of the Loan or, if applicable, Unpaid Sum which is or becomes, a &quot;Term SOFR Loan&quot; pursuant to Clause 9 (<i style="font-style:italic;">Rate Switch</i>).</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>33</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432240"></a>&quot;<b style="font-weight:bold;">Term SOFR Reference Rate</b>&quot; means, in relation to a Term SOFR Loan:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432241"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the applicable Term SOFR as of the Specified Time and for a period equal in length to the Interest Period of that Term SOFR Loan; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432242"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as otherwise determined pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Unavailability of Term SOFR</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857776"></a>and if, in either case, that rate is less than zero, the Term SOFR Reference Rate shall be deemed to be zero.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857777"></a>&quot;<b style="font-weight:bold;">Termination</b> <b style="font-weight:bold;">Date</b>&quot; means 2 August 2027. </div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857778"></a>&quot;<b style="font-weight:bold;">Third</b> <b style="font-weight:bold;">Parties</b> <b style="font-weight:bold;">Act</b>&quot; has the meaning given to it in Clause 1.5 (<i style="font-style:italic;">Third party rights</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432249"></a>&quot;<b style="font-weight:bold;">Total Accordion Facility Commitments</b>&quot; means the aggregate of the Accordion Facility Commitments, being $0 at the date of this Agreement, but which may be increased to $62,000,000 in accordance with and subject to the terms of this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857779"></a>&quot;<b style="font-weight:bold;">Total</b> <b style="font-weight:bold;">Commitments</b>&quot; means the aggregate of the Revolving Commitments and the Total Accordion Facility Commitments, being $88,388,077 at the date of this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857780"></a>&quot;<b style="font-weight:bold;">Total Revolving</b> <b style="font-weight:bold;">Commitments</b>&quot; means the aggregate of the Revolving Commitments, being $88,388,077 &#160;at the date of this Agreement.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857781"></a>&quot;<b style="font-weight:bold;">Total</b> <b style="font-weight:bold;">Loss</b>&quot; means, in relation to a Ship:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857782"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">actual, constructive, compromised, agreed or arranged total loss of that Ship; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857783"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Requisition.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857784"></a>&quot;<b style="font-weight:bold;">Total Loss Date</b>&quot; means, in relation to the Total Loss of a Ship:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857785"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of an actual loss of that Ship, the date on which it occurred or, if that is unknown, the date when that Ship was last heard of;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857786"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of a constructive, compromised, agreed or arranged total loss of that Ship, the earlier of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857787"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date on which a notice of abandonment is given to the insurers; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857788"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date of any compromise, arrangement or agreement made by or on behalf of the relevant Borrower with that Ship&#39;s insurers in which the insurers agree to treat that Ship as a total loss; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857789"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of any other type of total loss, the date (or the most likely date) on which it appears to the Facility Agent that the event constituting the total loss occurred.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857798"></a>&quot;<a name="_9kR3WTr19A589bZnk3rcw3z5VRx4F02I"></a><b style="font-weight:bold;">Transaction</b> <b style="font-weight:bold;">Document</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857799"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Finance Document;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857800"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Pool Agreement (if any); or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857801"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other document designated as such by the Facility Agent and the Borrower.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>34</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857802"></a>&quot;<a name="_9kR3WTr19A58AcZnk3rcw3z5gPt1x4G"></a><b style="font-weight:bold;">Transaction</b> <b style="font-weight:bold;">Obligor</b>&quot; means an Obligor, an Approved Manager which is a member of the Group or any other person, except a Finance Party who executes a Finance Document.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857803"></a>&quot;<b style="font-weight:bold;">Transaction</b> <b style="font-weight:bold;">Security</b>&quot; means the Security created or intended to be created in favour of the Security Agent pursuant to the Finance Documents.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857804"></a>&quot;<b style="font-weight:bold;">Transfer</b> <b style="font-weight:bold;">Certificate</b>&quot; means a certificate substantially in the form set out in Schedule 6 (<i style="font-style:italic;">Form of Transfer Certificate</i>) or any other form agreed between the Facility Agent and the Borrowers.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857805"></a>&quot;<b style="font-weight:bold;">Transfer</b> <b style="font-weight:bold;">Date</b>&quot; means, in relation to an assignment or a transfer, the later of:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857806"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the proposed Transfer Date specified in the relevant Assignment Agreement or Transfer Certificate; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857807"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date on which the Facility Agent executes the relevant Assignment Agreement or Transfer Certificate.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432271"></a>&quot;<b style="font-weight:bold;">UK Bail-In Legislation</b>&quot; means <a name="DocXTextRef28"></a><a name="_9kR3WTr2CC47AYEn7I"></a>Part 1 of the <a name="_9kR3WTr26658BeWryvgNNxwnw6UDw7376ULBcXW"></a>United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutes or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857808"></a>&quot;<b style="font-weight:bold;">UK</b> <b style="font-weight:bold;">Establishment</b>&quot; means a UK establishment as defined in the Overseas Regulations.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857809"></a>&quot;<b style="font-weight:bold;">Unpaid</b> <b style="font-weight:bold;">Sum</b>&quot; means any sum due and payable but unpaid by an Obligor under the Finance Documents.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857810"></a>&quot;<b style="font-weight:bold;">Utilisation</b>&quot; means a utilisation of a Facility.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857811"></a>&quot;<b style="font-weight:bold;">Utilisation</b> <b style="font-weight:bold;">Date</b>&quot; means the date of a Utilisation, being the date on which the relevant Advance is to be made.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857812"></a>&quot;<b style="font-weight:bold;">Utilisation</b> <b style="font-weight:bold;">Request</b>&quot; means a notice substantially in the form set out in Schedule 4 (<i style="font-style:italic;">Utilisation</i> <i style="font-style:italic;">Request</i>).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857813"></a>&quot;<b style="font-weight:bold;">VAT</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432278"></a><a name="_Ref376255978"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any value added tax imposed by the Value Added Tax Act 1994;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857814"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any tax imposed in compliance with the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26658CNF44njtPH2zl18B8"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Council Directive</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of 28 November 2006 on the common system of value added tax (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26658DQffCxugw363BLKR"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">EC Directive 2006</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">/112); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857815"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other tax of a similar nature, whether imposed in the United Kingdom or in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, or imposed elsewhere.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857816"></a>&quot;<b style="font-weight:bold;">Write-down and Conversion Powers</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857817"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>35</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432284"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to the UK Bail-In Legislation, any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857818"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to any other applicable Bail-In Legislation:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857819"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857820"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any similar or analogous powers under that Bail-In Legislation.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107921608"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Construction</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857821"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless a contrary indication appears, a reference in this Agreement to:</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857822"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC6CEK3cp888X9s3"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Account</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Bank</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, the &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC6AGaDlpduzkSOkkLUI2z6yAP"></a><a name="_9kMHG5YVt3BC6BIbDlpduzkSOkkLUI2z6yAP"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mandated</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Lead</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Arrangers</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, the &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC6AIV6ajtu3KcFqyE"></a><a name="_9kMHG5YVt3BC6BKW6ajtu3KcFqyE"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Facility</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Agent</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC6FPXEtmnqiWNwGO"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Finance</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Party</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedge</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Counterparty</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC6GPcGpphw"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Lender</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC78BaGksov7"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Obligor</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC78CcGp9H"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Party</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC79HjNevBwjVNwGO"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Secured</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Party</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, the &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC6AJjNevB03KcFqyE"></a><a name="_9kMHG5YVt3BC6BLkNevB03KcFqyE"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Agent</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, any &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC7ACebpm5tey517iRv3z6I"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Transaction</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Obligor</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, the &quot;Sustainability Coordinator&quot; or any other person shall be construed so as to include its successors in title, permitted assigns and permitted transferees to, or of, its rights and/or obligations under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857823"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">assets</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes present and future properties, revenues and rights of every description;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857824"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">contingent liability</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means a liability which is not certain to arise and/or the amount of which remains unascertained;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857825"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">document</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes a deed and also a letter or telex;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857826"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">expense</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means any kind of cost, charge or expense (including all legal costs, charges and expenses) and any applicable Tax including VAT;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432295"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Lender&#39;s &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">cost of funds</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; in relation to its participation in the Loan or any part of the Loan is a reference to the average cost (determined either on an actual or a notional basis) which that Lender would incur if it were to fund, from whatever source(s) it may reasonably select, an amount equal to the amount of that participation in the Loan or </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>36</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that part of the Loan for a period equal in length to the Interest Period of the Loan or that part of the Loan;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857827"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC6FNVEtmnqiKPv2Dy0G"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Finance</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Document</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; or &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC7ABdbpm5tey517XTz6H24K"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Transaction</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Document</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; or any other agreement or instrument is a reference to that Finance Document or Transaction Document or other agreement or instrument as amended, replaced, novated, supplemented, extended or restated;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857828"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">group of Lenders</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes all the Lenders;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ix)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857829"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">indebtedness</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(x)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857830"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">law</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes any order or decree, any form of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt48879EgNevB03KePEExt3"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Security Council</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857831"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">proceedings</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means, in relation to any enforcement provision of a Finance Document, proceedings of any kind, including an application for a provisional or protective measure;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857832"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">person</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes any individual, firm, company, corporation, government, state or agency of a state or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate legal personality);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xiii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857833"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">regulation</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xiv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857834"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a reference to the &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC79IkQnw"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Ship</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;, its name, its flag and, if applicable, its port of registry shall include any replacement name, flag and, if applicable, replacement port of registry, in each case, as may be approved in writing from time to time by the Facility Agent acting with the authorisation of the Majority Lenders;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857835"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a provision of law is a reference to that provision as amended or re-enacted from time to time;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xvi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857836"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a time of day is a reference to London time;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xvii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857837"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any English legal term for any action, remedy, method of judicial proceeding, legal document, legal status, court, official or any legal concept or thing shall, in respect of a jurisdiction other than England, be deemed to include that which most nearly approximates in that jurisdiction to the English legal term;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xviii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857838"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">words denoting the singular number shall include the plural and vice versa; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xix)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857839"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">including</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; and &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">in</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">particular</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; (and other similar expressions) shall be construed as not limiting any general words or expressions in connection with which they are used.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432308"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The determination of the extent to which a rate is &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">for a period equal in length</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; to an Interest Period shall disregard any inconsistency arising from the last day of that Interest Period being determined pursuant to the terms of this Agreement.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>37</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857840"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Section, Clause and Schedule headings are for ease of reference only and are not to be used for the purposes of construction or interpretation of the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857841"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under, or in connection with, any </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMIH5YVt3BC6FNVEtmnqiKPv2Dy0G"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Finance Document</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> has the same meaning in that Finance Document or notice as in this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432311"></a><a name="_Hlk70081393"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A reference in this Agreement to a page or screen of an information service displaying a rate shall include:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432312"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any replacement page of that information service which displays that rate; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432313"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the appropriate page of such other information service which displays that rate from time to time in place of that information service,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and, if such page or service ceases to be available, shall include any other page or service displaying that rate specified by the Facility Agent after consultation with the Borrower.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432314"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A reference in this Agreement to a Central Bank Rate shall include any successor rate to, or replacement rate for, that rate.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432315"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Compounded Rate Supplement overrides anything in:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432316"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 15</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Benchmark Terms</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432317"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any earlier Compounded Rate Supplement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432318"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Compounding Methodology Supplement relating to the Daily Non-Cumulative Compounded RFR Rate or the Cumulative Compounded RFR Rate overrides anything relating to that rate in:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432319"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 16</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Daily Non-Cumulative Compounded RFR Rate</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 17</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cumulative Compounded RFR Rate</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), as the case may be; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432320"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any earlier Compounding Methodology Supplement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857842"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Potential Event of Default is &quot;continuing&quot; if it has not been remedied or waived and an Event of Default is &quot;continuing&quot; if it has not been waived.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360099218"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Construction of insurance terms</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In this Agreement:</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857843"></a>&quot;<b style="font-weight:bold;">approved</b>&quot; means, for the purposes of Clause 27 (<i style="font-style:italic;">Insurance Undertakings</i>), approved in writing by the Facility Agent;</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857844"></a>&quot;<b style="font-weight:bold;">excess</b> <b style="font-weight:bold;">risks</b>&quot; means, in respect of a Ship, the proportion of claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of that Ship in consequence of its insured value being less than the value at which that Ship is assessed for the purpose of such claims;</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857845"></a>&quot;<b style="font-weight:bold;">obligatory</b> <b style="font-weight:bold;">insurances</b>&quot; means all insurances effected, or which any Borrower is obliged to effect, under Clause 27 (<i style="font-style:italic;">Insurance Undertakings</i>) or any other provision of this Agreement or of another Finance Document;</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>38</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857846"></a>&quot;<b style="font-weight:bold;">policy</b>&quot; includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms;</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857847"></a>&quot;<b style="font-weight:bold;">protection</b> <b style="font-weight:bold;">and</b> <b style="font-weight:bold;">indemnity</b> <b style="font-weight:bold;">risks</b>&quot; means the usual risks covered by a protection and indemnity association managed in London, including pollution risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause <a name="DocXTextRef30"></a>1 of the <a name="_9kR3WTr26658EVK18z0DEzaZzwNPu4N89"></a>Institute Time Clauses (<a name="_9kR3WTr26658FVQ1t1"></a>Hulls) (1/10/82) or <a name="_9kR3WTr2CC47BmihrAvC"></a>clause <a name="DocXTextRef4740"></a>8 of the <a name="_9kMHG5YVt4887AGXM3A12FG1cb1yPRw6PAB"></a>Institute Time Clauses (<a name="_9kMHG5YVt4887AHXS3v3"></a>Hulls) (1/11/1995) or the <a name="_9kR3WTr26658GXK18z0DEzHKvxxpqeqJD9A9"></a>Institute Amended Running Down Clause (1/10/71) or any equivalent provision; and</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857848"></a>&quot;<b style="font-weight:bold;">war</b> <b style="font-weight:bold;">risks</b>&quot; includes the risk of mines and all risks excluded by clauses <a name="DocXTextRef4741"></a>29, 30 or <a name="DocXTextRef4742"></a>31 of the <a name="_9kR3WTr26658HYK2ut3nu3z5srZdE6YTy8RCD"></a>International Hull Clauses (1/11/02), clauses <a name="DocXTextRef4743"></a>29 or <a name="DocXTextRef4744"></a>30 of the <a name="_9kMHG5YVt4887AJaM4wv5pw517utbfG8aV0ATEF"></a>International Hull Clauses (1/11/03), clauses <a name="DocXTextRef4745"></a>24, 25 or <a name="DocXTextRef4746"></a>26 of the <a name="_9kMIH5YVt4887AGXM3A12FG1cb1yPRw6PAB"></a>Institute Time Clauses (<a name="_9kMIH5YVt4887AHXS3v3"></a>Hulls) (1/11/95) or clauses <a name="DocXTextRef4747"></a>23, 24 or <a name="DocXTextRef4748"></a>25 of the <a name="_9kMJI5YVt4887AGXM3A12FG1cb1yPRw6PAB"></a>Institute Time Clauses (<a name="_9kMJI5YVt4887AHXS3v3"></a>Hulls) (1/10/83) or any equivalent provision.</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857849"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Agreed forms of Finance Documents</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">References in Clause 1.1 (<i style="font-style:italic;">Definitions</i>) to any Finance Document being in &quot;agreed form&quot; are to that Finance Document:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857850"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in a form attached to a certificate dated the same date as this Agreement (and signed by each Borrower and the Facility Agent); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857851"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in any other form agreed in writing between each Borrower and the Facility Agent acting with the authorisation of the Majority Lenders or, where Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">All Lender matters</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies, all the Lenders.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360099662"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Third party rights</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857852"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless expressly provided to the contrary in a Finance Document, a person who is not a Party has no right under the Contracts (Rights of Third Parties) Act 1999 (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Third Parties</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Act</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) to enforce or to enjoy the benefit of any term of this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857853"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Notwithstanding any term of any Finance Document, the consent of any person who is not a Party is not required to rescind or vary this Agreement at any time.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857854"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Receiver, Delegate or any other person described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Other indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.10</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Exclusion of liability</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.15</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">No proceedings</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) may, subject to this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Third party rights</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the Third Parties Act, rely on any Clause of this Agreement which expressly confers rights on it.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857855"></a></font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>39</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 2</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413612"></a><a name="_Toc371413828"></a><a name="_Toc371932706"></a><a name="_Toc378965663"></a><a name="_Toc380566876"></a><a name="_Toc380579012"></a><a name="_Toc382507868"></a><a name="_Toc384670119"></a><a name="_Toc442833344"></a><a name="_Toc444194808"></a><a name="_Toc445290386"></a><a name="_Ref136857856"></a><a name="_Toc159513260"></a>The Facilities</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093888"></a><a name="_Toc360097789"></a><a name="_Ref360098155"></a><a name="_Ref360098156"></a><a name="_Ref360113738"></a><a name="_Toc360191428"></a><a name="_Toc360191545"></a><a name="_Toc360191661"></a><a name="_Toc362504340"></a><a name="_Toc362518387"></a><a name="_Toc362605334"></a><a name="_Toc363549774"></a><a name="_Toc367198617"></a><a name="_Toc367792005"></a><a name="_Toc367866992"></a><a name="_Toc371413613"></a><a name="_Toc371413829"></a><a name="_Toc371932707"></a><a name="_Toc378965664"></a><a name="_Toc380566877"></a><a name="_Toc380579013"></a><a name="_Toc382507869"></a><a name="_Toc384670120"></a><a name="_Toc442833345"></a><a name="_Toc444194809"></a><a name="_Toc445290387"></a><a name="_Ref136857857"></a><a name="_Ref360113737"></a><a name="_Toc159513261"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">The Facilit</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">ies</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107921036"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">The Facilities</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Subject to the terms of this Agreement, the Lenders make available to the Borrowers:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref107921012"></a><a name="_Ref136857859"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a dollar revolving credit facility in an aggregate amount not exceeding the Total Revolving Commitments; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857860"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">dollar revolving credit accordion facilities in an aggregate amount not exceeding the Total Accordion Facility Commitments.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857861"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Finance Parties&#39; rights and obligations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857862"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The obligations of each Finance Party under the Finance Documents are several. &#160;Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance Documents. No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857863"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor shall be a separate and independent debt.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857864"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Finance Party may, except as otherwise stated in the Finance Documents, separately enforce its rights under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857865"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Notwithstanding any other provision of the Finance Documents, a Finance Party may separately sue for any Unpaid Sum due to it without the consent of any other Finance Party or joining any other Finance Party to the relevant proceedings.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432343"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Borrowers&#39; Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432344"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower and the Corporate Guarantor by its execution of this Agreement irrevocably appoints the Parent Guarantor to act on its behalf as its agent in relation to the Finance Documents and irrevocably authorises:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432345"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Parent Guarantor on its behalf to supply all information concerning itself contemplated by this Agreement to the Finance Parties and to give all notices and instructions (including Utilisation Requests), to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Borrower notwithstanding that they may affect the Borrower, without further reference to or the consent of that Borrower </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk106380877"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">and/or the Corporate Guarantor</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432346"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Finance Party to give any notice, demand or other communication to that Borrower and/or the Corporate Guarantor pursuant to the Finance Documents to the Parent Guarantor,</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>40</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and in each case each Borrower and/or the Corporate Guarantor shall be bound as though that Borrower and/or the Corporate Guarantor itself had given the notices and instructions (including, without limitation, any Utilisation Requests) or executed or made the agreements or effected the amendments, supplements or variations, or received the relevant notice, demand or other communication.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432347"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Every act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Parent Guarantor or given to the Parent Guarantor under any Finance Document on behalf of a Borrower and/or the Corporate Guarantor or in connection with any Finance Document (whether or not known to any Borrower and/or the Corporate Guarantor) shall be binding for all purposes on that Borrower and/or the Corporate Guarantor as if that Borrower and/or the Corporate Guarantor had expressly made, given or concurred with it.&#160; In the event of any conflict between any notices or other communications of the Parent Guarantor and any Borrower and/or the Corporate Guarantor, those of the Parent Guarantor shall prevail.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref69884981"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accordion Ships</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><a name="_Ref513850803"></a>Subject to the terms of this Agreement, before the end of the Availability Period in respect of the Accordion Facilities, the Borrowers may utilise the Available Commitment in respect of an Accordion Facility provided that:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref513850804"></a><a name="_Ref136857866"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> have complied with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Establishment of an Accordion Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref513850805"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the relevant Additional Borrower accedes to this Agreement in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">33.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4750"></a></font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Additional Borrowers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref513850806"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Accordion Ship owned by that Additional Borrower satisfies the Accordion Ship Criteria;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857867"></a><a name="_Ref513850807"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no Default has occurred and is continuing; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref513850808"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the relevant conditions precedent referred to in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">4.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Initial conditions precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and/or Clause&#160;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">4.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Further conditions precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in relation to that Additional Borrower and that Accordion Ship have been satisfied.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093889"></a><a name="_Toc360097790"></a><a name="_Ref360113885"></a><a name="_Toc360191429"></a><a name="_Toc360191546"></a><a name="_Toc360191662"></a><a name="_Toc362504341"></a><a name="_Toc362518388"></a><a name="_Toc362605335"></a><a name="_Toc363549775"></a><a name="_Toc367198618"></a><a name="_Toc367792006"></a><a name="_Toc367866993"></a><a name="_Toc371413614"></a><a name="_Toc371413830"></a><a name="_Toc371932708"></a><a name="_Toc378965665"></a><a name="_Toc380566878"></a><a name="_Toc380579014"></a><a name="_Toc382507870"></a><a name="_Toc384670121"></a><a name="_Toc442833346"></a><a name="_Toc444194810"></a><a name="_Toc445290388"></a><a name="_Ref136857868"></a><a name="_Ref360113884"></a><a name="_Toc159513262"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Purpose</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857869"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Purpose</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall apply all amounts borrowed by it under the Facilities only for the purpose stated in the preamble (<a name="_9kR3WTr266599I0Yjow599t"></a><i style="font-style:italic;">Background</i>) to this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857870"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Monitoring</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>41</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093890"></a><a name="_Toc360097791"></a><a name="_Ref360098404"></a><a name="_Ref360098405"></a><a name="_Ref360105848"></a><a name="_Ref360105849"></a><a name="_Ref360105895"></a><a name="_Ref360105896"></a><a name="_Ref360105975"></a><a name="_Toc360191430"></a><a name="_Toc360191547"></a><a name="_Toc360191663"></a><a name="_Toc362504342"></a><a name="_Toc362518389"></a><a name="_Toc362605336"></a><a name="_Toc363549776"></a><a name="_Toc367198619"></a><a name="_Toc367792007"></a><a name="_Toc367866994"></a><a name="_Toc371413615"></a><a name="_Toc371413831"></a><a name="_Toc371932709"></a><a name="_Toc378965666"></a><a name="_Ref380051106"></a><a name="_Ref380051107"></a><a name="_Toc380566879"></a><a name="_Toc380579015"></a><a name="_Toc382507871"></a><a name="_Toc384670122"></a><a name="_Toc442833347"></a><a name="_Toc444194811"></a><a name="_Toc445290389"></a><a name="_Ref136857871"></a><a name="_Ref360105974"></a><a name="_Toc159513263"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Conditions of Utilisation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100029"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Initial conditions precedent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers may not deliver the initial Utilisation Request unless the Facility Agent has received all of the documents and other evidence listed in Part A of Schedule 3 (<i style="font-style:italic;">Conditions Precedent</i>) in form and substance satisfactory to the Facility Agent.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100083"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Further conditions precedent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Lenders will only be obliged to comply with Clause 5.4 (<i style="font-style:italic;">Lenders&#39; participation</i>) if on the date of the Utilisation Request and on the proposed Utilisation Date and before the Advance is made available:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857872"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no Default is continuing or would result from the proposed Advance;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857873"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Repeating Representations to be made by each Obligor are true;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857874"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no event described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory prepayment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">or replacement on sale or Total Loss</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) has occurred in relation to any Ship;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857875"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers are in compliance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) immediately after the making of any Advance;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857876"></a><a name="_Ref380051083"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no breach of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">25</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial Covenants</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) has occurred or will occur as a result of the proposed Advance under an Accordion Facility;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857878"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the first Advance under the Revolving Facility and any subsequent Advance to finance or re-finance an Initial Ship, the Facility Agent has received, or is satisfied it will receive when that Advance is advanced, all of the documents and other evidence listed in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part B</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions Precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in form and substance satisfactory to the Facility Agent; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of an Advance under an Accordion Facility the Facility Agent has received, or is satisfied it will receive when that Advance is advanced, all of the documents and other evidence listed in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part C</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions Precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in form and substance satisfactory to the Facility Agent.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857879"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of satisfaction of conditions precedent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256331"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall notify the Borrowers and the Lenders promptly upon being satisfied as to the satisfaction of the conditions precedent referred to in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">4.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Initial conditions precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">4.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Further conditions precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857880"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the Lenders authorise (but do not require) the Facility Agent to give that notification. &#160;The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360109219"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Waiver of conditions precedent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;">If the Lenders, at their discretion, permit the Loan to be borrowed before any of the conditions precedent referred to in Clause 4.1 (<i style="font-style:italic;">Initial conditions precedent</i>) or Clause 4.2 (<i style="font-style:italic;">Further </i></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>42</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;"><i style="font-style:italic;">conditions precedent</i>) has been satisfied, the Borrowers shall ensure that that condition is satisfied within five Business Days after the relevant Utilisation Date or such later date as the Facility Agent, acting with the authorisation of the Lenders, may agree in writing with the Borrowers.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>43</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 3</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413616"></a><a name="_Toc371413832"></a><a name="_Toc371932710"></a><a name="_Toc378965667"></a><a name="_Toc380566880"></a><a name="_Toc380579016"></a><a name="_Toc382507872"></a><a name="_Toc384670123"></a><a name="_Toc442833348"></a><a name="_Toc444194812"></a><a name="_Toc445290390"></a><a name="_Ref136857881"></a><a name="_Toc159513264"></a>Utilisation</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093891"></a><a name="_Toc360097792"></a><a name="_Ref360113970"></a><a name="_Toc360191431"></a><a name="_Toc360191548"></a><a name="_Toc360191664"></a><a name="_Toc362504343"></a><a name="_Toc362518390"></a><a name="_Toc362605337"></a><a name="_Toc363549777"></a><a name="_Toc367198620"></a><a name="_Toc367792008"></a><a name="_Toc367866995"></a><a name="_Toc371413617"></a><a name="_Toc371413833"></a><a name="_Toc371932711"></a><a name="_Toc378965668"></a><a name="_Toc380566881"></a><a name="_Toc380579017"></a><a name="_Toc382507873"></a><a name="_Toc384670124"></a><a name="_Toc442833349"></a><a name="_Toc444194813"></a><a name="_Toc445290391"></a><a name="_Ref136857882"></a><a name="_Ref360113969"></a><a name="_Toc159513265"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Utilisation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360142398"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Delivery of a Utilisation Request</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857883"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers may utilise the Facilities or any part of them by delivery to the Facility Agent a duly completed Utilisation Request not later than the Specified Time.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857889"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrower may not deliver a Utilisation Request if, as a result of the proposed Utilisation, more than 8 Advances with different Interest Periods in respect of the Revolving Facility or, once an Accordion Facility has been established in accordance with this Agreement, more than 10 Advances with different Interest Periods in total would have been made under the Revolving Facility and the Accordion Facility and are still outstanding.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857890"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Completion of a Utilisation Request</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857891"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857892"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">it identifies the Facility to be utilised;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857893"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the proposed Utilisation Date is a Business Day within the relevant Availability Period;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857894"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the currency and amount of the Utilisation comply with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Currency and amount</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857895"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the proposed Interest Period complies with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">11</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Interest Periods</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857896"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Only one Advance may be requested in each Utilisation Request.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100253"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Currency and amount</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857897"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The currency specified in a Utilisation Request must be dollars.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857898"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The amount of a proposed Loan must be an amount which is no more than:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857900"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Revolving Facility, the Available Commitment in relation to the Revolving Facility; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857901"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of an Accordion Facility, the Available Commitment in relation to the Accordion Facilities.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857902"></a><a name="_Ref106432368"></a><a name="_Ref376256368"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5.3(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, the amount of any proposed </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857904"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Advance under the Revolving Facility, must be a minimum of $1,000,000.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857905"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The amount of the proposed Loan must be an amount which is not more than:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Revolving Facility, the Available Facility in relation to the Revolving Facility; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>44</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of an Accordion Facility, the Available Facility in relation to that Accordion Facility.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432370"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The amount of the proposed Loan must be an amount which would not oblige the Borrowers to provide additional security or prepay part of the Loan if the ratio set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef913"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) were applied and notice was given by the Facility Agent under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum required security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) immediately after the Loan was advanced.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432371"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Total Commitments after any Advance which is to be secured by a Mortgage shall not exceed 58 per cent. of the Fair Market Value of the Ships that will be subject to a Mortgage upon the making of that Advance, determined by valuations prepared as at a date not more than 30 days before the proposed Utilisation Date (except in relation to the first Utilisation Date when valuations may be prepared as at a date not more than 36 days before the proposed Utilisation Date).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360099724"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Lenders&#39; participation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857906"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the conditions set out in this Agreement have been met and subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction of Revolving Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) each Lender shall make its participation in the Loan available by the Utilisation Date through its Facility Office.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857907"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The amount of each Lender&#39;s participation in each Advance will be equal to the proportion borne by its Available Commitment to the relevant Available Facility immediately before making that Advance.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857908"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall notify each Lender of the amount of each Advance and the amount of its participation in that Advance and, in the case of an Advance under the Revolving Facility, if different, the amount of that participation to be made available in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payment Mechanics</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in each case by the Specified Time.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107921274"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Cancellation of Commitments</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857910"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Revolving Commitments which are unutilised at the end of the Availability Period for the Revolving Facility shall then be cancelled.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857911"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Accordion Facilities Commitments which are unutilised at the end of the Availability Period for the Accordion Facilities shall then be cancelled.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100557"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Payment to third parties</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Facility Agent shall, on each Utilisation Date, pay to, or for the account of, the relevant Borrower which is to utilise the relevant Advance the amounts which the Facility Agent receives from the Lenders in respect of that Advance. &#160;That payment shall be made in like funds as the Facility Agent received from the Lenders in respect of that Advance to the account of a Borrower, the Corporate Guarantor or of the relevant Existing Facility Agent under the relevant Existing Facility Agreement which the Borrowers specify in the relevant Utilisation Request.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857912"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disbursement of Loan to third party</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">A payment by the Facility Agent under Clause 5.6 (<i style="font-style:italic;">Payment to third parties</i>) to a person other than a Borrower shall constitute the making of the Loan and the Borrowers shall at that time become indebted, as principal and direct obligor, to each Lender in an amount equal to that Lender&#39;s participation in that Loan.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>45</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857913"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Prepositioning of funds</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If, in respect of the Utilisation of any Advance, the Lenders, at the request of the Borrowers and on terms acceptable to all the Lenders and in their absolute discretion, preposition funds with any bank, each Borrower and each Guarantor:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857914"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">agree to pay interest on the amount of the funds so prepositioned at the rate described in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Calculation of interest</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) on the basis of successive interest periods of one day and so that interest shall be paid together with the first payment of interest on such Advance after the Utilisation Date in respect of it or, if such Utilisation Date does not occur, within three Business Days of demand by the Facility Agent; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857915"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">shall, without duplication, indemnify each Finance Party against any costs, loss or liability it may incur in connection with such arrangement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref468288214"></a><a name="_Ref468288215"></a><a name="_Ref468288281"></a><a name="_Ref468288282"></a><a name="_Ref468786455"></a><a name="_Ref468786456"></a><a name="_Ref468786842"></a><a name="_Ref468786843"></a><a name="_Ref468787590"></a><a name="_Ref468787591"></a><a name="_Ref468789538"></a><a name="_Ref468789539"></a><a name="_Ref468789570"></a><a name="_Ref468789571"></a><a name="_Ref69884841"></a><a name="_Ref69886407"></a><a name="_Toc106392620"></a><a name="_Toc107319265"></a><a name="_Toc159513266"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Establishment of an Accordion Facili</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">ty</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref473115042"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Selection of Accordion Facility Lenders</b></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857916"></a><a name="_Ref106432383"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Definitions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In this Clause 6 (<i style="font-style:italic;">Establishment of</i> <i style="font-style:italic;">an</i> <i style="font-style:italic;">Accordion Facility</i>):</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432384"></a>&quot;<b style="font-weight:bold;">Further Accordion Facility Shortfall</b>&quot; means, in relation to the Proposed Facility Size, any amount by which the Proposed Facility Size exceeds the aggregate of the proposed Accordion Facility Commitments offered by the Participating Lenders following the operation of paragraph (f) below.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432385"></a>&quot;<b style="font-weight:bold;">Accordion Facility Proportion</b>&quot; means, in relation to the Proposed Facility Size, the proportion borne from time to time by a Participating Lender&#39;s proposed Accordion Facility Commitment to the Proposed Facility Size.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432386"></a>&quot;<b style="font-weight:bold;">Accordion Facility Proposal</b>&quot; means a notice from the Borrowers addressed to each Lender which:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432387"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">invites each Lender to participate in a proposed Accordion Facility; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432388"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">sets out the proposed Accordion Facility Terms applicable to the Accordion Facility and any fee or commission proposed to be payable to lenders under the proposed Accordion Facility.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432389"></a>&quot;<b style="font-weight:bold;">Accordion Facility Shortfall</b>&quot; means, in relation to the Proposed Facility Size, any amount by which the Proposed Facility Size exceeds the aggregate of the proposed Accordion Facility Commitments offered by the Participating Lenders pursuant to paragraph (c) below (as adjusted, if applicable, pursuant to paragraph (e) below).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432390"></a>&quot;<b style="font-weight:bold;">Accordion Facility Solicitation Period</b>&quot; means, in relation to the Accordion Facility Proposal, the period of time starting on the date of the Accordion Facility Proposal and ending on the date which falls 20 Business Days (or such longer period as the Borrowers and the Facility Agent may agree) after the date of the Accordion Facility Proposal.</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>46</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432391"></a>&quot;<b style="font-weight:bold;">Participating Lender</b>&quot; means, in relation to the Accordion Facility Proposal, any Eligible Institution which makes an offer in respect of the Accordion Facility proposed in the Accordion Facility Proposal pursuant to paragraph (c) below.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106432392"></a>&quot;<b style="font-weight:bold;">Proposed Facility Size</b>&quot; means, in relation to the Accordion Facility Proposal, the proposed Total Accordion Facility Commitments set out in the Accordion Facility Proposal.</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857917"></a><a name="_Ref106432393"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Invitation to all Lenders under the Revolving Facility</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Corporate Guarantor shall invite all Lenders under the Revolving Facility, in writing to become an Accordion Facility Lender on a pro rata basis, by delivery of the Accordion Facility Proposal to the Facility Agent and each of those Lenders. </p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106618959"></a><a name="_Ref468787452"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Lender&#39;s offer</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any Lender which wishes to become an Accordion Facility Lender in respect of an Accordion Facility proposed in an Accordion Facility Proposal shall notify the Corporate Guarantor and the Facility Agent of the proposed Accordion Facility Commitment that it unconditionally offers to make available in respect of the proposed Accordion Facility no later than 5:00 p.m. on the last day of the Accordion Facility Solicitation Period relating to the Accordion Facility Proposal.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857918"></a><a name="_Ref106432394"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Expiry of Lender&#39;s offer</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Participating Lender&#39;s offer under paragraph (c) above (as adjusted, if applicable, pursuant to paragraphs (e) or (f) below) in respect of the Accordion Facility proposed in the Accordion Facility Proposal shall, unless otherwise agreed by all the Participating Lenders under the Accordion Facility Proposal, expire on the earlier of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432395"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the day falling 30 Business Days after the last day of the Accordion Facility Solicitation Period relating to the Accordion Facility Proposal; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432396"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the day falling 10 Business Days after the Accordion Facility Date in respect of the proposed Accordion Facility.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106619025"></a><a name="_Ref468787457"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Scaleback of Lenders&#39; offers</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If the aggregate amount of the proposed Accordion Facility Commitments offered by the Participating Lenders pursuant to paragraph (c) above in respect of the Accordion Facility proposed in the Accordion Facility Proposal exceeds the Proposed Facility Size set out in the Accordion Facility Proposal, those proposed Accordion Facility Commitments shall be reduced pro rata to the extent necessary, provided that any Lender who is a Participating Lender shall have a right of first refusal to be allocated such Lender&#39;s Accordion Facility Proportion relating to the Proposed Facility Size not greater than the proportion borne by the aggregate of such Lender&#39;s Commitments to the aggregate of the Commitments of all of the Lenders.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106618994"></a><a name="_Ref468787426"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Invitation to Participating Lenders if shortfall</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If there is an Accordion Facility Shortfall relating to the Proposed Facility Size set out in the Accordion Facility Proposal, the Corporate Guarantor shall invite each Participating Lender under the Accordion Facility Proposal to increase the proposed Accordion Facility Commitment offered by it in respect of the Accordion Facility proposed in the Accordion Facility Proposal by an amount no greater than that Accordion Facility Shortfall.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>47</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857919"></a><a name="_Ref106432397"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deadline for Participating Lenders to offer increase</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Participating Lender under the Accordion Facility Proposal shall notify the Corporate Guarantor and the Facility Agent of its offer of an increased proposed Accordion Facility Commitment (if any) pursuant to paragraph (f) above no later than 5:00 p.m. on the day falling 10 Business Days after the last day of the Accordion Facility Solicitation Period relating to the Accordion Facility Proposal.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857920"></a><a name="_Ref106432398"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Wider invitation if further shortfall</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If there is a Further Accordion Facility Shortfall relating to the Proposed Facility Size set out in the Accordion Facility Proposal, the Corporate Guarantor may, in any manner, invite any Eligible Institution to offer proposed Accordion Facility Commitments in respect of the Accordion Facility proposed in the Accordion Facility Proposal in a maximum aggregate amount no greater than that Further Accordion Facility Shortfall.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857921"></a><a name="_Ref106432399"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Participating Lender&#39;s Accordion Facility Commitment</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Participating Lender&#39;s Accordion Facility Commitment specified in the Accordion Facility Notice delivered in respect of the Accordion Facility proposed in the Accordion Facility Proposal shall, unless that Participating Lender agrees to be allocated an Accordion Facility Commitment in a lower amount, be in an amount equal to the amount of the proposed Accordion Facility Commitment offered by that Participating Lender in response to the Accordion Facility Proposal (as adjusted, if applicable, pursuant to paragraphs (e) or (f) above).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857922"></a><a name="_Ref106432400"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accordion Facility Terms</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Accordion Facility Terms specified in the Accordion Facility Notice delivered in respect of the Accordion Facility and any fee or commission payable to the Accordion Facility Lenders under the Accordion Facility shall be the same as those set out in the Accordion Facility Proposal relating to the Accordion Facility.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(k)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857923"></a><a name="_Ref106432401"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Amendment and withdrawal</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Corporate Guarantor shall not amend the Accordion Facility Proposal but may withdraw the Accordion Facility Proposal at any time.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(l)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857924"></a><a name="_Ref106432402"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Effect of withdrawal</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Withdrawal of the Accordion Facility Proposal shall terminate the process set out in this Clause 6 (<i style="font-style:italic;">Establishment of Accordion Facility</i>) in respect of the Accordion Facility proposed in the Accordion Facility Proposal and the Accordion Facility shall not be established. Any withdrawal of an Accordion Facility Proposal shall not prohibit the Corporate Guarantor from delivering one or more new Accordion Facility Proposals at a later date but within the Availability Period for the Accordion Facility.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref69885025"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accordion Facility Commitment</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Accordion Facility Commitments specified in the Accordion Facility Notice:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432403"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">must be in an amount of not less than $10,000,000;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>48</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432404"></a><a name="_Ref136857925"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">must be in an amount that, when aggregated with all other Accordion Facility Commitments, does not exceed $</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">62,000,000.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref106432406"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Delivery of the Accordion Facility Notice</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432407"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On completion of the solicitation process set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Selection of Accordion Facility Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Corporate Guarantor and each relevant Accordion Facility Lender may request the establishment of an Accordion Facility by the Corporate Guarantor delivering to the Facility Agent the duly completed Accordion Facility Notice not later than 10 Business Days (or such shorter period as the Facility Agent may agree) prior to the proposed Accordion Facility Date specified in the Accordion Facility Notice.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432408"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Accordion Facility Notice may not be delivered after the Availability Period.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref106432409"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Completion of the Accordion Facility Notice</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432410"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Accordion Facility Notice is irrevocable and will not be regarded as having been duly completed unless:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432411"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">it sets out the Accordion Facility Terms applicable to the Accordion Facility;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432412"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Accordion Facility Terms applicable to the Accordion Facility comply with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Restrictions on Accordion Facility Terms and fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432413"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Accordion Facility Lenders and the Accordion Facility Commitments set out in the Accordion Facility Notice have been selected and allocated in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Selection of Accordion Facility Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432414"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No more than three Accordion Facilities may be requested.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:bold;"> </font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref468288964"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Restrictions on Accordion Facility Terms and fees</b></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857926"></a><a name="_Ref106432415"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Currency</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An Accordion Facility shall be denominated in dollars.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857927"></a><a name="_Ref106432416"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Commitment fee</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">The percentage rate per annum according to which the fee payable under Clause 13.1 (<i style="font-style:italic;">Commitment fee</i>) (updated as applicable to refer to an Accordion Facility) in respect of an Accordion Facility is computed shall not exceed 40 per cent. per annum of the Margin.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857928"></a><a name="_Ref106432417"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Borrowers</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An Accordion Facility shall be available only to an Additional Borrower.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857929"></a><a name="_Ref106432418"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Purpose</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An Accordion Facility shall only be used for the purpose set out in Clause 3 (<i style="font-style:italic;">Purpose</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857930"></a><a name="_Ref106432419"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Availability</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An Accordion Facility shall only be available during the relevant Availability Period.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>49</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref468289987"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Conditions to establishment</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref468290024"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The establishment of an Accordion Facility will only be effected in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Establishment of Accordion Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) if:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref468290028"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the date of the Accordion Facility Notice and on the Accordion Facility Date:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432420"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no Default is continuing or would result from the establishment of the proposed Accordion Facility; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432421"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Repeating Representations to be made by each Obligor are true in all material respects;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref473116028"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent has received in form and substance satisfactory to it:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref473116032"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the originals of any Accordion Facility Finance Documents (and of any documents required to be delivered by them); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432422"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">such documents (if any) as are reasonably necessary as a result of the establishment of the Accordion Facility to maintain the effectiveness of the Finance Documents and the Security created thereunder including, but not limited to, any addenda or supplements to the Mortgages; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432423"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">such legal opinions as the Facility Agent may require in connection with the documents referred to in this paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.6(a)(ii)(C)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref473116069"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall notify the Corporate Guarantor and the Lenders promptly upon being satisfied under sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432424"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Other than to the extent that the Majority Lenders notify the Facility Agent in writing to the contrary before the Facility Agent gives the notification described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the Lenders authorise (but do not require) the Facility Agent to give that notification. The Facility Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref473115859"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Establishment of Accordion Facility</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432425"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the conditions set out in this Agreement have been met the establishment of an Accordion Facility is effected in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below when the Facility Agent executes an otherwise duly completed Accordion Facility Notice. &#160;The Facility Agent shall, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, as soon as reasonably practicable after receipt by it of the duly completed Accordion Facility Notice appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute the Accordion Facility Notice.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref473115900"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall only be obliged to execute the Accordion Facility Notice delivered to it by the Borrowers once it is satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations in relation to the establishment of the Accordion Facility.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref473115891"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Accordion Facility Date:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>50</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857931"></a><a name="_Ref106432426"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">subject to the terms of this Agreement the Accordion Facility Lenders make available a dollar revolving credit facility in an aggregate amount equal to the Accordion Facility Commitments specified in the Accordion Facility Notice which will be available to the Borrowers:</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432427"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Accordion Facility Lender shall assume all the obligations of a Lender corresponding to the Accordion Facility Commitment (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Assumed Accordion</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Facility Commitment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) specified opposite its name in the Accordion Facility Notice as if it had been an Original Lender in respect of the Accordion Facility Commitment;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432428"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each of the Obligors and each Accordion Facility Lender shall assume obligations towards one another and/or acquire rights against one another as the Obligors and that Accordion Facility Lender would have assumed and/or acquired had that Accordion Facility Lender been an Original Lender in respect of the Assumed Accordion Facility Commitment;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432429"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Accordion Facility Lender and each of the other Finance Parties shall assume obligations towards one another and acquire rights against one another as that Accordion Facility Lender and those Finance Parties would have assumed and/or acquired had the Accordion Facility Lender been an Original Lender in respect of the Assumed Accordion Facility Commitment; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432430"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Accordion Facility Lender shall become a Party as a &quot;Lender&quot;.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref106432431"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of establishment</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Facility Agent shall, as soon as reasonably practicable after the establishment of an Accordion Facility notify the Borrowers and the Lenders of that establishment and the Accordion Facility Date of that Accordion Facility.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref106432432"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accordion Facility costs and expenses</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall within seven Business Days of demand pay the Facility Agent and the Security Agent the amount of all costs and expenses (including legal fees) reasonably incurred by either of them and, in the case of the Security Agent, by any Receiver or Delegate in connection with the establishment of an Accordion Facility under this Clause 6 (<i style="font-style:italic;">Establishment of Accordion Facility</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref106432433"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Prior amendments binding</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Accordion Facility Lender, by executing an Accordion Facility Notice, confirms for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the establishment of the Accordion Facility requested in the Accordion Facility Notice became effective in accordance with this Agreement and that it is bound by that decision to the same extent as it would have been had it been an Original Lender.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref468290065"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Limitation of responsibility</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Clause 32.4 (<i style="font-style:italic;">Limitation of responsibility of Existing Lenders</i>) shall apply mutatis mutandis in this Clause 6 (<i style="font-style:italic;">Establishment of Accordion Facility</i>) in relation to any Accordion Facility Lender as if references in that Clause to:</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>51</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432434"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr19A59AMQ1x90vuTMvvn2"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Existing Lender</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; were references to all the Lenders immediately prior to the Accordion Facility Date;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432435"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr19A59BWGweHqqix"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">New Lender</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; were references to an &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accordion Facility Lender</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432436"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">re-transfer</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; and &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">re-assignment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; were references respectively to a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">transfer</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; and &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">assignment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>52</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 4</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413618"></a><a name="_Toc371413834"></a><a name="_Toc371932712"></a><a name="_Toc378965669"></a><a name="_Toc380566882"></a><a name="_Toc380579018"></a><a name="_Toc382507874"></a><a name="_Toc384670125"></a><a name="_Toc442833350"></a><a name="_Toc444194814"></a><a name="_Toc445290392"></a><a name="_Ref136857935"></a><a name="_Toc159513267"></a>Reduction, Prepayment and Cancellation</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc159513268"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Reduction</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref420578994"></a><a name="_Toc33019039"></a><a name="_Ref_ContractCompanion_9kb9Ur019"></a><a name="_Ref107310996"></a><a name="_Ref107843206"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Reduction of Revolving Facility</b></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857938"></a><a name="_Ref3830198"></a><a name="_Ref457907453"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On each Reduction Date the Revolving Facility shall be reduced by an amount equal to the relevant Reduction Instalment, each as specified in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Revolving Facility Reduction Schedule</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the Total Revolving Commitments (and each Revolving Facility Tranche) shall be the amounts set out therein.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857939"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall ensure that sufficient Advances under the Revolving Facility are repaid on a Reduction Date to the extent necessary so that the aggregate of the outstanding Advances under the Revolving Facility (after that repayment) are equal to or less than the reduced amount of the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk136602078"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Total Revolving Commitments</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857940"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any reduction of the Total Revolving Commitments (and each Revolving Facility Tranche) in accordance with this Clause shall reduce rateably the Commitment of each Lender.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref157708800"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Repayment of Advances under the Revolving Facility</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> and the Accordion Facility</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without prejudice to the Borrowers&#8217; obligations under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction of Revolving Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction of Accordion Facilities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as applicable, if:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an Advance under the Revolving Facility or an Accordion Facility (as applicable) is to be made available:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the same day that a maturing Advance under the Revolving Facility or an Accordion Facility (as applicable) is due to be repaid; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in whole or in part for the purpose of refinancing the maturing Advance under the Revolving Facility or an Accordion Facility (as applicable); and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the proportion borne by each Lender&#39;s participation in the maturing Advance under the Revolving Facility or an Accordion Facility (as applicable) to the amount of that maturing Advance under the Revolving Facility or an Accordion Facility (as applicable) is the same as the proportion borne by that Lender&#39;s participation in the new Advance under the Revolving Facility or an Accordion Facility (as applicable) to the amount of the new Advance under the Revolving Facility or an Accordion Facility (as applicable),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the amount of the new Advance under the Revolving Facility or an Accordion Facility (as applicable) &#160;shall, unless the Borrowers notify the Facility Agent to the contrary in the relevant Utilisation Request, be treated as if applied in or towards repayment of the maturing Advance under the Revolving Facility or an Accordion Facility (as applicable) so that:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if the amount of the maturing Advance under the Revolving Facility or an Accordion Facility (as applicable) exceeds the amount of the new Advance under the Revolving Facility or an Accordion Facility (as applicable):</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>53</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:106.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(1)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers will only be required to make a payment under Clause &#8206;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payments to the Facility Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in an amount equal to that excess; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:106.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(2)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Lender&#39;s participation in the new Advance under the Revolving Facility or an Accordion Facility (as applicable) shall be treated as having been made available and applied by the Borrowers in or towards repayment of that Lender&#39;s participation in the maturing Advance under the Revolving Facility or an Accordion Facility (as applicable) and that Lender will not be required to make a payment under Clause &#8206;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payments to the Facility Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in respect of its participation in the new Advance under the Revolving Facility or an Accordion Facility (as applicable); and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if the amount of the maturing Advance under the Revolving Facility or an Accordion Facility (as applicable) is equal to or less than the amount of the new Advance under the Revolving Facility or an Accordion Facility (as applicable):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:106.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(1)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers will not be required to make a payment under Clause &#8206;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payments to the Facility Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:106.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(2)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Lender will be required to make a payment under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payments to the Facility Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in respect of its participation in the new Advance under the Revolving Facility or an Accordion Facility (as applicable) only to the extent that its participation in the new Advance under the Revolving Facility or an Accordion Facility (as applicable) exceeds that Lender&#39;s participation in the maturing Advance under the Revolving Facility or an Accordion Facility (as applicable) and the remainder of that Lender&#39;s participation in the new Advance under the Revolving Facility or an Accordion Facility (as applicable) shall be treated as having been made available and applied by the Borrowers in or towards repayment of that Lender&#39;s participation in the maturing Advance under the Revolving Facility or an Accordion Facility (as applicable).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref420499989"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">At any time when a Lender becomes a Defaulting Lender, the maturity date of each of the participations of that Lender in the Revolving Facility or an Accordion Facility (as applicable) then outstanding will be automatically extended to the Termination Date applicable to the Revolving Facility or an Accordion Facility (as applicable) and will be treated as separate Advances under the Revolving Facility or an Accordion Facility (as applicable) (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Separate Advances</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref157510372"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Borrowers make a prepayment of an Advance under the Revolving Facility or an Accordion Facility (as applicable) pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary prepayment of Advances under the Revolving Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary prepayment of Advances under the Accordion Facility) </i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as applicable, the Borrowers may prepay a Separate Advance by giving not less than three Business Days&#39; prior notice to the Facility Agent. The proportion borne by the amount of the prepayment of the Separate Advance to the amount of the Separate Advances shall not exceed the proportion borne by the amount of the prepayment of the Revolving Facility or an Accordion Facility (as applicable) to the Revolving Facility or an Accordion Facility (as applicable). The Facility Agent will forward a copy of a prepayment notice received in </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>54</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">accordance with this paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to the Defaulting Lender concerned as soon as practicable on receipt.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref157510446"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Interest in respect of a Separate Advance will accrue for successive Interest Periods selected by the Borrowers by the time and date specified by the Facility Agent (acting reasonably) and will be payable by the Borrowers to the Facility Agent (for the account of that Defaulting Lender) on the last day of each Interest Period of that Advance.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The terms of this Agreement relating to Advances under the Revolving Facility or an Accordion Facility (as applicable) generally shall continue to apply to Separate Advances other than to the extent inconsistent with paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, in which case those paragraphs shall prevail in respect of any Separate Advance.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857941"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Reduction of Accordion Facilit</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ies</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref157705871"></a><a name="_Ref136857942"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On each Accordion Reduction Date, the relevant Accordion Facility shall be reduced by an amount equal to the relevant Accordion Reduction Instalment, such Accordion Reduction Instalment to be calculated in accordance with the formula set out in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 12</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and confirmed in accordance with paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.3(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.3(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref157787497"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall ensure that sufficient Advances under the relevant Accordion Facility are repaid on an Accordion Reduction Date to the extent necessary so that the aggregate of the outstanding Advances under the relevant Accordion Facility (after that repayment) are equal to or less than the reduced amount of the Total Accordion Facility Commitments.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any reduction of the Total Accordion Facility Commitments (and each Accordion Facility Tranche) in accordance with this Clause shall reduce rateably the Commitment of each Lender.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857943"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On or promptly after the Utilisation Date for an Advance under an Accordion Facility, the Borrowers shall provide the Facility Agent with a proposed revolving facility reduction schedule for that Advance, specifying the reduction instalments for that Advance, their respective reduction dates, the Total Accordion Facility Commitments and each Accordion Facility Tranche, or where there is more than one Advance under the Accordion Facilities, the Borrower shall provide a combined and consolidated reduction schedule in respect of such Advances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857944"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Upon written confirmation by the Facility Agent of the proposed revolving facility reduction schedule provided to Facility Agent pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.3(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, such reduction schedule shall become an integral part of this Agreement and the Borrowers agree that the Accordion Facility shall be reduced in accordance with that reduction schedule and the Borrowers shall repay any Advances to comply with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction of Accordion Facilities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref134110497"></a><a name="_Hlk137141280"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Effect of cancellation on </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="DocXTextRef44"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">scheduled</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> reductions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857945"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Borrowers cancel the whole or any part of any Available Commitment in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Right of replacement or repayment and cancellation in relation to a single Lender</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) then:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857946"></a><a name="_Hlk136960693"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">first, the Revolving Commitments and, if applicable, any Accordion Facility Commitments, shall each reduce equally by the amount of the Available Commitment so cancelled; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>55</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857947"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">secondly, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, following such reduction described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.4(a)(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, the amount of the Reduction Instalment and Accordion Reduction Instalment (as applicable) for each Reduction Date and Accordion Reduction Date (as applicable) falling after that cancellation will be adjusted in accordance with the formula set out in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 12</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857950"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the whole or part of any Commitment is cancelled pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cancellation of Commitments</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary and automatic cancellation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857951"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">first, the Revolving Commitments and, if applicable, any Accordion Facility Commitments, shall each reduce equally by the amount of the Commitment so cancelled; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857952"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">secondly, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, following such reduction described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.4(b)(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, the amount of the Reduction Instalment and Accordion Reduction Instalment (as applicable) for each Reduction Date and Accordion Reduction Date (as applicable) falling after that cancellation will be adjusted in accordance with the formula set out in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 12</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref_ContractCompanion_9kb9Ur1AG"></a><a name="_Ref_ContractCompanion_9kb9Ur1AI"></a><a name="_Ref159510342"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to the Lenders&#8217; consent (such consent not to be unreasonably withheld), the Borrowers may request that instead of adjusting the Reduction Instalments and Accordion Reduction Instalments (as applicable) in accordance with the formula set out in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 12</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as contemplated by paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii) and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii) above, any cancellation of Available Commitments or Commitments (as applicable) is allocated towards a specific Revolving Facility Tranche or Accordion Facility Tranche (as applicable) and the relevant Reduction Instalments and Accordion Reduction Instalments (as applicable) for that Revolving Facility Tranche or Accordion Facility Tranche will be reduced on a pro rata basis.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857955"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Effect of prepayment on </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="DocXTextRef45"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">scheduled</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> reductions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857956"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any Advance under the Revolving Facility or Accordion Facility is repaid or prepaid in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Right of replacement or repayment and cancellation in relation to a single Lender</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) then:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857957"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">first, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, the amount of that repayment or prepayment shall be applied against the Revolving Commitments and, if applicable, any Accordion Facility Commitments, &#160;such that the Revolving Commitments and, if applicable, any Accordion Facility Commitments shall each reduce equally by the amount of that repayment or prepayment; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857958"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">secondly, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, following such application described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.5(a)(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, the amount of the Reduction Instalment and Accordion Reduction Instalment (as applicable) for each Reduction Date and Accordion Reduction Date (as applicable) falling after that repayment or prepayment will be adjusted in accordance with the formula set out in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 12</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk137130605"></a><a name="_Ref136010047"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If, while the Revolving Facility or an Accordion Facility is outstanding</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, any Advance under the Revolving Facility or an Accordion Facility is prepaid in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary prepayment of Advances under the Revolving Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary prepayment of Advances under an Accordion Facility),</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or an Advance under the Revolving Facility or an Accordion Facility is prepaid in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory prepayment of Hedging Prepayment Proceeds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) then:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>56</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk137131370"></a><a name="_Ref136857961"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">first, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, the amount of that repayment or prepayment shall be applied against the Revolving Commitments and, if applicable, any Accordion Facility Commitments, such that the Revolving Commitments and, if applicable, any Accordion Facility Commitment shall each reduce equally by the amount of that repayment or prepayment</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> &#160;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857962"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">secondly, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, following such application described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">7.5(b)(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, the amount of the Reduction Instalment and Accordion Reduction Instalment (as applicable) for each Reduction Date and Accordion Reduction Date (as applicable) falling after that repayment or prepayment will be adjusted in accordance with the formula set out in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 12</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref159511727"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to the Lenders&#8217; consent (such consent not to be unreasonably withheld), the Borrowers may request that: </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">instead of applying repayments or prepayments equally against Revolving Commitments and, if applicable, any Accordion Facility Commitment as referred to in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, any such repayments or prepayments may be allocated towards a specific Revolving Facility Tranche or Accordion Facility Tranche (as applicable) and such Revolving Facility Tranche or Accordion Facility Tranche (as applicable) will be reduced by the amount of such repayment or prepayment; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">instead of adjusting the Reduction Instalments and Accordion Reduction Instalments (as applicable) in accordance with the formula set out in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 12</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as contemplated by paragraphs (a)(ii) and (b)(ii) above, any prepayment or repayment is allocated towards a specific Revolving Facility Tranche or Accordion Facility Tranche (as applicable) and the relevant Reduction Instalments and Accordion Reduction Instalments (as applicable) for that Revolving Facility Tranche or Accordion Facility Tranche will be reduced on a pro rata basis.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857966"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Termination Date</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">On the Termination Date, the Borrowers shall additionally pay to the Facility Agent for the account of the Finance Parties all other sums then accrued and owing under the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136857967"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Reborrowing</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;"><a name="_Ref136857969"></a>Subject to Clause 7.1 (<i style="font-style:italic;">Reduction of Revolving Facility</i>) and 7.3 (<i style="font-style:italic;">Reduction of Accordion Facilities)</i> and unless a contrary indication appears in this Agreement, any part of the Revolving Facility or an Accordion Facility which is repaid may be reborrowed in accordance with the terms of this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093893"></a><a name="_Toc360097794"></a><a name="_Ref360101540"></a><a name="_Ref360101541"></a><a name="_Ref360102731"></a><a name="_Ref360102732"></a><a name="_Ref360108733"></a><a name="_Ref360108734"></a><a name="_Toc360191433"></a><a name="_Toc360191550"></a><a name="_Toc360191666"></a><a name="_Toc362504345"></a><a name="_Toc362518392"></a><a name="_Toc362605339"></a><a name="_Toc363549779"></a><a name="_Toc367198622"></a><a name="_Toc367792010"></a><a name="_Toc367866997"></a><a name="_Toc371413620"></a><a name="_Toc371413836"></a><a name="_Toc371932714"></a><a name="_Toc378965671"></a><a name="_Toc380566884"></a><a name="_Toc380579020"></a><a name="_Toc382507876"></a><a name="_Toc384670127"></a><a name="_Toc442833352"></a><a name="_Ref442953217"></a><a name="_Ref442953405"></a><a name="_Ref442974562"></a><a name="_Toc444194816"></a><a name="_Toc445290394"></a><a name="_Ref136857970"></a><a name="_Ref442953216"></a><a name="_Ref442953404"></a><a name="_Ref26546335"></a><a name="_Ref442974561"></a><a name="_Toc159513269"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Payment and Cancellation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100665"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Illegality</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857971"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If it becomes unlawful in any applicable jurisdiction for a Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in an Advance or the Loan or it becomes unlawful for any Affiliate of a Lender for that Lender to do so:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>57</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857972"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Lender shall promptly notify the Facility Agent upon becoming aware of that event;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857973"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">upon the Facility Agent notifying the Borrowers, the Commitment of that Lender will be immediately cancelled; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857974"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers shall repay that Lender&#39;s participation in the Loan on the last day of the Interest Period for the Loan occurring after the Facility Agent has notified the Borrowers or, if earlier, the date specified by the Lender in the notice delivered to the Facility Agent (being no earlier than the last day of any applicable grace period permitted by law).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857975"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any partial prepayment under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Illegality</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in respect of the Loan shall reduce </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro rata</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the amount of each Reduction Instalment or Accordion Reduction Instalment (as applicable) falling after that prepayment by the amount prepaid.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100795"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Voluntary and automatic cancellation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857976"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers may, if they give the Facility Agent not less than 5 Business Days&#39; (or such shorter period as the Majority Lenders and the Facility Agent may agree) prior notice, cancel the whole or any part (being a minimum amount of $1,000,000) of the Available Facility. &#160;Any cancellation under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Voluntary and automatic cancellation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall reduce the Commitments of the Lenders rateably under that Facility.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857977"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The unutilised Accordion Facility Commitment (if any) of each Lender shall be automatically cancelled at close of business on the date on which the final Accordion Facility is made available.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref436927383"></a><a name="_Ref360100837"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Change of control</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref437006759"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If, without the Lenders&#39; prior consent, any person or group of persons acting in concert gains control of a Guarantor:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref437006761"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Parent Guarantor shall promptly notify the Facility Agent upon becoming aware of that event; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857978"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">irrespective of whether notice is given under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Change of control</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) above, if the Majority Lenders so require, the Facility Agent shall, by no less than 30 days&#39; notice to the Borrowers, cancel the Facilities and declare the Loan, together with accrued interest, and all other amounts accrued under the Finance Documents immediately due and payable, whereupon the Facility will be cancelled and all such outstanding amounts will become immediately due and payable.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref26536831"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For the purpose of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.3(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above &quot;control&quot; means:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857979"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857980"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cast, or control the casting of, more than 25 per cent. of the maximum number of votes that might be cast at a general meeting of either Guarantor; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857981"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">appoint or remove all, or the majority, of the directors or other equivalent officers of either Guarantor; or</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>58</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857982"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">give directions with respect to the operating and financial policies of either Guarantor with which the directors or other equivalent officers of either Guarantor are obliged to comply; and/or</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857983"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the holding (beneficially) of more than 25 per cent. of the issued share capital of either Guarantor (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857984"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the merger or consolidation of either Guarantor which gives rise to a change of control; and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857985"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the approval of a complete liquidation or dissolution of either Guarantor.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857986"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For the purpose of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.3(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above &quot;acting in concert&quot; means a group of persons who, pursuant to an agreement or understanding (whether formal or informal), actively co-operate, through the acquisition directly or indirectly of shares in either Guarantor by any of them, either directly or indirectly, to obtain or consolidate control of either Guarantor.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref133597114"></a><a name="_Ref360099952"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Voluntary prepayment of Advances under the Revolving Facility</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">The Borrowers may, if they give the Facility Agent not less than 5 Business Days&#39; (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of an Advance under the Revolving Facility (but, if in part, being an amount that reduces the amount of the relevant Advance by a minimum amount of $1,000,000).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref157588775"></a><a name="_Ref_ContractCompanion_9kb9Ur017"></a><a name="_Ref135645378"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Voluntary prepayment of Advances under an Accordion Facility</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">The Borrowers may, if they give the Facility Agent not less than 5 Business Days&#39; (or such shorter period as the Majority Lenders may agree) prior notice, prepay the whole or any part of an Advance under an Accordion Facility (but, if in part, being an amount that reduces the amount of the relevant Advance by a minimum amount of $1,000,000).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref157589091"></a><a name="_Ref_ContractCompanion_9kb9Ur013"></a><a name="_Ref_ContractCompanion_9kb9Ur015"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mandatory prepayment or replacement on sale or Total Loss</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256435"></a><a name="_Ref_ContractCompanion_9kb9Ur1AE"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Ship is sold or becomes a Total Loss or there is direct or indirect change in the legal or beneficial ownership of the share capital of or voting rights in the relevant Borrower which owns such Ship, the Borrowers shall on the Relevant Date</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">: </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref_ContractCompanion_9kb9Ur1BB"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">prepay the Revolving Facility Tranche or Accordion Facility Tranche (as applicable) relating to that Ship; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cancel the Revolving Commitments or Accordion Facility Commitments (as applicable) in an amount corresponding to the Revolving Facility Tranche or Accordion Facility Tranche prepaid under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">or</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">procure that Security over a replacement vessel is provided in accordance with paragraph (f) below.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256103"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Relevant Date, the Borrowers shall also prepay such part of the Loan as shall eliminate any shortfall arising if the ratio set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) were applied immediately following the payment or provision of Security over a replacement vessel (as applicable) referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>59</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26659CZV161khi"></a><a name="_Ref136857991"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Provided</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> that no Default has occurred and is continuing, any remaining proceeds of the sale or Total Loss of a Ship after the prepayments referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above have been made together with all other amounts that are payable on any such prepayment pursuant to the Finance Documents shall be paid to the Borrower that owned the relevant Ship.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857992"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory prepayment or replacement on sale or Total Loss</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">):</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136857993"></a>&quot;<b style="font-weight:bold;">Relevant Date</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857994"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of a sale of a Ship, on the date on which the sale is completed by delivery of that Ship to the buyer of that Ship; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857995"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of a Total Loss of a Ship, on the earlier of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857996"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date falling 180 days after the Total Loss Date; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857997"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date of receipt by the Security Agent of the proceeds of insurance relating to such Total Loss.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857998"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any partial prepayment of the Loan under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory prepayment or replacement on sale or Total Loss</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall first reduce the Revolving Facility Tranche or Accordion Facility Tranche (as applicable) to which such Ship relates and then it shall reduce pro rata and in accordance with the formula set out in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 12</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Reduction Instalment Formula</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) the amount of each Reduction Instalment or Accordion Reduction Instalment (as applicable) falling after that prepayment by the amount prepaid.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136857999"></a><a name="_Ref_ContractCompanion_9kb9Ur026"></a><a name="_Ref24385072"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The provision by the Borrowers of Security over a replacement vessel pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.6(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above instead of making the applicable prepayment is subject to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858000"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the replacement vessel being acceptable to the Facility Agent (acting on the instructions of the Lenders, not to be unreasonably withheld);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858001"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the replacement vessel being comparable to the Ship that it replaces (in particular regarding class, type, size and age);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858002"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the owner of the replacement vessel being a Borrower or having provided a guarantee of the obligations of the Borrowers under this Agreement and the Finance Documents on terms acceptable to the Facility Agent, acting with the authorisation of the Majority Lenders;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858003"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the replacement vessel being registered on an Approved Flag and being subject to Security securing the Secured Liabilities created by a first priority or preferred ship mortgage on that vessel and, if appropriate, a first priority deed of covenant collateral to that mortgage (or equivalent first priority Security) on substantially the same terms as the Mortgages and on such other terms and in such other form as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858004"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Security securing the Secured Liabilities being created in relation to the replacement vessel and the owner of it by documents equivalent to the Membership Interests Security, the General Assignments, the Accounts Security and, if applicable, the Hedging Agreement Assignment;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>60</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858005"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the execution of such other documentation amending and supplementing the Finance Documents as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360109011"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mandatory prepayment of </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_9kR3WTr26659DSAdgmutWL1EvxDqjF1svvA"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedging Payment Proceeds</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any Hedging Prepayment Proceeds arising as a result of any cancellation or prepayment under this Agreement shall, following payment into the Earnings Account in accordance with Clause 30.1 (<i style="font-style:italic;">Payment of Earnings</i>), be applied on the last day of the Interest Period which ends on or after such payment in, in prepayment of the Loan and shall reduce <i style="font-style:italic;">pro rata</i> the amount of each Reduction Instalment or Accordion Reduction Instalment (as applicable) falling after that prepayment by the amount prepaid.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360101417"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Right of replacement or repayment and cancellation in relation to a single Lender</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256639"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256579"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any sum payable to any Lender by an Obligor is required to be increased under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax gross-up</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256585"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Lender claims indemnification from a Borrower under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax indemnity</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">15.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Increased costs</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256592"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent receives notification from a Lender under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Market disruption</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the Borrowers may:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858006"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">whilst in the case of paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above the circumstance giving rise to the requirement for that increase or indemnification continues; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858007"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">whilst in the case of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above the situation in relation to the relevant Lender continues,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">give the Facility Agent notice of cancellation of the Commitment of that Lender and its intention to procure the repayment of that Lender&#39;s participation in the Loan or give the Facility Agent notice of its intention to replace that Lender in accordance with paragraph (d) below.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858008"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On receipt of a notice of cancellation referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the Commitment of that Lender shall immediately be reduced to zero.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858009"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the last day of each Interest Period which ends after the Borrowers have given notice of cancellation under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above in relation to a Lender (or, if earlier, the date specified the Borrowers in that notice), the Borrowers shall repay that Lender&#39;s participation in the Loan.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256626"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers may, in the circumstances set out in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, on 10 Business Days&#39; prior notice to the Facility Agent and that Lender, replace that Lender by requiring that Lender to (and, to the extent permitted by law, that Lender shall) transfer pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to the Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank, financial institution, trust, fund or other entity selected by the Borrowers which confirms its willingness to assume and does assume all the obligations of the transferring Lender in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to the Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) for a purchase </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>61</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">price in cash or other cash payment payable at the time of the transfer equal to the outstanding principal amount of such Lender&#39;s participation in the Loan and all accrued interest (to the extent that the Facility Agent has not given a notification under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Pro rata interest settlement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)), Break Costs and other amounts payable in relation thereto under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256755"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The replacement of a Lender pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall be subject to the following conditions:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858011"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers shall have no right to replace a Servicing Party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858012"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">neither the Facility Agent nor any Lender shall have any obligation to find a replacement Lender;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858013"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in no event shall the Lender replaced under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256759"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Lender shall only be obliged to transfer its rights and obligations pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above once it is satisfied that it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations in relation to that transfer.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858014"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Lender shall perform the checks described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iv)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above as soon as reasonably practicable following delivery of a notice referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above and shall notify the Facility Agent and the Borrowers when it is satisfied that it has complied with those checks.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858015"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Restrictions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858016"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any notice of cancellation or prepayment given by any Party under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payment and Cancellation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or prepayment is to be made and the amount of that cancellation or prepayment.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858017"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and amounts (if any) payable under the Hedging Agreements in connection with that prepayment and, subject to any Break Costs, without premium or penalty.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858019"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless a contrary indication appears in this Agreement, any part of the Revolving Facility or an Accordion Facility which is prepaid may be reborrowed in accordance with the terms of this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower shall repay or prepay all or any part of the Loan or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858020"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No amount of the Total Commitments cancelled under this Agreement may be subsequently reinstated.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858021"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent receives a notice under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payment and Cancellation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) it shall promptly forward a copy of that notice to either the Borrowers or the affected Lenders and/or Hedge Counterparties, as appropriate.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>62</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858022"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If all or part of any Lender&#39;s participation in the Loan is repaid or prepaid and is not available for redrawing (other than by operation of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">4.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Further conditions precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)), an amount of that Lender&#39;s Commitment (equal to the amount of the participation which is repaid or prepaid) in respect of the relevant Facility will be deemed to be cancelled on the date of repayment or prepayment.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Toc88813225"></a><a name="_Ref136858023"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Application of prepayments</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">Any prepayment of any part of the Loan (other than a prepayment pursuant to Clause 8.8 (<i style="font-style:italic;">Right of replacement or repayment and cancellation in relation to a single Lender</i>)) shall be applied pro rata to each Lender&#39;s participation in that part of the Loan.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>63</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 5</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413621"></a><a name="_Toc371413837"></a><a name="_Toc371932715"></a><a name="_Toc378965672"></a><a name="_Toc380566885"></a><a name="_Toc380579021"></a><a name="_Toc382507877"></a><a name="_Toc384670128"></a><a name="_Toc442833353"></a><a name="_Toc444194817"></a><a name="_Toc445290395"></a><a name="_Ref136858024"></a><a name="_Toc159513270"></a>Costs of Utilisation</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref136858025"></a><a name="_Toc159513271"></a><a name="_Ref107921099"></a><a name="_Toc360093894"></a><a name="_Toc360097795"></a><a name="_Ref360113989"></a><a name="_Ref360113990"></a><a name="_Toc360191434"></a><a name="_Toc360191551"></a><a name="_Toc360191667"></a><a name="_Toc362504346"></a><a name="_Toc362518393"></a><a name="_Toc362605340"></a><a name="_Toc363549780"></a><a name="_Toc367198623"></a><a name="_Toc367792011"></a><a name="_Toc367866998"></a><a name="_Toc371413622"></a><a name="_Toc371413838"></a><a name="_Toc371932716"></a><a name="_Toc378965673"></a><a name="_Toc380566886"></a><a name="_Toc380579022"></a><a name="_Toc382507878"></a><a name="_Toc384670129"></a><a name="_Toc442833354"></a><a name="_Toc444194818"></a><a name="_Toc445290396"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Interest</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858026"></a><a name="_Ref360100612"></a><a name="_Ref107907308"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Calculation of interest</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">On and from the date of this Agreement and until a Rate Switch Date, interest under this Agreement should be calculated by reference to the Compounded Reference Rate.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref109143440"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Calculation of interest</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> &#8211; Compounded Rate Loans</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432525"></a><a name="_Ref380494239"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The rate of interest on each Compounded Rate Loan for any day during an Interest Period is the percentage rate per annum which is the aggregate of the applicable:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432526"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Margin; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432527"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Compounded Reference Rate for that day.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432528"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any day during an Interest Period for a Compounded Rate Loan is not a RFR Banking Day, the rate of interest on that Compounded Rate Loan for that day will be the rate applicable to the immediately preceding RFR Banking Day.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106792569"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Calculation of interest &#8211; Term SOFR Loans</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The rate of interest on each Term SOFR Loan for an Interest Period is the percentage rate per annum which is the aggregate of the applicable:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432522"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Margin; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432523"></a><a name="_Ref136858027"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Term SOFR Reference Rate</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref107909332"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Payment of interest</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall pay accrued interest on the Loan or any part of the Loan on the last day of each Interest Period (each an &quot;<b style="font-weight:bold;">Interest Payment Date</b>&quot;).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360098369"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Default interest</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262814"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, is two per cent. higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent. &#160;Any interest accruing under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Default interest</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall be immediately payable by the Obligor on demand by the Facility Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256805"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If an Unpaid Sum consists of all or part of a Term SOFR Loan which became due on a day which was not the last day of an Interest Period relating to a Term SOFR Loan:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>64</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858028"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the first Interest Period for that Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to the Loan or that part of the Loan; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858029"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the rate of interest applying to that Unpaid Sum during that first Interest Period shall be two per cent. higher than the rate which would have applied if that Unpaid Sum had not become due.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858030"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.6</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref413159008"></a><a name="_Ref413159011"></a><a name="_Ref413159012"></a><a name="_Ref413159302"></a><a name="_Ref413159303"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notifications</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref67328348"></a><a name="_Ref_ContractCompanion_9kb9Ur1BD"></a><a name="_Ref106432535"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall promptly upon a Compounded Rate Interest Payment being determinable, notify:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432536"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers of that Compounded Rate Interest Payment;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432537"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Lender of the proportion of that Compounded Rate Interest Payment which relates to that Lender&#39;s participation in the relevant Compounded Rate Loan; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432538"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Lenders and the Borrowers of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432539"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each applicable rate of interest relating to the determination of that Compounded Rate Interest Payment; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432540"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to the extent it is then determinable, the Compounded Market Disruption Rate (if any) relating to the relevant Compounded Rate Loan.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This paragraph (a) shall not apply to any Compounded Rate Interest Payment determined pursuant to Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858031"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall promptly notify the Lenders and the Borrowers of the determination of a rate of interest relating to a Term SOFR Loan.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432541"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall promptly notify the Borrowers of each Funding Rate relating to the Loan or any part of the Loan.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_BPDCI_1644"></a><a name="_Ref50683221"></a><a name="_Hlk70090202"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall promptly notify the Lenders and the Borrowers of the determination of a rate of interest relating to a Compounded Rate Loan to which Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432542"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Notifications</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall not require the Facility Agent to make any notification to any Party on a day which is not a Business Day.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360102810"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedging</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858032"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers may enter into Hedging Agreements and shall after that date maintain such Hedging Agreements in accordance with this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Hedging</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858033"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Hedging Agreement shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858034"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be with a Hedge Counterparty and each Hedge Counterparty shall also be a Lender;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>65</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858035"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be for a term ending on or before the Termination Date;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858036"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">have settlement dates coinciding with the Interest Payment Dates;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858037"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be in agreed form;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858038"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">provide for two-way payments in the event of a termination of a transaction in respect of a Hedging Agreement, whether on a </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr1AB59EfMr0sunu3z5WZ6zF"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Termination Event</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (as defined in the relevant Hedging Agreement) or on an Event of Default (as defined in the relevant Hedging Agreement); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858039"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">provide that the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr1AB59FgMr0sunu3z5UWIG410C"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Termination Currency</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (as defined in the relevant Hedging Agreement) shall be dollars.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858040"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The rights of each Borrower under the Hedging Agreements shall be assigned by way of security under a Hedging Agreement Assignment.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858041"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The parties to each Hedging Agreement must comply with the terms of that Hedging Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256829"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Neither a Hedge Counterparty nor a Borrower may amend, supplement, extend or waive the terms of any Hedging Agreement without the consent of the Facility Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858042"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not apply to an amendment, supplement or waiver that is administrative and mechanical in nature and does not give rise to a conflict with any provision of this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256846"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If, at any time, the aggregate notional principal amount of the transactions in respect of the Hedging Agreements exceeds or, as a result of any repayment, prepayment or cancellation under this Agreement, will exceed 100 per cent. of the Loan at that time, the Borrowers must promptly notify the Facility Agent and must reduce the aggregate notional amount of those transactions by an amount and in a manner satisfactory to the Hedge Counterparties so that it no longer exceeds or will not exceed 100 per cent. of the Loan then or that will be outstanding.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858043"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any reductions in the aggregate notional amount of the transactions in respect of the Hedging Agreements in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(g)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above will be apportioned as between those transactions </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro rata</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256974"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(j)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, neither a Hedge Counterparty nor a Borrower may terminate or close out any transactions in respect of any Hedging Agreement (in whole or in part) except:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858044"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(g)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858045"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the occurrence of an </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26659GWIsmiflu3K"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Illegality</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26659HiItYRyr7"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Tax Event</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or Tax event </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr26659IkYzyXJvymy9yQUD2qbSw1DRC"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Upon Merger of Force Majeure</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (as such expressions are defined in the relevant Hedging Agreement);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858046"></a><a name="_Ref376256978"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of termination or closing out by a Hedge Counterparty, if the Facility Agent makes a demand for repayment of the Loan but irrespective as to whether such payment is made pursuant to that demand;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858047"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of any other termination or closing out by a Hedge Counterparty or a Borrower, with the consent of the Facility Agent;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>66</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858048"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if the Secured Liabilities (other than in respect of the Hedging Agreements) have been irrevocably and unconditionally paid and discharged in full (including for the purposes of refinancing);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858049"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if a Borrower does not pay on the due date any amount payable pursuant to a Hedging Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858050"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if the Facility Agent takes any action pursuant to Clause&#160;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.17</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Acceleration</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858051"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if a Hedge Counterparty ceases to be a Lender pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payment and cancellation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.10</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Replacement of Lenders by Borrowers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ix)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858052"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the occurrence of any event or circumstance set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Insolvency</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Insolvency proceedings</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256868"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Hedge Counterparty is entitled to terminate or close out any transaction in respect of any Hedging Agreement under </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2CC47C37rnnqrhzut1vxy"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">sub-paragraph (iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph (i) above, such Hedge Counterparty shall promptly terminate or close out such transaction following a request to do so by the Security Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(k)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858053"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Hedge Counterparty may only suspend making payments under a transaction in respect of a Hedging Agreement if a Borrower is in breach of its payment obligations under any transaction in respect of that Hedging Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(l)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref381378453"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Hedge Counterparty consents to, and acknowledges notices of, the assigning by way of security by each Borrower pursuant to the relevant Hedging Agreement Assignment of its rights under the Hedging Agreements to which it is party in favour of the Security Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(m)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858054"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any such assigning by way of security is without prejudice to, and after giving effect to, the operation of any payment or close-out netting in respect of any amounts owing under any Hedging Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(n)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858055"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent shall not be liable for the performance of any of a Borrower&#39;s obligations under a Hedging Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858056"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedging with another bank or financial institution</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">A Borrower shall only be permitted to enter into a Hedging Agreement with a bank or financial institution other than a Hedge Counterparty if any Security to be provided by the Borrower or Borrowers to such other bank or financial institution shall be fully subordinated to the Security created pursuant to the Finance Documents on terms and undertakings which are acceptable to the Facility Agent (acting on the instructions of the Majority Lenders).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref136858057"></a><a name="_Toc159513272"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Rate Switch</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">10.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432508"></a><a name="_Ref136858058"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Switch to </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Term SOFR Reference Rate</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858059"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">10.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Delayed switch for existing Compounded Rate Loans</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), on and from the Rate Switch Date:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432509"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">use of the Term SOFR Reference Rate will replace the use of the Compounded Reference Rate for the calculation of interest for the Loan or any part of the Loan; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>67</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432510"></a><a name="_Ref136858060"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Loan or any part of the Loan or Unpaid Sum shall be a &quot;Term SOFR Loan&quot; and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Calculation of interest &#8211; Term SOFR Loans</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall apply to the Loan, any such part of the Loan or Unpaid Sum</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858061"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">There shall be no more than one Rate Switch Date under this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">10.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref65591297"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Delayed switch for existing Compounded Rate Loans</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If the Rate Switch Date falls before the last day of an Interest Period for a Compounded Rate Loan:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432511"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Loan, relevant part of the Loan or Unpaid Sum (as applicable) shall continue to be a Compounded Rate Loan for that Interest Period and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Calculation of interest &#8211; Compounded Rate Loans</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall continue to apply to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk65589851"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Loan, relevant part of the Loan or Unpaid Sum (as applicable) </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">for that Interest Period;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432512"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any provision of this Agreement which is expressed to relate </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk65590003"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">solely to a Term SOFR Loan</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> shall not apply in relation to the Loan, relevant part of the Loan or Unpaid Sum (as applicable) for that Interest Period; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432513"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on and from the first day of the next Interest Period (if any) </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk65590054"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">for the Loan, relevant part of the Loan or Unpaid Sum (as applicable)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432514"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Loan, relevant part of the Loan or Unpaid Sum (as applicable) shall be a &quot;Term SOFR Loan&quot;; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432515"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Calculation of interest &#8211; Term SOFR Loans</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall apply to it.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093895"></a><a name="_Toc360097796"></a><a name="_Ref360098344"></a><a name="_Ref360098902"></a><a name="_Ref360098903"></a><a name="_Ref360100274"></a><a name="_Ref360103003"></a><a name="_Ref360103004"></a><a name="_Toc360191435"></a><a name="_Toc360191552"></a><a name="_Toc360191668"></a><a name="_Toc362504347"></a><a name="_Toc362518394"></a><a name="_Toc362605341"></a><a name="_Toc363549781"></a><a name="_Toc367198624"></a><a name="_Toc367792012"></a><a name="_Toc367866999"></a><a name="_Toc371413623"></a><a name="_Toc371413839"></a><a name="_Toc371932717"></a><a name="_Toc378965674"></a><a name="_Toc380566887"></a><a name="_Toc380579023"></a><a name="_Toc382507879"></a><a name="_Toc384670130"></a><a name="_Toc442833355"></a><a name="_Toc444194819"></a><a name="_Toc445290397"></a><a name="_Ref136858062"></a><a name="_Ref360098343"></a><a name="_Ref360100273"></a><a name="_Toc159513273"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Interest Periods</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">11.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360141909"></a><a name="_Ref417568621"></a><a name="_Toc33019063"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Commencement and duration of Interest Periods</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref374958052"></a><a name="_Ref136858063"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">11.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Interest Periods</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Interest Period shall be</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> three Months or one Month.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref374958060"></a><a name="_Ref136858066"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers may select the Interest Period for each Advance under the Revolving Facility or an Accordion Facility (as applicable) in the Utilisation Request for that Advance. An Advance under the Revolving Facility or an Accordion Facility (as applicable) has one Interest Period only which shall start on its Utilisation Date.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An Interest Period </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in respect of the Loan or any part of the Loan shall not extend beyond the Termination Date.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">11.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref417475439"></a><a name="_Toc88813237"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Changes to Interest Periods</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858068"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In respect of a Reduction Instalment or an Accordion Reduction Instalment (as applicable), prior to commencement of an Interest Period, the Facility Agent may establish an Interest Period for a part of the Loan equal to such Reduction Instalment or Accordion Reduction Instalment (as applicable) to end on the Reduction Date or Accordion Reduction Date (as applicable) relating to it and the Interest Period for the remaining part of that Advance shall run until the next Reduction Date or Accordion Reduction Date (as applicable).</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>68</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858069"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent makes any change to an Interest Period referred to in this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">11.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to Interest Periods</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), it shall promptly notify the Borrowers and the Lenders.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">11.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107907559"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Non-Business Days</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858070"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Other than where paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">11.3(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> applies, if an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858071"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In respect of any Compounded Rate Loan, if there are rules specified as &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt488788KMAzvsyDZC4hSAIA3JFBHM"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Business Day Conventions</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; in the Benchmark Terms, those rules shall apply to each Interest Period for that Compounded Rate Loan.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093896"></a><a name="_Toc360097797"></a><a name="_Toc360191436"></a><a name="_Toc360191553"></a><a name="_Toc360191669"></a><a name="_Toc362504348"></a><a name="_Toc362518395"></a><a name="_Toc362605342"></a><a name="_Toc363549782"></a><a name="_Toc367198625"></a><a name="_Toc367792013"></a><a name="_Toc367867000"></a><a name="_Toc371413624"></a><a name="_Toc371413840"></a><a name="_Toc371932718"></a><a name="_Toc378965675"></a><a name="_Toc380566888"></a><a name="_Toc380579024"></a><a name="_Toc382507880"></a><a name="_Toc384670131"></a><a name="_Toc442833356"></a><a name="_Toc444194820"></a><a name="_Toc445290398"></a><a name="_Ref136858072"></a><a name="_Toc159513274"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Changes to the Calculation of Interest</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432576"></a><a name="_Ref136858073"></a><a name="_Ref92373156"></a><a name="_Ref410135803"></a><a name="_Ref360098001"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Interest calculation if no RFR or Central Bank Rate</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> before Rate Switch Date</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432577"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">there is no RFR or Central Bank Rate for the purposes of calculating the Daily Non-Cumulative Compounded RFR Rate for an RFR Banking Day during an Interest Period for a Compounded Rate Loan; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432578"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;Cost of funds will apply as a fallback&quot; is specified in the Benchmark Terms,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>) shall apply to that Compounded Rate Loan for that Interest Period.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858074"></a><a name="_Ref109637042"></a><a name="_Ref106432575"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Unavailability of Term SOFR</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858075"></a><a name="_Ref106432573"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Interpolated Term SOFR</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If no Term SOFR is available for a Term SOFR Loan, the applicable Term SOFR Reference Rate shall be the Interpolated Term SOFR for a period equal in length to the Interest Period of that Term SOFR Loan.<a name="_Ref89187539"></a></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858076"></a><a name="_Ref106432574"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Historic Term SOFR</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If no Term SOFR is available for a Term SOFR Loan and it is not possible to calculate the Interpolated Term SOFR, the applicable Term SOFR Reference Rate shall be the Historic Term SOFR for the Term SOFR Loan.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858077"></a><a name="_Ref89187552"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Interpolated Historic Term SOFR</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If paragraph (b) above applies but no Historic Term SOFR is<i style="font-style:italic;"> </i>available for a Term SOFR Loan, the applicable Term SOFR Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to the Interest Period of the Term SOFR Loan.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858078"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Cost of funds</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If paragraph 12.2(c) of Clause 12.2 above applies but it is not possible to calculate the Interpolated Historic Term SOFR, there shall be no Term SOFR Reference Rate for the Term SOFR Loan and Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>) shall apply to the Term SOFR Loan.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432579"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Market disruption</b></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>69</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref65517372"></a><a name="_Ref65517356"></a><a name="_Ref106432580"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In the case of a Compounded Rate Loan, if:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432581"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Compounded Market Disruption Rate is specified in the Benchmark Terms; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432582"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">before the Reporting Time for the Loan or any part of the Loan, the Facility Agent receives notifications from a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan exceed 30 per cent. of the Loan or the relevant part of the Loan as appropriate) that its cost of funds relating to its participation in the Loan or that part of the Loan would be in excess of that Compounded Market Disruption Rate,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">then Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>) shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858079"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In the case of a Term SOFR Loan</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256159"></a><a name="_Ref410222915"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if before close of business in London on the Quotation Day for the relevant Interest Period, the Facility Agent receives notification from a Lender or Lenders (whose participations in the Loan or the relevant part of the Loan exceed 30 per cent. &#160;of the Loan or that part of the Loan as appropriate) that its cost of funds relating to its participation in the Loan or that part of the Loan would be in excess of the Term Market Disruption Rate then Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall apply to the Loan or that part of the Loan (as applicable) for the relevant Interest Period.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12.5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410133454"></a><a name="_Ref410134398"></a><a name="_Ref376256536"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Cost of funds</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410134586"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies to the Loan or part of the Loan for an Interest Period, neither Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Calculation of interest - Compounded Rate Loans</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) nor Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Calculation of interest - Term SOFR Loans</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall apply to the Loan or that part of the Loan for that Interest Period and the rate of interest on the Loan or that part of the Loan for the relevant Interest Period shall be the percentage rate per annum which is the sum of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432583"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Margin; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref65592411"></a><a name="_Ref410134578"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the weighted average of the rates notified to the Facility Agent by each Lender as soon as practicable and in any event</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858080"></a><a name="_Ref106432584"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to a Compounded Rate Loan, by the Reporting Time for that Compounded Rate Loan</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858081"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to a Term SOFR Loan, within two Business Days of the first day of that Interest Period (or, if earlier, on the date falling three Business Days before the date on which interest is due to be paid in respect of that Interest Period) before interest is due to be paid in respect of that Interest Period; or</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">to be that which expresses as a percentage rate per annum its cost of funds relating to its participation in the Loan or that part of the Loan<a name="_Ref453862940"></a><a name="_Ref376257115"></a>.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref413844208"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies and the Facility Agent or the Borrowers so require, the Facility Agent and the Borrowers shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of interest or (as the case may be) an alternative basis for funding.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>70</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432586"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to reference rates</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), any substitute or alternative basis agreed pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref453862933"></a><a name="_Ref106432587"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below does not apply and any rate notified to the Facility Agent under sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above is less than zero, the relevant rate shall be deemed to be zero.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref456104098"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Market disruption</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858082"></a><a name="_Ref106432588"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to a Compounded Rate Loan a Lender&#39;s Funding Rate is less than the relevant Compounded Market Disruption Rate that Lender&#39;s cost of funds relating to its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, to be the Compounded Market Disruption Rate for that Compounded Rate Loan;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858083"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to a Term SOFR Loan a Lender&#39;s Funding Rate is less than the Term Market Disruption Rate, that Lender&#39;s cost of funds relating to its participation in the Loan or the relevant part of the Loan for that Interest Period shall be deemed, for the purposes of sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, to be the Term Market Disruption Rate.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432590"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies but any Lender does not notify a rate to the Facility Agent by the time specified in sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above the rate of interest shall be calculated on the basis of the rates notified by the remaining Lenders.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432591"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">12.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cost of funds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies, the Facility Agent shall, as soon as practicable, notify the Borrowers.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12.6</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432592"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Break Costs</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref65592569"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, the Borrowers shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs (if any) attributable to all or any part of the Loan or Unpaid Sum being paid by the Borrowers on a day prior to the last day of an Interest Period for the Loan, the relevant part of the Loan or that Unpaid Sum.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref83983714"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall apply in respect of a Compounded Rate Loan if an amount is specified as Break Costs in the Benchmark Terms.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432593"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in respect of which they become, or may become, payable.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093897"></a><a name="_Toc360097798"></a><a name="_Ref360098183"></a><a name="_Ref360110677"></a><a name="_Ref360141661"></a><a name="_Toc360191437"></a><a name="_Toc360191554"></a><a name="_Toc360191670"></a><a name="_Toc362504349"></a><a name="_Toc362518396"></a><a name="_Toc362605343"></a><a name="_Toc363549783"></a><a name="_Toc367198626"></a><a name="_Toc367792014"></a><a name="_Toc367867001"></a><a name="_Toc371413625"></a><a name="_Toc371413841"></a><a name="_Toc371932719"></a><a name="_Toc378965676"></a><a name="_Ref379309286"></a><a name="_Toc380566889"></a><a name="_Toc380579025"></a><a name="_Toc382507881"></a><a name="_Toc384670132"></a><a name="_Toc442833357"></a><a name="_Toc444194821"></a><a name="_Toc445290399"></a><a name="_Ref136858084"></a><a name="_Ref360098182"></a><a name="_Ref360110676"></a><a name="_Ref107921582"></a><a name="_Ref360141660"></a><a name="_Ref379309285"></a><a name="_Ref107919980"></a><a name="_Toc159513275"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Fees</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">13.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107921400"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Commitment fee</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858085"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall pay to the Facility Agent (for the account of each Lender) a fee computed at the rate of 40 per cent. of the applicable Margin per annum on that Lender&#39;s Available Commitment in respect of the Revolving Facility from time to time, starting, in the case of the Revolving Facility, for the Availability Period applicable to the Revolving Facility.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858086"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The accrued commitment fee is payable on the last day of each successive period of three Months which ends during the relevant Availability Period, on the last day of the relevant </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>71</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Availability Period and, if cancelled, on the cancelled amount of the relevant Lender&#39;s Commitment at the time the cancellation is effective.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">13.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858087"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Upfront fees</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall pay to each Mandated Lead Arranger the upfront fees in the amounts and at the times agreed in each Fee Letter.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">13.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858088"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Agent fee</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall pay to the Facility Agent and Security Agent for their account an agency fee in the amount and at the times agreed in a Fee Letter.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>72</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 6</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413626"></a><a name="_Toc371413842"></a><a name="_Toc371932720"></a><a name="_Toc378965677"></a><a name="_Toc380566890"></a><a name="_Toc380579026"></a><a name="_Toc382507882"></a><a name="_Toc384670133"></a><a name="_Toc442833358"></a><a name="_Toc444194822"></a><a name="_Toc445290400"></a><a name="_Ref136858089"></a><a name="_Toc159513276"></a>Additional Payment Obligations</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093898"></a><a name="_Toc360097799"></a><a name="_Ref360097962"></a><a name="_Ref360097963"></a><a name="_Ref360103663"></a><a name="_Ref360104651"></a><a name="_Ref360109753"></a><a name="_Ref360146307"></a><a name="_Ref360146308"></a><a name="_Toc360191438"></a><a name="_Toc360191555"></a><a name="_Toc360191671"></a><a name="_Toc362504350"></a><a name="_Toc362518397"></a><a name="_Toc362605344"></a><a name="_Toc363549784"></a><a name="_Toc367198627"></a><a name="_Toc367792015"></a><a name="_Toc367867002"></a><a name="_Toc371413627"></a><a name="_Toc371413843"></a><a name="_Toc371932721"></a><a name="_Toc378965678"></a><a name="_Toc380566891"></a><a name="_Toc380579027"></a><a name="_Toc382507883"></a><a name="_Toc384670134"></a><a name="_Toc442833359"></a><a name="_Toc444194823"></a><a name="_Toc445290401"></a><a name="_Ref136858090"></a><a name="_Ref360103662"></a><a name="_Ref360104650"></a><a name="_Ref360109752"></a><a name="_Toc159513277"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Tax Gross Up and Indemnities</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360098612"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Definitions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">In this Agreement:</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858091"></a>&quot;<b style="font-weight:bold;">Protected Party</b>&quot; means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858092"></a>&quot;<b style="font-weight:bold;">Tax Credit</b>&quot; means a credit against, relief or remission for, or repayment of any Tax.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858093"></a>&quot;<b style="font-weight:bold;">Tax Deduction</b>&quot; means a deduction or withholding for or on account of Tax from a payment under a Finance Document, other than a FATCA Deduction.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858094"></a>&quot;<b style="font-weight:bold;">Tax Payment</b>&quot; means either the increase in a payment made by an Obligor to a Finance Party under Clause 14.2 (<i style="font-style:italic;">Tax gross-up</i>) or a payment under Clause 14.3 (<i style="font-style:italic;">Tax indemnity</i>).</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858095"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless a contrary indication appears, in this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax Gross Up and Indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) reference to &quot;determines&quot; or &quot;determined&quot; means a determination made in the absolute discretion of the person making the determination.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858096"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax Gross Up and Indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall not apply to any Hedging Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360101295"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Tax gross-up</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858097"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall make all payments to be made by it without any Tax Deduction, unless a Tax Deduction is required by law.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858098"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction) notify the Facility Agent accordingly. Similarly, a Lender shall notify the Facility Agent on becoming so aware in respect of a payment payable to that Lender. If the Facility Agent receives such notification from a Lender it shall notify the Borrowers and that Obligor.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256508"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor shall be increased to an amount which (after making any Tax Deduction) leaves an amount equal to the payment which would have been due if no Tax Deduction had been required.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444191827"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858099"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Facility Agent for the Finance Party entitled to the payment evidence reasonably satisfactory to that Finance </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>73</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360101331"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Tax indemnity</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257231"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall (within three Business Days of demand by the Facility Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly) suffered for or on account of Tax by that Protected Party in respect of a Finance Document.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257538"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not apply:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858100"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">with respect to any Tax assessed on a Finance Party:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858101"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858102"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">under the law of the jurisdiction in which that Finance Party&#39;s Facility Office is located in respect of amounts received or receivable in that jurisdiction,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858103"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to the extent a loss, liability or cost:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858104"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is fully compensated for by an increased payment under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax gross-up</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858105"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relates to a FATCA Deduction required to be made by a Party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858106"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Protected Party making, or intending to make, a claim under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall promptly notify the Facility Agent of the event which will give, or has given, rise to the claim, following which the Facility Agent shall notify the Borrowers.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858107"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Protected Party shall, on receiving a payment from an Obligor under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax indemnity</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), notify the Facility Agent.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858108"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Tax Credit</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If an Obligor makes a Tax Payment and the relevant Finance Party determines that:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858109"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Tax Credit is attributable to an increased payment of which that Tax Payment forms part, to that Tax Payment or to a Tax Deduction in consequence of which that Tax Payment was received; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858110"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Finance Party has obtained, utilised and retained that Tax Credit,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same <a name="_9kR3WTr2665AAhauutjNy"></a>after-Tax position as it would have been in had the Tax Payment not been required to be made by the Obligor.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>74</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858111"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Stamp taxes</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall pay and, within three Business Days of demand, indemnify each Secured Party against any cost, loss or liability which that Secured Party incurs in relation to all stamp duty, registration and other similar Taxes payable in respect of any Finance Document.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360103786"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">VAT</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858112"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All amounts expressed to be payable under a Finance Document by any Party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is chargeable on that supply, and accordingly, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, if VAT is or becomes chargeable on any supply made by any Finance Party to any Party under a Finance Document and such Finance Party is required to account to the relevant tax authority for the VAT, that Party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party must promptly provide an appropriate VAT invoice to that Party).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257257"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If VAT is or becomes chargeable on any supply made by any Finance Party (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Supplier</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) to any other Finance Party (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Recipient</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) under a Finance Document, and any Party other than the Recipient (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Relevant Party</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) is required by the terms of any Finance Document to pay an amount equal to the consideration for that supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257275"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(where the Supplier is the person required to account to the relevant tax authority for the VAT) the Relevant Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the VAT. &#160;The Recipient must (where this paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> applies) promptly pay to the Relevant Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the Recipient reasonably determines relates to the VAT chargeable on that supply; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858113"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(where the Recipient is the person required to account to the relevant tax authority for the VAT) the Relevant Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858114"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Where a Finance Document requires any Party to reimburse or indemnify a Finance Party for any cost or expense, that Party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or expense, including such part of it as represents VAT, save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment in respect of such VAT from the relevant tax authority.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858115"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any reference in this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">VAT</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) to any Party shall, at any time when that Party is treated as a member of a group or unity (or fiscal unity) for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the person who is treated at that time as making the supply, or (as appropriate) receiving the supply, under the grouping rules provided for in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2CC47DMG6yimp6H"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Article 11</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665ABKF44njtPH2zl18B8GQPW"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Council Directive 2006</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">/112/EC (or as implemented by the relevant member state of the European Union) or equivalent provisions imposed elsewhere so that a reference to a Party shall be construed as a reference to that Party or the relevant group or unity (or fiscal unity) of which that Party is a member for VAT purposes at the relevant time or </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>75</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the relevant representative member (or representative or head) of that group or unity at the relevant time (as the case may be).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858116"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In relation to any supply made by a Finance Party to any Party under a Finance Document, if reasonably requested by such Finance Party, that Party must promptly provide such Finance Party with details of that Party&#39;s VAT registration and such other information as is reasonably requested in connection with such Finance Party&#39;s VAT reporting requirements in relation to such supply.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360097895"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">FATCA Information</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257313"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, each Party shall, within 10 Business Days of a reasonable request by another Party:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257315"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">confirm to that other Party whether it is:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858117"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a FATCA Exempt Party; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858118"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not a FATCA Exempt Party; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444191892"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party&#39;s compliance with FATCA;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444191913"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">supply to that other Party such forms, documentation and other information relating to its status as that other Party reasonably requests for the purposes of that other Party&#39;s compliance with any other law, regulation, or exchange of information regime.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858119"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Party confirms to another Party pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other Party reasonably promptly.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257299"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not oblige any Finance Party to do anything, and paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not oblige any other Party to do anything, which would or might in its reasonable opinion constitute a breach of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858120"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any law or regulation;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858121"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any fiduciary duty; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858122"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any duty of confidentiality.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858123"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Party fails to confirm whether or not it is a FATCA Exempt Party, or to supply forms, documentation or other information requested in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.7(c)(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.7(c)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above (including, for the avoidance of doubt, where paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments under them) as if it is not a FATCA Exempt Party until such time as the Party in question provides the requested confirmation, forms, documentation or other information.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref379316897"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">FATCA Deduction</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858124"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Party may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>76</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858125"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction), notify the Party to whom it is making the payment and, in addition, shall notify the Borrowers and the Facility Agent and the Facility Agent shall notify the other Finance Parties.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093899"></a><a name="_Toc360097800"></a><a name="_Ref360104660"></a><a name="_Ref360109765"></a><a name="_Toc360191439"></a><a name="_Toc360191556"></a><a name="_Toc360191672"></a><a name="_Toc362504351"></a><a name="_Toc362518398"></a><a name="_Toc362605345"></a><a name="_Toc363549785"></a><a name="_Toc367198628"></a><a name="_Toc367792016"></a><a name="_Toc367867003"></a><a name="_Toc371413628"></a><a name="_Toc371413844"></a><a name="_Toc371932722"></a><a name="_Toc378965679"></a><a name="_Toc380566892"></a><a name="_Toc380579028"></a><a name="_Toc382507884"></a><a name="_Toc384670135"></a><a name="_Toc442833360"></a><a name="_Toc444194824"></a><a name="_Toc445290402"></a><a name="_Ref136858126"></a><a name="_Ref360104659"></a><a name="_Ref360109764"></a><a name="_Toc159513278"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Increased Costs</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">15.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360101364"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Increased costs</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858127"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">15.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Exceptions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Borrowers shall, within three Business Days of a demand by the Facility Agent, pay for the account of a Finance Party the amount of any Increased Costs incurred by that Finance Party or any of its Affiliates as a result of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858128"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858129"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compliance with any law or regulation made, including any costs attributable to the implementation, application of, or compliance with, Basel III or CRD IV,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">in each case after the date of this Agreement; or</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858130"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the implementation, application of or compliance with Basel III or CRD IV or any law or regulation that implements or applies Basel III or CRD IV.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858131"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In this Agreement:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858132"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Basel III</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858133"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the agreements on capital requirements, a leverage ratio and liquidity standards contained in &quot;Basel III: A global regulatory framework for more resilient banks and banking systems&quot;, &quot;Basel III: International framework for liquidity risk measurement, standards and monitoring&quot; and &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665ACPPyibmph"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Guidance</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> for national authorities operating the countercyclical capital buffer&quot; published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858134"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the rules for global systemically important banks contained in &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665ADQGvmZk"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Global</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> systemically important banks: assessment methodology and the additional loss absorbency requirement - Rules text&quot; published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858135"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any further guidance or standards published by the Basel Committee on Banking Supervision relating to &quot;Basel III&quot;.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858136"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC6FINuwo7"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">CRD IV</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858137"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Regulation (EU) No 575/2013 of the European Parliament and of the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMJI5YVt4886FJOH66plv"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Council</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of 26 June 2013 on prudential requirements for credit institutions and </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>77</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">investment firms and amending regulation (EU) No. 648/2012, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk23176095"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as amended by Regulation (EU) 2019/876</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858138"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Directive 2013/36/EU of the European Parliament and of the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMKJ5YVt4886FJOH66plv"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Council</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4886FKQCxugw363BLKN"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Directive 2002</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">/87/EC and repealing </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4886FLRCxugw3631QMLS"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Directives 2006</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">/48/EC and 2006/49/EC, as amended by </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665AEOAvseu141"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Directive</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (EU) 2019/878; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858139"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other law or regulation which implements Basel III.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858140"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In this Agreement, &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Increased Costs</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858141"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a reduction in the rate of return from a Facility or on a Finance Party&#39;s (or its Affiliate&#39;s) overall capital;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858142"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an additional or increased cost; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858143"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a reduction of any amount due and payable under any Finance Document,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitment or funding or performing its obligations under any Finance Document.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">15.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858144"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Increased cost claims</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858145"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Finance Party intending to make a claim pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">15.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Increased costs</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall notify the Facility Agent of the event giving rise to the claim, following which the Facility Agent shall promptly notify the Borrowers.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858146"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Finance Party shall, as soon as practicable after a demand by the Facility Agent, provide a certificate confirming the amount of its Increased Costs.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">15.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360146468"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Exceptions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Clause 15.1 (<i style="font-style:italic;">Increased costs</i>) does not apply to the extent any Increased Cost is:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858147"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">attributable to a Tax Deduction required by law to be made by an Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858148"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relates to a FATCA Deduction required to be made by a Party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858149"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compensated for by Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax indemnity</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) (or would have been compensated for under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax indemnity</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) &#160;but was not so compensated solely because any of the exclusions in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax indemnity</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applied);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858150"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compensated for by any payment made pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory Cost</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858151"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858152"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">incurred by a Hedge Counterparty in its capacity as such.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>78</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093900"></a><a name="_Toc360097801"></a><a name="_Toc360191440"></a><a name="_Toc360191557"></a><a name="_Toc360191673"></a><a name="_Toc362504352"></a><a name="_Toc362518399"></a><a name="_Toc362605346"></a><a name="_Toc363549786"></a><a name="_Toc367198629"></a><a name="_Toc367792017"></a><a name="_Toc367867004"></a><a name="_Toc371413629"></a><a name="_Toc371413845"></a><a name="_Toc371932723"></a><a name="_Toc378965680"></a><a name="_Toc380566893"></a><a name="_Toc380579029"></a><a name="_Toc382507885"></a><a name="_Toc384670136"></a><a name="_Toc442833361"></a><a name="_Toc444194825"></a><a name="_Toc445290403"></a><a name="_Ref136858153"></a><a name="_Toc159513279"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Other Indemnities</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360104551"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Currency indemnity</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858154"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any sum due from an Obligor under the Finance Documents (a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sum</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">First Currency</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) in which that Sum is payable into another currency (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Second Currency</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) for the purpose of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858155"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">making or filing a claim or proof against that Obligor; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858156"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">that Obligor shall, as an independent obligation, on demand, indemnify each Secured Party to which that Sum is due against any cost, loss or liability arising out of or as a result of the conversion including any discrepancy between <a name="DocXTextRef4763"></a>(A) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and <a name="DocXTextRef4764"></a>(B) the rate or rates of exchange available to that person at the time of its receipt of that Sum.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858157"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858158"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Currency indemnity</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) does not apply to any sum due to a Hedge Counterparty in its capacity as such.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360098219"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other indemnities</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858159"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall, on demand, indemnify each Secured Party against any cost, loss or liability incurred by it as a result of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858160"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the occurrence of any Event of Default;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858161"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any cost, loss or liability arising as a result of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">37</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sharing Among the Finance Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858162"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">funding, or making arrangements to fund, its participation in an Advance requested by the Borrowers in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by reason of default or negligence by that Finance Party alone); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858163"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrowers.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257577"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall, on demand, indemnify each Finance Party, each Affiliate of a Finance Party and each officer or employee of a Finance Party or its Affiliate (each such person for the purposes of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Other indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) an &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Indemnified Person</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;), against any cost, loss or liability incurred by that Indemnified Person pursuant to or in connection with any litigation, arbitration or administrative proceedings or regulatory enquiry, in connection with or arising out of the entry into and the transactions contemplated by the Finance Documents, having the benefit of any Security constituted by the Finance Documents or which relates to </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>79</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the condition or operation of, or any incident occurring in relation to, any Ship unless such cost, loss or liability is caused by the gross negligence or wilful misconduct of that Indemnified Person.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858164"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without limiting, but subject to any limitations set out in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the indemnity in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall cover any cost, loss or liability incurred by each Indemnified Person in any jurisdiction:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858165"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">arising or asserted under or in connection with any law relating to safety at sea, the ISM Code, any Environmental Law or any Sanctions; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858166"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in connection with any Environmental Claim.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376263548"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Affiliate or any officer or employee of a Finance Party or of any of its Affiliates may rely on this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Other indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Third party rights</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the provisions of the Third Parties Act.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360104511"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mandatory Cost</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall, on demand by the Facility Agent, pay to the Facility Agent for the account of the relevant Lender, such amount which any Lender certifies in a notice to the Facility Agent to be its good faith determination of the amount necessary to compensate it for complying with:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257607"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of a Lender lending from a Facility Office in a Participating Member State, the minimum reserve requirements (or other requirements having the same or similar purpose) of the European Central Bank or any other authority or agency which replaces all or any of its functions in respect of loans made from that Facility Office; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858167"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of any Lender lending from a Facility Office in the United Kingdom, any reserve asset, special deposit or liquidity requirements (or other requirements having the same or similar purpose) of the Bank of England (or any other governmental authority or agency) and/or paying any fees to the Financial Conduct Authority and/or the Prudential Regulation Authority (or any other governmental authority or agency which replaces all or any of their functions),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">which, in each case, is referable to that Lender&#39;s participation in the Loan.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360110639"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Indemnity to the Servicing Parties</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, on demand, indemnify each Servicing Party against any reasonable cost, loss or liability incurred by that Servicing Party (acting reasonably) as a result of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858168"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">investigating any event which it reasonably believes is a Default;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858169"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858170"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>80</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858171"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Indemnity to the Facility Agent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, on demand, indemnify the Facility Agent against any reasonable cost, loss or liability incurred by the Facility Agent (otherwise than by reason of the Facility Agent&#39;s gross negligence or wilful misconduct) or, in the case of any cost, loss or liability pursuant to Clause 38.11 (<i style="font-style:italic;">Disruption to Payment Systems etc.</i>) notwithstanding the Facility Agent&#39;s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent in acting as Facility Agent under the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360104620"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Indemnity to the Security Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858172"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall, on demand, indemnify the Security Agent and every Receiver and Delegate against any cost, loss or liability incurred by any of them:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858173"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to or as a result of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858174"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858175"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the taking, holding, protection or enforcement of the Finance Documents and the Transaction Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858176"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and each Receiver and Delegate by the Finance Documents or by law;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(D)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858177"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any default by any Transaction Obligor in the performance of any of the obligations expressed to be assumed by it in the Finance Documents;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(E)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858178"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any action by any Obligor which vitiates, reduces the value of, or is otherwise prejudicial to, the Transaction Security; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(F)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858179"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858180"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">acting as Security Agent, Receiver or Delegate under the Finance Documents or which otherwise relates to any of the Security Property or the performance of the terms of this Agreement or the other Finance Documents (otherwise, in each case, than by reason of the relevant Security Agent&#39;s, Receiver&#39;s or Delegate&#39;s gross negligence or wilful misconduct).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858181"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent and every Receiver and Delegate may, in priority to any payment to the Secured Parties, indemnify itself out of the Charged Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity in this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and shall have a lien on the Transaction Security and the proceeds of the enforcement of the Transaction Security for all monies payable to it.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16.7</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858182"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Indemnity to the Sustainability Coordinator</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 0pt 35.45pt;">Each Obligor shall, on demand, indemnify the Sustainability Coordinator against any reasonable cost, loss or liability incurred by the Sustainability Coordinator (otherwise than by reason of the Sustainability Coordinator&#39;s gross negligence or wilful misconduct) or, in the case of any cost, loss or liability pursuant to Clause 38.11 (<i style="font-style:italic;">Disruption to Payment Systems etc</i>.) </p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>81</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">notwithstanding the Sustainability Coordinator&#39;s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Sustainability Coordinator in acting as Sustainability Coordinator under the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">17</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093901"></a><a name="_Toc360097802"></a><a name="_Toc360191441"></a><a name="_Toc360191558"></a><a name="_Toc360191674"></a><a name="_Toc362504353"></a><a name="_Toc362518400"></a><a name="_Toc362605347"></a><a name="_Toc363549787"></a><a name="_Toc367198630"></a><a name="_Toc367792018"></a><a name="_Toc367867005"></a><a name="_Toc371413630"></a><a name="_Toc371413846"></a><a name="_Toc371932724"></a><a name="_Toc378965681"></a><a name="_Toc380566894"></a><a name="_Toc380579030"></a><a name="_Toc382507886"></a><a name="_Toc384670137"></a><a name="_Toc442833362"></a><a name="_Toc444194826"></a><a name="_Toc445290404"></a><a name="_Ref136858183"></a><a name="_Toc159513280"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Mitigation by the Finance Parties</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">17.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360104697"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mitigation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257872"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Finance Party shall, in consultation with the Borrowers, take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming payable under or pursuant to, or cancelled pursuant to, any of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Illegality</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax Gross Up and Indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">15</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Increased Costs</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory Cost</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) including (but not limited to) transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858184"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above does not in any way limit the obligations of any Obligor under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">17.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858185"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Limitation of liability</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858186"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower shall, on demand, indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">17.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mitigation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858187"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Finance Party is not obliged to take any steps under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">17.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mitigation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">18</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093902"></a><a name="_Toc360097803"></a><a name="_Ref360110648"></a><a name="_Ref360141670"></a><a name="_Toc360191442"></a><a name="_Toc360191559"></a><a name="_Toc360191675"></a><a name="_Toc362504354"></a><a name="_Toc362518401"></a><a name="_Toc362605348"></a><a name="_Toc363549788"></a><a name="_Toc367198631"></a><a name="_Toc367792019"></a><a name="_Toc367867006"></a><a name="_Toc371413631"></a><a name="_Toc371413847"></a><a name="_Toc371932725"></a><a name="_Toc378965682"></a><a name="_Ref379309297"></a><a name="_Toc380566895"></a><a name="_Toc380579031"></a><a name="_Toc382507887"></a><a name="_Toc384670138"></a><a name="_Toc442833363"></a><a name="_Toc444194827"></a><a name="_Toc445290405"></a><a name="_Ref136858188"></a><a name="_Ref360110647"></a><a name="_Ref360141669"></a><a name="_Ref379309296"></a><a name="_Ref107919991"></a><a name="_Toc159513281"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Costs and Expenses</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"> </b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">18.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858189"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Transaction expenses</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall, on demand, pay the Facility Agent, the Security Agent and each Mandated Lead Arranger the amount of all reasonable costs and expenses (including legal fees) reasonably incurred by any Secured Party in connection with the negotiation, preparation, printing, execution, syndication and perfection of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858190"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">this Agreement and any other documents referred to in this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858191"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Transaction Security; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858192"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other Finance Documents executed after the date of this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">18.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858193"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Amendment costs</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858194"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an Obligor requests an amendment, waiver or consent; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858195"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an amendment is required pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Change of currency</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or as contemplated in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to reference rates)</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858196"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an Obligor requests, and the Security Agent agrees to, the release of all or any part of the Charged Property from the Transaction Security,</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>82</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the Borrowers shall, on demand, reimburse each of the Facility Agent and the Security Agent for the amount of all reasonable costs and expenses (including legal fees) reasonably incurred by each Secured Party in responding to, evaluating, negotiating or complying with that request or requirement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">18.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858197"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Enforcement and preservation costs</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall, on demand, pay to each Secured Party the amount of all costs and expenses (including legal fees) incurred by that Secured Party in connection with the enforcement of, or the preservation of any rights under, any Finance Document and the Transaction Security and any proceedings instituted by or against the Security Agent as a consequence of taking or holding the Transaction Security or enforcing those rights.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">18.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref65592671"></a><a name="_Hlk70349615"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Reference rate transition costs</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall on demand <a name="_Hlk65571694"></a>reimburse each of the Facility Agent and the Security Agent for the amount of all costs and expenses (including legal fees) reasonably incurred by each Secured Party in connection with:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432713"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the negotiation or entry into of any Compounded Rate Supplement or Compounding Methodology Supplement; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432714"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amendment, waiver or consent relating to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432715"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the transition to the Compounded Reference Rate;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432716"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Compounded Rate Supplement or Compounding Methodology Supplement; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432717"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any change arising as a result of an amendment required under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to reference rates</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>83</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 7</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413632"></a><a name="_Toc371413848"></a><a name="_Toc371932726"></a><a name="_Toc378965683"></a><a name="_Toc380566896"></a><a name="_Toc380579032"></a><a name="_Toc382507888"></a><a name="_Toc384670139"></a><a name="_Toc442833364"></a><a name="_Toc444194828"></a><a name="_Toc445290406"></a><a name="_Ref136858198"></a><a name="_Toc159513282"></a>Guarantees and Joint and Several Liability of Guarantors and the Borrowers</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093903"></a><a name="_Toc360097804"></a><a name="_Ref360104765"></a><a name="_Ref360104766"></a><a name="_Ref360104785"></a><a name="_Ref360104786"></a><a name="_Ref360104799"></a><a name="_Ref360104800"></a><a name="_Ref360114232"></a><a name="_Ref360114233"></a><a name="_Toc360191443"></a><a name="_Toc360191560"></a><a name="_Toc360191676"></a><a name="_Toc362504355"></a><a name="_Toc362518402"></a><a name="_Toc362605349"></a><a name="_Toc363549789"></a><a name="_Toc367198632"></a><a name="_Toc367792020"></a><a name="_Toc367867007"></a><a name="_Toc371413633"></a><a name="_Toc371413849"></a><a name="_Toc371932727"></a><a name="_Toc378965684"></a><a name="_Ref380006374"></a><a name="_Toc380566897"></a><a name="_Toc380579033"></a><a name="_Toc382507889"></a><a name="_Toc384670140"></a><a name="_Toc442833365"></a><a name="_Toc444194829"></a><a name="_Toc445290407"></a><a name="_Ref136858199"></a><a name="_Ref380006399"></a><a name="_Toc159513283"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Guarantee and Indemnity &#8211; Guarantor</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">s</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_9kR3WTr2665AFSPqopm6yk"></a><a name="_Ref360104943"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Guarantee</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> and indemnity</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Guarantor irrevocably and unconditionally:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858200"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">guarantees to each Finance Party punctual performance by each Obligor other than the Guarantors of all such other Obligor&#39;s obligations under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858201"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">undertakes with each Finance Party that whenever an Obligor other than the Guarantors do not pay any amount when due under or in connection with any Finance Document, the Guarantors shall immediately on demand pay that amount as if it were the principal obligor; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858202"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of an Obligor other than the Guarantors not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Finance Document on the date when it would have been due. &#160;The amount payable by the Guarantors under this indemnity will not exceed the amount it would have had to pay under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">19</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Guarantors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) if the amount claimed had been recoverable on the basis of the guarantee.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360104985"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Continuing guarantee</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment or discharge in whole or in part.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360105012"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Reinstatement</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of the Guarantors under this Clause 19 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Guarantors</i>) will continue or be reinstated as if the discharge, release or arrangement had not occurred.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360104814"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Waiver of defences</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The obligations of the Guarantors under this Clause 19 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Guarantors</i>) and in respect of any Transaction Security will not be affected or discharged by an act, omission, matter or thing which, but for this Clause 19.4 (<i style="font-style:italic;">Waiver of defences</i>), would reduce, release or prejudice any of its obligations under this Clause 19 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Guarantors</i>) or in respect of any Transaction Security (without limitation and whether or not known to it or any Secured Party) including:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858203"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any time, waiver or consent granted to, or composition with, any Obligor or other person;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>84</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858204"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858205"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858206"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858207"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858208"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858209"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any insolvency or similar proceedings.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360105053"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Immediate recourse</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Guarantors each waive any right they may have of first requiring any Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person (including without limitation to commence any proceedings under any Finance Document or to enforce any Transaction Security) before claiming or commencing proceedings under this Clause 19 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Guarantors</i>). &#160;This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360105091"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Appropriations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Secured Party (or any trustee or agent on its behalf) may:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858210"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">refrain from applying or enforcing any other moneys, security or rights held or received by that Secured Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and the Guarantors shall not be entitled to the benefit of the same; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858211"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">hold in an interest-bearing suspense account any moneys received from the Guarantors or on account of either Guarantor&#39;s liability under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">19</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Guarantors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360105121"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deferral of Parent Guarantors&#39; rights</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;">All rights which either Guarantor at any time has (whether in respect of this guarantee, a mortgage or any other transaction) against any Borrower, any other Obligor or their respective assets shall be fully subordinated to the rights of the Secured Parties under the Finance Documents and until the end of the Security Period and unless the Facility Agent otherwise </p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>85</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">directs, the Guarantors will not exercise any rights which they may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by either Guarantor of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 19 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Guarantors</i>):</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858212"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to be indemnified by an Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858213"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to claim any contribution from any third party providing security for, or any other guarantor of, any Obligor&#39;s obligations under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858214"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Secured Party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858215"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which the Parent Guarantor have given a guarantee, undertaking or indemnity under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">19</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Guarantors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858216"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to exercise any right of set-off against any Obligor; and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858217"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to claim or prove as a creditor of any Obligor in competition with any Secured Party.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If either Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Secured Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 38 (<i style="font-style:italic;">Payment Mechanics</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360105154"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Additional security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This guarantee and any other Security given by the Guarantors is in addition to and is not in any way prejudiced by, and shall not prejudice, any other guarantee or Security or any other right of recourse now or subsequently held by any Secured Party or any right of set-off or netting or right to combine accounts in connection with the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">19.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858218"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Applicability of provisions of </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_9kMHG5YVt4887CHURsqro80m"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Guarantee</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> to other Security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Clauses 19.2 (<i style="font-style:italic;">Continuing guarantee</i>), 19.3 (<i style="font-style:italic;">Reinstatement</i>), 19.4 (<i style="font-style:italic;">Waiver of defences</i>), 19.5 (<i style="font-style:italic;">Immediate recourse</i>), 19.6 (<i style="font-style:italic;">Appropriations</i>), 19.7 (<i style="font-style:italic;">Deferral of Parent Guarantors&#39; rights</i>) and 19.8 (<i style="font-style:italic;">Additional security</i>) shall apply, with any necessary modifications, to any Security which the Parent Guarantor creates (whether at the time at which it signs this Agreement or at any later time) to secure the Secured Liabilities or any part of them.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">20</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093904"></a><a name="_Toc360097805"></a><a name="_Ref360114697"></a><a name="_Ref360114698"></a><a name="_Toc360191444"></a><a name="_Toc360191561"></a><a name="_Toc360191677"></a><a name="_Toc362504356"></a><a name="_Toc362518403"></a><a name="_Toc362605350"></a><a name="_Toc363549790"></a><a name="_Toc367198633"></a><a name="_Toc367792021"></a><a name="_Toc367867008"></a><a name="_Toc371413634"></a><a name="_Toc371413850"></a><a name="_Toc371932728"></a><a name="_Toc378965686"></a><a name="_Ref380048575"></a><a name="_Ref380048576"></a><a name="_Toc380566898"></a><a name="_Toc380579034"></a><a name="_Toc381605368"></a><a name="_Toc382603152"></a><a name="_Toc382984804"></a><a name="_Toc444194830"></a><a name="_Toc445290408"></a><a name="_Toc159513284"></a><a name="_Ref380048599"></a><a name="_Ref380048600"></a><a name="_Ref380051659"></a><a name="_Ref380051660"></a><a name="_Toc380566899"></a><a name="_Toc380579035"></a><a name="_Toc382507890"></a><a name="_Toc384670141"></a><a name="_Toc442833366"></a><a name="_Toc360093905"></a><a name="_Toc360097806"></a><a name="_Ref360105216"></a><a name="_Ref360105217"></a><a name="_Ref360114597"></a><a name="_Ref360114598"></a><a name="_Toc360191445"></a><a name="_Toc360191562"></a><a name="_Toc360191678"></a><a name="_Toc362504357"></a><a name="_Toc362518404"></a><a name="_Toc362605351"></a><a name="_Toc363549791"></a><a name="_Toc367198634"></a><a name="_Toc367792022"></a><a name="_Toc367867009"></a><a name="_Toc371413635"></a><a name="_Toc371413851"></a><a name="_Toc371932729"></a><a name="_Toc378965687"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Joint and Several Liability of the </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Guarantors</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">20.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858219"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Joint and several liability</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">All liabilities and obligations of the Guarantors under this Agreement shall, whether expressed to be so or not, be joint and several.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>86</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">20.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref379891162"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Waiver of defences</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The liabilities and obligations of a Guarantor shall not be impaired by:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858220"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">this Agreement being or later becoming void, unenforceable or illegal as regards the other Guarantor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858221"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Lender or the Security Agent entering into any rescheduling, refinancing or other arrangement of any kind with the other Guarantor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858222"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Lender or the Security Agent releasing the other Guarantor or any Security created by a Finance Document; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858223"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any time, waiver or consent granted to, or composition with the other Guarantor or other person;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858224"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the release of the other Guarantor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858225"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, the other Guarantor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858226"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of the other Guarantor or any other person;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858227"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amendment, novation, supplement, extension, restatement (however fundamental, and whether or not more onerous) or replacement of a Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858228"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any unenforceability, illegality or invalidity of any obligation or any person under any Finance Document or any other document or security; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858229"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any insolvency or similar proceedings.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">20.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858230"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Principal Debtor</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Guarantor declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and the Finance Documents and no Guarantor shall, in any circumstances, be construed to be a surety for the obligations of the other Guarantor under this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">20.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858231"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Guarantor restrictions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376258036"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, during the Security Period no Guarantor shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858232"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">claim any amount which may be due to it from the other Guarantor whether in respect of a payment made under, or matter arising out of, this Agreement or any Finance Document, or any matter unconnected with this Agreement or any Finance Document; or</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>87</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858233"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">take or enforce any form of security from the other Guarantor for such an amount, or in any the way seek to have recourse in respect of such an amount against any asset of the other Guarantor; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858234"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">set off such an amount against any sum due from it to the other Guarantor; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858235"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure involving the other Guarantor; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858236"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">exercise or assert any combination of the foregoing.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376257898"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If during the Security Period, the Facility Agent, by notice to a Guarantor, requires it to take any action referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above in relation to the other Guarantor, that Guarantor shall take that action as soon as practicable after receiving the Facility Agent&#39;s notice.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">20.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858237"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deferral of Guarantors&#39; rights</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Until all amounts which may be or become payable by the Guarantors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Facility Agent otherwise directs, no Guarantor will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858238"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to be indemnified by the other Guarantor; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858239"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to claim any contribution from the other Guarantor in relation to any payment made by it under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">21</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc444194831"></a><a name="_Toc445290409"></a><a name="_Ref136858240"></a><a name="_Toc159513285"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Joint and Several Liability of the Borrowers</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">21.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858241"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Joint and several liability</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">All liabilities and obligations of the Borrowers under this Agreement shall, whether expressed to be so or not, be joint and several.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">21.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858242"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Waiver of defences</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The liabilities and obligations of a Borrower shall not be impaired by:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858243"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">this Agreement being or later becoming void, unenforceable or illegal as regards any other Borrower;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858244"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Lender or the Security Agent entering into any rescheduling, refinancing or other arrangement of any kind with any other Borrower;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858245"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Lender or the Security Agent releasing any other Borrower or any Security created by a Finance Document; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858246"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any time, waiver or consent granted to, or composition with any other Borrower or other person;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858247"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the release of any other Borrower or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>88</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858248"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any other Borrower or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858249"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of any other Borrower or any other person;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858250"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amendment, novation, supplement, extension, restatement (however fundamental, and whether or not more onerous) or replacement of a Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858251"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any unenforceability, illegality or invalidity of any obligation or any person under any Finance Document or any other document or security; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858252"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any insolvency or similar proceedings.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">21.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858253"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Principal Debtor</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower declares that it is and will, throughout the Security Period, remain a principal debtor for all amounts owing under this Agreement and the Finance Documents and no Borrower shall, in any circumstances, be construed to be a surety for the obligations of any other Borrower under this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">21.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858254"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Borrower restrictions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref382860210"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, during the Security Period no Borrower shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858255"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">claim any amount which may be due to it from any other Borrower whether in respect of a payment made under, or matter arising out of, this Agreement or any Finance Document, or any matter unconnected with this Agreement or any Finance Document; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858256"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">take or enforce any form of security from any other Borrower for such an amount, or in any the way seek to have recourse in respect of such an amount against any asset of any other Borrower; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858257"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">set off such an amount against any sum due from it to any other Borrower; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858258"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">prove or claim for such an amount in any liquidation, administration, arrangement or similar procedure involving any other Borrower; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858259"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">exercise or assert any combination of the foregoing.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref382860185"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If during the Security Period, the Facility Agent, by notice to a Borrower, requires it to take any action referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above in relation to any other Borrower, that Borrower shall take that action as soon as practicable after receiving the Facility Agent&#39;s notice.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>89</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">21.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858260"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deferral of Borrowers&#39; rights</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Until all amounts which may be or become payable by the Borrowers under or in connection with the Finance Documents have been irrevocably paid in full and unless the Facility Agent otherwise directs, no Borrower will exercise any rights which it may have by reason of performance by it of its obligations under the Finance Documents:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858261"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to be indemnified by any other Borrower; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858262"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to claim any contribution from any other Borrower in relation to any payment made by it under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>90</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 8</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc382507891"></a><a name="_Toc384670142"></a><a name="_Toc442833367"></a><a name="_Toc444194832"></a><a name="_Toc445290410"></a><a name="_Ref136858263"></a><a name="_Toc159513286"></a>Guarantee and Indemnity - Hedge Guarantors</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref381379383"></a><a name="_Toc382507892"></a><a name="_Toc384670143"></a><a name="_Toc442833368"></a><a name="_Toc444194833"></a><a name="_Toc445290411"></a><a name="_Toc159513287"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Guarantee and Indemnity &#8211; Hedge Guarantors</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_9kMIH5YVt4887CHURsqro80m"></a><a name="_Ref136858264"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Guarantee</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> and indemnity</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Hedge Guarantor irrevocably and unconditionally:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858265"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">guarantees to each Finance Party punctual performance by each Borrower of all that Borrower&#39;s obligations under the Hedging Agreements;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858266"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">undertakes with each Finance Party that whenever a Borrower does not pay any amount when due under or in connection with any Hedging Agreement, that Hedge Guarantor shall immediately on demand pay that amount as if it were the principal obligor; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858267"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">agrees with each Finance Party that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary obligation, indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of a Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable by it under any Hedging Agreement on the date when it would have been due. &#160;The amount payable by a Hedge Guarantor under this indemnity will not exceed the amount it would have had to pay under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">22</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Hedge Guarantors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) if the amount claimed had been recoverable on the basis of a guarantee.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381380376"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Continuing guarantee</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Borrower under the Hedging Agreements, regardless of any intermediate payment or discharge in whole or in part.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381380387"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Reinstatement</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If any discharge, release or arrangement (whether in respect of the obligations of any Borrower or any security for those obligations or otherwise) is made by a Secured Party in whole or in part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Hedge Guarantor under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Hedge Guarantors</i>) will continue or be reinstated as if the discharge, release or arrangement had not occurred.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381379367"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Waiver of defences</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The obligations of each Hedge Guarantor under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Hedge Guarantors</i>) (and in respect of any Transaction Security will not be affected or discharged by an act, omission, matter or thing which, but for this Clause 22.4 (<i style="font-style:italic;">Waiver of defences</i>), would reduce, release or prejudice any of its obligations under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Hedge Guarantors</i>)) or in respect of any Transaction Security (without limitation and whether or not known to it or any Secured Party) including:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858268"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any time, waiver or consent granted to, or composition with, any Obligor or other person;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>91</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858269"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858270"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Obligor or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858271"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of an Obligor or any other person;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858272"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including, without limitation, any change in the purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858273"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858274"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any insolvency or similar proceedings.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381380414"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Immediate recourse</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Hedge Guarantor waives any right it may have of first requiring any Secured Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim payment from any person (including without limitation to commence any proceedings under any Finance Document or to enforce any Transaction Security) before claiming or commencing proceedings under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Hedge Guarantors</i>).</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381380425"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Appropriations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Until all amounts which may be or become payable by the Borrowers under or in connection with the Hedging Agreements have been irrevocably paid in full, each Secured Party (or any trustee or agent on its behalf) may:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858275"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">refrain from applying or enforcing any other moneys, security or rights held or received by that Secured Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and order as it sees fit (whether against those amounts or otherwise) and no Hedge Guarantor shall be entitled to the benefit of the same; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858276"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">hold in an interest-bearing suspense account any moneys received from any Hedge Guarantor or on account of any Hedge Guarantor&#39;s liability under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">22</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Hedge Guarantors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>92</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381380438"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deferral of Hedge Guarantors&#39; rights</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">All rights which each Hedge Guarantor at any time has (whether in respect of this guarantee, a mortgage or any other transaction) against any Borrower, any other Obligor or their respective assets shall be fully subordinated to the rights of the Secured Parties under the Finance Documents and until the end of the Security Period and unless the Facility Agent otherwise directs, no Hedge Guarantor will exercise any rights which it may have (whether in respect of any Finance Document to which it is a Party or any other transaction) by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this Clause 22 (<i style="font-style:italic;">Guarantee and Indemnity &#8211; Hedge Guarantors</i>):</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858277"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to be indemnified by an Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858278"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to claim any contribution from any third party providing security for, or any other guarantor of, any Obligor&#39;s obligations under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858279"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Secured Parties under the Finance Documents or of any other guarantee or security taken pursuant to, or in connection with, the Finance Documents by any Secured Party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858280"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Hedge Guarantor has given a guarantee, undertaking or indemnity under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">20</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Joint and Several Liability of the Guarantors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858281"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to exercise any right of set-off against any Obligor; and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858282"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to claim or prove as a creditor of any Obligor in competition with any Secured Party.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If a Hedge Guarantor receives any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Secured Parties by the Obligors under or in connection with the Finance Documents to be repaid in full on trust for the Secured Parties and shall promptly pay or transfer the same to the Facility Agent or as the Facility Agent may direct for application in accordance with Clause 38 (<i style="font-style:italic;">Payment Mechanics</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref381380452"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Additional security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This guarantee and any other Security given by a Hedge Guarantor is in addition to and is not in any way prejudiced by, and shall not prejudice, any other guarantee or Security or any other right of recourse now or subsequently held by any Secured Party or any right of set-off or netting or right to combine accounts in connection with the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">22.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858283"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Applicability of provisions of </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_9kMJI5YVt4887CHURsqro80m"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Guarantee</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> to other Security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Clauses 22.2 (<i style="font-style:italic;">Continuing guarantee</i>), 22.3 (<i style="font-style:italic;">Reinstatement</i>), 22.4 (<i style="font-style:italic;">Waiver of defences</i>), 22.5 (<i style="font-style:italic;">Immediate recourse</i>), 22.6 (<i style="font-style:italic;">Appropriations</i>), 22.7 (<i style="font-style:italic;">Deferral of Hedge Guarantors&#39; rights</i>) and 22.8 (<i style="font-style:italic;">Additional security</i>) shall apply, with any necessary modifications, to any Security which a Hedge Guarantor creates (whether at the time at which it signs this Agreement or at any later time) to secure the Secured Liabilities or any part of them.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>93</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 9</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413636"></a><a name="_Toc371413852"></a><a name="_Toc371932730"></a><a name="_Toc378965688"></a><a name="_Toc380566900"></a><a name="_Toc380579036"></a><a name="_Toc382507893"></a><a name="_Toc384670144"></a><a name="_Toc442833369"></a><a name="_Toc444194834"></a><a name="_Toc445290412"></a><a name="_Ref136858284"></a><a name="_Toc159513288"></a>Representations, Undertakings and Events of Default</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360082788"></a><a name="_Toc360093906"></a><a name="_Toc360097807"></a><a name="_Ref360098703"></a><a name="_Ref360105805"></a><a name="_Toc360191446"></a><a name="_Toc360191563"></a><a name="_Toc360191679"></a><a name="_Toc362504358"></a><a name="_Toc362518405"></a><a name="_Toc362605352"></a><a name="_Toc363549792"></a><a name="_Toc367198635"></a><a name="_Toc367792023"></a><a name="_Toc367867010"></a><a name="_Toc371413637"></a><a name="_Toc371413853"></a><a name="_Toc371932731"></a><a name="_Toc378965689"></a><a name="_Toc380566901"></a><a name="_Toc380579037"></a><a name="_Ref381383249"></a><a name="_Toc382507894"></a><a name="_Toc384670145"></a><a name="_Toc442833370"></a><a name="_Toc444194835"></a><a name="_Toc445290413"></a><a name="_Ref136858285"></a><a name="_Ref360098702"></a><a name="_Ref360105804"></a><a name="_Ref381383248"></a><a name="_Toc159513289"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Representations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858286"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">General</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor makes the representations and warranties set out in this Clause 23 (<i style="font-style:italic;">Representations</i>) to each Finance Party on the date of this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858287"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Status</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858288"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In the case of each Borrower and the Corporate Guarantor, it is a limited liability company, duly formed and validly existing in good standing under the law of its jurisdiction of formation and in the case of the Parent Guarantor it is a corporation, duly incorporated and validly existing in good standing under the law of its jurisdiction of incorporation.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858289"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">It has the power to own its assets and carry on its business as it is being conducted.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858290"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Membership interests and ownership</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858291"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The aggregate membership interests expressed in terms of shares authorised to be issued is:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858292"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of Borrower A and Borrower B, 100 LLC shares;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858293"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of Borrower C, 5,913,289 LLC shares;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858294"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of Borrower D, 2,963,289 LLC shares;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858295"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of Borrower E, 11,821,252 LLC shares;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858296"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of Borrower F, 100 LLC shares; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858297"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of Borrower G, 100 LLC shares,</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">which shares are, in each case, uncertificated.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858298"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The legal title to and beneficial interest in the membership interests in each Borrower is held free of any Security or any other claim by the Corporate Guarantor.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858299"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">None of the membership interests in any Borrower is subject to any option to purchase, pre-emption rights or similar rights.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858300"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The legal title to and beneficial interest in the membership interests in the Corporate Guarantor is held free of any Security or any other claim by the Parent Guarantor.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858301"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Binding obligations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The obligations expressed to be assumed by it in each Transaction Document to which it is a party are legal, valid, binding and enforceable obligations.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>94</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858302"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Validity, effectiveness and ranking of Security</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858303"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Finance Document to which it is a party does now or, as the case may be, will upon execution and delivery and, where applicable, registration create the Security it purports to create over any assets to which such Security, by its terms, relates, and such Security will, when created or intended to be created, be valid and effective.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858304"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No third party has or will have any Security (except for Permitted Security) over any assets that are the subject of any Transaction Security granted by it.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858305"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Transaction Security granted by it to the Security Agent or any other Secured Party has or will when created or intended to be created have first ranking priority or such other priority it is expressed to have in the Finance Documents and is not subject to any prior ranking or </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pari passu</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> ranking security.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858306"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No concurrence, consent or authorisation of any person is required for the creation of or otherwise in connection with any Transaction Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858307"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Non-conflict with other obligations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The entry into and performance by it of, and the transactions contemplated by, each Transaction Document to which it is a party do not and will not conflict with:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858308"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any law or regulation applicable to it;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858309"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the constitutional documents of any member of the Group; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858310"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any agreement or instrument binding upon it or any member of the Group or any member of the Group&#39;s assets or constitute a default or termination event (however described) under any such agreement or instrument.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858311"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Power and authority</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858312"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">It has the power to enter into, perform and deliver, and has taken all necessary action to authorise:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858313"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its entry into, performance and delivery of, each Transaction Document to which it is or will be a party and the transactions contemplated by those Transaction Documents; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858314"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of each Borrower, its registration of the Ship owned by it under its Approved Flag.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858315"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No limit on its powers will be exceeded as a result of the borrowing, granting of security or giving of guarantees or indemnities contemplated by the Transaction Documents to which it is a party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858316"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Validity and admissibility in evidence</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">All Authorisations required or desirable:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858317"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to enable it lawfully to enter into, exercise its rights and comply with its obligations in the Transaction Documents to which it is a party; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>95</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858318"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to make the Transaction Documents to which it is a party admissible in evidence in its Relevant Jurisdictions,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">have been obtained or effected and are in full force and effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858319"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Governing law and enforcement</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858320"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The choice of governing law of each Transaction Document to which it is a party will be recognised and enforced in its Relevant Jurisdictions.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858321"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any judgment obtained in relation to a Transaction Document to which it is a party in the jurisdiction of the governing law of that Transaction Document will be recognised and enforced in its Relevant Jurisdictions.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360098721"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Insolvency</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858322"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">corporate action, legal proceeding or other procedure or step described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Insolvency proceedings</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858323"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">creditors&#39; process described in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Creditors&#39; process</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">has been taken or, to its knowledge, threatened in relation to a member of the Group; and none of the circumstances described in Clause 31.7 (<i style="font-style:italic;">Insolvency</i>) applies to a member of the Group.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360098743"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No filing or stamp taxes</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Except for the filing in the <a name="_9kR3WTr2665AGZBn6xglxVX7qtx3sZv0DPPV"></a>Marshall Islands Registry of the Mortgages over the Ships, under the laws of its Relevant Jurisdictions it is not necessary that the Finance Documents to which it is a party be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar taxes or fees be paid on or in relation to the Finance Documents to which it is a party or the transactions contemplated by those Finance Documents except any filing, recording or enrolling or any tax or fee payable which is referred to in any legal opinion delivered pursuant to Clause 4 (<i style="font-style:italic;">Conditions of Utilisation</i>) and which will be made or paid promptly after the date of the relevant Finance Document.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360098781"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deduction of Tax</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">It is not required to make any Tax Deduction from any payment it may make under any Finance Document to which it is a party.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858324"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No default</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858325"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Event of Default and, on the date of this Agreement and on each Utilisation Date, no Default is continuing or might reasonably be expected to result from the making of any Utilisation or the entry into, the performance of, or any transaction contemplated by, any Transaction Document.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858326"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No other event or circumstance is outstanding which constitutes a default or a termination event (however described) under any other agreement or instrument which is binding on it or to which its assets are subject which might have a Material Adverse Effect.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>96</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858327"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No misleading information</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858328"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any factual information provided by any member of the Group for the purposes of this Agreement was true and accurate in all material respects as at the date it was provided or as at the date (if any) at which it is stated.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858329"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The financial projections contained in any such information have been prepared on the basis of recent historical information and on the basis of reasonable assumptions.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858330"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Nothing has occurred or been omitted from any such information and no information has been given or withheld that results in the information provided being untrue or misleading in any material respect.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858331"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Financial Statements</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858332"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Its most recent financial statements delivered pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858333"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">have been prepared in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Requirements as to financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858334"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">give a true and fair view of (if audited) or fairly represent (if unaudited) its financial condition and operations (consolidated in the case of the Parent Guarantor) during the relevant financial year.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858335"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Since the date of the most recent financial statements delivered pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) there has been no material adverse change in its business, assets or financial condition (or the business or consolidated financial condition of the Group, in the case of the Parent Guarantor).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858336"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Pari passu ranking</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Its payment obligations under the Finance Documents to which it is a party rank at least <i style="font-style:italic;">pari passu</i> with the claims of all its other unsecured and unsubordinated creditors, except for obligations mandatorily preferred by law applying to companies generally.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.17</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858337"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No proceedings pending or threatened</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No litigation, arbitration or administrative proceedings or investigations (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) of or before any court, arbitral body or agency have (to the best of its knowledge and belief (having made due and careful enquiry)) been started or threatened against it, which might have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.18</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858338"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Validity and completeness of the Pool Agreements</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858339"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Pool Agreements constitute legal, valid, binding and enforceable obligations of the parties to it.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858340"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The copies of the Pool Agreements delivered to the Facility Agent before the date of this Agreement are a true and complete copy.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858341"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No material amendments or additions to the Pool Agreements have been agreed nor have any rights under the Pool Agreements been waived.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>97</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.19</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858342"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Valuations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376258089"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All information supplied by it or on its behalf to an Approved Valuer for the purposes of a valuation delivered to the Facility Agent in accordance with this Agreement was true and accurate as at the date it was supplied or (if appropriate) as at the date (if any) at which it is stated to be given.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858343"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">It has not omitted to supply any information to an Approved Valuer which, if disclosed, would adversely affect any valuation prepared by such Approved Valuer.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858344"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">There has been no change to the factual information provided pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above in relation to any valuation between the date such information was provided and the date of that valuation which, in either case, renders that information untrue or misleading in any material respect.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.20</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858345"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No breach of laws</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">It has not breached any law or regulation which breach has had or could reasonably be expected to have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.21</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858346"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No Charter</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Ship is subject to any Charter other than a Permitted Charter.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.22</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858347"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Compliance with Environmental Laws</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">All Environmental laws relating to the ownership, operation and management of each Ship and the business of each member of the Group (as now conducted and as reasonably anticipated to be conducted in the future) and the terms of all Environmental Approvals have been complied with.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.23</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858348"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No Environmental Claim</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Environmental Claim has been made or threatened against any member of the Group or any Ship.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.24</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858349"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No Environmental Incident</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.25</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858350"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ISM and ISPS Code compliance</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">All requirements of the ISM Code and the ISPS Code as they relate to each Borrower, each Approved Manager and each Ship have been complied with or will be complied with.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.26</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858351"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Taxes paid</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858352"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">It is not and no other member of the Group is materially overdue in the filing of any Tax returns and it is not (and no other member of the Group is) overdue in the payment of any amount in respect of Tax.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858353"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No claims or investigations are being, or could reasonably be expected to be, made or conducted against it (or any other member of the Group) with respect to Taxes.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>98</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.27</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858354"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Financial Indebtedness</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower has any Financial Indebtedness outstanding other than as permitted by this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.28</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858355"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Overseas companies</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Obligor has delivered particulars, whether in its name stated in the Finance Documents or any other name, of any UK Establishment to the <a name="_9kR3WTr2665AHfKglyAAst8xMQ79yx6y9"></a>Registrar of Companies as required under the Overseas Regulations or, if it has so registered, it has provided to the Facility Agent sufficient details to enable an accurate search against it to be undertaken by the Lenders at the <a name="_9kR3WTr2665AIRFwynmvnymTpu7JJP"></a>Companies Registry.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.29</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858356"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Good title to assets</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">It has good, valid and marketable title to, or valid leases or licences of, and all appropriate Authorisations to use, the assets necessary to carry on its business as presently conducted.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.30</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858357"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Ownership</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858358"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the first Utilisation Date, Borrower A will be the sole legal and beneficial owner of Ship A, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858359"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the first Utilisation Date, Borrower B will be the sole legal and beneficial owner of Ship B, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858360"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the first Utilisation Date, Borrower C will be the sole legal and beneficial owner of Ship C, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858361"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the first Utilisation Date, Borrower D will be the sole legal and beneficial owner of Ship D, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858362"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Utilisation Date in respect of Ship E, Borrower E will be the sole legal and beneficial owner of Ship E, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858363"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Utilisation Date in respect of Ship F, Borrower F will be the sole legal and beneficial owner of Ship F, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858364"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Utilisation Date in respect of Ship G, Borrower G will be the sole legal and beneficial owner of Ship G, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858365"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">With effect on and from the date of its creation or intended creation, each Borrower will be the sole legal and beneficial owner of any other asset that is the subject of any Transaction Security created or intended to be created by that Borrower.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.31</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858366"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Centre of main interests and establishments</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">For the purposes of The <a name="_9kMLK5YVt4886FJOH66plv"></a>Council of the European Union Regulation No. 2015/848 on <a name="_9kR3WTr2665AJYK13x5zsr3rfBxorrw76C"></a>Insolvency Proceedings (recast) (the &quot;<b style="font-weight:bold;">Regulation</b>&quot;), its centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in Bermuda and it has no &quot;establishment&quot; (as that term is used in Article <a name="DocXTextRef51"></a>2(h) of the Regulation) in any other jurisdiction save as disclosed to, and agreed by, the Lenders.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>99</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.32</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858367"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Place of business</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Obligor has a place of business in any country other than as disclosed to the Facility Agent in writing, and agreed to by the Lenders, on or around the date of this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.33</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858368"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No employee or pension arrangements</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Obligor has any employees (save as disclosed at the date of this Agreement) or any liabilities under any pension scheme.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.34</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref477296340"></a><a name="_Toc506470333"></a><a name="_Toc506472419"></a><a name="_Toc506475871"></a><a name="_Toc506470334"></a><a name="_Toc506472420"></a><a name="_Toc506475872"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sanctions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">Each Relevant Person has been and is in compliance with all Sanctions and no Relevant Person:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858369"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is a Restricted Party, or is involved in any transaction through which it is likely to become a Restricted Party; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858370"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has received formal notice in writing of any inquiry, claim, action, suit, proceeding or investigation against it with respect to Sanctions.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.35</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858371"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Anti-corruption and anti-money laundering obligations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858372"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Transaction Obligor, nor any of their Subsidiaries or joint ventures, nor any of their respective directors, officers or employees nor, to the knowledge of the Transaction Obligors, any persons acting on any of their behalf, has engaged in any activity or conduct which would breach any applicable anti-bribery and anti-money laundering laws or regulations and it has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws and regulations.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858373"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor has conducted its business in compliance with all applicable Anti-Corruption Laws and has instituted and maintained policies and procedures designed to promote and achieve compliance with such laws.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.36</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc506470335"></a><a name="_Toc506472421"></a><a name="_Toc506475873"></a><a name="_Ref136858374"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Anti-terrorism</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">No Transaction Obligor, nor any of their Subsidiaries or joint ventures, nor any of their respective directors, officers or employees nor, to the knowledge of the Transaction Obligors, any persons acting on any of their behalf, has engaged in any activity or conduct which would violate any anti-terrorism laws applicable to it.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.37</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858375"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Shareholder loans</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers have not received any shareholder loans.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">23.38</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858376"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Repetition</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Repeating Representations are deemed to be made by each Obligor by reference to the facts and circumstances then existing on the date of each Utilisation Request and the first day of each Interest Period.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>100</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360082789"></a><a name="_Toc360093907"></a><a name="_Toc360097808"></a><a name="_Ref360105991"></a><a name="_Toc360191447"></a><a name="_Toc360191564"></a><a name="_Toc360191680"></a><a name="_Toc362504359"></a><a name="_Toc362518406"></a><a name="_Toc362605353"></a><a name="_Toc363549793"></a><a name="_Toc367198636"></a><a name="_Toc367792024"></a><a name="_Toc367867011"></a><a name="_Toc371413638"></a><a name="_Toc371413854"></a><a name="_Toc371932732"></a><a name="_Toc378965690"></a><a name="_Toc380566902"></a><a name="_Toc380579038"></a><a name="_Toc382507895"></a><a name="_Toc384670146"></a><a name="_Toc442833371"></a><a name="_Toc444194836"></a><a name="_Toc445290414"></a><a name="_Ref136858377"></a><a name="_Ref360105990"></a><a name="_Toc159513290"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Information Undertakings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref379886761"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">General</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The undertakings in this Clause 24 (<i style="font-style:italic;">Information Undertakings</i>) remain in force throughout the Security Period unless the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders), may otherwise permit.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360106018"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Financial statements</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Obligors shall ensure that there are provided to the Facility Agent in sufficient copies for all the Lenders:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259394"></a><a name="_Ref136858378"></a><a name="_Ref382504552"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as soon as they become available, but in any event within 120 days after the end of each of its respective financial years</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259396"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the audited consolidated financial statements of the Parent Guarantor for that financial year</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259407"></a><a name="_Ref444192154"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as soon as the same become available, but in any event within 60 days after the end of each quarter of each of their respective financial years</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259409"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the unaudited financial statements of the Parent Guarantor quarterly.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref379886817"></a><a name="_Ref107910531"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Compliance Certificate and Sustainability Certificate</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858379"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Parent Guarantor shall supply to the Facility Agent, with each set of financial statements delivered pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">25</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial Covenants</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as at the date as at which those financial statements were drawn up.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432899"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Parent Guarantor shall deliver to the Facility Agent, as soon as reasonably practicable and in any event on or before 31 July in each calendar year, a Sustainability Certificate for the prior calendar year. &#160;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk44410791"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For the avoidance of doubt, calendar year 2022 (to be published in 2023) shall be the first year to be measured; provided that if the Parent Guarantor fails to deliver a Sustainability Certificate, no Default or Event of Default will result from such failure to deliver such Sustainability Certificate in 2023 or any other calendar year thereafter.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858380"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Compliance Certificate and Sustainability Certificate shall be signed by one officer of the Parent Guarantor.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref362420401"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Requirements as to financial statements</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858381"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each set of financial statements delivered by a Borrower pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall be certified by an officer of the relevant company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and operations as at the date as at which those financial statements were drawn up.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858382"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall procure that each set of financial statements delivered pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) is prepared using GAAP.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858383"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall procure that each set of financial statements of an Obligor delivered pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) is prepared using GAAP, accounting practices and financial reference periods consistent with those applied in the preparation of the Original Financial Statements for that Obligor unless, in relation to any set of financial statements, it notifies the Facility Agent that there has been a change in GAAP, the accounting practices or </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>101</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">reference periods and its auditors (or, if appropriate, the auditors of the Obligor) deliver to the Facility Agent:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858384"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a description of any change necessary for those financial statements to reflect the GAAP, accounting practices and reference periods upon which that Obligor&#39;s Original Financial Statements were prepared; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858385"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">sufficient information, in form and substance as may be reasonably required by the Facility Agent, to enable the Lenders to determine whether Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">25</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial Covenants</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) has been complied with and make an accurate comparison between the financial position indicated in those financial statements and that Obligor&#39;s Original Financial Statements.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any reference in this Agreement to those financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref44423073"></a><a name="_Ref360108462"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">DAC6</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432907"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">DAC6</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">DAC6</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4887AEPH66plvRJ41n3ADA"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Council Directive</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of 25 May 2018 (2018/822/EU) amending Directive 2011/16/EU </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk62052544"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">or any replacement legislation applicable in the United Kingdom</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432908"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower shall supply to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432909"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly upon the making of such analysis or the obtaining of such advice, any analysis made or advice obtained on whether any transaction contemplated by the Transaction Documents or any transaction carried out (or to be carried out) in connection with any transaction contemplated by the Transaction Documents contains a hallmark as set out in Annex IV of DAC6; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432910"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly upon the making of such reporting and to the extent permitted by applicable law and regulation, any reporting made to any governmental or taxation authority by or on behalf of any member of the Group or by any adviser to such member of the Group in relation to DAC6 or any law or regulation which implements DAC6 and any unique identification number issued by any governmental or taxation authority to which any such report has been made (if available).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref109637216"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Information: miscellaneous</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall provide to the Facility Agent (in sufficient copies for all the Lenders, if the Facility Agent so requests):</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858386"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all documents dispatched by it to its shareholders (or any class of them) unless of an administrative nature or to its creditors generally at the same time as they are dispatched;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858387"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly upon becoming aware of them, the details of any litigation, arbitration or administrative proceedings (including proceedings relating to any alleged or actual breach of the ISM Code or of the ISPS Code) which are current, threatened or pending against any member of the Group, and which might have a Material Adverse Effect;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>102</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432914"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the date the Sustainability Certificate is provided as per Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Compliance Certificate and Sustainability Certificate</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), information as to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432915"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the ship recycling practices undertaken with respect to the Fleet Vessels and confirmation that these are in accordance with the provisions of The Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships, 2009 or EU Ship Recycling Regulation of 20 November 2013; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106432916"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the ongoing initiatives of the Group with respect to fuel and CO2 reduction regarding the Fleet Vessels with the first annual update containing information where available as to the PBCF upgrade trials, slide valves, micro boiler and lean marine;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858388"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly, such further information and/or documents regarding:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858389"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Ship, its Earnings and its Insurances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858390"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Charged Property;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858391"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compliance of the Transaction Obligors with the terms of the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858392"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the financial condition, business and operations of any member of the Group,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">as any Finance Party (through the Facility Agent) may reasonably request; and</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858393"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly in writing, the details of any Transaction Obligor or any of their Subsidiaries or joint ventures, or any of their respective directors, officers or employees who have become a Restricted Party;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858394"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly, such further information and/or documents as any Finance Party (through the Facility Agent) may reasonably request so as to enable such Finance Party to comply with any laws applicable to it (including, without limitation, compliance with FATCA);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858395"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">promptly upon becoming aware of any Change in Ultimate Beneficial Owner, the name of the Ultimate Beneficial Owner and such documentation and other evidence as is reasonably requested by the Facility Agent or any Lender in order for the Facility Agent or such Lender to carry out and be satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations in relation to the Ultimate Beneficial Owner.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858396"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Information: sanctions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Obligors shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858397"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">supply to the Facility Agent, promptly upon becoming aware of them, the details of any inquiry, claim, action, suit, proceeding or investigation pursuant to Sanctions against </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef52"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the Borrowers, (ii) any other Relevant Person or (iii) any owners of any Relevant Person (other than any owner of a Borrower), as well as information on what steps are being taken with regards to answering or opposing the same;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858398"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">inform the Facility Agent promptly upon becoming aware that any of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef53"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the Borrowers, (ii) any other Relevant Person or (iii) any owners of any Relevant Person (other than any owner of a Borrower), has become or is likely to become a Restricted Party.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>103</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858399"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of default</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858400"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall, and shall procure that each other Transaction Obligor shall, notify the Facility Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon becoming aware of its occurrence (unless that Obligor is aware that a notification has already been provided by another Obligor).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858401"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Promptly upon a request by the Facility Agent, each Borrower shall supply to the Facility Agent a certificate signed by two of its directors or senior officers on its behalf certifying that no Default is continuing (or if a Default is continuing, specifying the Default and the steps, if any, being taken to remedy it).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858402"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Use of websites</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858403"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor may satisfy its obligation under the Finance Documents to which it is a party to deliver any information in relation to those Lenders (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Website Lenders</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) which accept this method of communication by posting this information onto an electronic website designated by the Borrowers and the Facility Agent (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Designated Website</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) if:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858404"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent expressly agrees (after consultation with each of the Lenders) that it will accept communication of the information by this method;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858405"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">both the relevant Obligor and the Facility Agent are aware of the address of and any relevant password specifications for the Designated Website; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858406"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the information is in a format previously agreed between the relevant Obligor and the Facility Agent.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If any Lender (a &quot;<b style="font-weight:bold;">Paper Form Lender</b>&quot;) does not agree to the delivery of information electronically then the Facility Agent shall notify the Obligors accordingly and each Obligor shall supply the information to the Facility Agent (in sufficient copies for each Paper Form Lender) in paper form. &#160;In any event each Obligor shall supply the Facility Agent with at least one copy in paper form of any information required to be provided by it.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858407"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall supply each Website Lender with the address of and any relevant password specifications for the Designated Website following designation of that website by the Obligors or any of them and the Facility Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259506"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An Obligor shall promptly upon becoming aware of its occurrence notify the Facility Agent if:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259508"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Designated Website cannot be accessed due to technical failure;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858408"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the password specifications for the Designated Website change;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858409"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any new information which is required to be provided under this Agreement is posted onto the Designated Website;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858410"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any existing information which has been provided under this Agreement and posted onto the Designated Website is amended; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259524"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if that Obligor becomes aware that the Designated Website or any information posted onto the Designated Website is or has been infected by any electronic virus or similar software.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>104</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If an Obligor notifies the Facility Agent under paragraph 24.9(c)(i) or paragraph 24.9(c)(v) above, all information to be provided by the Obligors under this Agreement after the date of that notice shall be supplied in paper form unless and until the Facility Agent and each Website Lender is satisfied that the circumstances giving rise to the notification are no longer continuing.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858411"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Website Lender may request, through the Facility Agent, one paper copy of any information required to be provided under this Agreement which is posted onto the Designated Website. &#160;The Obligors shall comply with any such request within 10 Business Days.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">24.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107916332"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">&quot;Know your customer&quot; checks</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858412"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858413"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858414"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any change in the status of an Obligor after the date of this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858415"></a><a name="_Ref376259576"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a proposed assignment or transfer by a Lender of any of its rights and obligations under this Agreement to a party that is not a Lender prior to such assignment or transfer; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858416"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any anti-money laundering or anti-terrorism financing laws and regulations applicable to the Facility Agent or any Lender,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">obliges a Finance Party (or, in the case of paragraph (iii) above, any prospective new Lender) to comply with &quot;know your customer&quot; or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of any Finance Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by a Servicing Party (for itself or on behalf of any other Finance Party) or any Lender (for itself or, in the case of the event described in paragraph (iii) above, on behalf of any prospective new Lender) in order for such Finance Party or, in the case of the event described in paragraph (iii) above, any prospective new Lender to carry out and be satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858417"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Lender shall promptly upon the request of a Servicing Party supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Servicing Party (for itself) in order for that Servicing Party to carry out and be satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">25</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326180321"></a><a name="_Toc360093707"></a><a name="_Toc360093908"></a><a name="_Toc360097809"></a><a name="_Toc360191448"></a><a name="_Toc360191565"></a><a name="_Toc360191681"></a><a name="_Toc362504360"></a><a name="_Toc362518407"></a><a name="_Toc362605354"></a><a name="_Toc363549794"></a><a name="_Toc367198637"></a><a name="_Toc367792025"></a><a name="_Toc367867012"></a><a name="_Toc371413639"></a><a name="_Toc371413855"></a><a name="_Toc371932733"></a><a name="_Toc378965691"></a><a name="_Toc380566903"></a><a name="_Toc380579039"></a><a name="_Toc382507896"></a><a name="_Toc384670147"></a><a name="_Toc442833372"></a><a name="_Toc444194837"></a><a name="_Toc445290415"></a><a name="_Toc159513291"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Financial Covenants</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">25.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref380582596"></a><a name="_Ref379886687"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Financial covenants</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Parent Guarantor shall at all times during the Security Period (save that in the case of paragraph (b) this shall apply from the first Utilisation Date throughout the remainder of the Security Period) on a consolidated basis maintain:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858418"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a minimum Solvency of at least 30 per cent.;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>105</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444192268"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">minimum Cash and Cash Equivalents of an amount the greater of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858419"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if the Fleet Vessel size is below 40 vessels:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858420"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$750,000 per Fleet Vessel; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858421"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5 per cent. of the Total Consolidated Debt; or</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858422"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">upon the Fleet Vessel size increasing to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4765"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">40</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> vessels or more:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858423"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$30,000,000;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858424"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$500,000 per Fleet Vessel; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858425"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5 per cent. of the Total Consolidated Debt,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">in each case, with at least 60 per cent. of such minimum amount being held in cash and, for the purposes of this paragraph 25.1(b), Cash and Cash Equivalents shall include undrawn amounts under the Revolving Facility provided that the Termination Date in relation to the Revolving Facility is not within the next 12 Months;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858426"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a positive Working Capital excluding:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858427"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Balloon Repayments; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858428"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amounts outstanding under the ABN AMRO Receivables Facility Agreement provided that the facility provided thereunder has a remaining maturity of more than three months,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">in this instance current liabilities shall exclude the current portion of debt and leases;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858429"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an Adjusted Tangible Net Worth of not less than $200,000,000; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858430"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compliance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4766"></a></font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum required security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The financial covenants contained in this Clause 25.1 (<i style="font-style:italic;">Financial covenants</i>) shall, following the first Utilisation Date, be tested quarterly (save in the case of paragraph 25.1(e) above which shall be tested on 30 June and <a name="DocXTextRef4767"></a>30 December of each year) on the basis of the annual and quarterly financial statements provided under Clause 24.2 (<i style="font-style:italic;">Financial statements</i>) and shall be confirmed in the relevant compliance certificate referred to in Clause 24.3 (<i style="font-style:italic;">Compliance Certificate and Sustainability Certificate</i>).</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In addition, for the purpose of testing the Fair Market Value of the Fleet Vessels, the Borrowers shall provide valuations of the Fleet Vessels in June and December of each year during the Security Period and the most recent of such valuations shall be used to determine the Fair Market Value of the Fleet Vessels. &#160;<a name="_9kMHG5YVt4887BEbX383mjk"></a>Provided that, in the case of testing the financial covenants at the end of the first and third financial quarters in each year, the Borrowers shall obtain up to date Fair Market Values of any of the Fleet Vessels if requested by the Agent, acting on the instructions of the Majority Lenders. &#160;The valuations shall be at the Borrower&#39;s cost, but no more than twice per year, unless the valuations show a breach of the required security cover ratio in Clause 29.1 (<a name="DocXTextRef4768"></a><i style="font-style:italic;">Minimum required security cover</i>), in which case any additional valuations will be at the Borrower&#39;s cost.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>106</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">25.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107921643"></a><a name="_Ref380413213"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Financial covenant definitions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The expressions used in this Clause 25 (<i style="font-style:italic;">Financial Covenants</i>) shall be construed in accordance with GAAP as applicable, or for the purposes of this Agreement:</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858431"></a>&quot;<b style="font-weight:bold;">ABN AMRO Receivables Facility Agreement</b>&quot; means the receivables financing facility agreement dated 17 July 2020, as amended, supplemented or refinanced from time to time and made between <a name="DocXTextRef56"></a>(i) Ardmore MR Pool LLC as borrower, (ii) Ardmore Pool Holdings LLC and Ardmore Maritime Services LLC as corporate guarantors, (iii) Ardmore Shipping Corporation as parent guarantor, (iv) the banks and financial institutions named therein as lenders, <a name="DocXTextRef57"></a>(v) ABN AMRO Bank N.V. as mandated lead arranger, (vi) ABN AMRO Bank N.V. as facility agent and as security agent in relation to a revolving credit facility of $15,000,000. </div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858432"></a>&quot;<b style="font-weight:bold;">Adjusted Tangible Net Worth</b>&quot; means at any relevant time the amount by which the Consolidated Adjusted Total Assets of the Group exceed Consolidated Adjusted Total Liabilities of the Group.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858433"></a>&quot;<b style="font-weight:bold;">Balloon Repayment</b>&quot; means a final repayment of principal payable in relation to a facility but excluding any portion of that final repayment representing a regular periodical payment.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858434"></a>&quot;<b style="font-weight:bold;">Cash</b> <b style="font-weight:bold;">and</b> <b style="font-weight:bold;">Cash</b> <b style="font-weight:bold;">Equivalents</b>&quot; means, at any relevant time:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858435"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cash in hand or held with banks or financial institutions of the Parent Guarantor in Dollars or another currency freely convertible in Dollars, which is free of any Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858436"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any cash equivalent of the Parent Guarantor and/or its Subsidiaries; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858437"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any marketable securities of the Parent Guarantor and/or its Subsidiaries which are free of any Security,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">as stated in the most recent financial statements of the Group provided in accordance with Clause 24.2 (<i style="font-style:italic;">Financial</i> <i style="font-style:italic;">statements</i>) and determined in accordance with GAAP.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858438"></a>&quot;<b style="font-weight:bold;">Consolidated</b> <b style="font-weight:bold;">Adjusted Total Assets</b>&quot; means the Total Assets adjusted as follows:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858439"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">by using the Market Value Adjusted Total Assets value for the Fleet Vessels; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858440"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">by excluding intangible assets (including goodwill but not long-term contract revenue is acquired as part of a business combination).</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858441"></a>&quot;<b style="font-weight:bold;">Consolidated</b> <b style="font-weight:bold;">Adjusted Total Liabilities</b>&quot; means the Total Consolidated Debt plus the Current Liabilities (excluding current portion long term debt).</div><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">&quot;<b style="font-weight:bold;">Current</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Assets</b>&quot; means the current assets of the Parent Guarantor on a consolidated basis as stated in the most recent financial statements of the Group provided in accordance with Clause 24.2 (<i style="font-style:italic;">Financial</i> <i style="font-style:italic;">statements</i>) and determined in accordance with GAAP.</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858442"></a>&quot;<b style="font-weight:bold;">Current</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Liabilities</b>&quot; means the current liabilities (whereby the current liabilities shall exclude the current portion of debt and leases) of the Parent Guarantor on a consolidated basis as stated in the most recent financial statements of the Group provided in accordance with Clause 24.2 (<i style="font-style:italic;">Financial</i> <i style="font-style:italic;">statements</i>) and determined in accordance with GAAP.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858443"></a>&quot;<b style="font-weight:bold;">Financial</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Statements</b>&quot; means the financial statements of the Group provided in accordance with Clause 24.2 (<i style="font-style:italic;">Financial statements</i>).</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>107</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858444"></a>&quot;<b style="font-weight:bold;">Fleet</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Vessels</b>&quot; means any ship (including the Ships) from time to time wholly owned, leased or chartered in by the Parent Guarantor (directly or indirectly) (excluding vessels under construction and vessels chartered in for period shorter than 24 months) (each a &quot;<b style="font-weight:bold;">Fleet Vessel</b>&quot;).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858445"></a>&quot;<b style="font-weight:bold;">Market</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Value</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Adjusted</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Total</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Assets</b>&quot; means, at any relevant time, the Total Assets adjusted to reflect the difference of the book value of the Fleet Vessels (as evidenced in the most recent financial statements of the Group provided in accordance with Clause 24.2 (<i style="font-style:italic;">Financial statements</i>)) and the Fair Market Value of the Fleet Vessels.</div><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;">&quot;<a name="_9kMHG5YVt3BC799aMx8z75yxQFjs23CT"></a><b style="font-weight:bold;">Revolving Facility</b>&quot; means each of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858446"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the revolving credit facility made available under the facilities agreement dated 30 June 2022, as amended and restated on 29 July 2022 and made between </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef58"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> Faroe Shipco LLC, Fisher Shipco LLC, Fair Isle Shipco LLC, Humber Shipco LLC, Forth Shipco LLC, Trafalgar Shipco LLC, Wight Shipco LLC, Saltee Shipco LLC and Blasket Shipco LLC as joint and several borrowers and hedge guarantors, (ii) Ardmore Shipping LLC as corporate guarantor, (iii) Ardmore Shipping Corporation as parent guarantor (iv) the banks and financial institutions named therein as lenders, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef59"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(v)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the banks and financial institutions named therein as hedge counterparties, (vi) </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4886CFYS3thfD8r2QCy"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Nordea Bank Abp</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, filial i Norge and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665BBZRgkokvox647qLTEC351rQL4F7"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Skandinaviska Enskilda Banken AB</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (publ) as mandated lead arrangers and bookrunners, (vii) </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4887DDbTimqmxqz869sNVGE573tSN6"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Skandinaviska Enskilda Banken AB</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (publ) as documentation agent and sustainability coordinator and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr8E847Hy0"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(vii</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">i) </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMIH5YVt4886CFYS3thfD8r2QCy"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Nordea Bank Abp</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, filial i Norge as facility agent and security agent, in relation to facilities of up to $245,500,000 comprising a revolving credit facility in a principal amount not exceeding $185,500,000 and an accordion facility in a principal amount not exceeding $60,000,000;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858447"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the revolving credit facility made available under this Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858448"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other committed revolving credit facilities in which the Borrowers may enter into, with the Facility Agent&#8217;s prior written approval.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858449"></a>&quot;<b style="font-weight:bold;">Solvency</b>&quot; means 1 minus ((Total Consolidated Debt minus <a name="_9kR3WTr2665BCK1ow"></a>Cash and Cash and Cash Equivalents) / (Total Consolidated Debt plus Total Equity minus <a name="_9kMHG5YVt4887DEM3qy"></a>Cash and Cash and Cash Equivalents)).</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858450"></a>&quot;<b style="font-weight:bold;">Total</b> <b style="font-weight:bold;">Assets</b>&quot; means at any relevant time, the total assets of the Parent Guarantor on a consolidated basis as stated in the most recent financial statements of the Group provided in accordance with Clause 24.2 (<i style="font-style:italic;">Financial statements</i>) and determined in accordance with GAAP.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858451"></a>&quot;<b style="font-weight:bold;">Total</b> <b style="font-weight:bold;">Consolidated Debt</b>&quot; means, at any relevant time, the amount of the total liabilities of the Parent Guarantor on a consolidated basis (including without limitation any liability in respect of any lease or hire purchase contract) which would be included in the applicable Financial Statements of the Parent Guarantor as total long term debt in accordance with GAAP including the current portion of long term debt.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858452"></a>&quot;<b style="font-weight:bold;">Total Equity</b>&quot; means common equity, preferred equity and retained earnings.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136858453"></a>&quot;<b style="font-weight:bold;">Working</b><b style="font-weight:bold;"> </b><b style="font-weight:bold;">Capital</b>&quot; means the Current Assets less the Current Liabilities.</div><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>108</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">25.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858454"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Most favoured Lenders</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In the event that the Parent Guarantor agrees to the incorporation of any additional financial covenants or financial covenants which are more onerous than those contained in Clause 25.1 (<i style="font-style:italic;">Financial covenants</i>) into any financial contract or financial document relating to any other senior secured indebtedness of the Parent Guarantor, the Parent Guarantor shall immediately notify the Facility Agent and those financial covenants shall be deemed to apply to this Agreement as if set out in full herein with effect from the date of such financial contract or financial document and during the currency of that financial contract or financial document. &#160;The Parent Guarantor shall enter into additional documentation as the Facility Agent may reasonably require in respect of such incorporation.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326183113"></a><a name="_Ref326183114"></a><a name="_Toc360093708"></a><a name="_Toc360093909"></a><a name="_Toc360097810"></a><a name="_Toc360191449"></a><a name="_Toc360191566"></a><a name="_Toc360191682"></a><a name="_Toc362504361"></a><a name="_Toc362518408"></a><a name="_Toc362605355"></a><a name="_Toc363549795"></a><a name="_Toc367198638"></a><a name="_Toc367792026"></a><a name="_Toc367867013"></a><a name="_Toc371413640"></a><a name="_Toc371413856"></a><a name="_Toc371932734"></a><a name="_Toc378965692"></a><a name="_Toc380566904"></a><a name="_Toc380579040"></a><a name="_Toc382507897"></a><a name="_Toc384670148"></a><a name="_Toc442833373"></a><a name="_Toc444194838"></a><a name="_Toc445290416"></a><a name="_Toc159513292"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">General Undertakings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref380494791"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">General</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The undertakings in this Clause 26 (<i style="font-style:italic;">General Undertakings</i>) remain in force throughout the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858455"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Authorisations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, promptly:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858456"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtain, comply with and do all that is necessary to maintain in full force and effect; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858457"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">supply certified copies to the Facility Agent,</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858458"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">of any Authorisation required under any law or regulation of a Relevant Jurisdiction or the state of the Approved Flag at any time of each Ship to enable it to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858459"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">perform its obligations under the Transaction Documents to which it is a party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858460"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">ensure the legality, validity, enforceability or admissibility in evidence in any Relevant Jurisdiction or in the state of the Approved Flag at any time of each Ship of any Transaction Document to which it is a party; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858461"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">own and operate each Ship (in the case of the Borrowers).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref380428002"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Compliance with laws</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, and shall procure that each other member of the Group and each Affiliate of any of them shall, comply in all respect with all laws and regulations to which it may be subject, including Sanctions, all Anti-Corruption Laws and all anti-money laundering laws.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref459237223"></a><a name="_Ref25146110"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sanctions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858462"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall (and shall procure that each member of the Group will) comply with all Sanctions.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858463"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall ensure that neither it nor any member of the Group is or will become a Restricted Party, or act on behalf of, or as an agent of, a Restricted Party, and each Obligor </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>109</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">shall use reasonable endeavours to procure that no director, officer, employee, agent or representative of it or of any Subsidiary is or will become a Restricted Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858464"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Obligor shall (and each Obligor shall procure that no member of the Group will) use, lend, contribute or otherwise make available the proceeds of the Loan or other transaction contemplated by this Agreement directly or indirectly for the purpose of financing or facilitating any trade, business or other activities with or for the benefit of any Restricted Party or in any other manner that would lead to non-compliance by it or any other Party with any Sanctions.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858465"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Obligor shall (and each Obligor shall procure that no member of the Group will) use any revenue or benefit derived directly or indirectly from any activity or dealing with a Restricted Party in discharging any obligation due or owing to the Finance Parties that or otherwise fund any payment due to the Finance Parties would lead to non-compliance by it or any other Party with any Sanctions.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858466"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall (and shall procure that each member of the Group will) procure that no proceeds from any activity or dealing with a Restricted Party are credited to any bank account held with any Finance Party or any Affiliate of a Finance Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858467"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall (and shall procure that each member of the Group will) to the extent permitted by law and promptly upon becoming aware of them, supply to the Facility Agent details of any claim, action, suit, proceedings or investigation against it with respect to Sanctions by any Sanctions Authority.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858468"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Environmental compliance</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, and the Parent Guarantor shall ensure that each other member of the Group will:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858469"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">comply with all Environmental Laws;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858470"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtain, maintain and ensure compliance with all requisite Environmental Approvals;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858471"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">implement procedures to monitor compliance with and to prevent liability under any Environmental Law,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">in relation to a member of the Group not including an Obligor only, where failure to do so has had or could reasonably be expected to have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858472"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Environmental claims</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, (through the Parent Guarantor), promptly upon becoming aware of the same, inform the Facility Agent in writing of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858473"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Environmental Claim against any member of the Group which is current, pending or threatened; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858474"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any facts or circumstances which are reasonably likely to result in any Environmental Claim being commenced or threatened against any member of the Group,</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>110</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">where the claim against a member of the Group not including an Obligor, has had or could reasonably be expected to have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858475"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Taxation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858476"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall and shall procure that each other Transaction Obligor will pay and discharge all Taxes imposed upon it or its assets within the time period allowed without incurring penalties unless and only to the extent that:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858477"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">such payment is being contested in good faith;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858478"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">adequate reserves are maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements delivered to the Facility Agent under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial statements</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858479"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">such payment can be lawfully withheld and failure to pay those Taxes does not have or could not reasonably be expected to have a Material Adverse Effect.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858480"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Obligor shall change its residence for Tax purposes.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858481"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Overseas companies</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall promptly inform the Facility Agent if it delivers to the Registrar particulars required under the Overseas Regulations of any UK Establishment and it shall comply with any directions given to it by the Facility Agent regarding the recording of any Transaction Security on the register which it is required to maintain under The Overseas Companies (Execution of Documents and Registration of Charges) Regulations 2009.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858482"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Pari passu ranking</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor shall, and shall procure that each other Transaction Obligor will, ensure that at all times any unsecured and unsubordinated claims of a Finance Party against it under the Finance Documents rank at least <i style="font-style:italic;">pari passu</i> with the claims of all its other unsecured and unsubordinated creditors except those creditors whose claims are mandatorily preferred by laws of general application to companies.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180333"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Title</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858483"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the first Utilisation Date, Borrower A shall hold the legal title to, and own the entire beneficial interest in Ship A, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858484"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the first Utilisation Date, Borrower B shall hold the legal title to, and own the entire beneficial interest in Ship B, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858485"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the first Utilisation Date, Borrower C shall hold the legal title to, and own the entire beneficial interest in Ship C, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858486"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the first Utilisation Date, Borrower D shall hold the legal title to, and own the entire beneficial interest in Ship D, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858487"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the Utilisation Date in respect of Ship E, Borrower E shall hold the legal title to, and own the entire beneficial interest in Ship E, its Earnings and its Insurances.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>111</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858488"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the Utilisation Date in respect of Ship F, Borrower F shall hold the legal title to, and own the entire beneficial interest in Ship F, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858489"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From the Utilisation Date in respect of Ship G, Borrower G shall hold the legal title to, and own the entire beneficial interest in Ship G, its Earnings and its Insurances.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858490"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">With effect on and from its creation or intended creation, each Borrower shall hold the legal title to, and own the entire beneficial interest in any other assets the subject of any Transaction Security created or intended to be created by it.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180348"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Negative pledge</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259650"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower shall create or permit to subsist any Security over any of its assets which are the subject of the Security created or intended to be created by the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259658"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858491"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">sell, transfer or otherwise dispose of any of its assets on terms whereby they are or may be leased to or re-acquired by a Borrower or any other member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858492"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">sell, transfer or otherwise dispose of any of its receivables on recourse terms; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858493"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">enter into any other preferential arrangement having a similar effect,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">in circumstances where the arrangement or transaction is entered into primarily as a method of raising Financial Indebtedness or of financing the acquisition of an asset.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858494"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above do not apply to any Permitted Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858495"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disposals</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259676"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower shall enter into a single transaction or a series of transactions (whether related or not) and whether voluntary or involuntary to sell, lease, transfer or otherwise dispose of any asset (including without limitation any Ship, its Earnings or its Insurances) but, for the avoidance of doubt, this does not apply to the sale, lease, transfer or otherwise disposal of any ships other than the Ships financed under this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858496"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above does not apply to any charter of a Ship to which Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Restrictions on chartering, appointment of managers etc.</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) applies.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858497"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Neither Guarantor shall lease, transfer or otherwise dispose of all or a substantial part of its assets, whether by one transaction or a number of transactions, whether related or not except for cash on arm&#39;s length terms for full consideration or otherwise in the usual course of its trading operations.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858498"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Merger</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Obligor shall enter into any amalgamation, demerger, merger, consolidation or corporate reconstruction <a name="_9kMIH5YVt4887BEbX383mjk"></a><b style="font-weight:bold;">Provided</b><b style="font-weight:bold;"> that</b> this restriction shall not apply if there is no change of control (as defined in Clause 8.3(b) (<i style="font-style:italic;">Change of control</i>)) of the Obligors and the Obligors are in compliance with Clause 8.3 (<a name="DocXTextRef4769"></a><i style="font-style:italic;">Change of control</i>) after any such amalgamation, demerger, merger, consolidation or corporate reconstruction.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>112</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858499"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Change of business</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858500"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Parent Guarantor shall procure that no substantial change is made to the general nature of the business of the Parent Guarantor or the Group from that carried on at the date of this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858501"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower shall engage in any business other than the ownership and operation of its Ship.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858502"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Financial Indebtedness</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Borrowers shall not incur any Financial Indebtedness except for Permitted Financial Indebtedness.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858503"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Expenditure</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall incur any expenditure, except for expenditure reasonably incurred in the ordinary course of owning, operating, maintaining and repairing its Ship.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.17</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858504"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Membership interests</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858505"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">purchase, cancel or redeem any of its membership interests;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858506"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">increase or reduce its authorised membership interests;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858507"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">issue any membership interests except to the Corporate Guarantor and provided such new membership interests are made subject to the terms of the relevant Membership Interests Security applicable to that Borrower immediately upon the issue thereof in a manner satisfactory to the Facility Agent and the terms of that Membership Interests Security are complied with;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858508"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">appoint any further director or officer of that Borrower (unless the provisions of the Membership Interests Security applicable to that Borrower are complied with).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.18</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref442894591"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Dividends</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Obligor may make or pay any dividend or other distribution (in cash or in kind) in respect of its membership interests provided always that no Default has occurred and is continuing or would result from the making of any such payment and for the avoidance of doubt, there is no breach of Clause 25 (<i style="font-style:italic;">Financial Covenants</i>) resulting from a payment of any such dividend.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.19</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858509"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accounts</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall open or maintain any account with any bank or financial institution except its Earnings Account and accounts with the Account Bank, the Facility Agent or the Security Agent for the purposes of the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.20</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858510"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other transactions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858511"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be the creditor in respect of any loan or any form of credit to any person other than another Obligor and where such loan or form of credit is Permitted Financial Indebtedness;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>113</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858512"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">give or allow to be outstanding any guarantee or indemnity to or for the benefit of any person in respect of any obligation of any other person or enter into any document under which that Borrower assumes any liability of any other person other than any guarantee or indemnity given under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858513"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">enter into any material agreement other than:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858514"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Transaction Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858515"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other agreement expressly allowed under any other term of this Agreement; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858516"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">enter into any transaction on terms which are, in any respect, less favourable to that Borrower than those which it could obtain in a bargain made at arms&#39; length; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858517"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">acquire any shares or other securities other than </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665BDdBW2j77fxhwHHM"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">US or UK Treasury</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> bills and certificates of deposit issued by major </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665BEXQ17yGGrx2oht"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">North American</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or European banks.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.21</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180359"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Unlawfulness, invalidity and ranking; Security imperilled</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Obligor shall, and the Obligors shall procure that no other Transaction Obligor will, do (or fail to do) or cause or permit another person to do (or omit to do) anything which could be expected to:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858518"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">make it unlawful for an Obligor to perform any of its obligations under the Transaction Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858519"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cause any obligation of an Obligor under the Transaction Documents to cease to be legal, valid, binding or enforceable;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858520"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cause any Transaction Document to cease to be in full force and effect;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858521"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cause any Transaction Security to rank after, or lose its priority to, any other Security; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858522"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">imperil or jeopardise the Transaction Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.22</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183150"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Further assurance</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858523"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall promptly, and in any event within the time period specified by the Security Agent do all such acts (including procuring or arranging any registration, notarisation or authentication or the giving of any notice) or execute or procure execution of all such documents (including assignments, transfers, mortgages, charges, notices, instructions, acknowledgments, proxies and powers of attorney), as the Security Agent may specify (and in such form as the Security Agent may require in favour of the Security Agent or its nominee(s)):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858524"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to create, perfect, vest in favour of the Security Agent or protect the priority of the Security or any right or any kind created or intended to be created under or evidenced by the Finance Documents (which may include the execution of a mortgage, charge, assignment or other Security over all or any of the assets which are, or are intended to be, the subject of the Transaction Security) or for the exercise of any rights, powers and remedies of the Security Agent, any Receiver or the Secured Parties provided by or pursuant to the Finance Documents or by law;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>114</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858525"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to confer on the Security Agent or confer on the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665BFdLct9uhTLuE6s3sZq7NCFW"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Secured Parties Security</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> over any property and assets of that Transaction Obligor located in any jurisdiction equivalent or similar to the Security intended to be conferred by or pursuant to the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858526"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to facilitate or expedite the realisation and/or sale of, the transfer of title to or the grant of, any interest in or right relating to the assets which are, or are intended to be, the subject of the Transaction Security or to exercise any power specified in any Finance Document in respect of which the Security has become enforceable; and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858527"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to enable or assist the Security Agent to enter into any transaction to commence, defend or conduct any proceedings and/or to take any other action relating to any item of the Security Property.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858528"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor shall, and shall procure that each other Transaction Obligor will, (and the Parent Guarantor shall procure that each member of the Group will) take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Security conferred or intended to be conferred on the Security Agent or the Secured Parties by or pursuant to the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858529"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">At the same time as a Transaction Obligor delivers to the Security Agent any document executed under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">26.22</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Further assurance</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), that Transaction Obligor shall deliver to the Security Agent a certificate signed by one of that Transaction Obligor&#39;s officers which shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858530"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">set out the text of a resolution of that Transaction Obligor&#39;s directors specifically authorising the execution of the document specified by the Security Agent; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858531"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">state that either the resolution was duly passed at a meeting of the directors validly convened and held, throughout which a quorum of directors entitled to vote on the resolution was present, or that the resolution has been signed by all the directors of officers and is valid under that Transaction Obligor&#39;s articles of association or other constitutional documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.23</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858532"></a><a name="_Ref326183160"></a><a name="_Ref326183161"></a><a name="_Toc360093709"></a><a name="_Toc360093910"></a><a name="_Toc360097811"></a><a name="_Toc360191450"></a><a name="_Toc360191567"></a><a name="_Toc360191683"></a><a name="_Toc362504362"></a><a name="_Toc362518409"></a><a name="_Toc362605356"></a><a name="_Toc363549796"></a><a name="_Toc367198639"></a><a name="_Toc367792027"></a><a name="_Toc367867014"></a><a name="_Toc371413641"></a><a name="_Toc371413857"></a><a name="_Toc371932735"></a><a name="_Toc378965693"></a><a name="_Ref380565658"></a><a name="_Ref380565659"></a><a name="_Ref380565862"></a><a name="_Ref380565863"></a><a name="_Ref380565909"></a><a name="_Ref380565910"></a><a name="_Toc380566905"></a><a name="_Toc380579041"></a><a name="_Toc382507898"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Transactions with Affiliates and Intercompany Borrowings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444192480"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Obligors each undertake that any intercompany loan to be made to a Borrower by either of the Guarantors will be:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858533"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">fully subordinate to the rights of the Lenders&#39; in respect of the Loan and to the obligations of the Borrowers under this Agreement on terms acceptable the Facility Agent (acting on the instructions of the Majority Lenders);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858534"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not bear any cash interest;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858535"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">have a maturity date of at least one year after the Termination Date; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858536"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">shall not be secured against any of the Ships or other Security which secures the Borrowers&#39; obligations hereunder.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444192485"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any other equity contribution or intercompany loan from another member of the Group to the Borrowers shall also be fully subordinated to the Lenders&#39; rights during the Security Period, </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">provided that</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:bold;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">repayments or principal and interest payments or dividend distributions or </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>115</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">redemption of preference shares shall be permitted subject to the provisions of Clause</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:bold;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">26.18</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Dividends</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and provided always that no Default has occurred and is continuing or would result from the making of any such payment.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858537"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Obligors shall not enter into any transactions other than debt transactions referred to in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above with Affiliates except in the normal course of business (which in the case of Ardmore Shipping (Bermuda) Limited and its Subsidiaries and the Borrowers includes the provision of management services).</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">26.24</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858538"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Maintenance of listing</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Parent Guarantor shall at all times during the Security Period maintain its listing as a publicly-traded corporation on the New York Stock Exchange.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref383608792"></a><a name="_Toc384670149"></a><a name="_Toc442833374"></a><a name="_Toc444194839"></a><a name="_Toc445290417"></a><a name="_Toc159513293"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Insurance Undertakings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858539"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">General</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In respect of a Ship, the undertakings in this Clause 27 (<i style="font-style:italic;">Insurance Undertakings</i>) shall apply and remain in force on and from the date of this Agreement and throughout the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180381"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Maintenance of obligatory insurances</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall keep the Ship owned by it insured at its expense against:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858540"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">fire and usual marine risks (including hull and machinery, increased value and excess risks);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858541"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">war risks (including blocking and trapping);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858542"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">protection and indemnity risks (including freight, demurrage and defence); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858543"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other risks against which the Facility Agent acting on the instructions of the Majority Lenders considers, having regard to practices and other circumstances prevailing at the relevant time, it would be reasonable for that Borrower to insure and which are specified by the Facility Agent by notice to that Borrower.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180391"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Terms of obligatory insurances</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In respect of each Ship, the Borrowers shall effect such insurances:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858544"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in dollars;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858545"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858546"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">when aggregated with the insured values of the other Ships then subject to a Mortgage, 120 per cent. of the Loan; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858547"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the market value of that Ship;</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>116</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858548"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858549"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of protection and indemnity risks, in respect of the full tonnage of its Ship;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858550"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on approved terms; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858551"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">through Approved Brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183190"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Further protections for the Finance Parties</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In addition to the terms set out in Clause 27.3 (<i style="font-style:italic;">Terms of obligatory insurances</i>), each Borrower shall procure that the obligatory insurances effected by it shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858552"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">subject always to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, name that Borrower as the sole named assured unless the interest of every other named assured is limited:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858553"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in respect of any obligatory insurances for hull and machinery and war risks;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858554"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to any provable out-of-pocket expenses that it has incurred and which form part of any recoverable claim on underwriters; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858555"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against it); and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858556"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in respect of any obligatory insurances for protection and indemnity risks, to any recoveries it is entitled to make by way of reimbursement following discharge of any third party liability claims made specifically against it;</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and every other named assured has undertaken in writing to the Security Agent (in such form as it requires) that any deductible shall be apportioned between that Borrower and every other named assured in proportion to the gross claims made or paid by each of them and that it shall do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable in respect of the obligatory insurances;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259702"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">whenever the Facility Agent requires, name (or be amended to name) the Security Agent as additional named assured for its rights and interests, warranted no operational interest and with full waiver of rights of subrogation against the Security Agent, but without the Security Agent thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMJI5YVt4887BEbX383mjk"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provided</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> that</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> this paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> shall not apply to the protection and indemnity risks;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858557"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">name the Security Agent as loss payee with such directions for payment as the Facility Agent may specify;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858558"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">provide that all payments by or on behalf of the insurers under the obligatory insurances to the Security Agent shall be made without set off, counterclaim or deductions or condition whatsoever;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>117</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858559"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">provide that the obligatory insurances shall be primary without right of contribution from other insurances which may be carried by the Security Agent or any other Finance Party; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858560"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">provide that the Security Agent may make proof of loss if that Borrower fails to do so.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180402"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Renewal of obligatory insurances</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259759"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">at least 21 days before the expiry of any obligatory insurance effected by it:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259761"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">notify the Facility Agent of the Approved Brokers (or other insurers) and any protection and indemnity or war risks association through or with which it proposes to renew that obligatory insurance and of the proposed terms of renewal; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858561"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtain the Facility Agents&#39; approval to the matters referred to in sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858562"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">at least 14 days before the expiry of any obligatory insurance, renew that obligatory insurance in accordance with the Facility Agent&#39;s approval pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858563"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">procure that the approved brokers and/or the approved war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal notify the Facility Agent in writing of the terms and conditions of the renewal.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183207"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Copies of policies; letters of undertaking</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall ensure that the Approved Brokers provide the Security Agent with:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858564"></a></font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro forma</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> copies of all policies relating to the obligatory insurances which they are to effect or renew; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259862"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a letter or letters or undertaking in a form required by the Facility Agent and including undertakings by the Approved Brokers that:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858565"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">they will have endorsed on each policy, immediately upon issue, a loss payable clause and a notice of assignment complying with the provisions of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">27.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Further protections for the Finance Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858566"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">they will hold such policies, and the benefit of such insurances, to the order of the Security Agent in accordance with such loss payable clause;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259864"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">they will advise the Security Agent immediately of any material change to the terms of the obligatory insurances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858567"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">they will, if they have not received notice of renewal instructions from the relevant Borrower or its agents, notify the Security Agent not less than 14 days before the expiry of the obligatory insurances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858568"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if they receive instructions to renew the obligatory insurances, they will promptly notify the Facility Agent of the terms of the instructions;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858569"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">they will not set off against any sum recoverable in respect of a claim relating to the Ship owned by that Borrower under such obligatory insurances any premiums or other </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>118</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">amounts due to them or any other person whether in respect of that Ship or otherwise, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums or other amounts and they will not cancel such obligatory insurances by reason of non-payment of such premiums or other amounts; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858570"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">they will arrange for a separate policy to be issued in respect of the Ship owned by that Borrower forthwith upon being so requested by the Facility Agent.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858571"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Copies of certificates of entry</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall ensure that any protection and indemnity and/or war risks associations in which the Ship owned by it is entered provide the Security Agent with:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858572"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a certified copy of the certificate of entry for that Ship;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858573"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a letter or letters of undertaking in such form as may be required by the Facility Agent acting on the instructions of Majority Lenders; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858574"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant certifying authority in relation to that Ship.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858575"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deposit of original policies</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall ensure that all policies relating to obligatory insurances effected by it are deposited with the Approved Brokers through which the insurances are effected or renewed.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858576"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Payment of premiums</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall punctually pay all premiums or other sums payable in respect of the obligatory insurances effected by it and produce all relevant receipts when so required by the Facility Agent or the Security Agent.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858577"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Guarantees</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858578"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Compliance with terms of insurances</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259841"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Borrower shall do or omit to do (nor permit to be done or not to be done) any act or thing which would or might render any obligatory insurance invalid, void, voidable or unenforceable or render any sum payable under an obligatory insurance repayable in whole or in part.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858579"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without limiting paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, each Borrower shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858580"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">take all necessary action and comply with all requirements which may from time to time be applicable to the obligatory insurances, and (without limiting the obligation contained in sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">27.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Copies of policies; letters of undertaking</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)) ensure that the obligatory insurances are not made subject to any exclusions or qualifications to which the Facility Agent has not given its prior approval;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>119</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858581"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not make any changes relating to the classification or classification society or manager or operator of the Ship owned by it approved by the underwriters of the obligatory insurances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858582"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">make (and promptly supply copies to the Facility Agent of) all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Ship owned by it is entered to maintain cover for trading to the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr1AB5BGgWryvgVgvw11C0NP06Bxqp37Zo"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">United States of America and Exclusive Economic Zone</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858583"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not employ the Ship owned by it, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the obligatory insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858584"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Alteration to terms of insurances</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall make or agree to any alteration to the terms of any obligatory insurance or waive any right relating to any obligatory insurance.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858585"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Settlement of claims</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858586"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858587"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">do all things necessary and provide all documents, evidence and information to enable the Security Agent to collect or recover any moneys which at any time become payable in respect of the obligatory insurances.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858588"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provision of copies of communications</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall provide the Security Agent, at the time of each such communication, with copies of all written communications between that Borrower and:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259894"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Approved Brokers;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259935"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the approved protection and indemnity and/or war risks associations; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858589"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the approved insurance companies and/or underwriters,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">which relate directly or indirectly to:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858590"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Borrower&#39;s obligations relating to the obligatory insurances including, without limitation, all requisite declarations and payments of additional premiums or calls; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858591"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any credit arrangements made between that Borrower and any of the persons referred to in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above relating wholly or partly to the effecting or maintenance of the obligatory insurances.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>120</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858592"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provision of information</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall promptly provide the Facility Agent (or any persons which it may designate) with any information which the Facility Agent (or any such designated person) requests for the purpose of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259963"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the obligatory insurances effected or proposed to be effected; and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858593"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">effecting, maintaining or renewing any such insurances as are referred to in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">27.16</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mortgagee&#39;s interest and additional perils insurances</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or dealing with or considering any matters relating to any such insurances,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and the Borrowers shall, forthwith upon demand, indemnify the Security Agent in respect of all fees and other expenses incurred by or for the account of the Security Agent in connection with any such report as is referred to in paragraph (a) above.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">27.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183222"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Mortgagee&#39;s interest and additional perils insurances</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376259990"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent shall be entitled from time to time to effect, maintain and renew a mortgagee&#39;s interest marine insurance and a mortgagee&#39;s interest additional perils insurance in such amounts (but not exceeding 110 per cent. of the Loan), on such terms, through such insurers and generally in such manner as the Security Agent acting on the instructions of the Majority Lenders may from time to time consider appropriate.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858594"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers shall upon demand fully indemnify the Security Agent and the Lenders (as the case may be) in respect of all premiums and other expenses which are incurred in connection with or with a view to effecting, maintaining or renewing any insurance referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above or dealing with, or considering, any matter arising out of any such insurance.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326183233"></a><a name="_Ref326183234"></a><a name="_Ref326183260"></a><a name="_Ref326183261"></a><a name="_Toc360093711"></a><a name="_Toc360093912"></a><a name="_Toc360097813"></a><a name="_Toc360191452"></a><a name="_Toc360191569"></a><a name="_Toc360191685"></a><a name="_Toc362504364"></a><a name="_Toc362518411"></a><a name="_Toc362605358"></a><a name="_Toc363549798"></a><a name="_Toc367198641"></a><a name="_Toc367792029"></a><a name="_Toc367867016"></a><a name="_Toc371413643"></a><a name="_Toc371413859"></a><a name="_Toc371932737"></a><a name="_Toc378965694"></a><a name="_Toc380566906"></a><a name="_Toc380579042"></a><a name="_Toc382507899"></a><a name="_Toc384670150"></a><a name="_Toc442833375"></a><a name="_Toc444194840"></a><a name="_Toc445290418"></a><a name="_Ref339457981"></a><a name="_Toc159513294"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Ship Undertakings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858595"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">General</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In respect of a Ship, the undertakings in this Clause 28 (<i style="font-style:italic;">Ship Undertakings</i>) shall apply and remain in force on and from the date of this Agreement and throughout the rest of the Security Period except as the Facility Agent, acting with the authorisation of the Majority Lenders (or, where specified, all the Lenders) may otherwise permit.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858596"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Ships&#39; names and registration</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall, in respect of the Ship owned by it:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858597"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">keep that Ship registered in its name under an Approved Flag from time to time at its port of registration;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858598"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not do or allow to be done anything as a result of which such registration might be suspended, cancelled or imperilled; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858599"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not change the name of that Ship,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;"><b style="font-weight:bold;">provided that</b> any change of flag of a Ship shall be subject to:</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>121</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858600"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Ship being registered on an Approved Flag and remaining subject to Security securing the Secured Liabilities created by a first priority or preferred ship mortgage on that Ship and, if appropriate, a first priority deed of covenant collateral to that mortgage (or equivalent first priority Security) on substantially the same terms as the Mortgage on that Ship and on such other terms and in such other form as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858601"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the execution of such other documentation amending and supplementing the Finance Documents as the Facility Agent, acting with the authorisation of the Majority Lenders, shall approve or require.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref443038277"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Repair and classification</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858602"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">consistent with first class ship ownership and management practice; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858603"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">so as to maintain the Approved Classification free of overdue recommendations and conditions affecting that Ship&#39;s class.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858604"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Modifications</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall unless after consultation, and agreement, with the Facility Agent, make any modification or repairs to, or replacement of, any Ship or equipment installed on it which would or might materially alter the structure, type or performance characteristics of that Ship or materially reduce its value save for changes or modifications that are required to be made in order to satisfy updated rules and regulations from time to time applicable to that Ship.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858605"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Removal and installation of parts</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858606"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, no Borrower shall remove any material part of any Ship, or any item of equipment installed on any Ship unless the part or item so removed:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858607"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is forthwith replaced by a suitable part or item which is in the same condition as or better condition than the part or item removed;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858608"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is free from any Security in favour of any person other than the Security Agent; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858609"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">becomes, on installation on that Ship, the property of that Borrower and subject to the security constituted by the Mortgage on that Ship.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260020"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Borrower may install equipment owned by a third party if the equipment can be removed without any risk of damage to the Ship owned by that Borrower.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858610"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Surveys</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall submit the Ship owned by it regularly to all periodic or other surveys which may be required for classification purposes and, if so required by the Facility Agent acting on the instructions of the Majority Lenders, provide the Facility Agent, with copies of all survey reports and, in addition, the Facility Agent shall have the right to have a technical survey carried out at any time on each Ship and the Borrowers shall pay the cost of 1 such survey of each Ship per year at the Facility Agent&#39;s request.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>122</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858611"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Inspection</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall permit the Security Agent (acting through surveyors or other persons appointed by it for that purpose) to board the Ship owned by it at all reasonable times and at least once per calendar year to inspect its condition or to satisfy themselves about proposed or executed repairs and shall afford all proper facilities for such inspections provided that the Facility Agent provides three months&#39; notice of the intended date of such inspection and such inspection does not delay or interfere with that Ship&#39;s operation, loading or unloading, unless an Event of Default has occurred, in which case as often as the Facility Agent shall be entitled to perform an inspection whether or not it interferes with the trading and operation of the Ship.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858612"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Prevention of and release from arrest</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858613"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower shall, in respect of the Ship owned by it, promptly discharge amounts due in respect of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858614"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all liabilities which give or may give rise to maritime or possessory liens on or claims enforceable against that Ship, its Earnings or its Insurances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858615"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all Taxes, dues and other amounts charged in respect of that Ship, its Earnings or its Insurances; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858616"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all other outgoings whatsoever in respect of that Ship, its Earnings or its Insurances.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858617"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower shall immediately and, forthwith upon receiving notice of the arrest of the Ship owned by it or of its detention in exercise or purported exercise of any lien or claim, procure its release by providing bail or otherwise as the circumstances may require.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183248"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Compliance with laws etc.</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260043"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">comply, or procure compliance with all laws or regulations:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858618"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relating to its business generally; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858619"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relating to the Ship owned by it, its ownership, employment, operation, management and registration,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">including the ISM Code, the ISPS Code, all Environmental Laws, all Sanctions and the laws of the Approved Flag;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858620"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtain, comply with and do all that is necessary to maintain in full force and effect any </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665BHRG40x410suAYPBEEJ6xG"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Environment Approvals</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858621"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">without limiting paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, not employ the Ship owned by it nor allow its employment, operation or management in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code, all Environmental Laws and all Sanctions; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858622"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">procure that neither any Obligor nor any other member of the Group is or becomes a Restricted Party.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>123</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858623"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">ISPS Code</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Without limiting paragraph (a) of Clause 28.9 (<i style="font-style:italic;">Compliance with laws etc.</i>), each Borrower shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858624"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">procure that the Ship owned by it and the company responsible for that Ship&#39;s compliance with the ISPS Code comply with the ISPS Code; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858625"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">maintain an ISSC for that Ship; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858626"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">notify the Facility Agent immediately in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858627"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Trading in war zones</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In the event of hostilities in any part of the world (whether war is declared or not), no Borrower shall cause or permit any Ship to enter or trade to any zone which is declared a war zone by any government or by that Ship&#39;s war risks insurers unless either:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858628"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Ship&#39;s war risks insurers have agreed to cover such transit or trade under the annual war risks policy on terms and conditions not less restrictive than those already in place (it being understood the requirement for an additional premium does not constitute a restriction); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858629"></a></font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858630"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the prior written consent of the Security Agent acting on the instructions of the Majority Lenders has been given; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858631"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Borrower has (at its expense) effected any special, additional or modified insurance cover which the Security Agent acting on the instructions of the Majority Lenders may require.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858632"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provision of information</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Without prejudice to Clause 24.6 (<i style="font-style:italic;">Information: miscellaneous</i>) each Borrower shall, in respect of the Ship owned by it, promptly provide the Facility Agent with any information which it requests regarding:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858633"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that Ship, its employment, position and engagements;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858634"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Earnings and payments and amounts due to its master and crew;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858635"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any expenditure incurred, or likely to be incurred, in connection with the operation, maintenance or repair of that Ship and any payments made by it in respect of that Ship;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858636"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any towages and salvages; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858637"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its compliance, the Approved Manager&#39;s compliance and the compliance of that Ship with the ISM Code and the ISPS Code,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and, upon the Facility Agent&#39;s request, provide copies of any current charter relating to that Ship, of any current guarantee of any such charter, the Ship&#39;s Safety Management Certificate and any relevant Document of Compliance.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>124</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858638"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of certain events</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall, in respect of the Ship owned by it, immediately notify the Facility Agent by electronic mail, confirmed forthwith by letter of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858639"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any casualty to that Ship which is or could reasonably be expected to be or to become a Major Casualty;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858640"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any occurrence as a result of which that Ship has become or could reasonably be expected, by the passing of time or otherwise, to become a Total Loss;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858641"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any requisition of that Ship for hire;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858642"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any requirement or recommendation made in relation to that Ship by any insurer or classification society or by any competent authority which is not immediately complied with;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858643"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any arrest or detention of that Ship, any exercise or purported exercise of any lien on that Ship or the Earnings or any requisition of that Ship for hire;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858644"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any intended dry docking of that Ship;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858645"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Environmental Claim made against that Borrower or in connection with that Ship, or any Environmental Incident;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858646"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any claim for breach of the ISM Code or the ISPS Code being made against that Borrower, an Approved Manager or otherwise in connection with that Ship; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858647"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other matter, event or incident, actual or threatened, the effect of which will or could lead to the ISM Code or the ISPS Code not being complied with,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and each Borrower shall keep the Facility Agent advised in writing on a regular basis and in such detail as the Facility Agent shall require as to that Borrower&#39;s, any such Approved Manager&#39;s or any other person&#39;s response to any of those events or matters.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183134"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Restrictions on chartering, appointment of managers etc.</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall, in relation to the Ship owned by it:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858648"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">let that Ship on demise charter for any period;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858649"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">enter into any time or consecutive voyage charter in respect of that Ship other than a Permitted Charter;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858650"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">appoint a manager of that Ship other than the Approved Commercial Manager and the Approved Technical Manager or agree to any alteration to the terms of an Approved Manager&#39;s appointment;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858651"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">de activate or lay up that Ship; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858652"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">other than in the event of a </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef60"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">scheduled</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> drydocking put that Ship into the possession of any person for the purpose of work being done upon it in an amount exceeding or likely to exceed $500,000 (or the equivalent in any other currency) unless that person has first given to the Security Agent and in terms satisfactory to it a written undertaking not to exercise any lien on that Ship or its Earnings for the cost of such work or for any other reason.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>125</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858653"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notice of Mortgage</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall keep the relevant Mortgage registered against the Ship owned by it as a valid first priority or preferred mortgage, carry on board that Ship a certified copy of the relevant Mortgage and place and maintain in a conspicuous place in the navigation room and the master&#39;s cabin of that Ship a framed printed notice stating that that Ship is mortgaged by that Borrower to the Security Agent.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858654"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sharing of Earnings</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Borrower shall enter into any agreement or arrangement for the sharing of any Earnings, except for a Pool Agreement (if any), (for the avoidance of doubt) or pursuant to a time charter entered into by a Borrower with a third party which includes profit sharing agreements which (except in the case of a Permitted Charter where no further approval is required) are on terms approved by the Lenders.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.17</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858655"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Inventory of Hazardous Materials</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall procure that the Ship owned by it has, from the date the Borrower which owns that Ship is legally obliged to do so, obtained an Inventory of Hazardous Material, in respect of said Ship which shall be maintained until the Loan has been fully repaid.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.18</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858656"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sustainable and socially responsible dismantling of Ships</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each of the Obligors confirms that as long as it is in a lending relationship with any Lender, it will ensure that any Ship controlled by it or sold to an intermediary with the intention of being scrapped, is recycled at a recycling yard which conducts its recycling business in a socially and environmentally responsible manner, in accordance with the provisions of <a name="_9kR3WTr2665BIhPhIN0tRU4xTVD54Ey5EAG32fd"></a><a name="_9kR3WTr2665CFdPhIN0tRU4xTVD54Ey5EAG32fd"></a>The Hong Kong International Convention for the <a name="_9kR3WTr2665CGdHbg"></a>Safe and <a name="_9kR3WTr2665BJTG40x410suAyr3HzkJJ3iewHI6"></a><a name="_9kR3WTr2665CHQG40x410suAyr3HzkJJ3iewHI6"></a>Environmentally Sound Recycling of Ships, 2009 and/or EU Ship Recycling Regulation.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.19</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref12439570"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Poseidon Principles</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><a name="_Ref423363996"></a><a name="_Toc506470404"></a><a name="_Toc506472490"></a><a name="_Toc506475942"></a><a name="_Toc506470406"></a><a name="_Toc506472492"></a><a name="_Toc506475944"></a><font style="font-weight:normal;">Each Borrower shall, upon the reasonable request of any Lender and at the cost of the Borrowers, on or before 31 July in each calendar year, supply or procure the supply by the Approved Classification Society (as specified by the relevant Lender) to such Lender of all information necessary in order for any Lender to comply with its obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of </font><a name="_9kMIH5YVt4EE68GQEyq1t9"></a><font style="font-weight:normal;">Annex VI</font><font style="font-weight:normal;"> and any Statement of Compliance, together with a Carbon Intensity and Climate Alignment Certificate or equivalent, in each case relating to the Ship owned by it for the preceding calendar year provided always that, for the avoidance of doubt, such information shall be &quot;Confidential Information&quot; for the purposes of Clause </font><font style="font-weight:normal;">47</font><font style="font-weight:normal;"> (</font><i style="font-style:italic;font-weight:normal;">Confidentiality</i><font style="font-weight:normal;">) but the Obligors acknowledge that, in accordance with the Poseidon Principles, such information will form part of the information published regarding the relevant Lender&#39;s portfolio climate alignment.</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.20</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref26350077"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sanctions and Ship trading</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858657"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without limiting Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Compliance with laws etc.</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), each Borrower shall procure:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858658"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that the Ship owned by it shall not be used by or for the benefit of a Restricted Party;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>126</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858659"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that such Ship shall not be used directly or indirectly in trading in any manner contrary to Sanctions (or which could be contrary to Sanctions if Sanctions were binding on each Transaction Obligor) or in any trade which could expose a Ship, a Transaction Obligor, a Lender, crew or insurers to enforcement proceedings or any other consequences whatsoever arising from Sanctions;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858660"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that such Ship shall not be traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the Insurances; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858661"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that each charterparty in respect of that Ship shall contain, for the benefit of that Borrower, language which gives effect to the provisions of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.9(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Compliance with laws etc.</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as regards Sanctions and of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.20</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions and Ship trading</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and which permits refusal of employment or voyage orders if compliance would result in a breach of Sanctions (or which would result in a breach of Sanctions if Sanctions were binding on each Transaction Obligor).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858662"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any provision of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.20</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions and ship trading</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">26.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">23.34</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall not apply to or in favour of any Finance Party if and to the extent that it would result in a breach, by or in respect of that Finance Party, of any applicable Blocking Law.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.21</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858663"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Anti-terrorism</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;"><a name="_Ref432692823"></a>The Borrowers shall, and shall ensure that each of the other Obligors will, comply with all anti-terrorism laws in each case applicable to it and shall take all actions necessary or which may be required by the Lenders to allow the Lenders to comply with any anti-terrorism laws applicable to it.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">28.22</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858664"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of compliance</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall promptly provide the Facility Agent from time to time with evidence (in such form as the Facility Agent requires) that it is complying with this Clause 28 (<i style="font-style:italic;">Ship Undertakings</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326180134"></a><a name="_Toc360093712"></a><a name="_Toc360093913"></a><a name="_Toc360097814"></a><a name="_Toc360191453"></a><a name="_Toc360191570"></a><a name="_Toc360191686"></a><a name="_Toc362504365"></a><a name="_Toc362518412"></a><a name="_Toc362605359"></a><a name="_Toc363549799"></a><a name="_Toc367198642"></a><a name="_Toc367792030"></a><a name="_Toc367867017"></a><a name="_Toc371413644"></a><a name="_Toc371413860"></a><a name="_Toc371932738"></a><a name="_Toc378965695"></a><a name="_Toc380566907"></a><a name="_Toc380579043"></a><a name="_Toc382507900"></a><a name="_Toc384670151"></a><a name="_Toc442833376"></a><a name="_Toc444194841"></a><a name="_Toc445290419"></a><a name="_Toc159513295"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Security Cover</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref360100358"></a><a name="_Ref326183274"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Minimum required security cover</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Clause 29.2 (<i style="font-style:italic;">Provision of additional security; prepayment</i>) applies if, the Facility Agent notifies the Borrowers that:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858665"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the aggregate Fair Market Value of each Ship then subject to a Mortgage and which has not become a Total Loss; plus</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858666"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the net realisable value of additional Security previously provided under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">is below 130 per cent. of the aggregate of the Loan and, in circumstances where a Hedging Agreement has been entered into with a Hedge Counterparty, the Hedging Close Out Liabilities.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>127</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180126"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provision of additional security; prepayment</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260291"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent serves a notice on the Borrowers under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum required security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Borrowers shall, on or before the date falling 30 days after the date (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Prepayment Date</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) on which the Facility Agent&#39;s notice is served, prepay such part of the Loan as shall eliminate the shortfall.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858667"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Borrower may, instead of, or as well as making a prepayment as described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, provide, or ensure that a third party has provided, additional security which, in the opinion of the Facility Agent acting on the instructions of the Majority Lenders,</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858668"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has a net realisable value at least equal to the shortfall; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858669"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is documented in such terms as the Facility Agent may approve or require,</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">before the Prepayment Date; and conditional upon such security being provided in such manner, it shall satisfy such prepayment obligation.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339380246"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Value of additional vessel security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The net realisable value of any additional security which is provided under Clause 29.2 (<i style="font-style:italic;">Provision of additional security; prepayment</i>) and which consists of Security over a vessel shall be the Fair Market Value of the vessel concerned.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858670"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Valuations binding</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any valuation under this Clause 29 (<i style="font-style:italic;">Security Cover</i>) shall be binding and conclusive as regards each Borrower.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858671"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provision of information</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260315"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower shall promptly provide the Facility Agent and any shipbroker acting under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) with any information which the Facility Agent or the shipbroker may request for the purposes of the valuation.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858672"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Borrower fails to provide the information referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above by the date specified in the request, the valuation may be made on any basis and assumptions which the shipbroker or the Facility Agent considers prudent.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858673"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Prepayment mechanism</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any prepayment pursuant to Clause 29.2 (<i style="font-style:italic;">Provision of additional security; prepayment</i>) shall be made in accordance with the relevant provisions of Clause 8 (<i style="font-style:italic;">Payment and Cancellation</i>) but ignoring any restriction as to prepayments being made on the last day of the Interest Period.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">29.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339356359"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Provision of valuations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858676"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Borrower shall provide the Facility Agent with valuations of the Ship owned by it or that will be owned by it on the relevant Utilisation Date and any other vessel over which additional Security has been created in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Value of additional vessel security</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), from an Approved Valuer, to enable the Facility Agent to determine the Fair Market Value of that Ship.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>128</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref379320385"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The valuations referred to in this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Provision of valuations</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) are to be obtained:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref379320388"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on or before the first Utilisation Date in respect of the Ship to which such Utilisation Date relates (not to be obtained earlier than 30 days prior to the Utilisation Date except in relation to valuations provided in connection with the first Utilisation Date, in which case such valuations shall be prepared as at a date not more than 36 days previously) and shown, in respect of such Ship when not on or before a Utilisation Date, in June and December of each year during the Security Period provided that, in the case of testing financial covenants contained in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">25.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial covenants</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) &#160;at the end of the first and third financial quarters in each year, the Borrowers shall obtain up to date Fair Market Values of any of the Ships if requested by the Facility Agent, acting on the instructions of the Majority Lenders. If the Facility Agent does request any such additional valuations these valuations shall be at the Lenders&#39; cost, unless the valuations show a failure to comply with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum required security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), in which case these additional valuations shall be at the Borrowers&#39; cost; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref379320392"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">at any other time requested by the Facility Agent in its absolute discretion.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858677"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The valuations referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Provision of valuations</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall be at the Borrowers&#39; cost, but no more than twice per year, unless the valuations provided under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Provision of valuations</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) show a breach of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum required security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), in which case any additional valuations will be at the Borrowers&#39; cost.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858678"></a><a name="_Ref326184231"></a><a name="_Ref326184232"></a><a name="_Toc360093713"></a><a name="_Toc360093914"></a><a name="_Toc360097815"></a><a name="_Toc360191454"></a><a name="_Toc360191571"></a><a name="_Toc360191687"></a><a name="_Toc362504366"></a><a name="_Toc362518413"></a><a name="_Toc362605360"></a><a name="_Toc363549800"></a><a name="_Toc367198643"></a><a name="_Toc367792031"></a><a name="_Toc367867018"></a><a name="_Toc371413645"></a><a name="_Toc371413861"></a><a name="_Toc371932739"></a><a name="_Toc378965696"></a><a name="_Toc380566908"></a><a name="_Toc380579044"></a><a name="_Toc382507901"></a><a name="_Toc384670152"></a><a name="_Toc442833377"></a><a name="_Toc444194842"></a><a name="_Toc445290420"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The arithmetic average of the two valuations will then be determined, save that where there is a variance of more than twenty per cent. between the two valuations, a third valuation shall be obtained from an Approved Valuer selected by the Facility Agent and appointed by the Facility Agent and in such case the Fair Market Value shall be the arithmetic average of the three valuations.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">30</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref136858679"></a><a name="_Toc159513296"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Application of Earnings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">30.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref341968250"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Payment of Earnings</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><font style="font-weight:normal;">Each Borrower shall ensure that,</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858680"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">subject only to the provisions of the General Assignment to which it is a party, all the Earnings in respect of the Ship owned by it are paid in to its Earnings Account; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858681"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all payments by a Hedge Counterparty to that Borrower under a Hedging Agreement are paid to the Earnings Account.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">30.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref380494270"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Use of credit balances on the Earnings Account</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower may withdraw moneys from the Earnings Account in its name provided that no Default is continuing.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">30.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858682"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Location of accounts</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Borrower shall promptly:</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>129</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858683"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">comply with any requirement of the Facility Agent as to the location or relocation of its Earnings Account (or any of them); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858684"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">execute any documents which the Facility Agent specifies to create or maintain in favour of the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665BKiLct9y1IaDowCsYp6MBEV"></a><a name="_9kR3WTr2665CIfLct9y1IaDowCsYp6MBEV"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Security Agent Security</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> over (and/or rights of set-off, consolidation or other rights in relation to) the Earnings Accounts.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326180276"></a><a name="_Ref326182279"></a><a name="_Ref326182280"></a><a name="_Toc360093714"></a><a name="_Toc360093915"></a><a name="_Toc360097816"></a><a name="_Toc360191455"></a><a name="_Toc360191572"></a><a name="_Toc360191688"></a><a name="_Toc362504367"></a><a name="_Toc362518414"></a><a name="_Toc362605361"></a><a name="_Toc363549801"></a><a name="_Toc367198644"></a><a name="_Toc367792032"></a><a name="_Toc367867019"></a><a name="_Toc371413646"></a><a name="_Toc371413862"></a><a name="_Toc371932740"></a><a name="_Toc378965697"></a><a name="_Toc380566909"></a><a name="_Toc380579045"></a><a name="_Toc382507902"></a><a name="_Toc384670153"></a><a name="_Toc442833378"></a><a name="_Toc444194843"></a><a name="_Toc445290421"></a><a name="_Toc159513297"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Events of Defaul</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">t</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858685"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">General</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each of the events or circumstances set out in this Clause 31 (<i style="font-style:italic;">Events of Default</i>) is an Event of Default except for Clause 31.17 (<i style="font-style:italic;">Acceleration</i>) and Clause 31.18 (<i style="font-style:italic;">Enforcement of security</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180290"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Non-payment</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable unless:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858686"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its failure to pay is caused by:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858687"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">administrative or technical error (including intermediary bank delays); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858688"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Disruption Event; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858689"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">payment is made within 3 Business Days of its due date.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180450"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Specific obligations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">A breach occurs of Clause 4.4 (<i style="font-style:italic;">Waiver of conditions precedent</i>), Clause 23.34 (<i style="font-style:italic;">Sanctions</i>), Clause 25 (<i style="font-style:italic;">Financial Covenants</i>), Clause 26.4 (<i style="font-style:italic;">Sanctions</i>), Clause 26.10 (<i style="font-style:italic;">Title</i>), Clause 26.11 (<i style="font-style:italic;">Negative pledge</i>), Clause 26.21 (<i style="font-style:italic;">Unlawfulness, invalidity and ranking; Security imperilled</i>), Clause 28.20 (<i style="font-style:italic;">Sanctions and Ship trading</i>), Clause 27.2 (<i style="font-style:italic;">Maintenance of obligatory insurances</i>), Clause 27.3 (<i style="font-style:italic;">Terms of obligatory insurances</i>), Clause 27.5 (<i style="font-style:italic;">Renewal of obligatory insurances</i>), Clause 28.3 (<i style="font-style:italic;">Repair and classification</i>) or, save to the extent such breach is a failure to pay and therefore subject to Clause 31.2 (<i style="font-style:italic;">Non-payment</i>), Clause 29 (<i style="font-style:italic;">Security Cover</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref107916883"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other obligations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260348"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Transaction Obligor does not comply with any provision of the Finance Documents (other than those referred to in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Non-payment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Specific obligations</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858690"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Event of Default under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above will occur if the failure to comply is capable of remedy and is remedied within 10 Business Days of the Facility Agent giving notice to the Borrowers or (if earlier) any Transaction Obligor becoming aware of the failure to comply.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858691"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Misrepresentation</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Transaction Obligor under or in connection with any Finance Document is or proves to have been incorrect or misleading when made or deemed to be made and which has had or could reasonably be expected to have a Material Adverse Effect.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>130</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180471"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Cross default</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260377"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Financial Indebtedness of any Obligor is not paid when due nor within any originally applicable grace period.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858692"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Financial Indebtedness of any Obligor is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of default (however described).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858693"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any commitment for any Financial Indebtedness of any Obligor is cancelled or suspended by a creditor of any Obligor as a result of an event of default (however described).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260387"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any creditor of any Obligor becomes entitled to declare any Financial Indebtedness of any Obligor due and payable prior to its specified maturity as a result of an event of default (however described).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858694"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Event of Default will occur under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Cross default</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) if the aggregate amount of Financial Indebtedness or commitment for Financial Indebtedness falling within paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.6(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.6(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above is less than, in respect of each Borrower, $500,000 (or its equivalent in any other currency) and in respect of each of the Corporate Guarantor or Parent Guarantor and other members of the Group, $5,000,000 (or its equivalent in any other currency in aggregate).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326182458"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Insolvency</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858695"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An Obligor:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858696"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is unable or admits inability to pay its debts as they fall due;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858697"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is deemed to, or is declared to, be unable to pay its debts under applicable law;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858698"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">suspends or threatens to suspend making payments on any of its debts; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858699"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">by reason of actual or anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858700"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The value of the assets of any Obligor is less than its liabilities (taking into account contingent and prospective liabilities).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858701"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A moratorium is declared in respect of any indebtedness of any Obligor. &#160;If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180491"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Insolvency proceedings</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376258059"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any corporate action, legal proceedings or other procedure or step is taken in relation to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858702"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any member of the Group other than a solvent liquidation or reorganisation of any member of the Group which is not an Obligor;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>131</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858703"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a composition, compromise, assignment or arrangement with any creditor of any member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858704"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the appointment of a liquidator (other than in respect of a solvent liquidation of a member of the Group which is not an Obligor), receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of any member of the Group or any of its assets; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858705"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">enforcement of any Security over any assets of any member of the Group,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">or any analogous procedure or step is taken in any jurisdiction.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858706"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not apply to any winding-up petition which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326179971"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Creditors&#39; process</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any expropriation, attachment, sequestration, distress or execution (or any analogous process in any jurisdiction) affects any asset or assets of an Obligor having an aggregate value of $1,500,000.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858707"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Unlawfulness, invalidity and ranking</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858708"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">It is or becomes unlawful for a Transaction Obligor to perform any of its obligations under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858709"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any obligation of a Transaction Obligor under the Finance Documents is not or ceases to be legal, valid, binding or enforceable if that cessation individually or together with any other cessations materially or adversely affects the interests of the Secured Parties under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858710"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Finance Document ceases to be in full force and effect or to be continuing or is or purports to be determined or any Transaction Security is alleged by a party to it (other than a Finance Party) to be ineffective.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858711"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Transaction Security proves to have ranked after, or loses its priority to, any other Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858712"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security imperilled</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any Security created or intended to be created by a Finance Document is in any way imperilled or in jeopardy.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858713"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Cessation of business</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any Obligor suspends or ceases to carry on (or threatens to suspend or ceases to carry on) all or a material part of its business.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858714"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Expropriation</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The authority or ability of any member of the Group to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation, nationalisation, intervention, restriction or other action by or on behalf of any governmental, regulatory or other authority or other person in relation to any member of the Group or any of its assets.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>132</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858715"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Repudiation and rescission of agreements</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An Obligor (or any other relevant party) rescinds or purports to rescind or repudiates or purports to repudiate a Transaction Document or any of the Transaction Security or evidences an intention to rescind or repudiate a Transaction Document or any Transaction Security.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858716"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Litigation</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any litigation, arbitration, administrative, governmental, regulatory or other investigations, proceedings or disputes are commenced or threatened in relation to any of the Transaction Documents or the transactions contemplated in any of the Transaction Documents or against any member of the Group or its assets which has or may have a Material Adverse Effect and, for the avoidance of doubt, this clause shall not apply to any proceedings or dispute which is frivolous or vexatious and is discharged, stayed or dismissed within 14 days of commencement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858717"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Material adverse change</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any event or circumstance occurs which has had or could reasonably be expected to have a Material Adverse Effect.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.17</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180254"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Acceleration</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">On and at any time after the occurrence of an Event of Default which is continuing the Facility Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrowers:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260565"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cancel the Total Commitments, whereupon they shall immediately be cancelled;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref360102920"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, whereupon it shall become immediately due and payable; and/or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref360102952"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">declare that all or part of the Loan be payable on demand, whereupon it shall immediately become payable on demand by the Facility Agent acting on the instructions of the Majority Lenders,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and the Facility Agent may serve notices under paragraphs (a), (b) and (c) above simultaneously or on different dates and the Security Agent may take any action referred to in Clause 31.18 (<i style="font-style:italic;">Enforcement of security</i>) if no such notice is served or simultaneously with or at any time after the service of any of such notice.<a name="_Ref326180268"></a></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">31.18</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858718"></a><a name="_Ref346794052"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Enforcement of security</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> and other rights</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">On and at any time after the occurrence of an Event of Default which is continuing the Security Agent may, and shall if so directed by the Majority Lenders, take any action which, as a result of the Event of Default or any notice served under Clause 31.17 (<i style="font-style:italic;">Acceleration</i>), the Security Agent is entitled to take under any Finance Document or any applicable law or regulation.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;text-transform:uppercase;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>133</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 10</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413647"></a><a name="_Toc371413863"></a><a name="_Toc371932741"></a><a name="_Toc378965698"></a><a name="_Toc380566910"></a><a name="_Toc380579046"></a><a name="_Toc382507903"></a><a name="_Toc384670154"></a><a name="_Toc442833379"></a><a name="_Toc444194844"></a><a name="_Toc445290422"></a><a name="_Ref136858719"></a><a name="_Toc159513298"></a>Changes to Parties</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326180559"></a><a name="_Ref342467576"></a><a name="_Toc360093715"></a><a name="_Toc360093916"></a><a name="_Toc360097817"></a><a name="_Toc360191456"></a><a name="_Toc360191573"></a><a name="_Toc360191689"></a><a name="_Toc362504368"></a><a name="_Toc362518415"></a><a name="_Toc362605362"></a><a name="_Toc363549802"></a><a name="_Toc367198645"></a><a name="_Toc367792033"></a><a name="_Toc367867020"></a><a name="_Toc371413648"></a><a name="_Toc371413864"></a><a name="_Toc371932742"></a><a name="_Toc378965699"></a><a name="_Toc380566911"></a><a name="_Toc380579047"></a><a name="_Toc382507904"></a><a name="_Toc384670155"></a><a name="_Toc442833380"></a><a name="_Toc444194845"></a><a name="_Toc445290423"></a><a name="_Toc159513299"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Changes to the Lenders</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref341788166"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Assignments and transfers by the Lenders</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Subject to this Clause 32 (<i style="font-style:italic;">Changes to the Lenders</i>), a Lender (the &quot;<a name="_9kMHG5YVt3BC7BCOS3zB2xwVOxxp4"></a><b style="font-weight:bold;">Existing Lender</b>&quot;) may:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858720"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">assign any of its rights; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858721"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">transfer by novation any of its rights and obligations,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">under the Finance Documents to another bank or financial institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (except for a hedge fund, other than at a time when a Default is continuing) (the &quot;<a name="_9kMHG5YVt3BC7BDYIygJsskz"></a><b style="font-weight:bold;">New Lender</b>&quot;) but in no event to a member of the Group or a holding company, or holding company acting in concert, of the Parent Guarantor.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183519"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Conditions of assignment or transfer</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858722"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The consent of the Borrowers is required for an assignment or transfer by an Existing Lender, unless the assignment or transfer is:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858723"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to another Lender or an Affiliate of a Lender;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858724"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to another first class international bank or financial institution, insurer, social security fund, pension fund, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk109406576"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">capital investment company, financial intermediary</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or special purpose vehicle associated to any of them (excluding, for the avoidance of doubt, hedge funds);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858725"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a trust corporation, fund or other person which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets and which is advised by or the assets of which are managed or serviced by a Lender; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858726"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">made at a time when a Default is continuing.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858727"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The consent of the Borrowers to an assignment or transfer must not be unreasonably withheld or delayed. &#160;Each Borrower will be deemed to have given its consent five Business Days after the Existing Lender has requested it unless consent is expressly refused by that Borrower within that time.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858728"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The consent of a Borrower to an assignment or transfer must not be withheld solely because the assignment or transfer may result in an increase to any amount payable under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory Cost</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858729"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An assignment will only be effective on:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858730"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">receipt by the Facility Agent (whether in the Assignment Agreement or otherwise) of written confirmation from the New Lender (in form and substance satisfactory to the </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>134</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Facility Agent) that the New Lender will assume the same obligations to the other Secured Parties as it would have been under if it were an Original Lender; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858731"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">performance by the Facility Agent of all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations in relation to such assignment to a New Lender, the completion of which the Facility Agent shall promptly notify to the Existing Lender and the New Lender.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858732"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A transfer will only be effective if the procedure set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) is complied with.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260621"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858733"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Lender assigns or transfers any of its rights or obligations under the Finance Documents or changes its Facility Office; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858734"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as a result of circumstances existing at the date the assignment, transfer or change occurs, an Obligor would be obliged to make a payment to the New Lender or Lender acting through its new Facility Office under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Tax Gross Up and Indemnities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">15</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Increased Costs</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those Clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858735"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each New Lender, by executing the relevant Transfer Certificate or Assignment Agreement, confirms, for the avoidance of doubt, that the Facility Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the requisite Lender or Lenders in accordance with this Agreement on or prior to the date on which the transfer or assignment becomes effective in accordance with this Agreement and that it is bound by that decision to the same extent as the Existing Lender would have been had it remained a Lender.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858736"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Assignment or transfer fee</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The New Lender shall, on or before the date upon which an assignment or transfer takes effect, pay to the Facility Agent (for its own account) a fee of $3,000 unless the assignment or transfer is to an Affiliate of the Existing Lender.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326188510"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Limitation of responsibility of Existing Lenders</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858737"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858738"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents, the Transaction Security or any other documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858739"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the financial condition of any Transaction Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858740"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the performance and observance by any Transaction Obligor of its obligations under the Finance Documents or any other documents; or</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>135</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858741"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and any representations or warranties implied by law are excluded.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858742"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each New Lender confirms to the Existing Lender and the other Finance Parties and the Secured Parties that it:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858743"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">has made (and shall continue to make) its own independent investigation and assessment of the financial condition and affairs of each Transaction Obligor and its related entities in connection with its participation in this Agreement and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Finance Document or the Transaction Security; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858744"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">will continue to make its own independent appraisal of the creditworthiness of each Transaction Obligor and its related entities throughout the Security Period.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262991"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Nothing in any Finance Document obliges an Existing Lender to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858745"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">accept a re-transfer or re-assignment from a New Lender of any of the rights and obligations assigned or transferred under this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to the Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858746"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Transaction Obligor of its obligations under the Finance Documents or otherwise.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183472"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Procedure for transfer</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858747"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to the conditions set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions of assignment or transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), a transfer is effected in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below when the Facility Agent executes an otherwise duly completed Transfer Certificate delivered to it by the Existing Lender and the New Lender. &#160;The Facility Agent shall, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below as soon as reasonably practicable after receipt by it of a duly completed Transfer Certificate appearing on its face to comply with this Agreement and delivered in accordance with this Agreement, execute that Transfer Certificate.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260709"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations in relation to the transfer to such New Lender.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260689"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Pro rata interest settlement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), on the Transfer Date:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858748"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to the extent that in the Transfer Certificate the Existing Lender seeks to transfer by novation its rights and obligations under the Finance Documents and in respect of the Transaction Security, each of the Obligors and the Existing Lender shall be released from further obligations towards one another under the Finance Documents and in respect of the Transaction Security and their respective rights against one another under the Finance Documents and in respect of the Transaction Security shall be cancelled (being the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Discharged Rights and Obligations</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;);</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>136</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858749"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each of the Obligors and the New Lender shall assume obligations towards one another and/or acquire rights against one another which differ from the Discharged Rights and Obligations only insofar as that Obligor and the New Lender have assumed and/or acquired the same in place of that Obligor and the Existing Lender;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858750"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent, the Security Agent, each Mandated Lead Arranger, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk106384921"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Sustainability Coordinator, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the New Lender and other Lenders shall acquire the same rights and assume the same obligations between themselves and in respect of the Transaction Security as they would have acquired and assumed had the New Lender been an Original Lender with the rights and/or obligations acquired or assumed by it as a result of the transfer and to that extent the Facility Agent, the Security Agent, each Mandated Lead Arranger, the Sustainability Coordinator and the Existing Lenders shall each be released from further obligations to each other under the Finance Documents; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858751"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the New Lender shall become a Party as a &quot;Lender&quot;.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183647"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Procedure for assignment</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858752"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to the conditions set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions of assignment or transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) an assignment may be effected in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below when the Facility Agent executes an otherwise duly completed Assignment Agreement delivered to it by the Existing Lender and the New Lender. &#160;The Facility Agent shall, subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, as soon as reasonably practicable after receipt by it of a duly completed Assignment Agreement appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Assignment Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260753"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall only be obliged to execute an Assignment Agreement delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary &quot;know your customer&quot; or other similar checks under all applicable laws and regulations in relation to the assignment to such New Lender.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260740"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Pro rata interest settlement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), on the Transfer Date:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858753"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Existing Lender will assign absolutely to the New Lender its rights under the Finance Documents and in respect of the Transaction Security expressed to be the subject of the assignment in the Assignment Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858754"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Existing Lender will be released from the obligations (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Relevant Obligations</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) expressed to be the subject of the release in the Assignment Agreement (and any corresponding obligations by which it is bound in respect of the Transaction Security); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858755"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the New Lender shall become a Party as a &quot;Lender&quot; and will be bound by obligations equivalent to the Relevant Obligations.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858756"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Lenders may utilise procedures other than those set out in this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for assignment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) to assign their rights under the Finance Documents (but not, without the consent of the relevant Obligor or unless in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the assumption of equivalent obligations by a New Lender) </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">provided that</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> they comply with the conditions set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions of assignment or transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183679"></a><a name="_Ref360110219"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Copy of Transfer Certificate or Assignment Agreement to Borrower</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">s</b></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>137</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Facility Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate or an Assignment Agreement, send to the Obligors a copy of that Transfer Certificate or Assignment Agreement.<a name="_Ref279866408"></a></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326188318"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security over Lenders&#39; rights</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In addition to the other rights provided to Lenders under this Clause 32 (<i style="font-style:italic;">Changes to the Lenders</i>), each Lender may without consulting with or obtaining consent from any Obligor, at any time charge, assign or otherwise create Security in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858757"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any charge, assignment or other Security to secure obligations to a federal reserve or central bank; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858758"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of any Lender which is a fund, any charge, assignment or other Security granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security for those obligations or securities,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">except that no such charge, assignment or Security shall:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858759"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security for the Lender as a party to any of the Finance Documents; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858760"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180737"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Pro rata interest settlement</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If the Facility Agent has notified the Lenders that it is able to distribute interest payments on a &quot;<i style="font-style:italic;">pro rata</i> basis&quot; to Existing Lenders and New Lenders then (in respect of any transfer pursuant to Clause 32.5 (<i style="font-style:italic;">Procedure for transfer</i>) or any assignment pursuant to Clause 32.6 (<i style="font-style:italic;">Procedure for assignment</i>) the Transfer Date of which, in each case, is after the date of such notification and is not on the last day of an Interest Period):</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858761"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date (&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accrued Amounts</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is longer than six Months, on the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858762"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts, so that, for the avoidance of doubt:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858763"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">when the Accrued Amounts become payable, those Accrued Amounts will be payable to the Existing Lender; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858764"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Pro rata interest settlement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), have been payable to it on that date, but after deduction of the Accrued Amounts.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>138</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858765"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An Existing Lender which retains the right to the Accrued Amounts pursuant to this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Pro rata interest settlement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) but which does not have a Commitment shall be deemed not to be a Lender for the purposes of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve any request for a consent, waiver, amendment or other vote of Lenders under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">32.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref26546377"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Replacement of Lender by Borrowers</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858766"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers may, at any time (other than where an Event of Default or a Potential Event of Default has occurred and is continuing) in respect of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858767"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Lender whose costs of funds charged to the Borrowers are (in the Borrowers&#39; reasonable opinion) materially higher than those of the other Lenders generally; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858768"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Lender which is a Defaulting Lender; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858769"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Lender which is a Non-Consenting Lender,</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858770"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">by giving 10 Business Days&#39; notice to the Facility Agent and that Lender (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Outgoing Lender</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) replace the Outgoing Lender by requiring it to (and the Outgoing Lender must) transfer in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) all (and not part only) of its rights and obligations under this Agreement to a Lender or other bank (a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Replacement Lender</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) selected by the Borrowers and which is acceptable to the Facility Agent (acting reasonably) for a purchase price in cash payable at the time of transfer equal to the outstanding principal amount of the Outgoing Lender&#39;s </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665CCJFx38yjwF406"></a><a name="_9kR3WTr2665CJQFx38yjwF406"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Contribution</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and all accrued interest, break costs and other amounts payable in relation to that </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4887EELHz5A0lyH628"></a><a name="_9kMHG5YVt4887ELSHz5A0lyH628"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Contribution</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> under this Agreement and the other Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858771"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any transfer of rights and obligations of an Outgoing Lender under this Clause is subject to the following conditions:</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858772"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">neither the Facility Agent nor the Outgoing Lender will have any obligation to the Borrowers to find a Replacement Lender;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858773"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the transfer must take place no later than 10 Business Days after the Borrowers&#39; notice referred to above; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858774"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in no event will the Outgoing Lender be required to pay or surrender to the Replacement Lender any of the fees received by the Outgoing Lender under this Agreement and the other Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">33</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093716"></a><a name="_Toc360093917"></a><a name="_Toc360097818"></a><a name="_Toc360191457"></a><a name="_Toc360191574"></a><a name="_Toc360191690"></a><a name="_Toc362504369"></a><a name="_Toc362518416"></a><a name="_Toc362605363"></a><a name="_Toc363549803"></a><a name="_Toc367198646"></a><a name="_Toc367792034"></a><a name="_Toc367867021"></a><a name="_Toc371413649"></a><a name="_Toc371413865"></a><a name="_Toc371932743"></a><a name="_Toc378965700"></a><a name="_Toc380566912"></a><a name="_Toc380579048"></a><a name="_Toc382507905"></a><a name="_Toc384670156"></a><a name="_Toc442833381"></a><a name="_Toc444194846"></a><a name="_Toc445290424"></a><a name="_Ref136858775"></a><a name="_Toc159513300"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Changes to the Obligors</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">33.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433283"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Assignment or transfer by Obligors</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">33.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref107575061"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Additional Borrowers</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099197"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to compliance with the provisions of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.10</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">&quot;Know your customer&quot; checks</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), a wholly and directly owned Subsidiary of the Parent Guarantor may become an Additional Borrower. &#160;That Subsidiary shall become an Additional Borrower if:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>139</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099198"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">it is incorporated in the same jurisdiction as the Original Borrowers or another jurisdiction acceptable to the Lenders. For the avoidance of doubt, the jurisdictions of the Approved Flag is acceptable to the Lenders;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433285"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">it owns an Accordion Ship or Accordion Ships which is (or will be) subject to Security for any Advance pursuant to this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099199"></a><a name="_Ref106433286"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">it delivers to the Facility Agent a duly completed and executed Accession Deed;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099201"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers confirm that no Default is continuing or would occur as a result of that Subsidiary becoming an Additional Borrower; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099202"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent has received all of the documents and other evidence listed in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part A</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions Precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in relation to that Additional Borrower, each in form and substance satisfactory to the Facility Agent provided that references in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part A</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions Precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) to &quot;the Additional Borrower&quot; or to any Ship or document relating to that Additional Borrower shall be deemed to relate solely to the Additional Borrower or Additional Borrowers named in the relevant Accession Deed.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433287"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Delivery of an Accession Deed pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">33.2(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above constitutes confirmation by the relevant Additional Borrower that the Repeating Representations are true and correct in relation to it as at the date of delivery as if made by reference to the facts and circumstances then existing.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;text-transform:uppercase;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>140</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 11</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413650"></a><a name="_Toc371413866"></a><a name="_Toc371932744"></a><a name="_Toc378965701"></a><a name="_Toc380566913"></a><a name="_Toc380579049"></a><a name="_Toc382507906"></a><a name="_Toc384670157"></a><a name="_Toc442833382"></a><a name="_Toc444194847"></a><a name="_Toc445290425"></a><a name="_Ref136858776"></a><a name="_Toc159513301"></a>The Finance Parties</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093717"></a><a name="_Toc360093918"></a><a name="_Toc360097819"></a><a name="_Toc360191458"></a><a name="_Toc360191575"></a><a name="_Toc360191691"></a><a name="_Toc362504370"></a><a name="_Toc362518417"></a><a name="_Toc362605364"></a><a name="_Toc363549804"></a><a name="_Toc367198647"></a><a name="_Toc367792035"></a><a name="_Toc367867022"></a><a name="_Toc371413651"></a><a name="_Toc371413867"></a><a name="_Toc371932745"></a><a name="_Toc378965702"></a><a name="_Toc380566914"></a><a name="_Toc380579050"></a><a name="_Toc382507907"></a><a name="_Toc384670158"></a><a name="_Toc442833383"></a><a name="_Toc444194848"></a><a name="_Toc445290426"></a><a name="_Ref136858777"></a><a name="_Ref326180718"></a><a name="_Toc159513302"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">The Facility Agent and the Mandated Lead Arranger</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">s</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858778"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Appointment of the Facility Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858779"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each other Finance Party appoints the Facility Agent to act as its agent under and in connection with the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858780"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each other Finance Party authorises the Facility Agent to exercise the rights, powers, authorities and discretions specifically given to the Facility Agent under, or in connection with, the Finance Documents together with any other incidental rights, powers, authorities and discretions.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858781"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Duties of the Facility Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260797"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, the Facility Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Facility Agent for that Party by any other Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260786"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without prejudice to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Copy of Transfer Certificate or Assignment Agreement to Borrowers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not apply to any Transfer Certificate or to any Assignment Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858782"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Except where a Finance Document specifically provides otherwise, the Facility Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858783"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the Finance Parties.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858784"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Facility Agent or a Mandated Lead Arranger or the Security Agent) under this Agreement it shall promptly notify the other Finance Parties.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858785"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent&#39;s duties under the Finance Documents are solely mechanical and administrative in nature.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858786"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Role of the Mandated Lead Arrangers and Sustainability Coordinator</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Except as specifically provided in the Finance Documents, neither the Mandated Lead Arrangers nor the Sustainability Coordinator has any obligations of any kind to any other Party under, or in connection with, any Finance Document.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858787"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No fiduciary duties</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260821"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall not have any liability to any person in respect of its obligations and duties under this Agreement or the other Finance Documents except as expressly set out in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of receipts</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), and as excluded or limited by Clauses </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Majority </i></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>141</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Lenders&#39; instructions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Responsibility for documentation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.10</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Exclusion of liability</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.11</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Lenders&#39; indemnity to the Facility Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.18</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Full freedom to enter into transactions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858788"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The provisions of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall apply even if, notwithstanding and contrary to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, any provision of this Agreement or any other Finance Document by operation of law has the effect of constituting the Facility Agent as a fiduciary.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858789"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Nothing in the Finance Documents constitutes the Facility Agent or either Mandated Lead Arranger a trustee of any other person.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858790"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">None of the Facility Agent, the Security Agent, the Sustainability Coordinator nor either Mandated Lead Arranger shall be bound to account to any Lender for any sum or the profit element of any sum received by it for its own account.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180619"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Application of receipts</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Except as expressly stated to the contrary in any Finance Document, any moneys which the Facility Agent receives or recovers in its capacity as Facility Agent shall be applied by the Facility Agent in accordance with Clause 38.5 (<i style="font-style:italic;">Application of receipts; partial payments</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858791"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Business with the Group</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Facility Agent and either Mandated Lead Arranger may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref362421579"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Rights and discretions of the Facility Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858792"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may rely on:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858793"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any representation, notice or document believed by it to be genuine, correct and appropriately authorised; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858794"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any statement made by a director, authorised signatory or employee of any person regarding any matters which may reasonably be assumed to be within his knowledge or within his power to verify.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858795"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may assume (unless it has received notice to the contrary in its capacity as agent for the Lenders) that:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858796"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no Default has occurred (unless it has actual knowledge of a Default arising under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">31.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Non-payment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">));</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858797"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any right, power, authority or discretion vested in any Party or the Majority Lenders has not been exercised; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858798"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any notice or request made by any Borrower (other than a Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858799"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may engage, pay for and rely on the advice or services of any lawyers, accountants, surveyors or other experts.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>142</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858800"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may act in relation to the Finance Documents through its personnel and agents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858801"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858802"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Notwithstanding any other provision of any Finance Document to the contrary, neither the Facility Agent nor either Mandated Lead Arranger is obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326188147"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Majority Lenders&#39; instructions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858803"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless a contrary indication appears in a Finance Document, the Facility Agent shall:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858804"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">exercise any right, power, authority or discretion vested in it as Servicing Party in accordance with any instructions given to it by the Majority Lenders (or, if so instructed by the Majority Lenders, refrain from exercising any right, power, authority or discretion vested in it as a Servicing Party); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858805"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">not be liable for any act (or omission) if it acts (or refrains from taking any action) in accordance with an instruction of the Majority Lenders.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858806"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless a contrary indication appears in a Finance Document, any instructions given by the Majority Lenders will be binding on all the Finance Parties.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858807"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may refrain from acting in accordance with the instructions of the Majority Lenders (or, if appropriate, the Lenders) until it has received such security as it may require for any cost, loss or liability (together with any associated VAT) which it may incur in complying with the instructions.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858808"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In the absence of instructions from the Majority Lenders (or, if appropriate, the Lenders), the Facility Agent shall not be obliged to take any action (or refrain from taking action) (even if it considers acting or not acting to be in the best interests of the Lenders). &#160;The Facility Agent may act (or refrain from taking action) as it considers to be in the best interest of the Lenders.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260856"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent is not authorised to act on behalf of a Lender or Hedge Counterparty (without first obtaining that Lender&#39;s or Hedge Counterparty&#39;s consent) in any legal or arbitration proceedings relating to any Finance Document. &#160;This paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> shall not apply to any legal or arbitration proceedings relating to the perfection, preservation or protection of rights under the Transaction Security or Finance Documents creating Transaction Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180633"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Responsibility for documentation</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Neither the Facility Agent nor either Mandated Lead Arranger:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858809"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is responsible for the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Facility Agent, either Mandated Lead Arranger, an Obligor or any other person given in, or in connection with, any Transaction Document;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858810"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is responsible for the legality, validity, effectiveness, adequacy or enforceability of any Transaction Document or the Transaction Security or any other agreement, arrangement or </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>143</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">document entered into or made or executed in anticipation of, or in connection with, any Transaction Document or the Transaction Security; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858811"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is responsible for any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by applicable law or regulation relating to insider dealing or otherwise.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180644"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Exclusion of liability</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858812"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without limiting paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below (and without prejudice to the provisions of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(e)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.11</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Disruption to Payment Systems etc.</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)), the Facility Agent will not be liable for any action taken by it under or in connection with any Finance Document or the Transaction Security, unless directly caused by its gross negligence or wilful misconduct.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376256020"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Party other than the Facility Agent may take any proceedings against any officer, employee or agent of the Facility Agent in respect of any claim it might have against the Facility Agent or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document and each officer, employee or agent of the Facility Agent may rely on this Clause subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Third party rights</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the provisions of the Third Parties Act.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858813"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by it for that purpose.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858814"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Nothing in this Agreement shall oblige the Facility Agent or either Mandated Lead Arranger to carry out any &quot;know your customer&quot; or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Facility Agent and either Mandated Lead Arranger that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Facility Agent or either Mandated Lead Arranger.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180656"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Lenders&#39; indemnity to the Facility Agent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Facility Agent, within three Business Days of demand, against any cost, loss or liability incurred by the Facility Agent (otherwise than by reason of its gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to Clause 38.11 (<i style="font-style:italic;">Disruption to Payment Systems etc.</i>) notwithstanding the Facility Agent&#39;s negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) in acting as Facility Agent under the Finance Documents (unless the Facility Agent has been reimbursed by an Obligor pursuant to a Finance Document).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref346816782"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Resignation of the Facility Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858815"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may resign and appoint one of its Affiliates as successor by giving notice to the other Finance Parties and the Borrowers.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260945"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Alternatively, the Facility Agent may resign by giving 30 days&#39; notice to the other Finance Parties and the Borrowers, in which case the Majority Lenders may appoint a successor Facility Agent.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>144</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261018"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Majority Lenders have not appointed a successor Facility Agent in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above within 20 days after notice of resignation was given, the retiring Facility Agent may appoint a successor Facility Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858816"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The retiring Facility Agent shall, at its own cost, make available to the successor Facility Agent such documents and records and provide such assistance as the successor Facility Agent may reasonably request for the purposes of performing its functions Facility Agent under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858817"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent&#39;s resignation notice shall only take effect upon the appointment of a successor.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858818"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Upon the appointment of a successor, the retiring Facility Agent shall be discharged from any further obligation in respect of the Finance Documents but shall remain entitled to the benefit of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Facility Agent and the Mandated Lead Arrangers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and any other provisions of a Finance Document which are expressed to limit or exclude its liability in acting as Facility Agent. &#160;Any successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858819"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Majority Lenders may, by notice to the Facility Agent, require it to resign in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above. &#160;In this event, the Facility Agent shall resign in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858820"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The consent of any Borrower (or any other Obligor) is not required for an assignment or transfer of rights and/or obligations by the Facility Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376255606"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall resign in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Facility Agent pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Facility Agent under the Finance Documents, either:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858821"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent fails to respond to a request under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">FATCA Information</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and a Borrower or a Lender reasonably believes that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858822"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the information supplied by the Facility Agent pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">14.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">FATCA Information</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) indicates that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858823"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent notifies the Borrowers and the Lenders that the Facility Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(j)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858824"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">and (in each case) the Borrowers or a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Facility Agent were a FATCA Exempt Party, and the Borrowers or that Lender, by notice to the Facility Agent, requires it to resign.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>145</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858825"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Confidentiality</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858826"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In acting as Facility Agent for the Finance Parties, the Facility Agent shall be regarded as acting through its agency division which shall be treated as a separate entity from any other of its divisions or departments.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858827"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If information is received by a division or department of the Facility Agent other than that division or department responsible for complying with the obligations assumed by it under the Finance Documents, that information may be treated as confidential to that division or department, and the Facility Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326188300"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Relationship with the Lenders</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858828"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Pro rata interest settlement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Facility Agent may treat the person shown in its records as Lender or Hedge Counterparty at the opening of business (in the place of the Facility Agent&#39;s principal office as notified to the Finance Parties from time to time) as the Lender acting through its Facility Office or, as the case may be, the Hedge Counterparty:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858829"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">entitled to or liable for any payment due under any Finance Document on that day; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858830"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">unless it has received not less than five Business Days&#39; prior notice from that Lender or Hedge Counterparty to the contrary in accordance with the terms of this Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858831"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Lender shall supply the Facility Agent with any information required by the Facility Agent in order to calculate the Mandatory Cost.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262155"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Lender and each Hedge Counterparty shall supply the Facility Agent with any information that the Security Agent may reasonably specify (through the Facility Agent) as being necessary or desirable to enable the Security Agent to perform its functions as Security Agent. &#160;Each Lender and Hedge Counterparty shall deal with the Security Agent exclusively through the Facility Agent and shall not deal directly with the Security Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858832"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Lender may by notice to the Facility Agent appoint a person to receive on its behalf all notices, communications, information and documents to be made or despatched to that Lender under the Finance Documents. &#160;Such notice shall contain the address and (where communication by electronic mail or other electronic means is permitted under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Electronic communication</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)) electronic mail address and/or any other information required to enable the sending and receipt of information by that means (and, in each case, the department or officer, if any, for whose attention communication is to be made) and be treated as notification of a substitute address, electronic mail address, department and officer by that Lender for the purposes of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Addresses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41.5(a)(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Electronic communication</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the Facility Agent shall be entitled to treat such person as the person entitled to receive all such notices, communications, information and documents as though that person were that Lender.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>146</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858833"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Credit appraisal by the Lenders</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Lender and Hedge Counterparty confirms to the Facility Agent and each Mandated Lead Arranger that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under, or in connection with, any Finance Document including but not limited to:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858834"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the financial condition, status and nature of each member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858835"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the legality, validity, effectiveness, adequacy or enforceability of any Finance Document and the Transaction Security and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Transaction Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858836"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">whether that Lender has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under, or in connection with, any Finance Document or the Transaction Security, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858837"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the adequacy, accuracy and/or completeness of any information provided by the Facility Agent, any Party or by any other person under, or in connection with, any Finance Document, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858838"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the right or title of any person in or to or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858839"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Facility Agent&#39;s management time</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any amount payable to the Facility Agent under Clause 16.4 (<i style="font-style:italic;">Indemnity to the Servicing Parties</i>), Clause 18 (<i style="font-style:italic;">Costs and Expenses</i>) and Clause 34.11 (<i style="font-style:italic;">Lenders&#39; indemnity to the Facility Agent</i>) shall include the cost of utilising the Facility Agent&#39;s management time or other resources to the extent that this relates to extraordinary matters which arise following the occurrence of any Default or Event of Default, such as requests for waivers or amendments and/or a potential Default or Event of Default, and the compensation payable to the Facility Agent for such use of its management time shall, upon the Facility Agent&#39;s request, be agreed between the Borrowers, the Lenders and the Facility Agent and will be payable by the Borrowers in addition to any fee paid or payable to the Facility Agent under Clause 13 (<i style="font-style:italic;">Fees</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.17</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858840"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deduction from amounts payable by the Facility Agent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If any Party owes an amount to the Facility Agent under the Finance Documents, the Facility Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that Party which the Facility Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed. &#160;For the purposes of the Finance Documents that Party shall be regarded as having received any amount so deducted.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>147</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.18</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339384066"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Full freedom to enter into transactions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Notwithstanding any rule of law or equity to the contrary, the Facility Agent shall be absolutely entitled:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261217"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party to, or referred to in, a Finance Document);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261223"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to deal in and enter into and arrange transactions relating to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858841"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any securities issued or to be issued by any Transaction Obligor or any other person; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858842"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any options or other derivatives in connection with such securities; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261229"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to provide advice or other services to any Borrower or any person who is a party to, or referred to in, a Finance Document,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and, in particular, the Facility Agent shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">34.19</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref77069965"></a><a name="_Hlk77071309"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Amounts paid in error</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858843"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent pays an amount to another Party and the Facility Agent notifies that Party that such payment was an Erroneous Payment then the Party to whom that amount was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref77070017"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Neither:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858844"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the obligations of any Party to the Facility Agent; nor</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858845"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the remedies of the Facility Agent,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">(whether arising under this Clause 34.19 (<i style="font-style:italic;">Amounts paid in error</i>) or otherwise) which relate to an Erroneous Payment will be affected by any act, omission, matter or thing which, but for this paragraph (b), would reduce, release or prejudice any such obligation or remedy (whether or not known by the Facility Agent or any other Party).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858846"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All payments to be made by a Party to the Facility Agent (whether made pursuant to this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.19</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Amounts paid in error</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or otherwise) which relate to an Erroneous Payment shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>148</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858847"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In this Agreement, &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Erroneous Payment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot; means a payment of an amount by the Facility Agent to another Party which the Facility Agent determines (in its sole discretion) was made in error.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326183768"></a><a name="_Ref326183769"></a><a name="_Ref326183959"></a><a name="_Ref326183960"></a><a name="_Toc360093718"></a><a name="_Toc360093919"></a><a name="_Toc360097820"></a><a name="_Toc360191459"></a><a name="_Toc360191576"></a><a name="_Toc360191692"></a><a name="_Toc362504371"></a><a name="_Toc362518418"></a><a name="_Toc362605365"></a><a name="_Toc363549805"></a><a name="_Toc367198648"></a><a name="_Toc367792036"></a><a name="_Toc367867023"></a><a name="_Toc371413652"></a><a name="_Toc371413868"></a><a name="_Toc371932746"></a><a name="_Toc378965703"></a><a name="_Toc380566915"></a><a name="_Toc380579051"></a><a name="_Toc382507908"></a><a name="_Toc384670159"></a><a name="_Toc442833384"></a><a name="_Toc444194849"></a><a name="_Toc445290427"></a><a name="_Toc159513303"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">The Security Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180840"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Trust</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261253"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent declares that it shall hold the Security Property on trust for the Secured Parties on the terms contained in this Agreement and shall deal with the Security Property in accordance with this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the other provisions of the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858848"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each of the parties to this Agreement agrees that the Security Agent shall have only those duties, obligations and responsibilities expressly specified in this Agreement or in the Finance Documents (and no others shall be implied).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858849"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent shall not have any liability to any person in respect of its duties, obligations and responsibilities under this Agreement or the other Finance Documents except as expressly set out in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Trust</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and as excluded or limited by this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) including in particular Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Instructions to Security Agent and exercise of discretion</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.13</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Responsibility for documentation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Exclusion of liability</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">). Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.16</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Lenders&#39; indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.24</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Business with the Group</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Full freedom to enter into transactions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180900"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Parallel Debt (</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_9kR3WTr2665CDKF5wpmn7"></a><a name="_9kR3WTr2665CKRF5wpmn7"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Covenant</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> to pay the Security Agent)</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858850"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor irrevocably and unconditionally undertakes to pay to the Security Agent its Parallel Debt which shall be amounts equal to, and in the currency or currencies of, its Corresponding Debt.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858851"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Parallel Debt of an Obligor:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858852"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">shall become due and payable at the same time as its Corresponding Debt;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858853"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is independent and separate from, and without prejudice to, its Corresponding Debt.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858854"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For purposes of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Parallel Debt (Covenant to pay the Security Agent)</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Security Agent:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858855"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is the independent and separate creditor of each Parallel Debt;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858856"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">acts in its own name and not as agent, representative or trustee of the Finance Parties and its claims in respect of each Parallel Debt shall not be held on trust; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858857"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">shall have the independent and separate right to demand payment of each Parallel Debt in its own name (including, without limitation, through any suit, execution, enforcement of security, recovery of guarantees and applications for and voting in any kind of insolvency proceeding).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858858"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Parallel Debt of an Obligor shall be:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858859"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">decreased to the extent that its Corresponding Debt has been irrevocably and unconditionally paid or discharged; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>149</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858860"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">increased to the extent that its Corresponding Debt has increased,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">and the Corresponding Debt of an Obligor shall be:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858861"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">decreased to the extent that its Parallel Debt has been irrevocably and unconditionally paid or discharged; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858862"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">increased to the extent that its Parallel Debt has increased,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">in each case provided that the Parallel Debt of an Obligor shall never exceed its Corresponding Debt.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858863"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All amounts received or recovered by the Security Agent in connection with this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Parallel Debt (Covenant to pay the Security Agent)</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) to the extent permitted by applicable law, shall be applied in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of receipts; partial payments</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858864"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Parallel Debt (Covenant to pay the Security Agent)</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall apply, with any necessary modifications, to each Finance Document.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858865"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No independent power</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Secured Parties shall not have any independent power to enforce, or have recourse to, any of the Transaction Security or to exercise any rights or powers arising under the Finance Documents creating the Transaction Security except through the Security Agent.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180952"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Application of receipts</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261281"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Except as expressly stated to the contrary in any Finance Document, any moneys which the Security Agent receives or recovers and which are, or are attributable to, Security Property (for the purposes of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Recoveries</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) shall be transferred to the Facility Agent for application in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of receipts; partial payments</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858866"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above is without prejudice to the rights of the Security Agent, each Receiver and each Delegate:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858867"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) to be indemnified out of the Charged Property; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858868"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">under any Finance Document to credit any moneys received or recovered by it to any suspense account.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858869"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any transfer by the Security Agent to the Facility Agent in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall be a good discharge, to the extent of that payment, by the Security Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858870"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent is under no obligation to make the payments to the Facility Agent under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of receipts</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) in the same currency as that in which the obligations and liabilities owing to the relevant Finance Party are denominated.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339451574"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Deductions from receipts</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261332"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Before transferring any moneys to the Facility Agent under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of receipts</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Security Agent may, in its discretion:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>150</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261334"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">deduct any sum then due and payable under this Agreement or any other Finance Documents to the Security Agent or any Receiver or Delegate and retain that sum for itself or, as the case may require, pay it to another person to whom it is then due and payable;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858871"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">set aside by way of reserve amounts required to meet, and to make and pay, any deductions and withholdings (on account of Taxes or otherwise) which it is or may be required by any applicable law to make from any distribution or payment made by it under this Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858872"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">pay all Taxes which may be assessed against it in respect of any of the Security Property, or as a consequence of performing its duties, or by virtue of its capacity as Security Agent under any of the Finance Documents or otherwise (other than in connection with its remuneration for performing its duties under this Agreement).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858873"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For the purposes of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, if the Security Agent has become entitled to require a sum to be paid to it on demand, that sum shall be treated as due and payable, even if no demand has yet been served.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339452014"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Prospective liabilities</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Following acceleration of any of the Transaction Security, the Security Agent may, in its discretion, or at the request of the Facility Agent, hold any Recoveries in an interest bearing suspense or impersonal account(s) in the name of the Security Agent with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest being credited to the relevant account) for later payment to the Facility Agent for application in accordance with Clause 38.5 (<i style="font-style:italic;">Application of receipts; partial payments</i>) in respect of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858874"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any sum to the Security Agent, any Receiver or any Delegate; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261355"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any part of the Secured Liabilities,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">that the Security Agent or, in the case of paragraph (b) only, the Facility Agent, reasonably considers, in each case, might become due or owing at any time in the future.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339450755"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Investment of proceeds</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Prior to the payment of the proceeds of the Recoveries to the Facility Agent for application in accordance with Clause 38.5 (<i style="font-style:italic;">Application of receipts; partial payments</i>) the Security Agent may, in its discretion, hold all or part of those proceeds in an interest bearing (if applicable) suspense or impersonal account(s) with such financial institution (including itself) and for so long as the Security Agent shall think fit (the interest (if any) being credited to the relevant account) pending the payment from time to time of those moneys in the Security Agent&#39;s discretion in accordance with the provisions of this Clause 35.7 (<i style="font-style:italic;">Investment of proceeds</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180853"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Instructions to Security Agent and exercise of discretion</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261399"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, the Security Agent shall act in accordance with any instructions given to it by the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) or, if so instructed by the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)), refrain from exercising any right, power, authority or discretion vested in it as Security Agent and shall be entitled to assume that:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>151</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858875"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any instructions received by it from the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) are duly given in accordance with the terms of the Finance Documents; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858876"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">unless it has received actual notice of revocation, that those instructions or directions have not been revoked.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858877"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent shall be entitled to request instructions, or clarification of any direction, from the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) as to whether, and in what manner, it should exercise or refrain from exercising any rights, powers, authorities and discretions and the Security Agent may refrain from acting unless and until those instructions or clarification are received by it.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858878"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any instructions given to the Security Agent by the Facility Agent (acting on the instructions of the Majority Lenders or all the Lenders (as appropriate)) shall override any conflicting instructions given by any other Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261385"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not apply:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858879"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">where a contrary indication appears in this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858880"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">where this Agreement requires the Security Agent to act in a specified manner or to take a specified action;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858881"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in respect of any provision which protects the Security Agent&#39;s own position in its personal capacity as opposed to its role of Security Agent for the Secured Parties including, without limitation, the provisions set out in Clauses </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.10</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Agent&#39;s discretions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.29</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Full freedom to enter into transactions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858882"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in respect of the exercise of the Security Agent&#39;s discretion to exercise a right, power or authority under any of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Deductions from receipts</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Prospective liabilities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858883"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security Agent&#39;s Actions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Without prejudice to the provisions of Clause 35.4 (<i style="font-style:italic;">Application of receipts</i>), the Security Agent may (but shall not be obliged to), in the absence of any instructions to the contrary, take such action in the exercise of any of its powers and duties under the Finance Documents as it considers in its discretion to be appropriate.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180989"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security Agent&#39;s discretions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858884"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent may:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858885"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">assume (unless it has received actual notice to the contrary from the Facility Agent) that </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef64"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> no Default has occurred and no Obligor is in breach of or default under its obligations under any of the Finance Documents and (ii) any right, power, authority or discretion vested by any Finance Document in any person has not been exercised;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858886"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any notice or request made by any Borrower (other than the Utilisation Request) is made on behalf of and with the consent and knowledge of all the Obligors;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>152</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858887"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if it receives any instructions or directions to take any action in relation to the Transaction Security, assume that all applicable conditions under the Finance Documents for taking that action have been satisfied;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858888"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">engage, pay for and rely on the advice or services of any legal advisers, accountants, tax advisers, surveyors or other experts (whether obtained by the Security Agent or by any other Secured Party) whose advice or services may at any time seem necessary, expedient or desirable;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858889"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">act in relation to the Finance Documents through its personnel and agents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858890"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">disclose to any other Party any information it reasonably believes it has received as security agent under this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858891"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">rely upon any communication or document believed by it to be genuine and, as to any matters of fact which might reasonably be expected to be within the knowledge of a Secured Party or an Obligor, upon a certificate signed by or on behalf of that person; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858892"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">refrain from acting in accordance with the instructions of any Party (including bringing any legal action or proceeding arising out of or in connection with the Finance Documents) until it has received any indemnification and/or security that it may in its discretion require (whether by way of payment in advance or otherwise) for all costs, losses and liabilities which it may incur in so acting.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858893"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Notwithstanding any other provision of any Finance Document to the contrary, the Security Agent is not obliged to do or omit to do anything if it would or might, in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858894"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security Agent&#39;s obligations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Security Agent shall promptly:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858895"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">copy to the Facility Agent the contents of any notice or document received by it from any Obligor under any Finance Document;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858896"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">forward to a Party the original or a copy of any document which is delivered to the Security Agent for that Party by any other Party provided that, except where a Finance Document expressly provides otherwise, the Security Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858897"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">inform the Facility Agent of the occurrence of any Default or any default by an Obligor in the due performance of or compliance with its obligations under any Finance Document of which the Security Agent has received notice from any other party to this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858898"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Excluded obligations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent shall not:</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>153</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858899"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be bound to enquire as to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef65"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> whether or not any Default has occurred or (ii) the performance, default or any breach by a Transaction Obligor of its obligations under any of the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858900"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be bound to account to any other Party for any sum or the profit element of any sum received by it for its own account;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858901"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">be bound to disclose to any other person (including but not limited to any Secured Party) </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef66"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> any confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858902"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">have or be deemed to have any relationship of trust or agency with, any Obligor.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180871"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Responsibility for documentation</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">None of the Security Agent, any Receiver nor any Delegate shall accept responsibility or be liable for:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858903"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the adequacy, accuracy or completeness of any information (whether oral or written) supplied by the Security Agent or any other person in or in connection with any Finance Document or the transactions contemplated in the Finance Documents, or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858904"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the legality, validity, effectiveness, adequacy or enforceability of any Finance Document, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Security Property;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858905"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any losses to any person or any liability arising as a result of taking or refraining from taking any action in relation to any of the Finance Documents, the Security Property or otherwise, whether in accordance with an instruction from the Facility Agent or otherwise unless directly caused by its gross negligence or wilful misconduct;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858906"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the exercise of, or the failure to exercise, any judgment, discretion or power given to it by or in connection with any of the Finance Documents, the Security Property or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with, the Finance Documents or the Security Property; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858907"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any shortfall which arises on the enforcement or realisation of the Security Property.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183798"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Exclusion of liability</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858908"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without limiting Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.15</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">No proceedings</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), none of the Security Agent, any Receiver or any Delegate will be liable for any action taken by it or not taken by it under or in connection with any Finance Document or the Transaction Security, unless directly caused by its gross negligence or wilful misconduct.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858909"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by it if it has taken all necessary steps as soon as reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by it for that purpose.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>154</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858910"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Nothing in this Agreement shall oblige the Security Agent to carry out any &quot;know your customer&quot; or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Security Agent that it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Security Agent.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326181025"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No proceedings</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Party (other than the Security Agent, that Receiver or that Delegate) may take any proceedings against any officer, employee or agent of the Security Agent, a Receiver or a Delegate in respect of any claim it might have against the Security Agent, a Receiver or a Delegate or in respect of any act or omission of any kind by that officer, employee or agent in relation to any Finance Document or any Security Property and any officer, employee or agent of the Security Agent, a Receiver or a Delegate may rely on this Clause subject to Clause 1.5 (<i style="font-style:italic;">Third party rights</i>) and the provisions of the <a name="_9kR3WTr2665DDaPlwsRJsC4q1pawwAMeJ9"></a>Third Parties Act.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180887"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Lenders&#39; indemnity to the Security Agent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Security Agent and every Receiver and every Delegate, within three Business Days of demand, against any cost, loss or liability incurred by any of them (otherwise than by reason of the relevant Security Agent&#39;s, Receiver&#39;s or Delegate&#39;s gross negligence or wilful misconduct) in acting as Security Agent, Receiver or Delegate under the Finance Documents (unless the relevant Security Agent, Receiver or Delegate has been reimbursed by a Transaction Obligor pursuant to a Finance Document).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.17</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc32927286"></a><a name="_Ref136858911"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security Agent&#39;s management time</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref459041362"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any amount payable to the Security Agent under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">18</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Costs and Expenses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.16</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Lenders&#39; indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall include the cost of utilising the Security Agent&#39;s management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as the Security Agent may notify to the Borrowers and the other Finance Parties, and is in addition to any fee paid or payable to the Security Agent under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">13</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref397036316"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without prejudice to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, in the event of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858912"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Default;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858913"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Security Agent being requested by an Obligor or the Majority Lenders to undertake duties which the Security Agent and the Borrowers agree to be of an exceptional nature or outside the scope of the normal duties of the Security Agent under the Finance Documents; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858914"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Security Agent and the Borrowers agreeing that it is otherwise appropriate in the circumstances,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the Borrowers shall pay to the Security Agent any additional remuneration (together with any applicable VAT) that may be agreed between them or determined pursuant to paragraph (c) below.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>155</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858915"></a><a name="_Ref397036300"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Security Agent and the Borrowers fail to agree upon the nature of the duties, or upon the additional remuneration referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above or whether additional remuneration is appropriate in the circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent and approved by the Borrowers or, failing approval, nominated (on the application of the Security Agent) by the President for the time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by the Borrowers) and the determination of any investment bank shall be final and binding upon the Parties.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.18</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858916"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Own responsibility</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Without affecting the responsibility of any Transaction Obligor for information supplied by it or on its behalf in connection with any Finance Document, each Secured Party confirms to the Security Agent that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance Document including but not limited to:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858917"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the financial condition, status and nature of each member of the Group;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858918"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the legality, validity, effectiveness, adequacy and enforceability of any Finance Document, the Security Property and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Security Property;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858919"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">whether that Secured Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the Security Property, the transactions contemplated by the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Security Property;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858920"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the adequacy, accuracy and/or completeness of any information provided by the Security Agent or by any other person under or in connection with any Finance Document, the transactions contemplated by any Finance Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858921"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the right or title of any person in or to, or the value or sufficiency of any part of the Charged Property, the priority of any of the Transaction Security or the existence of any Security affecting the Charged Property,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and each Secured Party warrants to the Security Agent that it has not relied on and will not at any time rely on the Security Agent in respect of any of these matters.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.19</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858922"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No responsibility to perfect Transaction Security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Security Agent shall not be liable for any failure to:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858923"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">require the deposit with it of any deed or document certifying, representing or constituting the title of any Transaction Obligor to any of the Charged Property;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858924"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">obtain any licence, consent or other authority for the execution, delivery, legality, validity, enforceability or admissibility in evidence of any of the Finance Documents or the Transaction Security;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>156</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858925"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">register, file or record or otherwise protect any of the Transaction Security (or the priority of any of the Transaction Security) under any applicable laws in any jurisdiction or to give notice to any person of the execution of any of the Finance Documents or of the Transaction Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858926"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">take, or to require any of the Transaction Obligors to take, any steps to perfect its title to any of the Charged Property or to render the Transaction Security effective or to secure the creation of any ancillary Security under the laws of any jurisdiction; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858927"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">require any further assurances in relation to any of the Finance Documents creating the Transaction Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.20</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858928"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Insurance by Security Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858929"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent shall not be under any obligation to insure any of the Charged Property, to require any other person to maintain any insurance or to verify any obligation to arrange or maintain insurance contained in the Finance Documents. &#160;The Security Agent shall not be responsible for any loss which may be suffered by any person as a result of the lack of or inadequacy of any such insurance.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858930"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Where the Security Agent is named on any insurance policy as an insured party, it shall not be responsible for any loss which may be suffered by reason of, directly or indirectly, its failure to notify the insurers of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Facility Agent shall have requested it to do so in writing and the Security Agent shall have failed to do so within 14 days after receipt of that request.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.21</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858931"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Custodians and nominees</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Security Agent may appoint and pay any person to act as a custodian or nominee on any terms in relation to any assets of the trust as the Security Agent may determine, including for the purpose of depositing with a custodian this Agreement or any document relating to the trust created under this Agreement and the Security Agent shall not be responsible for any loss, liability, expense, demand, cost, claim or proceedings incurred by reason of the misconduct, omission or default on the part of any person appointed by it under this Agreement or be bound to supervise the proceedings or acts of any person.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.22</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858932"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Acceptance of title</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Security Agent shall be entitled to accept without enquiry, and shall not be obliged to investigate, any right and title that any of the Transaction Obligors may have to any of the Charged Property and shall not be liable for or bound to require any Transaction Obligor to remedy any defect in its right or title.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.23</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858933"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Refrain from illegality</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Notwithstanding anything to the contrary expressed or implied in the Finance Documents, the Security Agent may refrain from doing anything which in its opinion will or may be contrary to any relevant law, directive or regulation of any jurisdiction and the Security Agent may do anything which is, in its opinion, necessary to comply with any such law, directive or regulation.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>157</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.24</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339442844"></a><a name="_Ref340136267"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Business with the Group</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Security Agent may accept deposits from, lend money to, and generally engage in any kind of banking or other business with, any member of the Group.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.25</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183935"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Winding up of trust</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If the Security Agent, with the approval of the Facility Agent determines that <a name="DocXTextRef67"></a>(a) all of the Secured Liabilities and all other obligations secured by the Finance Documents creating the Transaction Security have been fully and finally discharged and <a name="DocXTextRef68"></a>(b) none of the Secured Parties is under any commitment, obligation or liability (actual or contingent) to make advances or provide other financial accommodation to any Obligor pursuant to the Finance Documents:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858934"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the trusts set out in this Agreement shall be wound up and the Security Agent shall release, without recourse or warranty, all of the Transaction Security and the rights of the Security Agent under each of the Finance Documents creating the Transaction Security; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261510"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Retiring Security Agent shall release, without recourse or warranty, all of its rights under each of the Finance Documents creating the Transaction Security.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.26</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858935"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Powers supplemental</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The rights, powers and discretions conferred upon the Security Agent by this Agreement shall be supplemental to the Trustee Act 1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by general law or otherwise.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.27</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858936"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Trustee division separate</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858937"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In acting as trustee for the Secured Parties, the Security Agent shall be regarded as acting through its trustee division which shall be treated as a separate entity from any of its other divisions or departments.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858938"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If information is received by another division or department of the Security Agent, it may be treated as confidential to that division or department and the Security Agent shall not be deemed to have notice of it nor shall it be obliged to disclose such information to any Party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.28</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180974"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disapplication</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In addition to its rights under or by virtue of this Agreement and the other Finance Documents, the Security Agent shall have all the rights conferred on a trustee by the Trustee Act 1925, the Trustee Delegation Act 1999, the Trustee Act 2000 and by general law or otherwise, provided that:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858939"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation to the trusts constituted by this Agreement and the other Finance Documents; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858940"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">where there are any inconsistencies between </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef69"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665CEcZ799wiF8yFOTVS"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Trustee Acts 1925</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and 2000 and (ii) the provisions of this Agreement and any other Finance Document, the provisions of this Agreement and any other Finance Document shall, to the extent allowed by law, prevail and, in the case of any inconsistency with the Trustee Act 2000, such provisions shall constitute a restriction or exclusion for the purposes of the Trustee Act 2000.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>158</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.29</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref339442952"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Full freedom to enter into transactions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Notwithstanding any rule of law or equity to the contrary, the Security Agent shall be absolutely entitled:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261445"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to enter into and arrange banking, derivative, investment and/or other transactions of every kind with or affecting any Transaction Obligor or any person who is party to, or referred to in, a Finance Document (including, but not limited to, any interest or currency swap or other transaction, whether related to this Agreement or not, and acting as syndicate agent and/or security agent for, and/or participating in, other facilities to such Transaction Obligor or any person who is party to, or referred to in, a Finance Document);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261454"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to deal in and enter into and arrange transactions relating to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858941"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any securities issued or to be issued by any Transaction Obligor or any other person; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858942"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any options or other derivatives in connection with such securities; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261461"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to provide advice or other services to any Borrower or any person who is a party to, or referred to in, a Finance Document,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and, in particular, each Servicing Party shall be absolutely entitled, in proposing, evaluating, negotiating, entering into and arranging all such transactions and in connection with all other matters covered by paragraphs (a), (b) and (c) above, to use (subject only to insider dealing legislation) any information or opportunity, howsoever acquired by it, to pursue its own interests exclusively, to refrain from disclosing such dealings, transactions or other matters or any information acquired in connection with them and to retain for its sole benefit all profits and benefits derived from the dealings transactions or other matters.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.30</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858943"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Resignation of the Security Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858944"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent may resign and appoint one of its affiliates as successor by giving notice to the Borrowers and each Finance Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261485"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Alternatively the Security Agent may resign by giving notice to the other Parties in which case the Majority Lenders may appoint a successor Security Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858945"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Majority Lenders have not appointed a successor Security Agent in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above within 30 days after the notice of resignation was given, the Security Agent (after consultation with the Facility Agent) may appoint a successor Security Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261538"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The retiring Security Agent (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Retiring Security Agent</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) shall, at its own cost, make available to the successor Security Agent such documents and records and provide such assistance as the successor Security Agent may reasonably request for the purposes of performing its functions as Security Agent under the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858946"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent&#39;s resignation notice shall only take effect upon </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef70"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> the appointment of a successor and (ii) the transfer, by way of a document expressed as a deed, of all of the Security Property to that successor.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858947"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Upon the appointment of a successor, the Retiring Security Agent shall be discharged, by way of a document executed as a deed, from any further obligation in respect of the Finance </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>159</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Documents (other than its obligations under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.25</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Winding up of trust</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above) but shall, in respect of any act or omission by it whilst it was the Security Agent, remain entitled to the benefit of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">16.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.16</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Lenders&#39; indemnity to the Security Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and any other provisions of a Finance Document which are expressed to limit or exclude its liability in acting as Security Agent. &#160;Its successor and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if that successor had been an original Party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858948"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Majority Lenders may, by notice to the Security Agent, require it to resign in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above. &#160;In this event, the Security Agent shall resign in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above but the cost referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall be for the account of the Borrowers.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(h)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858949"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The consent of any Borrower (or any other Obligor) is not required for an assignment or transfer of rights and/or obligations by the Security Agent.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.31</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858950"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Delegation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858951"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any of the rights, powers and discretions vested in it by any of the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858952"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">That delegation may be made upon any terms and conditions (including the power to sub delegate) and subject to any restrictions that the Security Agent, that Receiver or that Delegate (as the case may be) may, in its discretion, think fit in the interests of the Secured Parties and it shall not be bound to supervise, or be in any way responsible for any loss incurred by reason of any misconduct or default on the part of any such delegate or sub delegate.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">35.32</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858953"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Additional Security Agents</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858954"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Security Agent may at any time appoint (and subsequently remove) any person to act as a separate trustee or as a co-trustee jointly with it:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858955"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if it considers that appointment to be in the interests of the Secured Parties; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858956"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">for the purposes of conforming to any legal requirements, restrictions or conditions which the Security Agent deems to be relevant; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858957"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">for obtaining or enforcing any judgment in any jurisdiction,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">and the Security Agent shall give prior notice to the Borrowers and the Facility Agent of that appointment.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858958"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any person so appointed shall have the rights, powers and discretions (not exceeding those conferred on the Security Agent by this Agreement) and the duties and obligations that are conferred or imposed by the instrument of appointment.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858959"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The remuneration that the Security Agent may pay to that person, and any costs and expenses (together with any applicable VAT) incurred by that person in performing its functions pursuant to that appointment shall, for the purposes of this Agreement, be treated as costs and expenses incurred by the Security Agent.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>160</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">36</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093719"></a><a name="_Toc360093920"></a><a name="_Toc360097821"></a><a name="_Toc360191460"></a><a name="_Toc360191577"></a><a name="_Toc360191693"></a><a name="_Toc362504372"></a><a name="_Toc362518419"></a><a name="_Toc362605366"></a><a name="_Toc363549806"></a><a name="_Toc367198649"></a><a name="_Toc367792037"></a><a name="_Toc367867024"></a><a name="_Toc371413653"></a><a name="_Toc371413869"></a><a name="_Toc371932747"></a><a name="_Toc378965704"></a><a name="_Toc380566916"></a><a name="_Toc380579052"></a><a name="_Toc382507909"></a><a name="_Toc384670160"></a><a name="_Toc442833385"></a><a name="_Toc444194850"></a><a name="_Toc445290428"></a><a name="_Ref136858960"></a><a name="_Toc159513304"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Conduct of Business by the Finance Parties</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No provision of this Agreement will:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858961"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858962"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858963"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">37</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326182717"></a><a name="_Ref326182718"></a><a name="_Ref326184029"></a><a name="_Ref326184030"></a><a name="_Toc360093720"></a><a name="_Toc360093921"></a><a name="_Toc360097822"></a><a name="_Ref360104568"></a><a name="_Ref360112962"></a><a name="_Toc360191461"></a><a name="_Toc360191578"></a><a name="_Toc360191694"></a><a name="_Toc362504373"></a><a name="_Toc362518420"></a><a name="_Toc362605367"></a><a name="_Toc363549807"></a><a name="_Toc367198650"></a><a name="_Toc367792038"></a><a name="_Toc367867025"></a><a name="_Toc371413654"></a><a name="_Toc371413870"></a><a name="_Toc371932748"></a><a name="_Toc378965705"></a><a name="_Toc380566917"></a><a name="_Toc380579053"></a><a name="_Toc382507910"></a><a name="_Toc384670161"></a><a name="_Toc442833386"></a><a name="_Toc444194851"></a><a name="_Toc445290429"></a><a name="_Ref360104567"></a><a name="_Ref360112961"></a><a name="_Toc159513305"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Sharing Among the Finance Parties</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">37.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858964"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Payments to Finance Parties</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If a Finance Party (a &quot;<b style="font-weight:bold;">Recovering Finance Party</b>&quot;) receives or recovers any amount from an Obligor other than in accordance with Clause 38 (<i style="font-style:italic;">Payment Mechanics</i>)<i style="font-style:italic;"> </i>(a &quot;<b style="font-weight:bold;">Recovered Amount</b>&quot;) and applies that amount to a payment due to it under the Finance Documents then:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858965"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Facility Agent;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858966"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Facility Agent and distributed in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Payment Mechanics</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), without taking account of any Tax which would be imposed on the Facility Agent in relation to the receipt, recovery or distribution; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858967"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Recovering Finance Party shall, within three Business Days of demand by the Facility Agent, pay to the Facility Agent an amount (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sharing Payment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) equal to such receipt or recovery less any amount which the Facility Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of receipts; partial payments</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">37.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326188247"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Redistribution of payments</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Facility Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it among the Finance Parties (other than the Recovering Finance Party) (the &quot;<b style="font-weight:bold;">Sharing Finance Parties</b>&quot;) in accordance with Clause 38.5 (<i style="font-style:italic;">Application of receipts; partial payments</i>)<i style="font-style:italic;"> </i>towards the obligations of that Obligor to the Sharing Finance Parties.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">37.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858968"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Recovering Finance Party&#39;s rights</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">On a distribution by the Facility Agent under Clause 37.2 (<i style="font-style:italic;">Redistribution of payments</i>) of a payment received by a Recovering Finance Party from an Obligor, as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>161</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">37.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858969"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Reversal of redistribution</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858970"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each Sharing Finance Party shall, upon request of the Facility Agent, pay to the Facility Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Redistributed Amount</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858971"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">37.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858972"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Exceptions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858973"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">37</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sharing Among the Finance Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this Clause, have a valid and enforceable claim against the relevant Obligor.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858974"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858975"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">it notified that other Finance Party of the legal or arbitration proceedings; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858976"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration proceedings.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;text-transform:uppercase;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>162</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 12</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413655"></a><a name="_Toc371413871"></a><a name="_Toc371932749"></a><a name="_Toc378965706"></a><a name="_Toc380566918"></a><a name="_Toc380579054"></a><a name="_Toc382507911"></a><a name="_Toc384670162"></a><a name="_Toc442833387"></a><a name="_Toc444194852"></a><a name="_Toc445290430"></a><a name="_Ref136858977"></a><a name="_Toc159513306"></a>Administration</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326182917"></a><a name="_Ref326182918"></a><a name="_Ref326183973"></a><a name="_Ref326183974"></a><a name="_Toc360093721"></a><a name="_Toc360093922"></a><a name="_Toc360097823"></a><a name="_Toc360191462"></a><a name="_Toc360191579"></a><a name="_Toc360191695"></a><a name="_Toc362504374"></a><a name="_Toc362518421"></a><a name="_Toc362605368"></a><a name="_Toc363549808"></a><a name="_Toc367198651"></a><a name="_Toc367792039"></a><a name="_Toc367867026"></a><a name="_Toc371413656"></a><a name="_Toc371413872"></a><a name="_Toc371932750"></a><a name="_Toc378965707"></a><a name="_Toc380566919"></a><a name="_Toc380579055"></a><a name="_Toc382507912"></a><a name="_Toc384670163"></a><a name="_Toc442833388"></a><a name="_Toc444194853"></a><a name="_Toc445290431"></a><a name="_Toc159513307"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Payment Mechanics</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref133597013"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Payments to the Facility Agent</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858978"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On each date on which an Obligor or a Lender is required to make a payment under a Finance Document, that Obligor or Lender shall make an amount equal to such payment available to the Facility Agent (unless a contrary indication appears in a Finance Document) for value on the due date at the time and in such funds specified by the Facility Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Payment shall be made to such account in the principal financial centre of the country of that currency and with such bank as the Facility Agent, in each case, specifies.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326183421"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Distributions by the Facility Agent</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each payment received by the Facility Agent under the Finance Documents for another Party shall, subject to Clause 38.3 (<i style="font-style:italic;">Distributions to an Obligor</i>) and Clause 38.4 (<i style="font-style:italic;">Clawback and pre-funding</i>) be made available by the Facility Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a Lender, for the account of its Facility Office), to such account as that Party may notify to the Facility Agent by not less than five Business Days&#39; notice with a bank specified by that Party in the principal financial centre of the country of that currency, as specified by that Party or, in the case of an Advance, to such account of such person as may be specified by the Borrowers in a Utilisation Request.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326184043"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Distributions to an Obligor</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Facility Agent may (with the consent of the Obligor or in accordance with Clause 39 (<i style="font-style:italic;">Set-Off</i>)) apply any amount received by it for that Obligor in or towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326184053"></a><a name="_Ref362513540"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Clawback</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> and pre-funding</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858979"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Where a sum is to be paid to the Facility Agent under the Finance Documents for another Party, the Facility Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able to establish to its satisfaction that it has actually received that sum.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858980"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below applies, if the Facility Agent pays an amount to another Party and it proves to be the case that the Facility Agent had not actually received that amount, then the Party to whom that amount (or the proceeds of any related exchange contract) was paid by the Facility Agent shall on demand refund the same to the Facility Agent together with interest on that amount from the date of payment to the date of receipt by the Facility Agent, calculated by the Facility Agent to reflect its cost of funds.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261640"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent is willing to make available amounts for the account of the Borrowers before receiving funds from the Lenders then if and to the extent that the Facility Agent does </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>163</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">so but it proves to be the case that it does not then receive funds from a Lender in respect of a sum which it paid to the Borrowers:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858981"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers shall on demand refund it to the Facility Agent; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858982"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Lender by whom those funds should have been made available or, if the Lender fails to do so, the Borrowers to whom that sum was made available, shall on demand pay to the Facility Agent the amount (as certified by the Facility Agent) which will indemnify the Facility Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180918"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Application of receipts; partial payments</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261738"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below and except as any Finance Document may otherwise provide, any payment that is received or recovered by any Finance Party under, in connection with, or pursuant to any Finance Document shall be paid to the Facility Agent which shall apply the same in the following order:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858983"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">first</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, in or towards payment of any amounts then due and payable under any of the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858984"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">secondly</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, in retention by the Security Agent of an amount equal to any amount not then payable under any Finance Document but which the Facility Agent, by notice to the Borrowers and the other Finance Parties, states in its opinion will or may become payable in the future and, upon those amounts becoming due and payable, in or towards satisfaction of them; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858985"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">thirdly</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, any surplus shall be paid to the Borrowers or to any other person who appears to be entitled to it.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261657"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Facility Agent receives a payment that is insufficient to discharge all the amounts then due and payable by an Obligor under the Finance Documents, the Facility Agent shall apply that payment towards the obligations of that Obligor under the Finance Documents in the following order:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858986"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">first</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, in or towards payment </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro rata</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of any unpaid fees, costs and expenses of, and any other amounts owing to, the Facility Agent, the Security Agent, any Receiver and any Delegate under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261705"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">secondly</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, in or towards payment </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro rata</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858987"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any accrued interest and fees due but unpaid to the Lenders under this Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858988"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any periodical payments (not being payments as a result of termination or closing out) due but unpaid to the Hedge Counterparties under the Hedging Agreements;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858989"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">thirdly</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, in or towards payment </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro rata</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858990"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any principal due but unpaid to the Lenders under this Agreement; and</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>164</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858991"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any payments as a result of termination or closing out due but unpaid to the Hedge Counterparties under the Hedging Agreements; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261717"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">fourthly</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, in or towards payment </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">pro rata</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of any other sum due to any Finance Party but unpaid under the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261750"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall, if so directed by the Majority Lenders and the Hedge Counterparties, vary, or instruct the Security Agent to vary (as applicable), the order set out in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iv)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858992"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above will override any appropriation made by an Obligor.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858993"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No set-off by Obligors</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261769"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858994"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above shall not affect the operation of any payment or close-out netting in respect of any amounts owing under any Hedging Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858995"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Business Days</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858996"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any payment which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is not).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858997"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">During any extension of the due date for payment of any principal or an Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136858998"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Currency of account</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136858999"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261832"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each payment in respect of costs, expenses or Taxes shall be made in the currency in which the costs, expenses or Taxes are incurred.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261837"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any amount expressed to be payable in a currency other than dollars shall be paid in that other currency.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326179035"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Change of currency</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859000"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859001"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by the Facility Agent (after consultation with the Borrowers); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859002"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>165</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">currency unit into the other, rounded up or down by the Facility Agent (acting reasonably).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859003"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a change in any currency of a country occurs, this Agreement will, to the extent the Facility Agent (acting reasonably and after consultation with the Borrowers) specifies to be necessary, be amended to comply with any generally accepted conventions and market practice in the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665DEZKlmxun7dSA21zjw7hS4F3D"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Relevant Market</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and otherwise to reflect the change in currency.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859004"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Currency Conversion</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859005"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For the purpose of, or pending any payment to be made by any Servicing Party under any Finance Document, such Servicing Party may convert any moneys received or recovered by it from one currency to another, at a market rate of exchange.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859006"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The obligations of any Obligor to pay in the due currency shall only be satisfied to the extent of the amount of the due currency purchased after deducting the costs of conversion.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">38.11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180686"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disruption to </b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_9kR3WTr2665DFYEu7oq6mmJF2wB"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Payment Systems</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> etc.</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If either the Facility Agent determines (in its discretion) that a Disruption Event has occurred or the Facility Agent is notified by a Borrower that a Disruption Event has occurred:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261871"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent may, and shall if requested to do so by a Borrower, consult with the Borrowers with a view to agreeing with the Borrowers such changes to the operation or administration of the Facilities as the Facility Agent may deem necessary in the circumstances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859007"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent shall not be obliged to consult with the Borrowers in relation to any changes mentioned in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no obligation to agree to such changes;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859008"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261903"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any such changes agreed upon by the Facility Agent and the Borrowers shall (whether or not it is finally determined that a Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver of) the terms of the Finance Documents notwithstanding the provisions of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Amendments and Waivers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376260902"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Facility Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">38.11</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Disruption to Payment Systems etc.</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859009"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">39</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326184064"></a><a name="_Ref326184065"></a><a name="_Toc360093722"></a><a name="_Toc360093923"></a><a name="_Toc360097824"></a><a name="_Toc360191463"></a><a name="_Toc360191580"></a><a name="_Toc360191696"></a><a name="_Toc362504375"></a><a name="_Toc362518422"></a><a name="_Toc362605369"></a><a name="_Toc363549809"></a><a name="_Toc367198652"></a><a name="_Toc367792040"></a><a name="_Toc367867027"></a><a name="_Toc371413657"></a><a name="_Toc371413873"></a><a name="_Toc371932751"></a><a name="_Toc378965708"></a><a name="_Toc380566920"></a><a name="_Toc380579056"></a><a name="_Toc382507913"></a><a name="_Toc384670164"></a><a name="_Toc442833389"></a><a name="_Toc444194854"></a><a name="_Toc445290432"></a><a name="_Toc159513308"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Set-Off</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;">A Finance Party may set off any obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party) against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or </p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>166</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">currency of either obligation. &#160;If the obligations are in different currencies, the Finance Party may convert either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">40</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc440381823"></a><a name="_Toc442795037"></a><a name="_Toc444194855"></a><a name="_Toc445290433"></a><a name="_Ref136859010"></a><a name="_Toc159513309"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Bail-In</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">40.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859011"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Contractual recognition of bail-in</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859012"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Bail-In Action in relation to any such liability, including (without limitation):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859013"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859014"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859015"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a cancellation of any such liability; and</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859016"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093723"></a><a name="_Toc360093924"></a><a name="_Toc360097825"></a><a name="_Toc360191464"></a><a name="_Toc360191581"></a><a name="_Toc360191697"></a><a name="_Toc362504376"></a><a name="_Toc362518423"></a><a name="_Toc362605370"></a><a name="_Toc363549810"></a><a name="_Toc367198653"></a><a name="_Toc367792041"></a><a name="_Toc367867028"></a><a name="_Toc371413658"></a><a name="_Toc371413874"></a><a name="_Toc371932752"></a><a name="_Toc378965709"></a><a name="_Toc380566921"></a><a name="_Toc380579057"></a><a name="_Toc382507914"></a><a name="_Toc384670165"></a><a name="_Toc442833390"></a><a name="_Toc444194856"></a><a name="_Toc445290434"></a><a name="_Ref136859017"></a><a name="_Ref107920590"></a><a name="_Toc159513310"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Notices</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859018"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Communications in writing</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by letter.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180774"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Addresses</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The address (and the department or officer, if any, for whose attention the communication is to be made) of each Party for any communication or document to be made or delivered under or in connection with the Finance Documents are:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859019"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Borrowers, that specified in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859020"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of each Lender, each Hedge Counterparty or any other Obligor, that specified in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or, if it becomes a Party after the date of this Agreement, that notified in writing to the Facility Agent on or before the date on which it becomes a Party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859021"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Facility Agent, that specified in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859022"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the case of the Security Agent, that specified in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">or any substitute address, department or officer as the Party may notify to the Facility Agent (or the Facility Agent may notify to the other Parties, if a change is made by the Facility Agent) by not less than five Business Days&#39; notice.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>167</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859023"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Delivery</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859024"></a><a name="_Ref376261926"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective, if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address, and, if a particular department or officer is specified as part of its address details provided under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Addresses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), if addressed to that department or officer.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859025"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any communication or document to be made or delivered to a Servicing Party will be effective only when actually received by that Servicing Party and then only if it is expressly marked for the attention of the department or officer of that Servicing Party specified in </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Parties</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) (or any substitute department or officer as that Servicing Party shall specify for this purpose).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859026"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All notices from or to an Obligor shall be sent through the Facility Agent unless otherwise specified in any Finance Document.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261932"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any communication or document made or delivered to the Borrowers in accordance with this Clause will be deemed to have been made or delivered to each of the Obligors.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859027"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any communication or document which becomes effective, in accordance with paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(d)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859028"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of address</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Promptly upon receipt of notification of an address or change of address pursuant to Clause 41.2 (<i style="font-style:italic;">Addresses</i>) or changing its own address, the Facility Agent shall notify the other Parties.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326180754"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Electronic communication</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261063"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any communication to be made between any two Parties under or in connection with the Finance Documents may be made by electronic mail or other electronic means, to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication and if those two Parties:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859029"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859030"></a><a name="_Ref_ContractCompanion_9kb9Ur028"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">notify each other of any change to their address or any other such information supplied by them by not less than five Business Days&#39; notice.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261951"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any electronic communication made between those two Parties will be effective only when actually received in readable form and in the case of any electronic communication made by a Party to the Facility Agent only if it is addressed in such a manner as the Facility Agent shall specify for this purpose.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859031"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any electronic communication which becomes effective, in accordance with paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, after 5.00 p.m. in the place of receipt shall be deemed only to become effective on the following day.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>168</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859032"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">English language</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859033"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any notice given under or in connection with any Finance Document must be in English.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859034"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">All other documents provided under or in connection with any Finance Document must be:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859035"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in English; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859036"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if not in English, and if so required by the Facility Agent, accompanied by a certified English translation prepared by a translator approved by the Facility Agent and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official document.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">41.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859037"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedging Agreement</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Notwithstanding anything in Clause 1.1 (<i style="font-style:italic;">Definitions</i>), references to the Finance Documents or a Finance Document in this clause do not include any Hedging Agreement entered into by the Borrowers with the Hedge Counterparty in connection with the Facilities.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">42</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093724"></a><a name="_Toc360093925"></a><a name="_Toc360097826"></a><a name="_Toc360191465"></a><a name="_Toc360191582"></a><a name="_Toc360191698"></a><a name="_Toc362504377"></a><a name="_Toc362518424"></a><a name="_Toc362605371"></a><a name="_Toc363549811"></a><a name="_Toc367198654"></a><a name="_Toc367792042"></a><a name="_Toc367867029"></a><a name="_Toc371413659"></a><a name="_Toc371413875"></a><a name="_Toc371932753"></a><a name="_Toc378965710"></a><a name="_Toc380566922"></a><a name="_Toc380579058"></a><a name="_Toc382507915"></a><a name="_Toc384670166"></a><a name="_Toc442833391"></a><a name="_Toc444194857"></a><a name="_Toc445290435"></a><a name="_Ref136859038"></a><a name="_Toc159513311"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Calculations and Certificates</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">42.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859039"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accounts</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are <i style="font-style:italic;">prima facie</i> evidence of the matters to which they relate.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">42.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859040"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Certificates and determinations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it relates.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">42.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859041"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Day count convention and interest calculation</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433543"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any interest, commission or fee accruing under a Finance Document will accrue from day to day and the amount of any such interest, commission or fee is calculated:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433544"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Market differs, in accordance with that market practice; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433545"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">subject to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, without rounding.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859042"></a><a name="_Ref106433546"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall provide the Borrowers with its calculations in relation to any amount referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, if the Borrowers request this in writing to the Facility Agent.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref134546127"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The aggregate amount of any accrued interest, commission or fee which is, or becomes, payable by an Obligor under a Finance Document shall be rounded to two decimal places.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">42.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360093725"></a><a name="_Toc360093926"></a><a name="_Toc360097827"></a><a name="_Toc360191466"></a><a name="_Toc360191583"></a><a name="_Toc360191699"></a><a name="_Toc362504378"></a><a name="_Toc362518425"></a><a name="_Toc362605372"></a><a name="_Toc363549812"></a><a name="_Toc367198655"></a><a name="_Toc367792043"></a><a name="_Toc367867030"></a><a name="_Toc371413660"></a><a name="_Toc371413876"></a><a name="_Toc371932754"></a><a name="_Toc378965711"></a><a name="_Toc380566923"></a><a name="_Toc380579059"></a><a name="_Toc382507916"></a><a name="_Toc384670167"></a><a name="_Toc442833392"></a><a name="_Toc444194858"></a><a name="_Toc445290436"></a><a name="_Ref136859043"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Partial Invalidity</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;">If, at any time, any provision of the Finance Documents is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or </p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>169</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">43</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093726"></a><a name="_Toc360093927"></a><a name="_Toc360097828"></a><a name="_Toc360191467"></a><a name="_Toc360191584"></a><a name="_Toc360191700"></a><a name="_Toc362504379"></a><a name="_Toc362518426"></a><a name="_Toc362605373"></a><a name="_Toc363549813"></a><a name="_Toc367198656"></a><a name="_Toc367792044"></a><a name="_Toc367867031"></a><a name="_Toc371413661"></a><a name="_Toc371413877"></a><a name="_Toc371932755"></a><a name="_Toc378965712"></a><a name="_Toc380566924"></a><a name="_Toc380579060"></a><a name="_Toc382507917"></a><a name="_Toc384670168"></a><a name="_Toc442833393"></a><a name="_Toc444194859"></a><a name="_Toc445290437"></a><a name="_Ref136859044"></a><a name="_Toc159513312"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Remedies and Waivers</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No failure to exercise, nor any delay in exercising, on the part of any Secured Party, any right or remedy under the Finance Documents shall operate as a waiver of any such right or remedy or constitute an election to affirm any of the Finance Documents. &#160;No election to affirm any of the Finance Documents on the part of a Secured Party shall be effective unless it is in writing. &#160;No single or partial exercise of any right or remedy shall prevent any further or other exercise or the exercise of any other right or remedy. &#160;The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">44</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093727"></a><a name="_Toc360093928"></a><a name="_Toc360097829"></a><a name="_Toc360191468"></a><a name="_Toc360191585"></a><a name="_Toc360191701"></a><a name="_Toc362504380"></a><a name="_Toc362518427"></a><a name="_Toc362605374"></a><a name="_Toc363549814"></a><a name="_Toc367198657"></a><a name="_Toc367792045"></a><a name="_Toc367867032"></a><a name="_Toc371413662"></a><a name="_Toc371413878"></a><a name="_Toc371932756"></a><a name="_Toc378965713"></a><a name="_Toc380566925"></a><a name="_Toc380579061"></a><a name="_Toc382507918"></a><a name="_Toc384670169"></a><a name="_Toc442833394"></a><a name="_Toc444194860"></a><a name="_Toc445290438"></a><a name="_Ref136859045"></a><a name="_Toc159513313"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Settlement or Discharge Conditional</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any settlement or discharge under any Finance Document between any Finance Party and any Obligor shall be conditional upon no security or payment to any Finance Party by any Obligor or any other person being set aside, adjusted or ordered to be repaid, whether under any insolvency law or otherwise.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">45</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093728"></a><a name="_Toc360093929"></a><a name="_Toc360097830"></a><a name="_Toc360191469"></a><a name="_Toc360191586"></a><a name="_Toc360191702"></a><a name="_Toc362504381"></a><a name="_Toc362518428"></a><a name="_Toc362605375"></a><a name="_Toc363549815"></a><a name="_Toc367198658"></a><a name="_Toc367792046"></a><a name="_Toc367867033"></a><a name="_Toc371413663"></a><a name="_Toc371413879"></a><a name="_Toc371932757"></a><a name="_Toc378965714"></a><a name="_Toc380566926"></a><a name="_Toc380579062"></a><a name="_Toc382507919"></a><a name="_Toc384670170"></a><a name="_Toc442833395"></a><a name="_Toc444194861"></a><a name="_Toc445290439"></a><a name="_Ref136859046"></a><a name="_Toc159513314"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Irrevocable Payment</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If the Facility Agent considers that an amount paid or discharged by, or on behalf of, an Obligor or by any other person in purported payment or discharge of an obligation of that Obligor to a Finance Party under the Finance Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Obligor or otherwise, then that amount shall not be considered to have been unconditionally and irrevocably paid or discharged for the purposes of the Finance Documents.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">46</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326184072"></a><a name="_Ref326184073"></a><a name="_Ref326184145"></a><a name="_Ref326184146"></a><a name="_Ref326184181"></a><a name="_Ref326184182"></a><a name="_Toc360093729"></a><a name="_Toc360093930"></a><a name="_Toc360097831"></a><a name="_Toc360191470"></a><a name="_Toc360191587"></a><a name="_Toc360191703"></a><a name="_Toc362504382"></a><a name="_Toc362518429"></a><a name="_Toc362605376"></a><a name="_Toc363549816"></a><a name="_Toc367198659"></a><a name="_Toc367792047"></a><a name="_Toc367867034"></a><a name="_Toc371413664"></a><a name="_Toc371413880"></a><a name="_Toc371932758"></a><a name="_Toc378965715"></a><a name="_Toc380566927"></a><a name="_Toc380579063"></a><a name="_Toc382507920"></a><a name="_Toc384670171"></a><a name="_Toc442833396"></a><a name="_Toc444194862"></a><a name="_Toc445290440"></a><a name="_Toc159513315"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Amendments and Waivers</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">46.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859047"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Required consents</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859048"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">All Lender matters</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Other exceptions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) any term of the Finance Documents may be amended or waived only with the consent of the Majority Lenders and, in the case of an amendment, the Obligors and any such amendment or waiver will be binding on all Parties.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859049"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may effect, on behalf of any Finance Party, any amendment or waiver permitted by this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Amendments and Waivers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859050"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without prejudice to the generality of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Rights and discretions of the Facility Agent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">35.10</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security Agent&#39;s discretions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Facility Agent may engage, pay for and rely on the services of lawyers in determining the consent level required for and effecting any amendment, waiver or consent under this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">46.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326184125"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">All Lender matters</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859051"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to reference rate</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), an amendment of or waiver or consent in relation to any term of any Finance Document that has the effect of changing or which relates to:</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>170</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859052"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the definitions of &quot;Majority Lenders&quot;, &quot;Restricted Party&quot;, &quot;Sanctions&quot; or &quot;Sanctions List&quot; in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Definitions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859053"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the definition of &quot;Majority Lenders&quot; in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Definitions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859054"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a postponement to or extension of the date of payment of any amount under the Finance Documents (other than in respect of a prepayment made pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Provision of additional security; prepayment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory prepayment or replacement on sale or Total Loss</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">8.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Mandatory prepayment of Hedging Payment Proceeds</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">));</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859055"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a reduction in the Margin or the amount of any payment of principal, interest, fees or commission payable;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859056"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a change in currency of payment of any amount under the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859057"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an increase in any Commitment or the Total Commitments, an extension of any Availability Period or any requirement that a cancellation of Commitments reduces the Commitments rateably under the Facility;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859058"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a change to any Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859059"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any provision which expressly requires the consent of all the Lenders;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ix)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859060"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Amendments and Waivers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(x)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859061"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any change to the preamble (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4887BBK2alqy7BBv"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Background</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">The Facilities</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Purpose</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Utilisation</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Interest</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">23.34</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">26.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">28.20</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Sanctions and ship trading</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">30</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Application of Earnings</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to the Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">50</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Governing Law</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">51</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Enforcement</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> &#160;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859062"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any release of, or material variation to, any Transaction Security, guarantee, indemnity or subordination arrangement set out in a Finance Document (except in the case of a release of Transaction Security as it relates to the disposal of an asset which is the subject of the Transaction Security and where such disposal is expressly permitted by the Majority Lenders or otherwise under a Finance Document);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859063"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(other than as expressly permitted by the provisions of any Finance Document), the nature or scope of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859064"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the guarantees and indemnities granted under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">19</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Guarantor</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">22</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Hedge Guarantors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and the joint and several liability of the Guarantors under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">20</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Joint and Several Liability of the Guarantors</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261990"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Charged Property; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376261997"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the manner in which the proceeds of enforcement of the Transaction Security are distributed,</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>171</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">(except in the case of paragraphs (B) and (C) above, insofar as it relates to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document); </p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xiii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859065"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the release of the guarantees and indemnities granted under Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">19</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Guarantee and Indemnity &#8211; Guarantor</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) or of any Transaction Security unless permitted under this Agreement or another Finance Document or relating to a sale or disposal of an asset which is the subject of the Transaction Security where such sale or disposal is expressly permitted under this Agreement or any other Finance Document,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">shall not be made, or given, without the prior consent of all the Lenders.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">46.3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref362514566"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other exceptions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859066"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An amendment or waiver which relates to the rights or obligations of a Servicing Party or either Mandated Lead Arranger (each in their capacity as such) may not be effected without the consent of that Servicing Party or, as the case may be, that Mandated Lead Arranger.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859067"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An amendment or waiver which relates to the rights or obligations of a Hedge Counterparty (in its capacity as such) may not be effected without the consent of that Hedge Counterparty.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859068"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers and the Facility Agent, either Mandated Lead Arranger or the Security Agent, as applicable, may amend or waive a term of a Fee Letter to which they are party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859069"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any Lender fails to respond to a request for a consent, waiver, amendment of or in relation to any of the terms of any Finance Document or other vote of Lenders under the terms of this Agreement within 10 Business Days of such request (unless the Borrowers and the Facility Agent agree to a longer time period in relation to any request), </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef72"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> its Commitment shall not be included for the purpose of calculating the Total Commitments under the relevant Facility when ascertaining whether any relevant percentage (including for the avoidance of doubt, unanimity) of Total Commitments has been obtained to approve that request and (ii) its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">46.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref410213042"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Changes to reference rates</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Hlk70673630"></a></b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410140580"></a><a name="_Ref106433572"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Subject to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Other exceptions),</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> any amendment or waiver which relates to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859070"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">providing for the use of a Replacement Reference Rate; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859071"></a></font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859072"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">aligning any provision of any Finance Document to the use of that Replacement Reference Rate;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859073"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Agreement);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859074"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">implementing market conventions applicable to that Replacement Reference Rate;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>172</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(D)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859075"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(E)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859076"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">may be made with the consent of the Facility Agent (acting on the instructions of the Majority Lenders) and the Borrowers.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref65579795"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An amendment or waiver that relates to, or has the effect of, aligning the means of calculation of interest on a Compounded Rate Loan under this Agreement to any recommendation of a Relevant Nominating Body which:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859077"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relates to the use of the RFR on a compounded basis in the international or any relevant domestic syndicated loan markets; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859078"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is issued on or after the date of this Agreement,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">may be made with the consent of the Facility Agent (acting on the instructions of the Majority Lenders) and the Borrower.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433573"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any Lender fails to respond to a request for an amendment or waiver described in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above within 20 Business Days (or such longer time period in relation to any request which the Borrowers and the Facility Agent may agree) of that request being made:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859079"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its Commitment or its participation in the Loan (as the case may be) shall not be included for the purpose of calculating the Total Commitments or the amount of the Loan (as applicable) when ascertaining whether any relevant percentage of Total Commitments or the aggregate of participations in the Loan (as applicable) has been obtained to approve that request; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859080"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">its status as a Lender shall be disregarded for the purpose of ascertaining whether the agreement of any specified group of Lenders has been obtained to approve that request.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433574"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">46.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Changes to reference rates</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">):</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106433575"></a>&quot;<b style="font-weight:bold;">Published Rate</b>&quot; means:</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433576"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the RFR; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433577"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Term SOFR for any Quoted Tenor.</font></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106433578"></a>&quot;<a name="_9kMHG5YVt3BC78DfMnozwp9ka613w3C76VY7I"></a><b style="font-weight:bold;">Relevant Nominating Body</b>&quot; means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the <a name="_9kMHG5YVt48878EUEtmnqmlpil0js34DUnY48C"></a>Financial Stability Board.</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref106433579"></a>&quot;<b style="font-weight:bold;">Replacement Reference Rate</b>&quot; means a reference rate which is:</div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>173</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433580"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">formally designated, nominated or recommended as the replacement for a Published Rate by:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433581"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the administrator of that Published Rate (provided that the market or economic reality that such reference rate measures is the same as that measured by that Published Rate); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref67328981"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Relevant Nominating Body,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 70.9pt;">and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the &quot;Replacement Reference Rate&quot; will be the replacement under sub-paragraph (ii) above;</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433582"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor or alternative to a Published Rate; or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433583"></a></font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859081"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in the opinion of the Majority Lenders and the Borrower, an appropriate successor or alternative to a Published Rate.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">46.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref459843868"></a><a name="_Ref459843869"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Obligor Intent</b></td></tr></table><div style="margin-top:12pt;"></div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136859082"></a>Without prejudice to the generality of Clauses 1.2 (<i style="font-style:italic;">Construction</i>) and 19.4 (<i style="font-style:italic;">Waiver of defences</i>), each Obligor expressly confirms that it intends that any guarantee contained in this Agreement or any other Finance Document and any Security created by any Finance Document shall extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents for the purposes of or in connection with any of the following: &#160;business acquisitions of any nature; increasing working capital; enabling investor distributions to be made; carrying out restructurings; refinancing existing facilities; refinancing any other indebtedness; making facilities available to new borrowers; any other variation or extension of the purposes for which any such facility or amount might be made available from time to time; and any fees, costs and/or expenses associated with any of the foregoing.</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref326182277"></a><a name="_Ref326182278"></a><a name="_Ref326184312"></a><a name="_Ref326184313"></a><a name="_Toc360093730"></a><a name="_Toc360093931"></a><a name="_Toc360097832"></a><a name="_Toc360191471"></a><a name="_Toc360191588"></a><a name="_Toc360191704"></a><a name="_Toc362504383"></a><a name="_Toc362518430"></a><a name="_Toc362605377"></a><a name="_Toc363549817"></a><a name="_Toc367198660"></a><a name="_Toc367792048"></a><a name="_Toc367867035"></a><a name="_Toc371413665"></a><a name="_Toc371413881"></a><a name="_Toc371932759"></a><a name="_Toc378965716"></a><a name="_Toc380566928"></a><a name="_Toc380579064"></a><a name="_Toc382507921"></a><a name="_Toc384670172"></a><a name="_Toc442833397"></a><a name="_Toc444194863"></a><a name="_Toc445290441"></a><a name="_Toc159513316"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Confidentiality</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859083"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Confidential Information</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Finance Party agrees to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by Clause 47.2 (<i style="font-style:italic;">Disclosure of Confidential Information</i>) and Clause 47.3 (<i style="font-style:italic;">Disclosure to numbering service providers</i>) and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326184259"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disclosure of Confidential Information</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Any Finance Party may disclose:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262014"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, insurers, reinsurers, insurance brokers, auditors, partners and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> is informed in writing of its confidential nature and that some or all of such Confidential </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>174</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262096"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to any person:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262110"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Facility Agent or Security Agent and, in each case, to any of that person&#39;s Affiliates, Related Funds, Representatives and professional advisers;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262115"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference to, one or more Finance Documents and/or one or more Obligors and to any of that person&#39;s Affiliates, Related Funds, Representatives and professional advisers;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262366"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">appointed by any Finance Party or by a person to whom paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above applies to receive communications, notices, information or documents delivered pursuant to the Finance Documents on its behalf (including, without limitation, any person appointed under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">34.14</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Relationship with the Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">));</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262400"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262420"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262431"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitrations, administrative or other investigations, proceedings or disputes;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262452"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Security over Lenders&#39; rights</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859084"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">who is a Party, a member of the Group or any related entity of an Obligor;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ix)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859085"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">as a result of the registration of any Finance Document as contemplated by any Finance Document or any legal opinion obtained in connection with any Finance Document; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(x)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859086"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">with the consent of the Parent Guarantor;</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">in each case, such Confidential Information as that Finance Party shall consider appropriate if:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859087"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking except that there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>175</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">professional obligations to maintain the confidentiality of the Confidential Information;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859088"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iv)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:70.9pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.4pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859089"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">in relation to paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(v)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(vi)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(vii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances;</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262508"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to any person appointed by that Finance Party or by a person to whom paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above applies to provide administration or settlement services in respect of one or more of the Finance Documents including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the services referred to in this paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> if the service provider to whom the Confidential Information is to be given has entered in to a confidentiality agreement substantially in the form of the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665DGVwmnErByxWO6yutq1HDvz8HYAu"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">LMA Master Confidentiality Undertaking for Use With Administration</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">/</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665DHdLt92oqrt9pV1JBtqemINI1yDS"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Settlement Service Providers</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or such other form of confidentiality undertaking agreed between the Borrowers and the relevant Finance Party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859090"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents and/or the Obligors;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859091"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">to the U.S. Securities and Exchange Commission (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">SEC</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) such Confidential Information as may be required to be disclosed to the SEC.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433595"></a><a name="_Ref339453411"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">DAC6</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">Nothing in any Finance Document shall prevent disclosure of any Confidential Information or other matter to the extent that preventing that disclosure would otherwise cause any transaction contemplated by the Finance Documents or any transaction carried out in connection with any transaction contemplated by the Finance Documents to become an arrangement described in <a name="DocXTextRef73"></a><a name="_9kR3WTr2CC47EcEn7Zt"></a>Part II A 1 of Annex IV of Directive 2011/16/EU.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859092"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Disclosure to numbering service providers</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262600"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facilities and/or one or more Obligors the following information:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262539"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">names of Obligors;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859093"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">country of domicile of Obligors;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859094"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">place of incorporation of Obligors;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>176</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859095"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">date of this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859096"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the names of the Facility Agent and each Mandated Lead Arranger;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859097"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">date of each amendment and restatement of this Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(vii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859098"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">amount of Total Commitments;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(viii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859099"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">currency of the Facilities;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ix)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859100"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">type of Facilities;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(x)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859101"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">ranking of Facilities;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xi)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262552"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Termination Date for Facilities;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859102"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">changes to any of the information previously supplied pursuant to paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(xi)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(xiii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262612"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">such other information agreed between such Finance Party and the Borrowers,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">to enable such numbering service provider to provide its usual syndicated loan numbering identification services.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859103"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facilities and/or one or more Obligors by a numbering service provider and the information associated with each such number may be disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859104"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Obligor represents that none of the information set out in paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(xiii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above is, nor will at any time be, unpublished price-sensitive information.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859105"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent shall notify each Obligor and the other Finance Parties of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859106"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the name of any numbering service provider appointed by the Facility Agent in respect of this Agreement, the Facilities and/or one or more Obligors; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859107"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the number or, as the case may be, numbers assigned to this Agreement, the Facilities and/or one or more Obligors by such numbering service provider.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859108"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Entire agreement</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This Clause 47 (<i style="font-style:italic;">Confidentiality</i>) constitutes the entire agreement between the Parties in relation to the obligations of the Finance Parties under the Finance Documents regarding Confidential Information and supersedes any previous agreement, whether express or implied, regarding Confidential Information.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859109"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Inside information</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each of the Finance Parties acknowledges that some or all of the Confidential Information is or may be price-sensitive information and that the use of such information may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and each of the Finance Parties undertakes not to use any Confidential Information for any unlawful purpose.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>177</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859110"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Notification of disclosure</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each of the Finance Parties agrees (to the extent permitted by law and regulation) to inform the Borrowers:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859111"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">of the circumstances of any disclosure of Confidential Information made pursuant to paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">47.2(b)(v)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">47.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Disclosure of Confidential Information</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859112"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">upon becoming aware that Confidential Information has been disclosed in breach of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">47</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Confidentiality</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">47.8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859113"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Continuing obligations</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The obligations in this 47 (<i style="font-style:italic;">Confidentiality</i>) are continuing and, in particular, shall survive and remain binding on each Finance Party for a period of 12 months from the earlier of:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859114"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date on which all amounts payable by the Obligors under or in connection with this Agreement have been paid in full and all Commitments have been cancelled or otherwise cease to be available; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859115"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the date on which such Finance Party otherwise ceases to be a Finance Party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">48</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref410142871"></a><a name="_Toc106392671"></a><a name="_Toc107319316"></a><a name="_Toc159513317"></a><a name="_Toc360093731"></a><a name="_Toc360093932"></a><a name="_Toc360097833"></a><a name="_Toc360191472"></a><a name="_Toc360191589"></a><a name="_Toc360191705"></a><a name="_Toc362504384"></a><a name="_Toc362518431"></a><a name="_Toc362605378"></a><a name="_Toc363549818"></a><a name="_Toc367198661"></a><a name="_Toc367792049"></a><a name="_Toc367867036"></a><a name="_Toc371413666"></a><a name="_Toc371413882"></a><a name="_Toc371932760"></a><a name="_Toc378965717"></a><a name="_Toc380566929"></a><a name="_Toc380579065"></a><a name="_Toc382507922"></a><a name="_Toc384670173"></a><a name="_Toc442833398"></a><a name="_Toc444194864"></a><a name="_Toc445290442"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Confidentiality of Funding Rates</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">48.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410143754"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Confidentiality and disclosure</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433622"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it to anyone, save to the extent permitted by paragraphs </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410143656"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent may disclose:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410143628"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Funding Rate to the Borrowers pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">9.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Notifications</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">); and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433623"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Funding Rate to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4887FIXyopGtD0zYQ80wvs3JFx1AJa"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">LMA Master Confidentiality Undertaking for Use With Administration</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">/</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4887FJfNvB4qstvBrX3LDvsgoKPK30"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Settlement Service Providers</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or such other form of confidentiality undertaking agreed between the Facility Agent and the relevant Lender.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410143767"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent and each Obligor may disclose any Funding Rate to:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410142432"></a><a name="_Ref106433624"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this sub-paragraph</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality in relation to it;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>178</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref410143777"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433625"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price sensitive information except that there shall be no requirement to so inform if, in the opinion of the Facility Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433626"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any person with the consent of the relevant Lender.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">48.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433627"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Related obligations</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433628"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent and each Obligor acknowledge that each Funding Rate is or may be price sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing and market abuse and the Facility Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433629"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433630"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">of the circumstances of any disclosure made pursuant to sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(ii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">48.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Confidentiality and disclosure</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) except where such disclosure is made to any of the persons referred to in that paragraph during the ordinary course of its supervisory or regulatory function; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433631"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">upon becoming aware that any information has been disclosed in breach of this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">48</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Confidentiality of Funding Rates</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">48.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433632"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">No Event of Default</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">No Event of Default will occur under Clause 31.4 (<i style="font-style:italic;">Other obligations</i>) by reason only of an Obligor&#39;s failure to comply with this Clause 48 (<i style="font-style:italic;">Confidentiality of Funding Rates</i>).</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">49</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Ref136859116"></a><a name="_Toc159513318"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Counterparts</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;text-transform:uppercase;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>179</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;line-height:1.19;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Section 13</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><br><a name="_Toc371413667"></a><a name="_Toc371413883"></a><a name="_Toc371932761"></a><a name="_Toc378965718"></a><a name="_Toc380566930"></a><a name="_Toc380579066"></a><a name="_Toc382507923"></a><a name="_Toc384670174"></a><a name="_Toc442833399"></a><a name="_Toc444194865"></a><a name="_Toc445290443"></a><a name="_Ref136859117"></a><a name="_Toc159513319"></a>Governing Law and Enforcement</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">50</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093732"></a><a name="_Toc360093933"></a><a name="_Toc360097834"></a><a name="_Toc360191473"></a><a name="_Toc360191590"></a><a name="_Toc360191706"></a><a name="_Toc362504385"></a><a name="_Toc362518432"></a><a name="_Toc362605379"></a><a name="_Toc363549819"></a><a name="_Ref367146642"></a><a name="_Toc367198662"></a><a name="_Toc367792050"></a><a name="_Toc367867037"></a><a name="_Toc371413668"></a><a name="_Toc371413884"></a><a name="_Toc371932762"></a><a name="_Toc378965719"></a><a name="_Toc380566931"></a><a name="_Toc380579067"></a><a name="_Toc382507924"></a><a name="_Toc384670175"></a><a name="_Toc442833400"></a><a name="_Toc444194866"></a><a name="_Toc445290444"></a><a name="_Ref136859118"></a><a name="_Ref367146641"></a><a name="_Toc159513320"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Governing Law</b></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">This Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;min-height:12.0pt;table-layout:fixed;text-align:justify;text-transform:uppercase;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;text-transform:uppercase;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">51</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;"><a name="_Toc360093733"></a><a name="_Toc360093934"></a><a name="_Toc360097835"></a><a name="_Toc360191474"></a><a name="_Toc360191591"></a><a name="_Toc360191707"></a><a name="_Toc362504386"></a><a name="_Toc362518433"></a><a name="_Toc362605380"></a><a name="_Toc363549820"></a><a name="_Ref367146650"></a><a name="_Toc367198663"></a><a name="_Toc367792051"></a><a name="_Toc367867038"></a><a name="_Toc371413669"></a><a name="_Toc371413885"></a><a name="_Toc371932763"></a><a name="_Toc378965720"></a><a name="_Toc380566932"></a><a name="_Toc380579068"></a><a name="_Toc382507925"></a><a name="_Toc384670176"></a><a name="_Toc442833401"></a><a name="_Toc444194867"></a><a name="_Toc445290445"></a><a name="_Ref136859119"></a><a name="_Ref367146649"></a><a name="_Toc159513321"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;text-transform:uppercase;">Enforcement</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">51.1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326188381"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Jurisdiction</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433635"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Unless specifically provided in another Finance Document in relation to that Finance Document, the courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with any Finance Document (including a dispute regarding the existence, validity or termination of any Finance Document or any non-contractual obligation arising out of or in connection with any Finance Document) (a &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Dispute</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433636"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Obligors accept that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Obligor will argue to the contrary.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref106433637"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To the extent allowed by law, this Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">51.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Jurisdiction</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) is for the benefit of the Secured Parties only. &#160;As a result, no Secured Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction. &#160;To the extent allowed by law, the Secured Parties may take concurrent proceedings in any number of jurisdictions.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">51.2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref326184500"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Service of process</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859120"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Without prejudice to any other mode of service allowed under any relevant law, each Obligor (other than an Obligor incorporated in England and Wales):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859121"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">irrevocably appoints WFW Legal Services Limited at its registered office presently at 15 Appold Street, London, EC2A 2HB as its agent for service of process in relation to any proceedings before the English courts in connection with any Finance Document; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859122"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859123"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any person appointed as an agent for service of process is unable for any reason to act as agent for service of process, the Borrowers (on behalf of all the Obligors) must immediately (and in any event within three days of such event taking place) appoint another agent on terms acceptable to the Facility Agent. &#160;Failing this, the Facility Agent may appoint another agent for this purpose.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">This Agreement has been entered into on and amended and restated on the dates stated at the beginning of this Agreement.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><a name="_Ref326224756"></a><a name="_Ref326224787"></a><a name="_Ref326224788"></a><a name="_Ref326224843"></a><a name="_Ref326224844"></a><a name="_Ref326224939"></a><a name="_Ref326224940"></a><a name="_Ref326225072"></a><a name="_Ref326225073"></a><a name="_Ref326228522"></a><a name="_Ref326228523"></a><a name="_Ref326229967"></a><a name="_Ref326229968"></a><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;line-height:0pt;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:48.49%;">&#9;</font>180</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:8.42%;padding-right:8.42%;position:relative;"><div style="margin-top:30pt;min-height:14.2pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Execution version </b></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 1</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref136859124"></a><a name="_Toc159513322"></a><b style="font-weight:bold;text-transform:none;">Revolving Facility Reduction Schedule</b></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt -35.45pt;"><a name="_Hlk136960021"></a><font style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt -35.45pt;"><font style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt -42.55pt;"><img src="asc-20241231xex4d8001.jpg" alt="Graphic" style="display:inline-block;height:123pt;width:786.02pt;"></p><p style="display:none;font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;line-height:0pt;text-align:justify;text-indent:0pt;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;overflow:hidden;position:relative;"><font style="padding-bottom:2.0pt;padding-right:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="display:inline-block;width:47.63%;">&#9;</font>181</font><font style="display:block;height:1px;left:0pt;position:absolute;width:100%;z-index:0;">&#8204;</font><font style="float:right;padding-left:2.0pt;position:relative;text-indent:0pt;z-index:1;background:white;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:normal;font-weight:normal;">EUROPE/75083879v5</font></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.42%;margin-right:8.42%;margin-top:30pt;page-break-after:always;width:83.15%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;min-height:35.45pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Execution version </b></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 2</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097768"></a><a name="_Ref360145232"></a><a name="_Toc360191407"></a><a name="_Toc360191524"></a><a name="_Toc360191640"></a><a name="_Toc362504319"></a><a name="_Toc362518366"></a><a name="_Toc362605313"></a><a name="_Toc363549753"></a><a name="_Toc367198596"></a><a name="_Toc367791984"></a><a name="_Toc367866971"></a><a name="_Toc371413590"></a><a name="_Toc371413806"></a><a name="_Toc371932684"></a><a name="_Toc379311849"></a><a name="_Toc380566933"></a><a name="_Toc380578993"></a><a name="_Ref382504791"></a><a name="_Toc382511933"></a><a name="_Toc384670177"></a><a name="_Toc442833402"></a><a name="_Toc444194868"></a><a name="_Toc445290446"></a><a name="_Ref136014168"></a><a name="_Ref136859127"></a><a name="_Ref382504790"></a><a name="_Ref360145231"></a><a name="_Ref136014174"></a><a name="_Ref136014183"></a><a name="_Ref136014191"></a><a name="_Ref136014196"></a><a name="_Ref136014204"></a><a name="_Toc159513323"></a>The Parties</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Part A</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097769"></a><a name="_Toc360191408"></a><a name="_Toc360191525"></a><a name="_Toc360191641"></a><a name="_Toc362504320"></a><a name="_Toc362518367"></a><a name="_Toc362605314"></a><a name="_Toc363549754"></a><a name="_Toc367198597"></a><a name="_Toc367791985"></a><a name="_Toc367866972"></a><a name="_Toc371413591"></a><a name="_Toc371413807"></a><a name="_Toc371932685"></a><a name="_Ref376861252"></a><a name="_Toc379311850"></a><a name="_Toc380566934"></a><a name="_Toc380578994"></a><a name="_Ref382504832"></a><a name="_Ref382504833"></a><a name="_Toc382511934"></a><a name="_Toc384670178"></a><a name="_Toc442833403"></a><a name="_Toc444194869"></a><a name="_Toc445290447"></a><a name="_Ref136859128"></a><a name="_Ref23519842"></a><a name="_Toc159513324"></a>The Obligors</div><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Borrower</b></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Place of Formation</b></p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Registration number (or equivalent, if any)</b></p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Fitzroy Shipco LLC </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Bailey Shipco LLC </p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961629</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961628</p></td><td rowspan="3" style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">c/o Ardmore Shipping Services (Ireland) <a name="_9kR3WTr2665DIXIqrzwh"></a>Limited<br>Unit 1102, One Albert Quay, Albert Quay, Cork T12 X8N6, Ireland.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Attn:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">jrussell@ardmoreshipping.com, &#160;legal@ardmoreshipping.com, nmather@ardmoreshipping.com, aconnolly@ardmoreshipping.com and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">loans@ardmoreshipping.com</p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Cromarty Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961750</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="display:none;vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Dogger Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961903</p></td><td style="display:none;vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Lundy Shipco LLC</p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">962431</p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Viking Shipco LLC</p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961902</p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Tramore Shipco LLC</p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">963547</p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Parent Guarantor</b></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Place of Formation</b></p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Registration number (or equivalent, if any)</b></p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping Corporation</p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">61477</p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">c/o Ardmore Shipping Services (Ireland) <a name="_9kMHG5YVt4887FKZKst1yj"></a>Limited<br>Unit 1102, One Albert Quay, Albert Quay, Cork T12 X8N6, Ireland.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Attn:</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>182<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">jrussell@ardmoreshipping.com, &#160;legal@ardmoreshipping.com, nmather@ardmoreshipping.com, aconnolly@ardmoreshipping.com and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">loans@ardmoreshipping.com</p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Corporate Guarantor</b></p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Place of Formation</b></p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Registration number (or equivalent, if any)</b></p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:23.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping LLC</p></td><td style="vertical-align:top;width:19.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:20.47%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961622</p></td><td style="vertical-align:top;width:35.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">c/o Ardmore Shipping Services (Ireland) <a name="_9kMIH5YVt4887FKZKst1yj"></a>Limited<br>Unit 1102, One Albert Quay, Albert Quay, Cork T12 X8N6, Ireland.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Attn:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="white-space:pre-wrap;">jrussell@ardmoreshipping.com,  legal@ardmoreshipping.com, </font>nmather@ardmoreshipping.com, aconnolly@ardmoreshipping.com and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">loans@ardmoreshipping.com </p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>183<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.88%;"><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Hedge Guarantor</b></p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Place of Incorporation</b></p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Registration number (or equivalent, if any)</b></p></td><td style="vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Fitzroy Shipco LLC </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Bailey Shipco LLC </p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961629</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961628</p></td><td rowspan="3" style="vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">c/o Ardmore Shipping Services (Ireland) <a name="_9kMJI5YVt4887FKZKst1yj"></a>Limited<br>Unit 1102, One Albert Quay, Albert Quay, Cork T12 X8N6, Ireland.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Cromarty Shipco LLC</p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961750 </p></td><td style="display:none;vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Dogger Shipco LLC</p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961903</p></td><td style="display:none;vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Lundy Shipco LLC</p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">962431</p></td><td style="vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Attn:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="white-space:pre-wrap;">jrussell@ardmoreshipping.com,  legal@ardmoreshipping.com, nmather@ardmoreshipping.com, </font>aconnolly@ardmoreshipping.com and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">loans@ardmoreshipping.com </p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Viking Shipco LLC</p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">961902</p></td><td style="vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Tramore Shipco LLC</p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Marshall Islands</p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">963547</p></td><td style="vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:22.93%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:25.49%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:15.76%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:35.79%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>184<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Part B</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097770"></a><a name="_Toc360191409"></a><a name="_Toc360191526"></a><a name="_Toc360191642"></a><a name="_Toc362504321"></a><a name="_Toc362518368"></a><a name="_Toc362605315"></a><a name="_Toc363549755"></a><a name="_Toc367198598"></a><a name="_Toc367791986"></a><a name="_Toc367866973"></a><a name="_Toc371413592"></a><a name="_Toc371413808"></a><a name="_Toc371932686"></a><a name="_Toc379311851"></a><a name="_Toc380566935"></a><a name="_Toc380578995"></a><a name="_Toc382511935"></a><a name="_Toc384670179"></a><a name="_Toc442833404"></a><a name="_Toc444194870"></a><a name="_Toc445290448"></a><a name="_Ref136859129"></a><a name="_Ref376861263"></a><a name="_Ref376861269"></a><a name="_Ref376861318"></a><a name="_Ref158117178"></a><a name="_Ref158117183"></a><a name="_Toc159513325"></a>The Original Lenders</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr><td style="vertical-align:top;width:35.33%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Original Lender</b></p></td><td style="vertical-align:top;width:28.1%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Commitment</b></p></td><td style="vertical-align:top;width:36.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:35.33%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:28.1%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Revolving Facility</b></p></td><td style="vertical-align:top;width:36.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:35.33%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">ABN AMRO Bank N.V.</p></td><td style="vertical-align:top;width:28.1%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">$44,194,038.50</p></td><td style="vertical-align:top;width:36.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">Gustav Mahlerlaan 10</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">1082PP Amsterdam</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">The Netherlands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">Attn: Transportation &amp; Logistics EMEA, Florin Boros / Ahlam Hossain </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><font style="font-style:italic;font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:35.33%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Cr&#233;dit Agricole Corporate and Investment Bank</p></td><td style="vertical-align:top;width:28.1%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">$44,194,038.50</p></td><td style="vertical-align:top;width:36.55%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Cr&#233;dit Agricole Corporate and Investment Bank<br>12 place des <a name="_9kR3WTr2665DJRMpq9lbw2"></a>Etats-Unis, CS70052, 92547, <a name="_9kR3WTr2665DKaPx38481mJEmn8"></a>Montrouge Cedex<br>France<br>Attn: Ship Finance Department </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">With a copy to:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Cr&#233;dit Agricole Corporate and Investment Bank<br>London Ship Finance<br>Broadwalk House<br>5 Appold Street<br>London EC2A 2DA</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Attn: Ship Finance Department</p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>185<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE HEDGE COUNTERPARTIES</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:92.25%;" align="center"><tr><td style="vertical-align:top;width:48.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Original Hedge Counterparty</b></p></td><td style="vertical-align:top;width:51.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:48.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">ABN AMRO Bank N.V.</p></td><td style="vertical-align:top;width:51.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">(HQ7216)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">c/o <a name="_9kR3WTr2665DLbBnymwBWNt0BwyE23C8EvqBI"></a>Markets Documentation Unit</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">Gustav Mahleraan 10</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">NL-1082PP Amsterdam</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">The Netherlands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:48.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Cr&#233;dit Agricole Corporate and Investment Bank</p></td><td style="vertical-align:top;width:51.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Cr&#233;dit Agricole Corporate and Investment Bank<br>12 place des <a name="_9kMHG5YVt4887FLTOrsBndy4"></a>Etats-Unis, CS70052, 92547, <a name="_9kMHG5YVt4887FMcRz5A6A3oLGopA"></a>Montrouge Cedex<br>France<br>Attn: Ship Finance Department </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">With a copy to:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Cr&#233;dit Agricole Corporate and Investment Bank<br>London Ship Finance<br>Broadwalk House<br>5 Appold Street<br>London EC2A 2DA</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Attn: Ship Finance Department</p></td></tr><tr><td style="vertical-align:top;width:48.75%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:51.24%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>186<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Part C</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097771"></a><a name="_Toc360191410"></a><a name="_Toc360191527"></a><a name="_Toc360191643"></a><a name="_Toc362504322"></a><a name="_Toc362518369"></a><a name="_Toc362605316"></a><a name="_Toc363549756"></a><a name="_Toc367198599"></a><a name="_Toc367791987"></a><a name="_Toc367866974"></a><a name="_Toc371413593"></a><a name="_Toc371413809"></a><a name="_Toc371932687"></a><a name="_Toc379311852"></a><a name="_Toc380566936"></a><a name="_Toc380578996"></a><a name="_Toc382511936"></a><a name="_Toc384670180"></a><a name="_Toc442833405"></a><a name="_Toc444194871"></a><a name="_Toc445290449"></a><a name="_Ref136859130"></a><a name="_Toc159513326"></a>The Servicing Parties</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="padding-left:41.4pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:87.22%;"><tr><td style="vertical-align:top;width:47.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Facility Agent</b></p></td><td style="vertical-align:top;width:52.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:47.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">ABN AMRO Bank N.V.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:52.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">Gustav Mahlerlaan 10</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">1082PP Amsterdam</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">The Netherlands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">Attn: Agency Syndicated Loans, Team 1<br>Email: abn.amro.agency.team.1@nl.abnamro.com</p></td></tr><tr><td style="vertical-align:top;width:47.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Security Agent</b></p></td><td style="vertical-align:top;width:52.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><b style="font-weight:bold;">Address for Communication</b></p></td></tr><tr><td style="vertical-align:top;width:47.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">ABN AMRO Bank N.V.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:52.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">Gustav Mahlerlaan 10</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">1082PP Amsterdam</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">The Netherlands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt;">Attn: Agency Syndicated Loans, Team 1<br>Email: abn.amro.agency.team.1@nl.abnamro.com</p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>187<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 3</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097772"></a><a name="_Ref360141618"></a><a name="_Ref360141619"></a><a name="_Ref360145329"></a><a name="_Toc360191411"></a><a name="_Toc360191528"></a><a name="_Toc360191644"></a><a name="_Toc362504323"></a><a name="_Toc362518370"></a><a name="_Toc362605317"></a><a name="_Toc363549757"></a><a name="_Toc367198600"></a><a name="_Toc367791988"></a><a name="_Toc367866975"></a><a name="_Toc371413594"></a><a name="_Toc371413810"></a><a name="_Toc371932688"></a><a name="_Ref379309192"></a><a name="_Toc379311853"></a><a name="_Toc380566937"></a><a name="_Toc380578997"></a><a name="_Toc382511937"></a><a name="_Toc384670181"></a><a name="_Toc442833406"></a><a name="_Toc444194872"></a><a name="_Toc445290450"></a><a name="_Ref136859131"></a><a name="_Ref360145328"></a><a name="_Ref136014063"></a><a name="_Ref136014069"></a><a name="_Ref136014140"></a><a name="_Ref136014152"></a><a name="_Ref136014215"></a><a name="_Ref444193456"></a><a name="_Ref379309191"></a><a name="_Ref107919662"></a><a name="_Toc159513327"></a>Conditions Precedent</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Part A</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097773"></a><a name="_Toc360191412"></a><a name="_Toc360191529"></a><a name="_Toc360191645"></a><a name="_Toc362504324"></a><a name="_Toc362518371"></a><a name="_Toc362605318"></a><a name="_Toc363549758"></a><a name="_Toc367198601"></a><a name="_Toc367791989"></a><a name="_Toc367866976"></a><a name="_Toc371413595"></a><a name="_Toc371413811"></a><a name="_Toc371932689"></a><a name="_Toc379311854"></a><a name="_Toc380566938"></a><a name="_Toc380578998"></a><a name="_Toc382511938"></a><a name="_Toc384670182"></a><a name="_Toc442833407"></a><a name="_Toc444194873"></a><a name="_Toc445290451"></a><a name="_Ref136859132"></a><a name="_Ref376861638"></a><a name="_Ref376861866"></a><a name="_Ref158117889"></a><a name="_Toc159513328"></a>Conditions Precedent to Initial Utilisation Request</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859133"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Obligors</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859134"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A copy of the constitutional documents of each Obligor.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376262741"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A copy of a resolution of the member or the board of directors, as the case may be, of each Obligor:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859135"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859136"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859137"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, a Utilisation Request) to be signed and/or despatched by it under, or in connection with, the Finance Documents to which it is a party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859138"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An original of the power of attorney of any Obligor authorising a specified person or persons to execute the Finance Documents to which it is a party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859139"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A specimen of the signature of each person authorised by the resolution referred to in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">1.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859140"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A certificate of each Obligor (signed by an officer) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on that Transaction Obligor to be exceeded.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.6</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859141"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A certificate of each Obligor that is incorporated or formed outside the UK (signed by an officer) certifying either that </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef74"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> it has not delivered particulars of any UK Establishment to the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt4887CJhMin0CCuvAzOS9B0z80B"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Registrar of Companies</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> as required under the Overseas Regulations or (ii) it has a UK Establishment and specifying the name and registered number under which it is registered with the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMIH5YVt4887CJhMin0CCuvAzOS9B0z80B"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Registrar of Companies</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1.7</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859142"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A certificate of an authorised signatory of the relevant Obligor certifying that each copy document relating to it specified in this </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Part A</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Schedule 3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions Precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859143"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Pool Agreement and other Documents</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859144"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Copies of any Pool Agreement and of all documents signed in connection with it.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859145"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Such documentary evidence as the Facility Agent and its legal advisers may require in relation to the due authorisation and execution of each of the Pool Agreements (if any) by each of the parties thereto.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>188<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859146"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Copies of each Hedging Agreement executed by a Hedge Counterparty and the relevant Borrower.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859147"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Security</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859148"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed original of the Accounts Security in relation to each Earnings Account and a duly executed original of the Membership Interests Security in respect of each Borrower (and of each document to be delivered under each of them).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859149"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed original of the Hedging Agreement Assignment in respect of each of the Borrowers (and of each document to be delivered under each of them).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859150"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Legal opinions</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859151"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A legal opinion of Watson Farley &amp; Williams LLP, legal advisers to the Mandated Lead Arrangers, the Facility Agent and the Security Agent in England, substantially in the form distributed to and agreed by the Original Lenders before signing this Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859152"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If a Transaction Obligor is incorporated or formed in a jurisdiction other than England and Wales, a legal opinion of the legal advisers to the Mandated Lead Arrangers, the Facility Agent and the Security Agent in the relevant jurisdiction, substantially in the form distributed and agreed by the Original Lenders before signing this Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859153"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other documents and evidence</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859154"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Evidence that any process agent referred to in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">51.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Service of process</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), if not an Obligor, has accepted its appointment.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859155"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by any Transaction Document, or for the validity and enforceability of any Transaction Document.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859156"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The original of any mandates or other documents required in connection with the opening or operation of the Earnings Accounts.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859157"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">13</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">18</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Costs and Expenses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) have been paid or will be paid by the first Utilisation Date.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859158"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their &quot;know your customer&quot; or similar identification procedures in relation to the transactions contemplated by the Finance Documents.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>189<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Part B</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097777"></a><a name="_Toc360191416"></a><a name="_Toc360191533"></a><a name="_Toc360191649"></a><a name="_Toc362504328"></a><a name="_Toc362518375"></a><a name="_Toc362605322"></a><a name="_Toc363549762"></a><a name="_Toc367198605"></a><a name="_Toc367791993"></a><a name="_Toc367866980"></a><a name="_Toc371413599"></a><a name="_Toc371413815"></a><a name="_Toc371932693"></a><a name="_Ref376256296"></a><a name="_Ref376861819"></a><a name="_Ref376861975"></a><a name="_Ref379309131"></a><a name="_Ref379309132"></a><a name="_Toc379311855"></a><a name="_Toc380566939"></a><a name="_Toc380578999"></a><a name="_Toc382511939"></a><a name="_Toc384670183"></a><a name="_Toc442833408"></a><a name="_Toc444194874"></a><a name="_Toc445290452"></a><a name="_Ref136859159"></a><a name="_Ref23520091"></a><a name="_Ref444193462"></a><a name="_Ref379309162"></a><a name="_Toc159513329"></a>Conditions Precedent to Utilisation &#8211; Initial Advances Under revolving Facility</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">For the purposes of this Schedule 3 Part B:</p><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136859160"></a>&quot;<b style="font-weight:bold;">Relevant Initial Ship</b>&quot; means the Initial Ship to which the Advance that is the subject of the Utilisation Request relates; </div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136859161"></a>&quot;<b style="font-weight:bold;">Relevant Borrower</b>&quot; means the Borrower which is, or is to be, the owner of the Relevant Initial Ship; and</div><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-left:36pt;margin-top:0pt;min-height:12.0pt;text-align:justify;text-indent:0pt;"><a name="_Ref136859162"></a>&quot;<b style="font-weight:bold;">Relevant Advance</b>&quot; means the borrowing of the Advance relating to the Relevant Initial Ship.</div><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859163"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Relevant Borrower</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">A certificate of an authorised signatory of the Relevant Borrower certifying that each copy document which it is required to provide under this Part B of Schedule 3 (<i style="font-style:italic;">Conditions Precedent</i>) is correct, complete and in full force and effect as at the Utilisation Date of the Relevant Advance.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859164"></a><a name="_Ref326225170"></a><a name="_Ref326225171"></a><a name="_Ref326229200"></a><a name="_Ref326229201"></a><a name="_Ref329261843"></a><a name="_Ref329261844"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Release of Existing Security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">If relevant, an original of each Deed of Release and of each document to be delivered under or pursuant to it, together with evidence satisfactory to the Facility Agent of its due execution by the parties to it.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859165"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Ship and other security</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859166"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed original of the Mortgage and the General Assignment in respect of the Relevant Initial Ship and of each document to be delivered under or pursuant to each of them together with documentary evidence that the Mortgage in respect of the Relevant Initial Ship has been duly registered as a valid first preferred or priority (as applicable) ship mortgage in accordance with the laws of the jurisdiction of its Approved Flag.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859167"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Documentary evidence that the Relevant Initial Ship:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859168"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if relevant, has been unconditionally delivered by the Seller to, and accepted by, the Relevant Borrower and that the full purchase price payable and all other sums due to the Seller, other than the sums to be financed pursuant to the Advance, have been paid to the Seller;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859169"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is definitively and permanently registered in the name of the Relevant Borrower under the Approved Flag;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859170"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is in the absolute and unencumbered ownership of the Relevant Borrower save as contemplated by the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859171"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">maintains the Approved Classification with the Approved Classification Society free of all overdue recommendations and conditions of the Approved Classification Society; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859172"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in respect of insurances have been complied with.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>190<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859173"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Documents establishing that the Relevant Initial Ship will, as from the Utilisation Date of the Relevant Advance, be managed commercially by its Approved Commercial Manager and managed technically by its Approved Technical Manager on terms acceptable to the Facility Agent acting with the authorisation of all of the Lenders, together with:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859174"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Manager&#39;s Undertaking for each of the Approved Technical Manager and the Approved Commercial Manager; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859175"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">copies of the Approved Technical Manager&#39;s Document of Compliance and of the Relevant Initial Ship&#39;s Safety Management Certificate (together with any other details of the applicable safety management system which the Facility Agent requires) and of any other documents required under the ISM Code and the ISPS Code in relation to the Relevant Initial Ship including without limitation an ISSC.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859176"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An opinion from an independent insurance consultant acceptable to the Facility Agent on such matters relating to the Insurances as the Facility Agent may require.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3.5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859177"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A valuation of the Relevant Initial Ship addressed to the Facility Agent on behalf of the Finance Parties, stated to be for the purposes of this Agreement and dated not earlier than 30 days before the Utilisation Date for the Relevant Advance (except in relation to valuations provided in connection with the first Utilisation Date, in which case such valuations shall be prepared as at a date not more than 36 days previously) from an Approved Valuer which shows a value for the Relevant Initial Ship of not less than 130 per cent. of the Relevant Advance (after the Relevant Advance has been made).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859178"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Legal opinions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Legal opinions of the legal advisers to the Mandated Lead Arrangers, the Facility Agent and the Security Agent in England and Wales, the jurisdiction of the Approved Flag of the Relevant Initial Ship and the Marshall Islands and such other relevant jurisdictions as the Facility Agent may require and in substance and form acceptable to the Lenders.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859179"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other documents and evidence</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5.1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859180"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">13</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">18</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Costs and Expenses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) have been paid or will be paid by the first Utilisation Date.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>191<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Part C</font><font style="font-weight:normal;"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br></font><a name="_Ref107921192"></a><a name="_Toc159513330"></a>Conditions Precedent To Utilisation of an Advance Under an Accordion Facility</div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859181"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Relevant Borrowers</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">A certificate of an authorised signatory of the Borrowers certifying that each copy document which it is required to provide under this Part C of Schedule 3 (<i style="font-style:italic;">Conditions Precedent</i>) is correct, complete and in full force and effect as at the Utilisation Date of the Relevant Advance.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859182"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Additional Borrowers</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859183"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A copy of the constitutional documents of each Additional Borrower.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859184"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A copy of a resolution of the member or the board of directors, as the case may be, of each Additional Borrower:</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859185"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party and resolving that it execute the Finance Documents to which it is a party;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859186"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">authorising a specified person or persons to execute the Finance Documents to which it is a party on its behalf; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859187"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, the Utilisation Request) to be signed and/or despatched by it under, or in connection with, the Finance Documents to which it is a party.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859188"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An original of the power of attorney of any Additional Borrower authorising a specified person or persons to execute the Finance Documents to which it is a party.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859189"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A certificate of each Additional Borrower (signed by an officer) confirming that borrowing or guaranteeing, as appropriate, the Total Commitments would not cause any borrowing, guaranteeing or similar limit binding on that Transaction Obligor to be exceeded.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859190"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A certificate of each Additional Borrower that is incorporated or formed outside the UK (signed by an officer) certifying either that </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef76"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> it has not delivered particulars of any UK Establishment to the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMJI5YVt4887CJhMin0CCuvAzOS9B0z80B"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Registrar of Companies</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> as required under the Overseas Regulations or (ii) it has a UK Establishment and specifying the name and registered number under which it is registered with the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMKJ5YVt4887CJhMin0CCuvAzOS9B0z80B"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Registrar of Companies</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859191"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Release of Existing Security</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">An original of any deed of release of Security in relation to each Accordion Ship and of each document to be delivered under or pursuant to it, together with evidence satisfactory to the Facility Agent of its due execution by the parties to it.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859192"></a><a name="_Ref25247573"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Hedging Agreements</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">If relevant, copies of each Hedging Agreement executed by a Hedge Counterparty and the relevant Additional Borrower.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>192<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859193"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accordion Ship and other security</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859194"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed original of the Accounts Security in relation to each Earnings Account and of the Membership Interests Security in respect of each Additional Borrower (and of each document to be delivered under each of them).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859195"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed original of the Hedging Agreement Assignment in respect of each Additional Borrower (and of each document to be delivered under each of them).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859196"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed original of the Mortgage and the General Assignment in respect of each relevant Accordion Ship and of each document to be delivered under or pursuant to each of them together with documentary evidence that the Mortgage in respect of each relevant Accordion Ship has been duly registered as a valid first preferred or priority (as applicable) ship mortgage in accordance with the laws of the jurisdiction of its Approved Flag.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859197"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Documentary evidence that each relevant Accordion Ship:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859198"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if relevant, has been unconditionally delivered by the Seller to, and accepted by, relevant Borrower and that the full purchase price payable and all other sums due to the Seller, other than the sums to be financed pursuant to the Advance, have been paid to the Seller;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859199"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is definitively and permanently registered in the name of the relevant Additional Borrower under the Approved Flag;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859200"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is in the absolute and unencumbered ownership of the relevant Additional Borrower save as contemplated by the Finance Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iv)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859201"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">maintains the Approved Classification with the Approved Classification Society free of all overdue recommendations and conditions of the Approved Classification Society; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(v)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859202"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">is insured in accordance with the provisions of this Agreement and all requirements in this Agreement in respect of insurances have been complied with.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859203"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Documents establishing that each relevant Accordion Ship will, as from the Utilisation Date, be managed commercially by its Approved Commercial Manager and managed technically by its Approved Technical Manager on terms acceptable to the Facility Agent acting with the authorisation of all of the Lenders, together with:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859204"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Manager&#39;s Undertaking for each of the Approved Technical Manager and the Approved Commercial Manager; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859205"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">copies of the Approved Technical Manager&#39;s Document of Compliance and of each Ship&#39;s Safety Management Certificate (together with any other details of the applicable safety management system which the Facility Agent requires) and of any other documents required under the ISM Code and the ISPS Code in relation to each relevant Accordion Ship including without limitation an ISSC.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859206"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">An opinion from an independent insurance consultant acceptable to the Facility Agent on such matters relating to the Insurances as the Facility Agent may require.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>193<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(g)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref25247553"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A valuation of each Ship addressed to the Facility Agent on behalf of the Finance Parties, stated to be for the purposes of this Agreement and dated not earlier than 30 days before the Utilisation Date from an Approved Valuer which shows an aggregate value for the Ships of not less than 130 per cent. of the Loan (after any Advances to be made on the Utilisation Date have been advanced).</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859207"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Legal opinions</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Legal opinions of the legal advisers to the Mandated Lead Arrangers, the Facility Agent and the Security Agent in England and Wales, the jurisdiction of the Approved Flag of each relevant Accordion Ship and the Marshall Islands and such other relevant jurisdictions as the Facility Agent may require and in substance and form acceptable to the Lenders.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859208"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Other documents and evidence</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859209"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A duly executed Accession Deed.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859210"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Evidence that the fees, costs and expenses then due from the Borrowers pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">13</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">18</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Costs and Expenses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) have been paid or will be paid by the first Utilisation Date.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859211"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The original of any mandates or other documents required in connection with the opening or operation of the Earnings Accounts.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859212"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Such evidence as the Facility Agent may require for the Finance Parties to be able to satisfy each of their &quot;know your customer&quot; or similar identification procedures in relation to the transactions contemplated by the Finance Documents.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859213"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A copy of any other Authorisation or other document, opinion or assurance which the Facility Agent considers to be necessary or desirable (if it has notified the Borrowers accordingly) in connection with the entry into and performance of the transactions contemplated by any Transaction Document, or for the validity and enforceability of any Transaction Document.</font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>194<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 4</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097778"></a><a name="_Ref360145801"></a><a name="_Ref360145802"></a><a name="_Toc360191417"></a><a name="_Toc360191534"></a><a name="_Toc360191650"></a><a name="_Toc362504329"></a><a name="_Toc362518376"></a><a name="_Toc362605323"></a><a name="_Toc363549763"></a><a name="_Toc367198606"></a><a name="_Toc367791994"></a><a name="_Toc367866981"></a><a name="_Toc371413600"></a><a name="_Toc371413816"></a><a name="_Toc371932694"></a><a name="_Toc379311856"></a><a name="_Toc380566940"></a><a name="_Toc380579000"></a><a name="_Toc382511940"></a><a name="_Toc384670184"></a><a name="_Toc442833409"></a><a name="_Toc444194875"></a><a name="_Toc445290453"></a><a name="_Ref136859214"></a><a name="_Ref136005826"></a><a name="_Toc159513331"></a>Utilisation Request</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From:</font></font>Fitzroy Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;">Bailey Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:35.45pt;margin:0pt;">Cromarty Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;">Dogger Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;">Lundy Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;">Viking Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;">Tramore Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;"><font style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To:</font></font>ABN AMRO Bank N.V. as Facility Agent</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 360pt;">Dated: <font style="display:inline-block;width:3.6pt;"></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Dear Sirs</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; </b><a name="_9kR3WTr2665DMV4Yhrs12ozWF32qz02I"></a><b style="font-weight:bold;">Facilities Agreement</b><b style="font-weight:bold;"> for up to $150,388,077 dated 2 August 2022 (as amended and restated from time to time, including by the second amendment and restatement agreement dated [&#9679;] 2024) (the &quot;</b><a name="_9kR3WTr19A5EEH5tsgpqs8"></a><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&quot;)</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;text-indent:36pt;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082644"></a><a name="_Toc360093734"></a><a name="_Toc360093935"></a><a name="_Ref136859215"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. &#160;This is a Utilisation Request. &#160;Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082645"></a><a name="_Toc360093735"></a><a name="_Toc360093936"></a><a name="_Ref136859216"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We wish to borrow an Advance under [the Revolving Facility] [an Accordion Facility] on the following terms:</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Proposed Utilisation Date: [<font style="font-family:'Times New Roman';">&#9899;</font>] (or, if that is not a Business Day, the next Business Day)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Amount: [<font style="font-family:'Times New Roman';">&#9899;</font>] or, if less, the Available Facility</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Interest Period: [<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Calculation of interest: interest shall be calculated pursuant to [Clause 9.2 (<a name="DocXTextRef4770"></a><i style="font-style:italic;">Calculation of interest &#8211; Compounded Rate Loans</i>)] [Clause 9.3 (<a name="DocXTextRef4771"></a><i style="font-style:italic;">Calculation of interest &#8211; Term SOFR Loans</i>)].</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082646"></a><a name="_Toc360093736"></a><a name="_Toc360093937"></a><a name="_Ref136859217"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We confirm that each condition specified in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">4.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Initial conditions precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">4.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Further conditions precedent</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) as they relate to the Advance to which this utilisation request refers of the Agreement is satisfied on the date of this Utilisation Request.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859218"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We represent and warrant that the representations and warranties in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">23</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Representations</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) remain true by reference to the facts and circumstances existing at the date of this, Utilisation Request.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859219"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">You are authorised and requested to deduct from the Advance prior to funds being remitted the fees in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">13.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Upfront fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) and Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">13.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Agent fee</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859220"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The proceeds of this Advance should be credited to the following account: </font></td></tr></table><div style="margin-top:12pt;"></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>195<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:35.45pt;margin:0pt 0pt 6pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Company: </font></font><font style="display:inline-block;width:36pt;"></font>Ardmore Shipping LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:36.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Bank:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>ABN AMRO Bank</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Address 1:</font></font><font style="display:inline-block;width:36pt;"></font>Gustav Mahlerlaan 10</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Address 2:</font></font><font style="display:inline-block;width:36pt;"></font>1082 PP Amsterdam</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Country:</font></font><font style="display:inline-block;width:36pt;"></font>Netherlands</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Account Name:</font></font><font style="display:inline-block;width:36pt;"></font>Ardmore Shipping LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;">Account Number: <font style="display:inline-block;width:27.17pt;"></font>619867647</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SWIFT Number:</font></font><font style="display:inline-block;width:36pt;"></font>ABNANL2AXXX</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">IBAN Number:</font></font><font style="display:inline-block;width:36pt;"></font>NL79ABNA0619867647</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 6pt 35.45pt;"><font style="display:inline-block;text-align:left;width:72.55pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Currency:</font></font><font style="display:inline-block;width:36pt;"></font>USD</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">[This Advance is to be made in [whole][part] for the purpose of refinancing [<i style="font-style:italic;">identify maturing Advance under Revolving Facility / Accordion Facility</i>].</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859221"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Utilisation Request is irrevocable.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Yours faithfully</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">FITZROY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">BAILEY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">CROMARTY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">DOGGER SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>196<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">LUNDY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">VIKING SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">authorised signatory for<br><b style="font-weight:bold;">TRAMORE SHIPCO LLC </b><a name="_Ref326227160"></a><a name="_Ref326227161"></a><a name="_Ref326227241"></a><a name="_Ref326227242"></a></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>197<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 5</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref444099831"></a><a name="_Toc106392676"></a><a name="_Toc107512846"></a><a name="_Toc159513332"></a>Form of Accession Deed</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To:</font></font><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> as Facility Agent</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From:</font></font>[<font style="font-style:italic;font-weight:bold;">SUBSIDIARY</font>] and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:35.45pt;margin:0pt;"><b style="font-weight:bold;">FITZROY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;"><b style="font-weight:bold;">BAILEY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:35.45pt;margin:0pt;"><b style="font-weight:bold;">CROMARTY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">DOGGER SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">LUNDY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">VIKING SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;"><b style="font-weight:bold;">TRAMORE SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Dated: [&#9679;]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Dear Sirs</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><a name="_Ref444099832"></a><b style="font-weight:bold;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; </b><a name="_9kMHG5YVt4887FOX6ajtu34q1YH54s124K"></a><b style="font-weight:bold;">Facilities Agreement</b><b style="font-weight:bold;"> for up to $150,388,077 dated 2 August 2022 (as amended and restated from time to time, including by the second amendment and restatement agreement dated [&#9679;] 2024) (the &quot;</b><a name="_9kMHG5YVt3BC7GGJ7vuirsuA"></a><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&quot;)</b></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859222"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. &#160;This deed (the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_9kMHG5YVt3BC6AKS3cfwB2z5VHpp"></a><a name="_9kMHG5YVt3BC6CDJ3cfwB2z5VHpp"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Accession Deed</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) shall take effect as an Accession Deed for the purposes of the Agreement. &#160;Terms defined in the Agreement have the same meaning in this Accession Deed unless given a different meaning in this Accession Deed.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref444099833"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">[</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Subsidiary</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">] agrees to become an Additional Borrower and to be bound by the terms of the Agreement and the other Finance Documents as an Additional Borrower pursuant to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">33.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="DocXTextRef4772"></a></b><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Additional Borrowers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement. &#160;[</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Subsidiary</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">] is a company duly incorporated under the laws of [</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">name of relevant jurisdiction</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">] and is a [limited liability company][corporation] with registered number [&#9679;].</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref444099834"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers confirm that no Default is continuing or would occur as a result of [</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Subsidiary</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">] becoming an Additional Borrower.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref444099835"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">[</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="OLE_LINK1"></a></b><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Subsidiary&#39;s</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">] administrative details for the purposes of the Agreement are as follows:</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Address:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Email:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Attention:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref444099836"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">[</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Subsidiary</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">] (for the purposes of this paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, the &quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Acceding Debtor</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;) intends to incur Secured Liabilities under the following documents:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859223"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">[Insert details (date, parties and description) of relevant documents]</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the &quot;<b style="font-weight:bold;">Relevant Documents</b>&quot;.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859224"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">IT IS AGREED</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"> as follows:</b></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>198<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099838"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Acceding Debtor and the Security Agent agree that the Security Agent shall hold:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099839"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any Security in respect of the Secured Liabilities created or expressed to be created pursuant to the Relevant Documents;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099840"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all proceeds of that Security;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref444099841"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">all obligations expressed to be undertaken by the Acceding Debtor to pay amounts in respect of the Secured Liabilities to the Security Agent as trustee for the Secured Parties (in the Relevant Documents or otherwise) and secured by the Transaction Security together with all representations and warranties expressed to be given by the Acceding Debtor (in the Relevant Documents or otherwise) in favour of the Security Agent as trustee for the Secured Parties,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">on trust for the Secured Parties on the terms and conditions contained in the Agreement.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><a name="_Ref444099844"></a>This Accession Deed and any non-contractual obligations arising out of or in connection with it are governed by English law.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">This Accession Deed has been signed on behalf of the Security Agent (for the purposes of paragraph 5 above only), signed on behalf of each Borrower and executed as a deed by [<i style="font-style:italic;">Subsidiary</i>] and is delivered on the date stated above.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>199<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">EXECUTION PAGES</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">[<b style="font-weight:bold;">SUBSIDIARY</b>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: &#160;[<b style="font-weight:bold;">SUBSIDIARY</b>]<font style="display:inline-block;width:131.91pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">_________________________________<font style="display:inline-block;width:31.86pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>Director</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">_________________________________<font style="display:inline-block;width:31.86pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>Director/Secretary</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">BORROWERS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: &#160;<b style="font-weight:bold;">FITZROY SHIPCO LLC</b><font style="display:inline-block;width:101.45pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: _________________________________<font style="display:inline-block;width:15.47pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>[OFFICER TITLE][<a name="_9kR3WTr2665EFII8433r38ywki2"></a>Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: &#160;<b 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: &#160;<b style="font-weight:bold;">LUNDY SHIPCO LLC</b><font style="display:inline-block;width:107.76pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: _________________________________<font style="display:inline-block;width:15.47pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>[OFFICER TITLE][<a name="_9kMKJ5YVt4887GHKKA655t5A0ymk4"></a>Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>200<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: &#160;<b 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style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">EXECUTED</b> as a <b style="font-weight:bold;">DEED</b><font style="display:inline-block;width:118.21pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: &#160;<b style="font-weight:bold;">TRAMORE SHIPCO LLC</b><font style="display:inline-block;width:92.57pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">By: _________________________________<font style="display:inline-block;width:15.47pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>[OFFICER TITLE][<a name="_9kMML5YVt4887GHKKA655t5A0ymk4"></a>Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">SECURITY AGENT</b></p><p 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">_________________________________<font style="display:inline-block;width:31.86pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>Director</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:212.65pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">_________________________________<font style="display:inline-block;width:31.86pt;"></font>)<font style="display:inline-block;width:0.01pt;"></font>Director/Secretary</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>201<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 6</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097782"></a><a name="_Ref360145916"></a><a name="_Ref360145917"></a><a name="_Toc360191421"></a><a name="_Toc360191538"></a><a name="_Toc360191654"></a><a name="_Toc362504333"></a><a name="_Toc362518380"></a><a name="_Toc362605327"></a><a name="_Toc363549767"></a><a name="_Toc367198610"></a><a name="_Toc367791998"></a><a name="_Toc367866985"></a><a name="_Toc371413604"></a><a name="_Toc371413820"></a><a name="_Toc371932698"></a><a name="_Toc379311859"></a><a name="_Toc380566943"></a><a name="_Toc380579003"></a><a name="_Toc382511943"></a><a name="_Toc384670187"></a><a name="_Toc442833412"></a><a name="_Toc444194878"></a><a name="_Toc445290456"></a><a name="_Ref136859225"></a><a name="_Ref136005787"></a><a name="_Toc159513333"></a>Form of Transfer Certificate</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To:</font></font>ABN AMRO BANK N.V. as <b style="font-weight:bold;">Facility Agent</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From:</font></font>[The Existing Lender] (the &quot;<a name="_9kMIH5YVt3BC7BCOS3zB2xwVOxxp4"></a><b style="font-weight:bold;">Existing Lender</b>&quot;) and [The New Lender] (the &quot;<a name="_9kMIH5YVt3BC7BDYIygJsskz"></a><b style="font-weight:bold;">New Lender</b>&quot;)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 360pt;">Dated: <font style="display:inline-block;width:3.6pt;"></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; </b><a name="_9kMIH5YVt4887FOX6ajtu34q1YH54s124K"></a><b style="font-weight:bold;">Facilities Agreement</b><b style="font-weight:bold;"> for up to $150,388,077</b><b style="font-weight:bold;"> dated 2 August 2022 (as amended and restated from time to time, including by the second amendment and restatement agreement dated [&#9679;] 2024) (the &quot;</b><a name="_9kMIH5YVt3BC7GGJ7vuirsuA"></a><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&quot;)</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859226"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. &#160;This is a Transfer Certificate. &#160;Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082655"></a><a name="_Toc360093745"></a><a name="_Toc360093946"></a><a name="_Ref136859227"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859228"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Existing Lender and the New Lender agree to the Existing Lender transferring to the New Lender by novation all of the Existing Lender&#39;s rights and obligations under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender&#39;s Commitment and participation in the Loan under the Agreement as specified in the Schedule in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for transfer</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859229"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The proposed Transfer Date is [</font><font style="font-family:'Times New Roman';font-size:11pt;font-style:normal;font-weight:normal;">&#9899;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">].</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859230"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Office and address and attention details for notices of the New Lender for the purposes of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Addresses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement are set out in the Schedule.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082656"></a><a name="_Toc360093746"></a><a name="_Toc360093947"></a><a name="_Ref136859231"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The New Lender expressly acknowledges the limitations on the Existing Lender&#39;s obligations set out in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Limitation of responsibility of Existing Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859232"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859233"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Transfer Certificate and any non-contractual obligations arising out of or in connection with it are governed by English law.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859234"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Note: The execution of this Transfer Certificate may not transfer a proportionate share of the Existing Lender&#39;s interest in the Transaction Security in all jurisdictions. &#160;It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender&#39;s Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>202<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE SCHEDULE</b><b style="font-weight:bold;"><br><br></b><b style="font-weight:bold;">Commitment/rights</b> <b style="font-weight:bold;">and obligations to be transferred</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">[<i style="font-style:italic;">insert relevant details</i>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">[Facility Office address and attention details for notices <br>and account details for payments.]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">[Existing Lender]<font style="display:inline-block;width:33.67pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>[New Lender]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">By:</font></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]<font style="display:inline-block;width:21.04pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>By:<font style="display:inline-block;width:22.09pt;"></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">This Transfer Certificate is accepted by the Facility Agent and the Transfer Date is confirmed as [<font style="font-family:'Times New Roman';">&#9899;</font>].</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">[Facility Agent]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">By:</font></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><a name="_Ref326224892"></a><a name="_Ref326224893"></a><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>203<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 7</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097783"></a><a name="_Ref360145949"></a><a name="_Ref360145950"></a><a name="_Toc360191422"></a><a name="_Toc360191539"></a><a name="_Toc360191655"></a><a name="_Toc362504334"></a><a name="_Toc362518381"></a><a name="_Toc362605328"></a><a name="_Toc363549768"></a><a name="_Toc367198611"></a><a name="_Toc367791999"></a><a name="_Toc367866986"></a><a name="_Toc371413605"></a><a name="_Toc371413821"></a><a name="_Toc371932699"></a><a name="_Toc379311860"></a><a name="_Toc380566944"></a><a name="_Toc380579004"></a><a name="_Toc382511944"></a><a name="_Toc384670188"></a><a name="_Toc442833413"></a><a name="_Toc444194879"></a><a name="_Toc445290457"></a><a name="_Ref136859235"></a><a name="_Ref136013812"></a><a name="_Toc159513334"></a>Form of Assignment Agreement</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;text-align:justify;">To:</p></td><td style="padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;text-align:justify;">ABN AMRO BANK N.V. as Facility Agent and Fitzroy Shipco LLC, Bailey Shipco LLC,<b style="font-weight:bold;"> </b>Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC as Borrowers, for and on behalf of each Obligor</p></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From:</font></font>[<i style="font-style:italic;">the Existing Lender</i>] (the &quot;<a name="_9kMJI5YVt3BC7BCOS3zB2xwVOxxp4"></a><b style="font-weight:bold;">Existing Lender</b>&quot;) and [the New Lender] (the &quot;<a name="_9kMJI5YVt3BC7BDYIygJsskz"></a><b style="font-weight:bold;">New Lender</b>&quot;)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 360pt;">Dated: [<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; </b><a name="_9kMJI5YVt4887FOX6ajtu34q1YH54s124K"></a><b style="font-weight:bold;">Facilities Agreement</b><b style="font-weight:bold;"> for up to $150,388,077</b><b style="font-weight:bold;"> dated 2 August 2022 (as amended and restated from time to time, including by the second amendment and restatement agreement dated [&#9679;] 2024) (the &quot;</b><a name="_9kMJI5YVt3BC7GGJ7vuirsuA"></a><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&quot;)</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859236"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. &#160;This is an Assignment Agreement. &#160;Terms defined in the Agreement have the same meaning in this Assignment Agreement unless given a different meaning in this Assignment Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859237"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Procedure for assignment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">):</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859238"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement, the other Finance Documents and in respect of the Transaction Security which correspond to that portion of the Existing Lender&#39;s Commitment and participations in the Loan under the Agreement as specified in the Schedule.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref376263127"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender&#39;s Commitments and participations in the Loan under the Agreement specified in the Schedule.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859239"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859240"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The proposed Transfer Date is [</font><font style="font-family:'Times New Roman';font-size:11pt;font-style:normal;font-weight:normal;">&#9899;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">].</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859241"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Transfer Date the New Lender becomes Party to the Finance Documents as a Lender.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859242"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Facility Office and address and attention details for notices of the New Lender for the purposes of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41.2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Addresses</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) are set out in the Schedule.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859243"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The New Lender expressly acknowledges the limitations on the Existing Lender&#39;s obligations set out in paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.4(c)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Limitation of responsibility of Existing Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859244"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Assignment Agreement acts as notice to the Facility Agent (on behalf of each Finance Party) and, upon delivery in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">32.7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Copy of Transfer Certificate or Assignment Agreement to Borrowers</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), to the Borrowers (on behalf of each Obligor) of the assignment referred to in this Assignment Agreement.</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>204<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859245"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Assignment Agreement may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Assignment Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082657"></a><a name="_Toc360093747"></a><a name="_Toc360093948"></a><a name="_Ref136859246"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Assignment Agreement and any non-contractual obligations arising out of or in connection with it are governed by English law.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">10</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Toc360082658"></a><a name="_Toc360093748"></a><a name="_Toc360093949"></a><a name="_Ref136859247"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Assignment Agreement has been entered into on the date stated at the beginning of this Assignment Agreement.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Note: The execution of this Assignment Agreement may not transfer a proportionate share of the Existing Lender&#39;s interest in the Transaction Security in all jurisdictions. &#160;It is the responsibility of the New Lender to ascertain whether any other documents or other formalities are required to perfect a transfer of such a share in the Existing Lender&#39;s Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>205<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE SCHEDULE</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Commitment rights and obligations to be transferred by assignment, release and accession</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">[<i style="font-style:italic;">insert relevant details</i>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;">[Facility office address and attention details for notices<br>and account details for payments]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">[Existing Lender]<font style="display:inline-block;width:33.67pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>[New Lender]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">By:</font></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]<font style="display:inline-block;width:21.04pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>By:<font style="display:inline-block;width:22.09pt;"></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">This Assignment Agreement is accepted by the Facility Agent and the Transfer Date is confirmed as [<font style="font-family:'Times New Roman';">&#9899;</font>].</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Signature of this Assignment Agreement by the Facility Agent constitutes confirmation by the Facility Agent of receipt of notice of the assignment referred to herein, which notice the Facility Agent receives on behalf of each Finance Party.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">[Facility Agent]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">By:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><a name="_Ref326225105"></a><a name="_Ref326225106"></a><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>206<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 8</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097784"></a><a name="_Ref360145976"></a><a name="_Ref360145977"></a><a name="_Toc360191423"></a><a name="_Toc360191540"></a><a name="_Toc360191656"></a><a name="_Toc362504335"></a><a name="_Toc362518382"></a><a name="_Toc362605329"></a><a name="_Toc363549769"></a><a name="_Toc367198612"></a><a name="_Toc367792000"></a><a name="_Toc367866987"></a><a name="_Toc371413606"></a><a name="_Toc371413822"></a><a name="_Toc371932700"></a><a name="_Toc379311861"></a><a name="_Toc380566945"></a><a name="_Toc380579005"></a><a name="_Toc382511945"></a><a name="_Toc384670189"></a><a name="_Toc442833414"></a><a name="_Toc444194880"></a><a name="_Toc445290458"></a><a name="_Ref136859248"></a><a name="_Ref136013876"></a><a name="_Toc159513335"></a>Form of Compliance Certificate</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To: &#160;</font></font>ABN AMRO BANK N.V. as Facility Agent</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;">From:</p></td><td style="padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;">Ardmore Shipping Corporation<br>Ardmore Shipping LLC<br>Fitzroy Shipco LLC</p></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:36pt;margin:0pt;">Bailey Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 0pt 36pt;">Cromarty Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:36pt;margin:0pt;">Dogger Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:36pt;margin:0pt;">Lundy Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:36pt;margin:0pt;">Viking Shipco LLC </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:36pt;margin:0pt;">Tramore Shipco LLC</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:36pt;margin:0pt 0pt 12pt 360pt;">Dated: <font style="display:inline-block;width:3.6pt;"></font>[<font style="font-family:'Times New Roman';">&#9899;</font>]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Dear Sirs</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; </b><a name="_9kMKJ5YVt4887FOX6ajtu34q1YH54s124K"></a><b style="font-weight:bold;">Facilities Agreement</b><b style="font-weight:bold;"> for up to $150,388,077</b><b style="font-weight:bold;"> dated 2 August 2022 (as amended and restated from time to time, including by the second amendment and restatement agreement dated [&#9679;] 2024) (the &quot;</b><a name="_9kMKJ5YVt3BC7GGJ7vuirsuA"></a><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&quot;)</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859249"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. &#160;This is a Compliance Certificate. &#160;Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859250"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We confirm that we have maintained the following financial covenants pursuant to clause 25.1 (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Financial covenants</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement:</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> &#160;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859251"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a minimum Solvency of at least 30 per cent.;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref382805296"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">minimum Cash and Cash Equivalents of an amount the greater of:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859252"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if the Fleet Vessel size is below 40 vessels:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:34pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859253"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$750,000 per Fleet Vessel; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:34pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859254"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5 per cent. of the Total Consolidated Debt,</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:35.45pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859255"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">upon the Fleet Vessel size becoming 40 vessels or more:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:34pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859256"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$30,000,000;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:34pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859257"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">$500,000 per Fleet Vessel; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72.3pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:34pt;padding:0pt;">(C)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859258"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">5 per cent. of the Total Consolidated Debt,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 0pt 36pt;">in each case, with at least 60 per cent. of such minimum amount being held in cash and, for the purposes of this paragraph (b), Cash and Cash Equivalents shall include undrawn amounts </p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>207<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">under the Revolving Facility provided that the Termination Date in relation to the Revolving Facility is not within the next 12 Months.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859259"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a positive Working Capital excluding:</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859260"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Balloon Repayments; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859261"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any amounts outstanding under the ABN AMRO Receivables Facility Agreement provided that the facility provided thereunder has a remaining maturity of more than three months,</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">in this instance current liabilities shall exclude the current portion of debt and leases[; and</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859262"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">compliance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">29.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef4773"></a></font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Minimum required security cover</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859322"></a></font><sup style="font-family:'Calibri','Helvetica','sans-serif';font-size:8.25pt;font-style:normal;font-weight:normal;vertical-align:top;"><a style="vertical-align:super;" href="#footnote-2">1</a></sup><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859263"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">an Adjusted Tangible Net Worth of not less than $200,000,000.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Please refer to the attached documents which confirm the calculation for the above financial covenants and the accompanying Financial Statements.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859264"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">[We confirm that no Default is continuing.]*</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Signed:</font></font>&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.<a name="_9kR3WTr5A747F"></a>.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;">Officer</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;">of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:36pt;margin:0pt;"><b style="font-weight:bold;">Ardmore Shipping Corporation</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="margin-bottom:5pt;margin-top:15pt;width:25%;border-bottom:1px solid black;"></div><a name="footnote-2"></a><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><sup style="font-size:6.75pt;vertical-align:top;">1</sup> To be included in 30 June and <a name="DocXTextRef4775"></a>30 December compliance certificates only.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>208<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 9</font><a name="_Ref378965870"></a><a name="_Ref378965871"></a><a name="_Toc379311864"></a><a name="_Toc380566947"></a><a name="_Toc380579007"></a><a name="_Ref326227106"></a><a name="_Ref326227107"></a><a name="_Ref341351901"></a><a name="_Ref341351908"></a><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc106392677"></a><a name="_Ref106433666"></a><a name="_Ref106451623"></a><a name="_Toc107512850"></a><a name="_Ref107920910"></a><a name="_Ref136859265"></a><a name="_Ref136005651"></a><a name="_Toc159513336"></a>Form of Sustainability Certificate</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To: &#160;</font></font><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> as Facility Agent</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">From:</font></font><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b> as Parent Guarantor</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:right;margin:0pt 0pt 12pt 0pt;">[&#9679;], 20[&#9679;]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><a name="_Hlk106708115"></a><b style="font-weight:bold;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; </b><a name="_9kMLK5YVt4887FOX6ajtu34q1YH54s124K"></a><b style="font-weight:bold;">Facilities Agreement</b><b style="font-weight:bold;"> for up to $150,388,077</b><b style="font-weight:bold;"> dated 2 August 2022 (as amended and restated from time to time, including by the second amendment and restatement agreement dated [&#9679;] 2024) (the &quot;</b><a name="_9kMLK5YVt3BC7GGJ7vuirsuA"></a><b style="font-weight:bold;">Agreement</b><b style="font-weight:bold;">&quot;)</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Sustainability Certificate dated [&#9679;] 20[&#9679;]</b></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859266"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. This is a Sustainability Certificate. &#160;Terms defined in the Agreement have the same meaning when used in this Sustainability Certificate unless given a different meaning in this Sustainability Certificate.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859267"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We confirm that, as at the date hereof:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859268"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the calculation of the Fleet Sustainability Score for the prior calendar year ending 31 December 20[&#9679;], as evidenced by the Carbon Intensity and Climate Alignment Certificate, was as follows:</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:35.45pt;text-align:justify;text-indent:-35.45pt;margin:0pt 0pt 12pt 35.45pt;">[&#9679;]</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859269"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Bursary Percentage for the prior calendar year ending 31 December 20[&#9679;] is [&#9679;] per cent., which is [above/below] to the Bursary Percentage Target (</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665EGcInuiwB"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Target</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef80"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of 25 per cent. for the calendar year ending 31 December 20[&#9679;].</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859270"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">accordingly the Sustainability Pricing Adjustment is as follows: [&#9679;]</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859271"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">we have provided the Facility Agent (for onward distribution to the Lenders) with a copy of the most recent Sustainability Report.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">We confirm that no Default is continuing.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">Signed: &#160;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.<a name="_9kMHG5YVt7C969H"></a>.<font style="display:inline-block;width:111.13pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;"><font style="white-space:pre-wrap;">  </font>Officer</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;"><font style="white-space:pre-wrap;">  </font>of<font style="display:inline-block;width:233.92pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 0pt 35.45pt;"> &#160;<b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b><font style="display:inline-block;width:77.06pt;"></font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>209<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 10</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc106392678"></a><a name="_Ref106433667"></a><a name="_Ref106451640"></a><a name="_Toc107512851"></a><a name="_Ref107920953"></a><a name="_Ref136859272"></a><a name="_Ref136005684"></a><a name="_Toc159513337"></a>Sustainability Pricing Adjustment Schedule</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859273"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Upon the delivery of a Sustainability Certificate in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">24.3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Compliance Certificate and Sustainability Certificate</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">), the Applicable Margin (as defined below) shall (subject to the provisions of paragraph (d) below) be adjusted as follows (each, a &quot;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMHG5YVt3BC7AAbdAAtjxqfoz09QxlBxyA9XP5"></a></font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Sustainability Pricing Adjustment</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;):</font></td></tr></table><div style="margin-top:12pt;"></div><div style="padding-left:36pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:91.46%;"><tr><td colspan="5" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:center;margin:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Fleet Sustainability Score, as set forth in the relevant Sustainability Certificate</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:center;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:16.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Target </b><a name="DocXTextRef81"></a><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">1</b></p></td><td style="vertical-align:top;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Above or equal to </font><a name="DocXTextRef82"></a><font style="font-family:'Calibri','Helvetica','sans-serif';">20.0</font><font style="font-family:'Calibri','Helvetica','sans-serif';"> % </font></p></td><td style="vertical-align:top;width:22.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Above or equal to 15.0% and below 20.0%</font></p></td><td style="vertical-align:top;width:22.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Above or equal to 10.0% and below 15.0%</font></p></td><td style="vertical-align:top;width:16.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Below 10.0%</font></p></td></tr><tr><td style="vertical-align:top;width:16.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Adjustment to Applicable Margin</b></p></td><td style="vertical-align:top;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Margin decrease of </i><a name="DocXTextRef83"></a><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">4.5</i><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;"> basis points</i></p></td><td style="vertical-align:top;width:22.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Margin decrease of </i><a name="DocXTextRef84"></a><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">2.25</i><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;"> basis points</i></p></td><td style="vertical-align:top;width:22.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">No adjustment </i></p></td><td style="vertical-align:top;width:16.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Margin increase of </i><a name="DocXTextRef85"></a><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">4.5</i><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;"> basis points</i></p></td></tr><tr><td colspan="5" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:center;margin:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Diversity</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:center;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:16.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Target </b><a name="DocXTextRef86"></a><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">2</b></p></td><td style="vertical-align:top;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Bursary Percentage Target not met </font></p></td><td style="vertical-align:top;width:22.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Bursary Percentage Target met </font></p></td><td style="vertical-align:top;width:22.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:16.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:16.77%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Adjustment </b></p></td><td style="vertical-align:top;width:21.7%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Margin increase of </i><a name="DocXTextRef87"></a><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">0.5</i><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;"> basis points</i></p></td><td style="vertical-align:top;width:22.47%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Margin decrease of </i><a name="DocXTextRef88"></a><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">0.5</i><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;"> basis points</i></p></td><td style="vertical-align:top;width:22.06%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:16.98%;border-bottom:1px solid #000000;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt 5.15pt 0pt 5.15pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><font style="font-size:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859274"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">In relation to each Sustainability Pricing Adjustment, the starting point for calculating any adjustment to the Margin shall be </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="DocXTextRef89"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">2.50</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> per cent per annum (&quot;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Applicable Margin</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">&quot;).</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859275"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Any Sustainability Pricing Adjustment for that year shall become effective </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk42693240"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">on the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">first day of the next Interest Period </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Hlk109833196"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">following the KPI Reporting Date </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">for that Advance.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859276"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">No Sustainability Pricing Adjustment shall result in the Margin being increased or decreased from the Applicable Margin by more than 5 basis points per annum.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(e)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859277"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Borrowers fail to provide a Sustainability Certificate or any of the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kR3WTr2665EHcb88rhvodmxy7OxY3EHNFA9"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Sustainability Reporting</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> or verification by the KPI Reporting Longstop Date, the Sustainability Pricing Adjustment will be deemed to be an increase to the Applicable Margin of five basis points per annum starting from the day following the KPI Reporting Longstop Date, until the day in the subsequent calendar year on which such Sustainability Certificate is delivered (in which case the Margin will be recalculated and the relevant Sustainability Margin Adjustment will become effective on the first day of the next Interest Period for that Advance following the KPI Reporting Date). The first reporting will be provided in 2023 for full-year 2022.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(f)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859278"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">For the avoidance of doubt, failure to report shall not constitute an Event of Default.</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>210<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;min-height:194.95pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Defined terms used herein:</u></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">AER Trajectory Value</b>&quot; means, with respect to any Fleet Vessel, the relevant AER trajectory value as published on the website of the Poseidon Principles. The Poseidon Trajectory based off the fourth IMO GHG Study (published in 2020) will be the trajectory used for the duration of this facility. See the table below as a reference. </p><div style="height:0pt;position:relative;width:100%;"><div style="height:195pt;left:0%;position:absolute;top:-0.05pt;width:451.5pt;z-index:251658240;"><div style="height:194.35pt;left:0pt;padding-bottom:0.65pt;position:relative;width:451.45pt;"><img src="asc-20241231xex4d8002.jpg" alt="Graphic" style="height:194.35pt;width:451.45pt;"></div></div></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">Average Efficiency Ratio</b>&quot; or &quot;<b style="font-weight:bold;">AER</b>&quot; means, with respect to any Fleet Vessel, the average efficiency ratio of such Fleet Vessel as calculated per the Poseidon Principles as follows:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><img src="asc-20241231xex4d8003.jpg" alt="Graphic" style="display:inline-block;height:72.75pt;left:0%;padding-bottom:0.75pt;position:relative;top:0pt;width:199.5pt;"></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">where C<i style="font-style:italic;">i</i> is the carbon emissions for voyage <i style="font-style:italic;">i </i>computed using the fuel consumption and carbon factor of each type of fuel, DWT is the design deadweight of a Fleet Vessel, and D<i style="font-style:italic;">i</i> is the distance travelled on voyage <i style="font-style:italic;">i.</i> The AER with respect to any Fleet Vessel is computed for all voyages performed by the Fleet Vessel over a calendar year.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<a name="_9kMHG5YVt3BC6EGLM98ssHqR0znzF3rw"></a><b style="font-weight:bold;">Bursary Percentage</b>&quot; means, with respect to any calendar year, the percentage of bursaries provided to women cadets as a percentage of total bursaries provided and to be evidenced by back-up documentation.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<a name="_9kMHG5YVt3BC6EHMM98ssHqR0znzF3rwkb6D1F"></a><b style="font-weight:bold;">Bursary Percentage Target</b>&quot; means, with respect to any calendar year, a Bursary Percentage of at least 25 per cent.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<a name="_9kMHG5YVt3BC6EJP3prp2XSA2xC8AR9z3TW9B4C"></a><b style="font-weight:bold;">Carbon Intensity and Climate Alignment Certificate</b>&quot; means a certificate from a Recognised Organisation relating to a Fleet Vessel and a calendar year setting out:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859279"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Average Efficiency Ratio of that Fleet Vessel for all voyages performed by it over that calendar year using ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMJI5YVt4EE68GQEyq1t9"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Annex VI</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> in respect of that calendar year; and</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859280"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the climate alignment of that Fleet Vessel for such calendar year:</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">in each case as calculated in accordance with the Poseidon Principles and, in relation to the first certificate delivered under this Agreement, calculated based on data for year-end 2022.</p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>211<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">DWT</b>&quot; means, with respective to any Fleet Vessel, the difference in tons between displacement of the Fleet Vessel in water of relative density of 1025 kg/m3 at the summer load draught and the lightweight of the Fleet Vessel; the summer load draught should be taken as the maximum summer draught as certified in the stability booklet approved by the relevant maritime administration or an organization recognized by it.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">Fleet Sustainability Score</b>&quot; means, with respect to any calendar year and verified by a Recognised Organisation, the weighted average (rounded to two decimal places) of the Vessel Sustainability Score of all Fleet Vessels for such calendar year, determined based on Vessel Weighting.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">Fleet Vessel</b>&quot; has the meaning given to such term in Clause 25.2 (<i style="font-style:italic;">Financial covenant definitions</i>).</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">KPI&quot; </b>means Key Performance Indicator and is a common definition for the KPI 1 (Fleet Sustainability Score), KPI 2 (Bursary Percentage).</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">&quot;KPI Performance Misrepresentation</b>&quot; means if any confirmation, representation or statement made under or in connection with any Sustainability Certificate is or proves to have been incorrect or misleading when made, the Borrower shall notify the Agent of such misrepresentation promptly upon becoming aware of its occurrence and provide to the Agent as soon as reasonably practicable (at its own expense) a revised Sustainability Certificate for the same Financial Year and any other information reasonably requested by the Agent in each case: <a name="DocXTextRef90"></a>(i) correcting any inaccuracies giving rise to the relevant misrepresentation and (ii) confirming whether or not the <a name="_9kMHG5YVt4887GIeKpwkyD"></a>Target(s) are met. Upon the occurrence of such misrepresentation, the Borrower shall pay to the Agent (for the account of each Lender) the amount required to put the Lenders in the position each Lender would have been in had the misrepresentation had not occurred and the correct Margin been applicable in the relevant period.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">&quot;KPI Reporting Date</b>&quot;<b style="font-weight:bold;"> </b>means the date the Agent receives, in satisfactory form to the Lenders, the Sustainability Certificate.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">KPI Reporting Longstop Date</b>&quot; means 210 <a name="_Hlk109833687"></a>calendar days from year-end. </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">&quot;<b style="font-weight:bold;">Owned Days</b>&quot; means, for a given Fleet Vessel, the number of days in a calendar year that such Fleet Vessel is owned,<b style="font-weight:bold;"> </b>whether directly or indirectly, by the Borrowers.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">&quot;Recognised Organisation&quot; </b>means, in respect of a Fleet Vessel an independent organisation representing and verifying that Fleet Vessel&#39;s flag state as agreed between the Borrowers and the Lenders and, for the purposes of Clause 28.19 (<i style="font-style:italic;">Poseidon Principles</i>), duly authorised to determine whether the Borrowers have complied with regulation 22A of <a name="_9kMHG5YVt4EE69BKEyq1t9"></a>Annex VI.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">&quot;<b style="font-weight:bold;">Trajectory Adjustments</b>&quot; means changes to Target <a name="DocXTextRef93"></a>1 (in reference to paragraph <a name="DocXTextRef925"></a>(a), (b), and/or (c) below) and/or Trajectory (in reference to paragraph 1.1(c)) either due to:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859281"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">changes to the calculation methodology for KPI 1;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859282"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">significant changes in data due to better data accessibility; or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(c)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859283"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a fleet sale or purchase of 5 or more vessels in one transaction or a group of related transactions,</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">such as, but not limited to, transactions in the form of sale, purchase, merger, acquisition, spin-off of vessels or of companies. Such transactions may require a recalculation or pro forma adjustment of the Trajectory (with adjustments to Target <a name="DocXTextRef94"></a>1 when applicable).</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">Notwithstanding the above, the below 1.1(d) applies in addition 1.1(a) through 1.1(c). </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(d)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859284"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>212<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(i)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859285"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If either:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859286"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Borrowers; and/or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859287"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Facility Agent (acting on the instructions of any of the Lenders) and/or the Sustainability Coordinator</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">determine that a KPI and/or a <a name="_9kMIH5YVt4887GIeKpwkyD"></a>Target is no longer available, cannot be calculated, or is no longer appropriate with respect to the Borrowers, such party may request, by written notice to the other parties, that each such party shall negotiate in good faith, following which the Borrower and the Sustainability Coordinator shall negotiate in good faith for a period of 30 days with a view to agreeing:</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(1)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859288"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relevant new KPI(s) to replace one or more of the existing KPI(s);</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(2)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859289"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">relevant new </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMJI5YVt4887GIeKpwkyD"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Target</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> to replace one or more of the existing </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMKJ5YVt4887GIeKpwkyD"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Target(s)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">; and/or</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:108pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(3)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859290"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">appropriate consequential amendments to one or more of the existing KPI(s) and/or </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMLK5YVt4887GIeKpwkyD"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Target(s)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> and/or related provisions (as applicable),</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">and, for the avoidance of doubt, any such new KPI(s), new <a name="_9kMML5YVt4887GIeKpwkyD"></a>Target(s) and/or appropriate consequential amendments shall be agreed by the Company and the Facility Agent (acting on the instructions of the Lenders). &#160;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(ii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859291"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If the Company and the Agent (acting on the instructions of the Lenders) agree on the new KPI(s) or the new </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMNM5YVt4887GIeKpwkyD"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Target(s)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, such amendments will take effect for the purposes of the </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_9kMML5YVt4887FOX6ajtu34q1YH54s124K"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Facilities Agreement</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> from the period starting on the first day of the next Financial Year (unless otherwise agreed between the Company and the Agent (acting on the instructions of the Lenders)).</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(iii)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859292"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(A)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859293"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Company has not engaged in such negotiations (where applicable); or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:72pt;"></td><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;">(B)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859294"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">no agreement is reached between the relevant parties;</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">following a 30-day negotiation period, the Facility Agent (acting on the instructions of the Lenders) may, by notice to the Company, declassify the <a name="_9kMNM5YVt4887FOX6ajtu34q1YH54s124K"></a>Facilities Agreement as a sustainability-linked financing, upon which the Sustainability Pricing Adjustment shall cease to apply for the remaining life of the Facility.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">&quot;Vessel Sustainability Score&quot; </b>means, for any Vessel in the Fleet, and a particular calendar year, the percentage difference between the AER Trajectory Value and the Vessel&#8217;s Average Efficiency Ratio and at the same point in time, calculated as set out in the Poseidon Principles. A Vessel&#8217;s Vessel Sustainability Score shall be evidenced by a Carbon Intensity and Climate Alignment Certificate.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;text-align:justify;margin:0pt 11.6pt 0pt 0pt;"><b style="font-weight:bold;">&quot;Vessel Weighting&quot; </b>shall mean, for any Fleet Vessel for any calendar year, the product of <a name="DocXTextRef98"></a>(i) the Owned Days and (ii) the Fleet Vessel&#8217;s DWT.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><font style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>213<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 11</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc382511946"></a><a name="_Ref382513151"></a><a name="_Ref382513152"></a><a name="_Toc384670190"></a><a name="_Toc442833415"></a><a name="_Toc444194881"></a><a name="_Toc445290459"></a><a name="_Ref136859295"></a><a name="_Ref136013787"></a><a name="_Toc159513338"></a>List of Approved Valuers</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="padding-left:27.9pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:86.64%;"><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Shipbroker</b></p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Country</b></p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Arrow Valuation Ltd</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Fearnleys AS</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Norway /Singapore</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Clarksons Platou</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Braemar Shipbrokers Ltd</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Barry-Rogliano Salles</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">France</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Maersk Broker</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Denmark</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Simpson Spence Young</p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">United Kingdom</p></td></tr><tr><td style="vertical-align:top;width:50.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:49.25%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;text-transform:uppercase;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>214<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 12</font><a name="_Ref_ContractCompanion_9kb9Ur01B"></a><a name="_Ref_ContractCompanion_9kb9Ur024"></a><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref157776052"></a><a name="_Ref157776076"></a><a name="_Toc159513339"></a>Reduction Instalment Formula</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">A = B / (16.5 years &#8211; age of the Ship relating to that Revolving Commitment or Accordion Facility Commitment (as applicable) / 4</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">A = each quarterly Reduction Instalment amount in relation to a Revolving Commitment or Accordion Facility Commitment (as applicable) *<br><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;">B = relevant amount of the Revolving Commitments or Accordion Facility Commitment (as applicable)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><font style="display:inline-block;width:0.55pt;"></font>*Balloon instalment to be added to the final Reduction Instalment </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 12pt 35.45pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>215<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 13</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Toc360097786"></a><a name="_Ref360146223"></a><a name="_Ref360146224"></a><a name="_Toc360191425"></a><a name="_Toc360191542"></a><a name="_Toc360191658"></a><a name="_Toc362504337"></a><a name="_Toc362518384"></a><a name="_Toc362605331"></a><a name="_Toc363549771"></a><a name="_Toc367198614"></a><a name="_Toc367792002"></a><a name="_Toc367866989"></a><a name="_Toc371413608"></a><a name="_Toc371413824"></a><a name="_Toc371932702"></a><a name="_Toc379311865"></a><a name="_Toc380566948"></a><a name="_Toc380579008"></a><a name="_Toc382511947"></a><a name="_Toc384670191"></a><a name="_Toc442833416"></a><a name="_Toc444194882"></a><a name="_Toc445290460"></a><a name="_Ref136859296"></a><a name="_Ref136005599"></a><a name="_Toc159513340"></a>Timetables</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100%;"><tr><td style="vertical-align:top;width:50.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Delivery of a duly completed Utilisation Request (Clause 5.1 (<i style="font-style:italic;">Delivery of a Utilisation Request</i>))</p></td><td style="vertical-align:top;width:49.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Five Business Days before the intended Utilisation Date (Clause 5.1 (<i style="font-style:italic;">Delivery of a Utilisation Request</i>)) </p></td></tr><tr><td style="vertical-align:top;width:50.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Facility Agent notifies the Lenders of the Advance in accordance with Clause 5.4 (<i style="font-style:italic;">Lenders&#39; participation</i>)</p></td><td style="vertical-align:top;width:49.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Two Business Days before the intended Utilisation Date.</p></td></tr><tr><td style="vertical-align:top;width:50.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Term SOFR Reference Rate is fixed &#160;</p></td><td style="vertical-align:top;width:49.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Quotation Day</p></td></tr><tr><td style="vertical-align:top;width:50.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:49.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:49.96%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>216<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 14</font><a name="_Toc360097787"></a><a name="_Toc360191426"></a><a name="_Toc360191543"></a><a name="_Toc360191659"></a><a name="_Toc362504338"></a><a name="_Toc362518385"></a><a name="_Toc362605332"></a><a name="_Toc363549772"></a><a name="_Toc367198615"></a><a name="_Toc367792003"></a><a name="_Toc367866990"></a><a name="_Toc371413609"></a><a name="_Toc371413825"></a><a name="_Toc371932703"></a><a name="_Toc378965862"></a><a name="_Toc380420860"></a><a name="_Toc380579009"></a><a name="_Toc381605421"></a><a name="_Toc384670192"></a><a name="_Toc442833417"></a><a name="_Toc444194883"></a><a name="_Toc445290461"></a><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref106602016"></a><a name="_Toc107512855"></a><a name="_Toc159513341"></a>Form of Accordion Facility Notice</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">To:</font></font><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> as Facility Agent</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="vertical-align:text-top;white-space:nowrap;width:36pt;padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;text-align:justify;">From:</p></td><td style="padding:0pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;text-align:justify;"><b style="font-weight:bold;">FITZROY SHIPCO LLC, </b></p></td></tr></table><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">BAILEY SHIPCO LLC, </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">CROMARTY SHIPCO LLC, </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">DOGGER SHIPCO LLC, </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">LUNDY SHIPCO LLC, </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">VIKING SHIPCO LLC, </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 0pt 36pt;"><b style="font-weight:bold;">TRAMORE SHIPCO LLC, </b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">as joint and several Borrowers and the entities listed in the Schedule as Accordion Facility Lenders (the &quot;<b style="font-weight:bold;">Accordion Facility Lenders</b>&quot;)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Dated: [&#9679;]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">Fitzroy Shipco LLC, Bailey Shipco LLC, Cromarty Shipco LLC, Dogger Shipco LLC, Lundy Shipco LLC, Viking Shipco LLC and Tramore Shipco LLC &#8211; <a name="_9kMON5YVt4887FOX6ajtu34q1YH54s124K"></a>Facilities Agreement for up to $150,388,077<b style="font-weight:bold;white-space:pre-wrap;">  dated 2 August 2022 (as amended and restated from time to time, including by the second amendment and restatement agreement dated [&#9679;] 2024) (the &quot;</b><a name="_9kMML5YVt3BC7GGJ7vuirsuA"></a>Agreement&quot;)</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">1</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859297"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to the Agreement. &#160;This is an Accordion Facility Notice. &#160;This Accordion Facility Notice shall take effect as an Accordion Facility Notice for the purposes of the Agreement. Terms defined in the Agreement have the same meaning in this Accordion Facility Notice unless given a different meaning in this Accordion Facility Notice.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">2</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859298"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We refer to Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Establishment of Accordion Facility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">3</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859299"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">We request the establishment of an Accordion Facility with the following Accordion Facility Terms:</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Currency: $</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Margin: </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">Fees: </p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">4</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859300"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Borrowers</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Accordion Facility shall be available only to the Borrowers.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">5</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859301"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Purpose</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Accordion Facility shall only be used for the purpose set out in Clause 3 (<i style="font-style:italic;">Purpose</i>) of the Agreement.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">6</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859302"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Availability</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">The Accordion Facility shall only be available during the Availability Period relating to the Accordion Facility.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">7</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859303"></a></b><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">The proposed Accordion Facility Date is [&#9679;].</b></td></tr></table></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>217<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">8</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859304"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Borrowers confirm that the Accordion Facility Terms set out above comply with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Restrictions on Accordion Facility Terms and fees</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859305"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Accordion Facility Lenders and the Accordion Facility Commitments set out in this Accordion Facility Notice have been selected and allocated in accordance with Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Selection of Accordion Facility Lenders</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859306"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">each condition specified in sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(i)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(a)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Conditions to establishment</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement is satisfied on the date of this Accordion Facility Notice.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">9</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859307"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Accordion Facility Lender agrees to assume and will assume all of the obligations corresponding to the Accordion &#160;Facility Commitment set opposite its name in the Schedule as if it had been an Original Lender under the Agreement in respect of that Accordion &#160;Facility Commitment.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">10</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859308"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">On the Accordion Facility Date each Accordion Facility Lender becomes party to the relevant Finance Documents as a Lender.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">11</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859309"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each Accordion Facility Lender expressly acknowledges the limitations on the Lenders&#39; obligations referred to in Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">6.11</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Limitation of responsibility</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">12</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859310"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Accordion Facility Notice is irrevocable.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">13</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859311"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Accordion Facility Notice may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Accordion Facility Notice.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">14</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859312"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Accordion Facility Notice and any non-contractual obligations arising out of or in connection with it are governed by English law.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">15</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859313"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">This Accordion Facility Notice has been entered into on the date stated at the beginning of this Accordion Facility Notice.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">16</td><td style="padding:0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;"><a name="_Ref136859314"></a></b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The facility office and address and attention details for notices of the Accordion Facility Lenders for the purposes of Clause </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">41</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> (</font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:normal;">Notices</i><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">) of the Agreement are:</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859315"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">[&#9679;]</font></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Note: The execution of this Accordion Facility Notice may not be sufficient for each Accordion Facility Lender to obtain the benefit of the Transaction Security in all jurisdictions. &#160;It is the responsibility of each Accordion Facility Lender to ascertain whether any other documents or other formalities are required to obtain the benefit of the Transaction Security in any jurisdiction and, if so, to arrange for execution of those documents and completion of those formalities.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>218<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">THE SCHEDULE</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><div style="padding-left:0.5pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;width:99.88%;"><tr><td style="vertical-align:top;width:49.95%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Name of Accordion Facility Lender</b></p></td><td style="vertical-align:top;width:50.04%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Accordion Facility Commitment ($)</b></p></td></tr><tr><td style="vertical-align:top;width:49.95%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50.04%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.95%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50.04%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:49.95%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50.04%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 36pt 0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">BORROWERS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][<a name="_9kMNM5YVt4887GHKKA655t5A0ymk4"></a>Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">FITZROY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][<a name="_9kMON5YVt4887GHKKA655t5A0ymk4"></a>Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">BAILEY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][<a name="_9kMPO5YVt4887GHKKA655t5A0ymk4"></a>Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">CROMARTY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][<a name="_9kMHzG6ZWu5998HILLB766u6B1znl5"></a>Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">DOGGER SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][<a name="_9kMH0H6ZWu5998HILLB766u6B1znl5"></a>Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">LUNDY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][<a name="_9kMH1I6ZWu5998HILLB766u6B1znl5"></a>Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">VIKING SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>219<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: ____________________________<font style="display:inline-block;width:10.21pt;"></font>[OFFICER TITLE][<a name="_9kMH2J6ZWu5998HILLB766u6B1znl5"></a>Attorney-in-fact]</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">TRAMORE SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">ACCORDION FACILITY LENDERS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: &#160; ___________________________</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">[&#9679;]</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">This document is accepted as an Accordion Facility Notice for the purposes of the Agreement by the Facility Agent and the Accordion Facility Date is confirmed as [&#9679;].</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">FACILITY AGENT</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">By: &#160; ______________________________</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">For and on behalf of</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><a name="_Ref92373098"></a><a name="_Ref92373337"></a><a name="_Hlk70675735"></a><font style="font-weight:bold;text-transform:uppercase;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>220<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 15</font><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref106433676"></a><a name="_Ref106451372"></a><a name="_Ref106451680"></a><a name="_Toc107512856"></a><a name="_Toc159513342"></a>Benchmark Terms</div><div style="margin-left:-0.25pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;table-layout:auto;width:97.95%;"><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">CURRENCY:</b></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;padding-left:7.05pt;text-align:justify;text-indent:-7.05pt;margin:6pt 7.2pt 6pt 0.14pt;">Dollars.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-style:italic;font-weight:bold;">Cost of funds as a fallback</font></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;padding-left:7.2pt;text-align:justify;text-indent:-7.2pt;margin:6pt 7.2pt 6pt 0pt;">Cost of funds will apply as a fallback.</p></td></tr><tr><td colspan="3" style="vertical-align:top;width:100%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 7.2pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-style:italic;font-weight:bold;">Definitions</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 6.5pt 6pt 7.2pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Additional Business Days:</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;padding-left:7.2pt;text-align:justify;text-indent:-7.2pt;margin:6pt 6.5pt 6pt 0pt;">An RFR Banking Day.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">Break Costs:</b></font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;">No Break Costs shall be charged for any voluntary prepayment under this Agreement subject to the following conditions:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859316"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The relevant prepayment is made on the last day of an Interest Period for the relevant Compounded Rate Loan.</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859317"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Up to three voluntary prepayments per </font><font style="display:inline-block;width:0.55pt;"></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">twelve-month period unless the Facility is </font><font style="display:inline-block;width:0.55pt;"></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">cancelled in full in which case a voluntary </font><font style="display:inline-block;width:0.55pt;"></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">prepayment in full is permitted.</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</div><div style="display:table-cell;padding:0pt;"><font style="display:inline-block;width:0.55pt;"></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref136859318"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Each voluntary prepayment in excess of the </font><font style="display:inline-block;width:0.55pt;"></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">limitation in paragraph (b) above or where the relevant prepayment is made on a day other than the last day of an Interest Period for the relevant Compounded Rate Loan shall be subject to the payment by the Borrowers of an administrative fee of USD 3,000 for the account of the Facility Agent.</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Business Day Conventions (definition of &quot;Month&quot; and Clause </b><b style="font-weight:bold;">11.3</b><b style="font-weight:bold;"> (</b><font style="font-style:italic;font-weight:bold;">Non-Business Days</font><b style="font-weight:bold;">)):</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If any period is expressed to accrue by reference to a Month or any number of Months then, in respect of the last Month of that period:</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">subject to sub-paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(iii)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> below, if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if there is no numerically corresponding day in the calendar month in which that period is to end, </font></div></div></div></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>221<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-0.25pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;table-layout:auto;width:97.95%;"><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;"></div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">that period shall end on the last Business Day in that calendar month; and</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(iii)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref49508921"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in which that Interest Period is to end.</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><a name="_9kMHG5YVt3BC6EKQ7p5AsnP9s3iT27"></a><b style="font-weight:bold;">Central Bank Rate</b><b style="font-weight:bold;">:</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The short-term interest rate target set by the US Federal Open Market Committee as published by the Federal Reserve Bank of New York from time to time; or</font></div></div></div><div style="margin-top:12pt;"></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if that target is not a single figure, the arithmetic mean of:</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the upper bound of the short-term interest rate target range set by the US Federal Open Market Committee and published by the Federal Reserve Bank of New York; and</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the lower bound of that target range.</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:29.45pt;text-align:justify;text-indent:-29.45pt;margin:6pt 6.5pt 6pt 6pt;"><font style="margin-bottom:12pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><a name="_9kMHG5YVt3BC6ELR7p5AsnP9s3iT27PJzHRRM8A"></a><b style="font-weight:bold;">Central Bank Rate Adjustment</b><b style="font-weight:bold;">:</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In relation to the Central Bank Rate prevailing at close of business on any RFR Banking Day, the 20 per cent trimmed arithmetic mean (calculated by the Facility Agent or by any other Finance Party which agrees to determine that mean in place of the Facility Agent), of the Central Bank Rate Spreads for the five most immediately preceding RFR Banking Days for which the RFR is available.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">&quot;</b><a name="_9kMHG5YVt3BC6EMS7p5AsnP9s3iT27hnJ9tt"></a><b style="font-weight:bold;">Central Bank Rate Spread</b><b style="font-weight:bold;">&quot;</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In relation to any RFR Banking Day, the difference (expressed as a percentage rate per annum) calculated by the Facility Agent (or by any other Finance Party which agrees to determine that rate in place of the Facility Agent) of:</p><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the RFR for that RFR Banking Day; and</font></div></div></div><div style="margin-top:12pt;"></div></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>222<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-0.25pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;table-layout:auto;width:97.95%;"><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Central Bank Rate prevailing at close of business on that RFR Banking Day.</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:italic;font-weight:bold;"> </font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><a name="_9kMHG5YVt3BC6ENTHy0399tlmVNzAy8iSEORQQK"></a><b style="font-weight:bold;">Compounded Market Disruption Rate</b><b style="font-weight:bold;">:</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 0pt 6pt 0pt;">The percentage rate per annum which is the Cumulative Compounded RFR Rate for the Interest Period of the relevant Compounded Rate Loan.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:6pt 7.2pt 6pt 36pt;"><font style="margin-bottom:12pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><a name="_9kMHG5YVt3BC6FHN4gs9qNw1"></a><b style="font-weight:bold;">Daily Rate</b>:</p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;padding-left:7.2pt;text-align:justify;text-indent:-7.2pt;margin:6pt 6.5pt 6pt 0pt;">The &quot;<a name="_9kMIH5YVt3BC6FHN4gs9qNw1"></a><b style="font-weight:bold;">Daily Rate</b>&quot; for any RFR Banking Day is:</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(a)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the RFR for that RFR Banking Day; or</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(b)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"><a name="_Ref50683981"></a></font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if the RFR is not available for that RFR Banking Day, the percentage rate per annum which is the aggregate of:</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Central Bank Rate for that RFR Banking Day; and</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the applicable Central Bank Rate Adjustment; or</font></div></div></div><div style="margin-top:12pt;"></div></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(c)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">if paragraph </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">(b)</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of:</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:12pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(i)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the most recent Central Bank Rate for a day which is no more than five RFR Banking Days before that RFR Banking Day; and</font></div></div></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:35.45pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:35.45pt;padding:0pt;">(ii)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the applicable Central Bank Rate Adjustment,</font></div></div></div><div style="margin-top:12pt;"></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 6.5pt 6pt 6.25pt;">rounded, in either case, to five decimal places<a name="_Hlk49249916"></a>.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Interest Periods</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 6.5pt 6pt 6.25pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;">Length of Interest Periods: </p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 6.5pt 6pt 6.25pt;">Three Months</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><a name="_9kMHG5YVt3BC6GQdQ0xlcepdS1640"></a><b style="font-weight:bold;">Lookback Period</b><b style="font-weight:bold;">:</b></p></td><td style="vertical-align:top;width:55.38%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 6.5pt 6pt 6.25pt;">Five RFR Banking Days.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><font style="font-size:12pt;font-weight:bold;margin-bottom:12pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 6.25pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><a name="_9kMHG5YVt3BC78FhMnozwp9jLx8w6"></a><b style="font-weight:bold;">Relevant Market</b><b style="font-weight:bold;">:</b></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 0pt 6pt 6.25pt;">The market for overnight cash borrowing collateralised by US Government securities.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><a name="_9kMHG5YVt3BC78GiMr25B3yxOD5"></a><b style="font-weight:bold;">Reporting Day</b><b style="font-weight:bold;">:</b></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 0pt 6pt 6.25pt;">The Business Day which follows the day which is the Lookback Period prior to the last day of the Interest Period.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><b style="font-weight:bold;">Reporting Times</b></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 0pt 6pt 6.25pt;"><font style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>223<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="margin-left:-0.25pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0.5pt;padding-right:0.5pt;table-layout:auto;width:97.95%;"><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;">Deadline for Lenders to report market disruption in accordance with Clause 12.4 (<i style="font-style:italic;">Market disruption</i>)</p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 0pt 6pt 6.25pt;">Close of business in London on the Reporting Day for the relevant Compounded Rate Loan.</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;">Deadline for Lenders to report their cost of funds in accordance with Clause 12.5 (<i style="font-style:italic;">Cost of funds</i>)</p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 0pt 6pt 6.25pt;">Close of business on the date falling two Business Days after the Reporting Day for the relevant Compounded Rate Loan (or, if earlier, on the date falling three Business Days before the date on which interest is due to be paid in respect of the Interest Period for that Compounded Rate Loan).</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><a name="_9kMHG5YVt3BC79Bcxy"></a><b style="font-weight:bold;">RFR</b><b style="font-weight:bold;">:</b></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 0pt 6pt 6.25pt;">The secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal Reserve Bank of New York (or any other person which takes over the publication of that rate).</p></td></tr><tr><td style="vertical-align:top;width:43.01%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:6pt 7.2pt 6pt 0pt;"><a name="_9kMHG5YVt3BC79Cdxyv5ozvzyPE6"></a><b style="font-weight:bold;">RFR Banking Day</b><b style="font-weight:bold;">:</b></p></td><td colspan="2" style="vertical-align:top;width:56.98%;margin:0pt;padding:0pt 0.5pt 0pt 0.5pt;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:6pt 7.2pt 6pt 7.2pt;">Any day other than:</p><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:7.2pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:28.25pt;padding:0pt;">(a)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a Saturday or Sunday; and</font></div></div></div><div style="margin-top:12pt;"></div><div border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;display:table;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><div style="display:table-row;"><div style="width:7.2pt;display:table-cell;"></div><div style="display:table-cell;font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:28.25pt;padding:0pt;">(b)</div><div style="display:table-cell;padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities.</font></div></div></div><div style="margin-top:12pt;"></div></td></tr></table></div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 36pt 0pt;"><font style="font-size:12pt;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>224<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 16</font><a name="_Ref65586710"></a><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref106602070"></a><a name="_Toc107512857"></a><a name="_Toc159513343"></a>Daily Non-Cumulative Compounded RFR Rate</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The &quot;<a name="_Hlk50292050"></a><a name="_9kMHG5YVt3BC6FGM4gs9mX4TVCDDu3CFCUZGILR"></a><b style="font-weight:bold;">Daily Non-Cumulative Compounded RFR Rate</b>&quot; for any RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; during an Interest Period for a Compounded Rate Loan is the percentage rate per annum (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose) calculated as set out below:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">where:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">&quot;<b style="font-weight:bold;">UCCDRi</b>&quot;<b style="font-weight:bold;"> </b>means the Unannualised Cumulative Compounded Daily Rate for that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot;;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">UCCDRi-1</b>&quot;<b style="font-weight:bold;"> </b>means, in relation to that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot;, the Unannualised Cumulative Compounded Daily Rate for the immediately preceding RFR Banking Day (if any) during that Interest Period;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">dcc</b>&quot;<b style="font-weight:bold;"> </b>means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">ni</b>&quot; means the number of calendar days from, and including, that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; up to, but excluding, the following RFR Banking Day; and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the &quot;<b style="font-weight:bold;">Unannualised Cumulative Compounded Daily Rate</b>&quot; for any RFR Banking Day (the &quot;<b style="font-weight:bold;">Cumulated RFR Banking Day</b>&quot;) during that Interest Period is the result of the below calculation (without rounding, to the extent reasonably practicable for the Finance Party performing the calculation, taking into account the capabilities of any software used for that purpose):</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 34.9pt;">where:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">ACCDR</b>&quot; means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">tni</b>&quot; means the number of calendar days from, and including, the first day of the Cumulation Period to, but excluding, the RFR Banking Day which immediately follows the last day of the Cumulation Period;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">Cumulation Period</b>&quot; means the period from, and including, the first RFR Banking Day of that Interest Period to, and including, that Cumulated RFR Banking Day;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">dcc</b>&quot;<b style="font-weight:bold;"> </b>has the meaning given to that term above; and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">the &quot;<b style="font-weight:bold;">Annualised Cumulative Compounded Daily Rate</b>&quot; for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to five decimal places) calculated as set out below:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:42pt 0pt 30pt 72pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>225<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">where:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<a name="_Hlk50278179"></a><b style="font-weight:bold;">d</b><b style="font-weight:bold;">0</b>&quot; means the number of RFR Banking Days in the Cumulation Period;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">Cumulation Period</b>&quot; has the meaning given to that term above;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">i</b>&quot; means a series of whole numbers from one to d0, each representing the relevant RFR Banking Day in chronological order in the Cumulation Period;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">DailyRatei-LP</b>&quot; means, for any RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot;;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">ni</b>&quot; means, for any RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; in the Cumulation Period, the number of calendar days from, and including, that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; up to, but excluding, the following RFR Banking Day;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">dcc</b>&quot;<b style="font-weight:bold;"> </b>has the meaning given to that term above; and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">tni</b>&quot; has the meaning given to that term above.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>226<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-bottom:12pt;margin-left:0pt;min-height:12.0pt;text-align:center;text-indent:0pt;text-transform:uppercase;"><font style="white-space:nowrap;">Schedule 17</font><a name="_Ref65586666"></a><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br><a name="_Ref106433677"></a><a name="_Ref106451406"></a><a name="_Ref106451775"></a><a name="_Ref106602117"></a><a name="_Toc107512858"></a><a name="_Toc159513344"></a>Cumulative Compounded RFR Rate</div><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><a name="_Hlk65659046"></a>The &quot;<a name="_9kMHG5YVt3BC6EOUN455mv474MR8ADJJ3vwkHIV"></a><b style="font-weight:bold;">Cumulative Compounded RFR Rate</b>&quot; for any Interest Period for a Compounded Rate Loan is the percentage rate per annum (rounded to the same number of decimal places as is specified in the definition of &quot;<b style="font-weight:bold;">Annualised Cumulative Compounded Daily Rate</b>&quot; in Schedule 16 (<i style="font-style:italic;">Daily Non-Cumulative Compounded RFR Rate</i>)) calculated as set out below:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:36pt 0pt 24pt 36pt;"><font style="font-size:12pt;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">where:</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">d0</b>&quot; means the number of RFR Banking Days during the Interest Period;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">i</b>&quot; means a series of whole numbers from one to d<b style="font-weight:bold;">0</b>, each representing the relevant RFR Banking Day in chronological order during the Interest Period;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">DailyRatei-LP</b>&quot; means for any RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; during the Interest Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot;;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">ni</b>&quot; means, for any RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot;, the number of calendar days from, and including, that RFR Banking Day &quot;<b style="font-weight:bold;">i</b>&quot; up to, but excluding, the following RFR Banking Day;</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">dcc</b>&quot; means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in a year, that number; and</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 35.45pt;">&quot;<b style="font-weight:bold;">d</b>&quot; means the number of calendar days during that Interest Period.</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>227<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;min-height:12.0pt;text-align:center;text-transform:uppercase;margin:0pt 0pt 12pt 0pt;"><a name="_Toc159513345"></a>Execution Pages</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">BORROWERS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by </font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">FITZROY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its <a name="_9kMH3K6ZWu5998HILLB766u6B1znl5"></a>Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>) </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">BAILEY SHIPCO LLC</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its <a name="_9kMH4L6ZWu5998HILLB766u6B1znl5"></a>Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font><font style="display:inline-block;width:36pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">CROMARTY SHIPCO LLC</b><font style="display:inline-block;width:0.63pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its <a name="_9kMH5M6ZWu5998HILLB766u6B1znl5"></a>Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">DOGGER SHIPCO LLC</b><font style="display:inline-block;width:13.76pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its <a name="_9kMH6N6ZWu5998HILLB766u6B1znl5"></a>Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>228<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">LUNDY SHIPCO LLC</b><font style="display:inline-block;width:21.99pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its <a name="_9kMH7O6ZWu5998HILLB766u6B1znl5"></a>Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">VIKING SHIPCO LLC</b><font style="display:inline-block;width:21.07pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its <a name="_9kMH8P6ZWu5998HILLB766u6B1znl5"></a>Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font 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style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">HEDGE GUARANTORS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by </font></font><font 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style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>229<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">LUNDY SHIPCO LLC</b><font style="display:inline-block;width:21.99pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its <a name="_9kMI5L6ZWu5998HILLB766u6B1znl5"></a>Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font 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style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">TRAMORE SHIPCO LLC</b><font style="display:inline-block;width:6.8pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its <a name="_9kMI7N6ZWu5998HILLB766u6B1znl5"></a>Attorney-in-fact<font style="display:inline-block;width:23.4pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING </b><font style="display:inline-block;width:10.65pt;"></font><font style="display:inline-block;width:36pt;"></font>)<b style="font-weight:bold;"><br></b><b style="font-weight:bold;">CORPORATION </b><font style="display:inline-block;width:0.84pt;"></font></p><p 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font 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style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">CORPORATE GUARANTOR</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by </font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING LLC</b> </p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">its <a name="_9kMI9P6ZWu5998HILLB766u6B1znl5"></a>Attorney-in-fact &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;<font style="display:inline-block;width:14.64pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font 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style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>231<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ORIGINAL LENDERS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised <font style="display:inline-block;width:35.74pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ABN AMRO BANK 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style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised <font style="display:inline-block;width:35.74pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">CR&#201;DIT AGRICOLE CORPORATE</b> <font style="display:inline-block;width:1.35pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">AND INVESTMENT BANK</b><font style="display:inline-block;width:31.72pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ORIGINAL HEDGE COUNTERPARTIES</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised <font style="display:inline-block;width:35.74pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> <font style="display:inline-block;width:2.35pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font 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style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>232<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;white-space:pre-wrap;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised<font style="display:inline-block;width:2.22pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">CR&#201;DIT AGRICOLE CORPORATE </b><font style="display:inline-block;width:1.35pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">AND INVESTMENT BANK</b><font style="display:inline-block;width:31.72pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">MANDATED LEAD ARRANGERS</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised <font style="display:inline-block;width:35.74pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> <font style="display:inline-block;width:2.35pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised <font style="display:inline-block;width:35.74pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">CR&#201;DIT AGRICOLE CORPORATE </b><font style="display:inline-block;width:1.35pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">AND INVESTMENT BANK</b><font style="display:inline-block;width:31.72pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">FACILITY AGENT</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by </font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised<font style="display:inline-block;width:2.22pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> <font style="display:inline-block;width:2.35pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>233<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:always;width:76.19%;border-width:0;"><div style="max-width:100%;padding-left:11.91%;padding-right:11.91%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">SECURITY AGENT</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised <font style="display:inline-block;width:35.74pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> <font style="display:inline-block;width:2.35pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">SUSTAINABILITY COORDINATOR</b></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">SIGNED by</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">duly authorised <font style="display:inline-block;width:35.74pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">for and on behalf of<font style="display:inline-block;width:19.31pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">ABN AMRO BANK N.V.</b> <font style="display:inline-block;width:2.35pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">in the presence of:<font style="display:inline-block;width:24.43pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; signature:<font style="display:inline-block;width:22.47pt;"></font><font style="display:inline-block;width:36pt;"></font>)</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;text-align:left;text-indent:0pt;width:72pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Witness&#39; name:</font></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font>)<font style="display:inline-block;width:32.66pt;"></font></p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;line-height:12pt;text-align:justify;margin:0pt;">Witness&#39; address:<font style="display:inline-block;width:29.55pt;"></font><font style="display:inline-block;width:36pt;"></font>) <font style="display:inline-block;width:30.18pt;"></font></p></div><div style="clear:both;display:table;margin-bottom:28.35pt;min-height:42.55pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:center;margin:0pt;"><font style="display:inline-block;width:191.61pt;"></font>234<font style="display:inline-block;width:131.35pt;"></font>EUROPE/75083879v5</p><p style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;min-height:12.0pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.91%;margin-right:11.91%;margin-top:30pt;page-break-after:avoid;width:76.19%;border-width:0;"></body></html>
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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>7
<FILENAME>asc-20241231xex8d1.htm
<DESCRIPTION>EX-8.1
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/7/2025 04:23:24 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 8.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Ardmore Shipping Corporation</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Subsidiary Companies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">This is a list of subsidiary companies of Ardmore Shipping Corporation as at December 31, 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr><td style="vertical-align:bottom;width:31.55%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Company Name</b></p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:14.6%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Incorporation Jurisdiction</b></p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;width:48.1%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Ownership</b></p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore Shipping LLC</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Marshall Islands</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00%</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore Maritime Services LLC</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore Energy Transition Ventures Ltd</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore Element 1 Ventures LLC</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore e1 Marine Ventures Ltd</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Marshall Islands</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Bermuda</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Delaware, USA</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ireland</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00%</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00%</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Energy Transition Ventures Ltd)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Energy Transition Ventures Ltd)</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore Shipping (Bermuda) Limited</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Bermuda</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Maritime Services LLC)</p></td></tr><tr><td style="vertical-align:top;white-space:normal;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore Shipping Services (Ireland) Limited (formerly Ardmore Shipping Limited)</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;white-space:normal;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ireland</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;white-space:normal;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent &#8211; Ardmore Maritime Services (Asia) Pte. Ltd)</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore Shipping (Asia) Pte Ltd</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Singapore</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Maritime Services (Asia) Pte. Ltd)</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore Shipping (Americas) LLC</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Delaware, USA</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Maritime Services (Asia) Pte. Ltd)</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore Maritime Services (Asia) Pte. Ltd</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Singapore</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Shipping (Bermuda) Limited)</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore Chartering LLC</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Marshall Islands</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Shipping LLC)</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore Pool Holdings LLC</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Marshall Islands</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Maritime Services LLC)</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore MR Pool LLC</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Marshall Islands</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Pool Holdings LLC)</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore Trading (USA) LLC</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Delaware, USA</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Pool Holdings LLC)</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ardmore Tanker Trading (Asia) Pte Ltd</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Singapore</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Pool Holdings LLC)</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Anglo Ardmore Ship Management Limited</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Hong Kong</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">50.00% (Immediate Parent - Ardmore Shipping (Bermuda) Limited)</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Bailey Shipco LLC</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Marshall Islands</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Shipping LLC)</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Ballycotton Shipco LLC</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Marshall Islands</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Shipping LLC)</p></td></tr><tr><td style="vertical-align:top;width:31.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Blasket Shipco LLC</p></td><td style="vertical-align:top;width:2.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:14.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Marshall Islands</p></td><td style="vertical-align:top;width:2.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:48.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - 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Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Shipping LLC)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Shipping LLC)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">100.00% (Immediate Parent - Ardmore Shipping LLC)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
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<DOCUMENT>
<TYPE>EX-11.1
<SEQUENCE>8
<FILENAME>asc-20241231xex11d1.htm
<DESCRIPTION>EX-11.1
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<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/7/2025 04:23:36 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:48pt;left:77.72%;max-width:22.28%;position:absolute;top:-16.5pt;width:115.5pt;z-index:251658240;"><img src="asc-20241231xex11d1001.jpg" alt="Graphic" style="height:48pt;width:115.5pt;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-align:right;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;min-height:61.5pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;padding-left:36pt;text-indent:-36pt;margin:12pt 36pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">ARDMORE SHIPPING CORPORATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-align:center;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">INSIDER TRADING POLICY</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">October 08, 2024</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:36pt;margin:0pt;"><font style="margin-top:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 4.3pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Purpose</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 4.3pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">The Board of Directors of Ardmore Shipping Corporation (the &#8220;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Company</font><font style="font-family:'Calibri','Helvetica','sans-serif';">&#8221;) have adopted this Insider Trading Policy for all &#8220;Covered Persons&#8221; identified in Schedule I at the end of this policy with respect to the trading of the Company&#8217;s securities, as well as the securities of publicly traded companies with whom we have a business relationship.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 4.3pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">The Company welcomes the sale and purchase of the Company&#8217;s securities by its directors, officers, employees, consultants, and all those associated with the Company.  However, this policy </font><font style="font-family:'Calibri','Helvetica','sans-serif';">is designed to prevent illegal insider trading or allegations of illegal insider trading and to protect the Company&#39;s on-going reputation for integrity and ethical conduct.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 4.3pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">As a Covered Person, it is your obligation to understand and comply with this policy.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Background:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">The U.S. federal and state securities laws and the securities laws of other countries prohibit the purchase or sale of a company&#8217;s securities by persons who are aware of material information about that company that is not generally known or available to the public (this information is commonly referred to as &#8220;material nonpublic information&#8221;).  These laws also make it illegal for persons who are aware of such material nonpublic information from disclosing this information to others who may trade the Company&#8217;s securities based on this information.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Companies and their controlling persons are also subject to liability if they fail to take reasonable steps to prevent illegal insider trading by company personnel.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:12pt 13.5pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">It is important that you understand the breadth of activities that constitute illegal insider trading and the consequences, which can be severe.  Both the U.S. Securities and Exchange Commission (the &#8220;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">SEC</font><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">&#8221;) and the Financial Industry Regulatory Authority investigate and are very effective at detecting illegal insider trading.  The SEC, together with the U.S. Department of Justice, pursues insider trading violations vigorously.  Cases have been successfully prosecuted against trading by employees through foreign accounts, trading by family members, friends and affiliated entities of employees, and trading involving only a small number of shares.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:49.05pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Univers (WN)';font-size:6pt;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">- </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">1</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;"> -</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;">Ardmore Shipping &#8211; Insider Trading Policy</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Penalties for Noncompliance under U.S. Federal Securities Law</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;white-space:pre-wrap;">Civil and Criminal Penalties.  </i><font style="font-family:'Calibri','Helvetica','sans-serif';">Potential penalties for insider trading violations include:</font></p><div style="margin-top:6pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:6pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:21.3pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">imprisonment for up to 20&#160;years;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:6pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:21.3pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">criminal fines of up to $5&#160;million; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:21.3pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">civil fines of up to three times the profit gained or loss avoided.</font></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;white-space:pre-wrap;">Company Sanctions.  </i><font style="font-family:'Calibri','Helvetica','sans-serif';">Failure to comply with this policy may also subject you to Company-imposed sanctions, including dismissal for cause, whether or not your failure to comply with this policy results in a violation of law.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Controlling Person Liability.</i><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">  If the Company fails to take appropriate steps to prevent illegal insider trading, the Company may have &#8220;controlling person&#8221; liability for a trading violation, with civil and criminal penalties.  The civil penalties can also extend to include the Company&#8217;s directors, officers, and other supervisory personnel being held personally liable for failing to take appropriate steps to prevent illegal insider trading.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Scope of Policy</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">As a Covered Person, this policy applies to you and the persons or entities described below.  </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;white-space:pre-wrap;">Family Members.  </i><font style="font-family:'Calibri','Helvetica','sans-serif';">The same restrictions that apply to you also applies to your &#8220;Family Members&#8221; outlined below:</font></p><div style="margin-top:6pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:6pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:21.3pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">your family members who reside with you;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:6pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:21.3pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">anyone else who lives in your household; and</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:21.3pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any family members who do not live in your household but whose transactions in Company securities are directed by you or are subject to your influence or control, such as parents or children who consult with you before they trade in Company securities.</font></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">You are responsible for making sure that the purchase or sale of any security covered by this policy by any Family Member also complies with this policy.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">This policy does not, however, apply to personal securities transactions of Family Members where the purchase or sale decision is made by a third party not controlled by, influenced by, or related to you or your Family Members.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;white-space:pre-wrap;">Controlled Entities.  </i><font style="font-family:'Calibri','Helvetica','sans-serif';">This policy also applies to any &#8220;Controlled Entities which are entities that you influence or control, including any corporations, partnerships or trusts, and transactions by these Controlled Entities should be treated for the purposes of this policy and applicable securities laws as if they were for your own account.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:49.05pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Univers (WN)';font-size:6pt;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">- </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">2</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;"> -</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;">Ardmore Shipping &#8211; Insider Trading Policy</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;white-space:pre-wrap;">Companies Covered.  </i><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">This policy&#8217;s prohibition on illegal insider trading is not limited to trading in the Company&#8217;s securities.  It includes trading in the securities of other companies, such as customers or suppliers of the Company and those with which the Company may be negotiating major transactions, such as an acquisition, investment or sale.  Information that is not material to the Company may nevertheless be material to one of those other companies.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;white-space:pre-wrap;">Transactions Covered.  </i><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">Trading includes purchases and sales of stock, derivative securities such as put and call options and convertible debentures or preferred stock, and debt securities (debentures, bonds, and notes).  This policy applies regardless of whether or not you are a U.S. person or the actual trade takes place in the U.S. because the SEC takes the position that insider trading laws apply to all trades of companies listed for trading in the U.S. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">Trading also may include or exclude certain transactions under Company employee compensation plans.  For example, the policy does not apply to the exercise of an employee stock appreciation right, or to the exercise of a tax withholding right pursuant to which you elect to have the Company withhold shares subject to a stock appreciation right to satisfy tax withholding requirements.  The policy </font><u style="font-family:'Calibri','Helvetica','sans-serif';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">does</u><font style="font-family:'Calibri','Helvetica','sans-serif';"> apply, however, to any market sale of Company stock issued on exercise of stock appreciation rights, whether for the purpose of generating the cash needed to pay tax withholding or otherwise.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Statement of Policy</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">No Trading on Insider Information. </i><font style="font-family:'Calibri','Helvetica','sans-serif';"> You may not trade in the securities of:</font></p><div style="margin-top:6pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:6pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">the Company, directly or through Family Members or Controlled Entities; or</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">any other company, directly or through Family Members or Controlled Entities,</font></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">if you are aware of material nonpublic information relating to the Company, or if you are aware of material nonpublic information about any other company which you obtained in the course of your employment or service, or as a result of your relationship with the Company. This is regardless of whether the material nonpublic information would be the basis for the trade.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;white-space:pre-wrap;">No Tipping.  </i><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">You may not pass material nonpublic information on to others or recommend to anyone the purchase or sale of any securities when you are aware of such information.  This practice, known as &#8220;tipping,&#8221; also violates the securities laws and can result in the same civil and criminal penalties that apply to insider trading, even though you did not trade and did not gain any benefit from another&#8217;s trading.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;white-space:pre-wrap;">No Exception for Hardship.  </i><font style="font-family:'Calibri','Helvetica','sans-serif';">The existence of a personal financial emergency does not excuse you from compliance with this policy.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Blackout Periods and Pre-Clearance Procedures:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">To help prevent inadvertent violations of the federal securities laws and to avoid even the appearance of trading based on inside information, the Company&#8217;s Board of Directors has decided to implement &#8220;Blackout Periods&#8221; and &#8220;Pre-Clearance&#8221; requirements before you trade in the Company&#8217;s securities.</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:49.05pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Univers (WN)';font-size:6pt;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">- </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">3</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;"> -</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;">Ardmore Shipping &#8211; Insider Trading Policy</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">You are prohibited trading in the Company&#8217;s securities during the periods of time referred to as &#8220;Blackout Periods&#8221; as it is during these Blackout Periods that you would be most likely to have access to material nonpublic information about the Company. In addition, you must obtain a &#8220;Pre-Clearance&#8221; before trading in any of the Company&#8217;s securities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Blackout Periods</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">:</b><font style="display:inline-block;width:37.81pt;"></font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Quarterly Blackout Periods.</i><font style="font-family:'Calibri','Helvetica','sans-serif';"> </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;"> </i><font style="font-family:'Calibri','Helvetica','sans-serif';">The Company&#8217;s announcement of its quarterly financial results almost always has the potential to have a material effect on the market for the Company&#8217;s securities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Therefore, you may not trade in the Company&#8217;s securities during the period beginning from the day immediately proceeding the last day of each fiscal quarter (e.g. for the fiscal quarter ending 30 June, the blackout period would commence July 1) and ending after the </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">end of the 2</b><sup style="font-family:'Calibri','Helvetica','sans-serif';font-size:8.25pt;font-weight:bold;vertical-align:top;">nd</sup><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;"> full business day</b><font style="font-family:'Calibri','Helvetica','sans-serif';"> following the release of the Company&#39;s earnings for that quarter.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Interim Earnings Guidance</i><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">.  The Company may on occasion issue interim earnings guidance or other potentially material information by means of a press release, SEC filing of a report on Form&#160;6-</font><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">K, or other means designed to achieve widespread dissemination of the information.  You should anticipate that trading will be blacked out while the Company is in the process of assembling the information to be released and until the information has been released and fully absorbed by the market.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Event-Specific Blackouts.</i><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">  From time to time, an event may occur that is material to the Company and is known by only a few directors, executives, and other employees.  So long as the event remains material and nonpublic, you may not trade in the Company&#8217;s securities.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">The existence of an event-</font><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">specific blackout will not be announced, other than to those who are aware of the event giving rise to the blackout.  However, if a person makes a Pre-Clearance request during an event-specific blackout, the Compliance Officer will inform the requesting person of the existence of a blackout period, without disclosing the reason for the blackout.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Any person made aware of the existence of an event-</font><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">specific blackout should not disclose the existence of the Blackout Period to any other person.  The failure of the Compliance Officer to designate a person as being subject to an event-specific blackout will not relieve that person of the obligation not to trade while aware of material nonpublic information.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;white-space:pre-wrap;">Important Note:  </b><font style="font-family:'Calibri','Helvetica','sans-serif';">Even if a Blackout Period is not in effect, at no time may you trade in Company securities if you are aware of material nonpublic information about the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Exception to Blackout Periods for Approved Rule 10b5-1 Trading Plans</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">: </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Transactions by Covered Persons in the Company&#8217;s securities that are executed pursuant to an approved Rule 10b5-1 trading plan are not subject to the prohibition on trading on the basis of material nonpublic information contained in the Insider Trading Policy or to the restrictions set forth above relating to pre-clearance procedures and blackout periods.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">SEC Rule&#160;10b5-</font><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">1 provides an affirmative defense from insider trading liability under the U.S. federal securities laws for trading plans that meet certain requirements.  In general, a Rule 10b5-</font><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">1 trading plan must be entered into at a time when you are not aware of material nonpublic information.  Once the </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:49.05pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Univers (WN)';font-size:6pt;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">- </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">4</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;"> -</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;">Ardmore Shipping &#8211; Insider Trading Policy</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">Rule 10b5-1 trading plan is adopted, you must not exercise any influence over the amount of securities to be traded, the price at which they are to be traded or the date of the trade.  The plan must either specify (including by formula) the amount, pricing and timing of transactions in advance or delegate discretion on those matters to an independent third party.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">The Company requires that a</font><font style="font-family:'Calibri','Helvetica','sans-serif';">ll Rule 10b5-</font><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">1 trading plans be approved in writing in advance by a compliance officer.  Rule 10b5-1 trading plans generally may not be adopted during a Blackout Period and may only be adopted at a time when the person adopting the plan is not aware of material nonpublic information.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Pre-Clearance Procedures</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">You may not engage in any transaction involving the Company&#8217;s securities (including a stock plan transaction such as an option exercise, or a gift, loan, contribution to a trust or any other transfer) without first obtaining Pre-Clearance of the transaction from either the Company&#8217;s President &amp; Chief Financial Officer or Chief Executive Officer</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;"> </b><font style="font-family:'Calibri','Helvetica','sans-serif';">(&#8220;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Compliance Officer</font><font style="font-family:'Calibri','Helvetica','sans-serif';">&#8221;) in the following manner:</font></p><div style="margin-top:6pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:6pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A request for Pre-Clearance should be submitted to the Compliance Officer </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">at least 2 business days in advance</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> of the proposed transaction.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:6pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">A Compliance Officer is under no obligation to approve a trade submitted for Pre-Clearance, and may determine not to permit the trade.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:6pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">The Board of Directors nominee, Mr.&#160;Curtis McWilliams has the sole discretion to decide whether to clear transactions by the Chief Executive Officer, President &amp; Chief Financial Officer or other persons or entities subject to this policy as a result of their relationship with the Chief Executive Officer or President &amp; Chief Financial Officer.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:6pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If you are advised in writing that a transaction in the Company&#8217;s securities has been approved by the Compliance Officer, you may enter into a transaction </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">within 2 business days</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;"> thereafter.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:6pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">If you, for any reason, do not complete the transaction within the </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:bold;">2 business days</b><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">, you must obtain the Pre-Clearance again before a transaction may take place.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;white-space:pre-wrap;">You may not disclose the approval or denial of your Pre-Clearance request to any other person.  </font></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Definition of Material Nonpublic Information</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Note that insider information has two important elements - materiality and public availability.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;white-space:pre-wrap;">Material Information.  </i><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">Information is &#8216;material&#8217; if there is a substantial likelihood that a reasonable investor would consider it important in deciding whether to buy, hold or sell a security.  Any information that could reasonably be expected to affect the price of the security is material.  Common examples of material information are:</font></p><div style="margin-top:6pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:21.25pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Projections of future earnings or losses or other earnings guidance;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:21.25pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Earnings that are inconsistent with the consensus expectations of the investment community;</font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:49.05pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Univers (WN)';font-size:6pt;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">- </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">5</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;"> -</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;">Ardmore Shipping &#8211; Insider Trading Policy</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:11pt;vertical-align:text-top;white-space:nowrap;width:21.25pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-style:normal;font-weight:normal;">Pending or proposed merger, acquisition or tender offer;</font></td></tr></table><div style="margin-top:6pt;"></div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;min-height:12.0pt;padding-left:21.25pt;text-indent:-21.25pt;"><font style="display:inline-block;font-size:11pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">&#9679;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">Pending or proposed acquisition or disposition of a significant asset;</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:0pt;margin-top:6pt;min-height:12.0pt;padding-left:21.25pt;text-indent:-21.25pt;"><font style="display:inline-block;font-size:11pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">&#9679;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">Pending or proposed joint venture;</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:0pt;margin-top:6pt;min-height:12.0pt;padding-left:21.25pt;text-indent:-21.25pt;"><font style="display:inline-block;font-size:11pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">&#9679;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">Gain or loss of a significant customer, supplier, charterer, technical manager, advisor, bank or other business relationship;</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:0pt;margin-top:6pt;min-height:12.0pt;padding-left:21.25pt;text-indent:-21.25pt;"><font style="display:inline-block;font-size:11pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">&#9679;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">Significant changes in pricing or other changes to the Company&#8217;s products and services;</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:0pt;margin-top:6pt;min-height:12.0pt;padding-left:21.25pt;text-indent:-21.25pt;"><font style="display:inline-block;font-size:11pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">&#9679;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">Change in management;</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:0pt;margin-top:6pt;min-height:12.0pt;padding-left:21.25pt;text-indent:-21.25pt;"><font style="display:inline-block;font-size:11pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">&#9679;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">Change in dividend policy, the declaration of a stock split or an offering of additional securities;</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:0pt;margin-top:6pt;min-height:12.0pt;padding-left:21.25pt;text-indent:-21.25pt;"><font style="display:inline-block;font-size:11pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">&#9679;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">Impending bankruptcy or the existence of severe liquidity problems;</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:0pt;margin-top:6pt;min-height:12.0pt;padding-left:21.25pt;text-indent:-21.25pt;"><font style="display:inline-block;font-size:11pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">&#9679;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">Actual or threatened significant litigation or the resolution of such litigation; or</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:0pt;margin-top:6pt;min-height:12.0pt;padding-left:21.25pt;text-indent:-21.25pt;"><font style="display:inline-block;font-size:11pt;min-width:18pt;text-indent:0pt;white-space:nowrap;">&#9679;</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">New major contracts, orders, suppliers, customers or finance sources, or the loss thereof.</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">Both positive and negative information can be material.  Because trading that receives scrutiny will be evaluated after the fact with the benefit of hindsight, questions concerning the materiality of particular information should be resolved in favor of materiality, and trading should be avoided.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Nonpublic Information</i><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">.  Nonpublic information is information that is not generally known or available to the public.  One common misconception is that material information loses its &#8220;nonpublic&#8221; status as soon as a press release is issued disclosing the information.  In fact, information is considered to be available to the public only when it has been released broadly to the marketplace (such as by a press release or an SEC filing) </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">and the investing public has had time to absorb the information fully</i><font style="font-family:'Calibri','Helvetica','sans-serif';">.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">As a general rule, information is considered nonpublic until </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">the end of the</b><font style="font-family:'Calibri','Helvetica','sans-serif';"> </font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">2</b><sup style="font-family:'Calibri','Helvetica','sans-serif';font-size:8.25pt;font-weight:bold;vertical-align:top;">nd</sup><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;"> full trading day</b><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;"> after the information is released.  For example, if the Company announces financial earnings </font><u style="font-family:'Calibri','Helvetica','sans-serif';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">before trading begins</u><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;"> on a Tuesday, the first time you can buy or sell Company securities is the opening of the market on Thursday (assuming you are not aware of other material nonpublic information at that time).  However, if the Company announces earnings </font><u style="font-family:'Calibri','Helvetica','sans-serif';text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">after trading begins</u><font style="font-family:'Calibri','Helvetica','sans-serif';"> on that Tuesday, the first time you can buy or sell Company securities is the opening of the market on Friday. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Additional Guidance</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">The Company considers it improper and inappropriate for those employed by or associated with the Company to engage in speculative transactions in the Company&#8217;s securities or in other transactions in the Company&#8217;s securities that may lead to inadvertent violations of the insider trading laws.  Accordingly, your trading in Company securities is subject to the following additional guidance.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Short Sales</i><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">.  You may not engage in short sales of the Company&#8217;s securities (sales of securities that are not then owned by you), including a &#8220;sale against the box&#8221; (a sale with delayed delivery).  Short sales arising from certain types of hedging transactions are governed by the section below captioned &#8220;Hedging Transactions.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 0pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Publicly Traded Options</i><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">.  You may not engage in transactions in publicly traded options, such as puts, calls and other derivative securities, on an exchange or in any other organized market.  Option positions </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:49.05pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Univers (WN)';font-size:6pt;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">- </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">6</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;"> -</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;">Ardmore Shipping &#8211; Insider Trading Policy</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">arising from certain types of hedging transactions are governed by the section below captioned &#8220;Hedging Transactions.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Standing Orders</i><font style="font-family:'Calibri','Helvetica','sans-serif';">.</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;"> </b><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;"> </font><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">Standing orders should be used only for a very brief period of time.  A standing order placed with a broker to sell or purchase stock at a specified price leaves you with no control over the timing of the transaction.  A standing order transaction executed by the broker when you are aware of material nonpublic information may result in unlawful insider trading and violation of this policy by you.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Margin Accounts and Pledges</i><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">.  Securities held in a margin account or pledged as collateral for a loan may be sold without your consent by the broker if you fail to meet a margin call or by the lender in foreclosure if you default on the loan.  You are responsible for ensuring that any such sale does not violate this policy.  A</font><font style="font-family:'Calibri','Helvetica','sans-serif';"> margin or foreclosure sale that occurs when you are aware of material nonpublic information may, under some circumstances, result in unlawful insider trading. Because of this danger, you should exercise caution in holding Company securities in a margin account or pledging Company securities as collateral for a loan. Pledges of Company securities arising from certain types of hedging transactions are governed by the section below captioned &#8220;Hedging Transactions.&#8221;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><i style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;">Hedging Transactions</i><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">.  Certain forms of hedging or monetization transactions, such as zero-cost collars, prepaid variable forward sale contracts, equity swaps and exchange funds, allow an individual to lock in much of the value of his or her stock holdings, often in exchange for all or part of the potential for upside appreciation in the stock.  These transactions allow the individual to continue to own the covered securities, but without the full risks and rewards of ownership.  When that occurs, the individual may no longer have the same objectives as the Company&#8217;s other stockholders.  Therefore, you are prohibited from engaging in such transactions.  </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Post-Termination Transactions</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">This policy continues to apply to your transactions in Company securities even after you have terminated employment or other services to the Company or a subsidiary as follows:  if you are aware of material nonpublic information when your employment or relationship terminates, you may not trade in Company securities until that information has become public or is no longer material.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">No Unauthorized Disclosure of Sensitive or Confidential Information</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">Maintaining the confidentiality of Company information is essential for competitive, security, and other business reasons, as well as to comply with securities laws.  You should treat all information you learn about the Company or its business plans in connection with your employment or relationship with the Company as confidential and proprietary to the Company.  Inadvertent disclosure of confidential or inside information may expose the Company and you to significant risk of investigation and litigation.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">The timing and nature of the Company&#8217;s disclosure of material information to outsiders is subject to legal rules, the breach of which could result in substantial liability to you, the Company, and its management.  The Company has established procedures for releasing material information in a manner that is designed to achieve broad public dissemination of the information immediately upon its release.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">You may not, therefore, disclose information to anyone outside the Company, including but not limited to Family Members, Controlled Entities, friends, business associates, investors, and expert consulting </font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:49.05pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Univers (WN)';font-size:6pt;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">- </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">7</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;"> -</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;">Ardmore Shipping &#8211; Insider Trading Policy</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;margin:0pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">firms, unless any such disclosure is made in accordance with the Company&#8217;s policies regarding the protection or authorized external disclosure of information regarding the Company.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">You also may not discuss the Company or its business in an internet &#8220;chat room&#8221; or similar internet-based forum.  It is important that responses to inquiries about the Company by the press, investment analysts, or others in the financial community be made on the Company&#8217;s behalf only through authorized individuals.  </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Please consult the Company&#8217;s President &amp; Chief Financial Officer for more details regarding the Company&#8217;s policy on speaking to the media, financial analysts, and investors.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Personal Responsibility</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">You should remember that the ultimate responsibility for adhering to this policy and avoiding improper trading rests with you.  If you violate this policy, the Company may take disciplinary action, including dismissal for cause.  Any action on the part of the Company, or any other employee or director (pursuant to this policy or otherwise) does not in any way constitute legal advice or insulate an individual from liability under applicable securities laws.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Company Assistance</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">Your compliance with this policy is of the utmost importance both for you and for the Company.  If you have any questions about this policy or its application to any proposed transaction, you may obtain additional guidance from the Company&#8217;s President &amp; Chief Financial Officer</font><font style="font-family:'Calibri','Helvetica','sans-serif';">; Bart Kelleher, Unit 1102, One Albert Quay, Cork (email: </font><font style="font-family:'Calibri','Helvetica','sans-serif';">bkelleher@ardmoreshipping.com</font><font style="font-family:'Calibri','Helvetica','sans-serif';"> or tel +353 21 240 9503) or the Company&#8217;s external Legal Advisor, Mr. David Matheson, Perkins Coie LLP, 1120 N.W. Couch Street, Tenth Floor, Portland, OR 97209-4128, USA (email </font><font style="font-family:'Calibri','Helvetica','sans-serif';">dmatheson@perkinscoie.com</font><font style="font-family:'Calibri','Helvetica','sans-serif';"> or tel:+1 503 727 2008). </font><font style="font-family:'Calibri','Helvetica','sans-serif';"> Do not try to resolve uncertainties on your own as the rules relating to insider trading are often complex, not always intuitive, and carry severe consequences.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Annual Certification and Declaration</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">You must certify your understanding of, and your intent to comply with this policy on an annual basis.  In addition, you must make an annual declaration of any transactions that you have made in the Company&#8217;s securities during the year prior to making the certification (if applicable).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">A copy of the certification and declaration that you must sign is enclosed at the end of this policy.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:6pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;font-weight:bold;margin-top:12pt;visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;line-height:0pt;text-align:center;text-indent:0pt;margin:0pt 36pt 0pt 36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:0pt;margin-left:0pt;margin-right:0pt;margin-top:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:12pt 36pt 0pt 36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-left:0pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:49.05pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Univers (WN)';font-size:6pt;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">- </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">8</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;"> -</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;">Ardmore Shipping &#8211; Insider Trading Policy</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:48pt;left:78.04%;max-width:21.96%;position:absolute;top:-17.25pt;width:115.5pt;z-index:251659264;"><img src="asc-20241231xex11d1001.jpg" alt="Graphic" style="height:48pt;width:115.5pt;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;min-height:60.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt 36pt 0pt 36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-left:0pt;margin-right:0pt;margin-top:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:12pt 36pt 0pt 36pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">ARDMORE SHIPPING CORPORATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:12pt 36pt 0pt 36pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">INSIDER TRADING POLICY</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:12pt 36pt 0pt 36pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">CERTIFICATION </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">To Ardmore Shipping Corporation:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:12pt 0pt 6pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">I, ____________________________ (print name), have received and read a copy of the Ardmore Shipping Corporation Insider Trading Policy dated October 8, 2024 (&#8220;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Policy</b><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">&#8221;).  I hereby agree to comply with the specific requirements of the Policy in all respects, including the Blackout Periods and Pre-Clearance procedures, during my employment or other relationship with Ardmore Shipping Corporation or any of its subsidiaries.  I understand that my failure to comply in all respects with the Policy is a basis for termination for cause of my employment or other service relationship with Ardmore Shipping Corporation or any of its subsidiaries.  </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</font></p><div style="margin-left:-5.4pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:97.34%;"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><u style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:216pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">(Signature)</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><u style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:216pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">(Date)</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt 36pt 0pt 36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-left:0pt;margin-right:0pt;margin-top:12pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:49.05pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Univers (WN)';font-size:6pt;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">- </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">9</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;"> -</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;">Ardmore Shipping &#8211; Insider Trading Policy</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:48pt;left:78.04%;max-width:21.96%;position:absolute;top:-17.25pt;width:115.5pt;z-index:251659264;"><img src="asc-20241231xex11d1001.jpg" alt="Graphic" style="height:48pt;width:115.5pt;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;min-height:60.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt 36pt 0pt 36pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-left:0pt;margin-right:0pt;margin-top:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:12pt 36pt 0pt 36pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">ARDMORE SHIPPING CORPORATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:12pt 36pt 0pt 36pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">INSIDER TRADING POLICY</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:12pt 36pt 0pt 36pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">ANNUAL DECLARATION </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';"><font style="display:inline-block;visibility:hidden;width:0pt;">&#8203;</font><br></font><font style="font-family:'Calibri','Helvetica','sans-serif';">To Ardmore Shipping Corporation:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">I, __________________ (print name) confirm that as of today&#8217;s date I currently hold ________Ardmore shares.</font><font style="display:inline-block;width:4.26pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="display:inline-block;width:36pt;"></font><font style="font-family:'Calibri','Helvetica','sans-serif';white-space:pre-wrap;">     </font><i style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;font-style:italic;">(enter number)</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;min-height:12.0pt;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">I confirm that I have complied with the Ardmore Shipping Corporation Insider Trading Policy during the period 05</font><sup style="font-family:'Calibri','Helvetica','sans-serif';font-size:8.25pt;vertical-align:top;">th</sup><font style="font-family:'Calibri','Helvetica','sans-serif';"> December 2023 and 8</font><sup style="font-family:'Calibri','Helvetica','sans-serif';font-size:8.25pt;vertical-align:top;">th</sup><font style="font-family:'Calibri','Helvetica','sans-serif';"> October 2024, or any part of it (&#8220;</font><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">Period</b><font style="font-family:'Calibri','Helvetica','sans-serif';">&#8221;) and I have checked the applicable box below and set out below all details of any transactions in the securities of Ardmore Shipping Corporation covered by the Policy during the Period made by myself, any Family Members and any Controlled Entities:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">[Check one box]</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-indent:-22.5pt;margin:0pt;"><b style="font-family:'Times New Roman';font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">&#9723;</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:12.7pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u>Transaction(s):</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Date</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">No of Shares / Securities acquired:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Acquisition Price:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Transaction approved by:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-top:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Date:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">No of Shares/ Securities disposed:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Disposal Price:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Transaction approved by:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-top:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">I declare that other than those transactions listed above, I, my Family Members and my Controlled Entities have not carried out any transactions in the securities of Ardmore Shipping Corporation covered by the Policy during the Period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-top:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-indent:-22.5pt;margin:0pt;"><b style="font-family:'Times New Roman';font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">&#9723;</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:12.7pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u>No Transactions:</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:11pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">I declare that I, my Family Members and my Controlled Entities, have not carried out any transactions in the securities of Ardmore Shipping Corporation covered by the Policy during the Period.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:1.19;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;margin-top:12pt;visibility:hidden;">&#8203;</font></p><div style="margin-left:-5.4pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:97.34%;"><tr style="height:1pt;"><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:36pt;margin:12pt 0pt 0pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:36pt;margin:12pt 0pt 0pt 0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><u style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:216pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">(Signature)</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><u style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"><u style="display:inline-block;overflow:hidden;position:relative;text-align:justify;text-align-last:justify;text-decoration:underline;text-indent:0pt;vertical-align:bottom;white-space:normal;width:216pt;">&#8203; &#8203;<font style="display:inline-block;height:0pt;width:100%;"></font></u></u><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">(Date)</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:49.05pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Univers (WN)';font-size:6pt;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">- </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">10</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;"> -</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;">Ardmore Shipping &#8211; Insider Trading Policy</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;width:100%;"><div style="height:0pt;position:relative;width:100%;"><div style="height:48pt;left:78.04%;max-width:21.96%;position:absolute;top:-17.25pt;width:115.5pt;z-index:251659264;"><img src="asc-20241231xex11d1001.jpg" alt="Graphic" style="height:48pt;width:115.5pt;"></div></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;min-height:60.75pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:36pt;margin:0pt;"><font style="margin-top:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;min-height:12.0pt;text-align:center;text-indent:0pt;margin:12pt 36pt 0pt 36pt;"><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">SCHEDULE&#160;I</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-style:italic;font-weight:bold;">Covered Persons:</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">All directors, executive officers, board members, employees, agents, and consultants (including any of their Family Members and Controlled Entities) of Ardmore Shipping Corporation and its subsidiaries.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;min-height:12.0pt;text-indent:0pt;margin:12pt 0pt 0pt 0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';">Subsidiaries shall include but are not limited to:</font></p><div style="margin-top:6pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore Shipping Corporation</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore Shipping LLC</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore Maritime Services LLC</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore Shipholding Limited</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore Shipping (Bermuda) Limited</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore Shipping Services (Ireland) Limited (formerly known as Ardmore Shipping Limited)</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore Shipping (Asia) Pte Ltd</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore Shipping (Americas) LLC</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore Shipping (UK) Limited</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore Pool Holdings LLC</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore MR Pool LLC</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore Chartering LLC</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore Trading (USA) LLC</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Ardmore Tanker Trading (Asia) Pte Ltd</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:6pt;min-height:12.0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="width:17.85pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;vertical-align:text-top;white-space:nowrap;width:17.85pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:12pt;font-style:normal;font-weight:normal;">Anglo Ardmore Ship Management Limited </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:49.05pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Univers (WN)';font-size:6pt;min-height:12.0pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">- </font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;">11</font><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;"> -</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:9pt;">Ardmore Shipping &#8211; Insider Trading Policy</font></p><p style="font-family:'Univers (WN)';font-size:6pt;line-height:10pt;text-indent:0pt;margin:0pt;"><font style="font-family:'Calibri','Helvetica','sans-serif';font-size:10pt;visibility:hidden;">&#8203;</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>9
<FILENAME>asc-20241231xex12d1.htm
<DESCRIPTION>EX-12.1
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/7/2025 04:23:53 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">EXHIBIT 12.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">I, Gernot Ruppelt, certify that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">1.&#160;&#160;&#160;&#160;&#160;I have reviewed this Annual Report on Form 20-F of Ardmore Shipping Corporation;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">2.&#160;&#160;&#160;&#160;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">3.&#160;&#160;&#160;&#160;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">4.&#160;&#160;&#160;&#160;The Company&#39;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;">(a)&#160;&#160;&#160;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;">(b)&#160;&#160;&#160;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;">(c)&#160;&#160;&#160;Evaluated the effectiveness of the Company&#39;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;">(d)&#160;&#160;&#160;Disclosed in this report any change in the Company&#8217;s internal control over financial reporting that occurred during the period covered by the Annual Report that has materially affected, or is reasonably likely to materially affect, the Company&#8217;s internal control over financial reporting; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">5.&#160;&#160;&#160;&#160;The Company&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company&#8217;s auditors and the audit committee of the Company&#8217;s board of directors (or persons performing the equivalent functions):</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;">(a)&#160;&#160;&#160;All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company&#8217;s ability to record, process, summarize and report financial information; and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;">(b)&#160;&#160;&#160;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company&#8217;s internal control over financial reporting.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:48.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:48.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:48.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Dated: March 7, 2025</p></td><td style="vertical-align:bottom;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:bottom;width:48.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Gernot Ruppelt</p></td></tr><tr><td style="vertical-align:bottom;width:48.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:48.44%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Gernot Ruppelt</p></td></tr><tr><td style="vertical-align:bottom;width:48.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:48.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Chief Executive Officer and Director</p></td></tr><tr><td style="vertical-align:bottom;width:48.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:48.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(Principal Executive Officer)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>10
<FILENAME>asc-20241231xex12d2.htm
<DESCRIPTION>EX-12.2
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/7/2025 04:24:07 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">EXHIBIT 12.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">I, Bart B. Kelleher, certify that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">1.&#160;&#160;&#160;&#160;I have reviewed this Annual Report on Form 20-F of Ardmore Shipping Corporation;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">2.&#160;&#160;&#160;&#160;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">3.&#160;&#160;&#160;&#160;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">4.&#160;&#160;&#160;&#160;The Company&#39;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;">(a)&#160;&#160;&#160;Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;">(b)&#160;&#160;&#160;Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;">(c)&#160;&#160;&#160;Evaluated the effectiveness of the Company&#39;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; 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and</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;"><font style="font-size:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt 0pt 0pt 18pt;">(b)&#160;&#160;&#160;Any fraud, whether or not material, that involves management or other employees who have a significant role in the Company&#8217;s internal control over financial reporting.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:48.45%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:3.08%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:48.46%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:48.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Dated: March 7, 2025</p></td><td style="vertical-align:bottom;width:3.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">By:</p></td><td style="vertical-align:bottom;width:48.46%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Bart B. Kelleher</p></td></tr><tr><td style="vertical-align:bottom;width:48.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:48.46%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Bart B. Kelleher</p></td></tr><tr><td style="vertical-align:bottom;width:48.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:48.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">President, Chief Financial Officer, Director and Secretary</p></td></tr><tr><td style="vertical-align:bottom;width:48.45%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.08%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:48.46%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(Principal Financial Officer)</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:8.82%;margin-right:8.82%;margin-top:30pt;page-break-after:avoid;width:82.35%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>11
<FILENAME>asc-20241231xex13d1.htm
<DESCRIPTION>EX-13.1
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/7/2025 04:24:22 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">EXHIBIT 13.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PRINCIPAL EXECUTIVE OFFICER CERTIFICATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PURSUANT TO 18 U.S.C. SECTION 1350</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In connection with this Annual Report of Ardmore Shipping Corporation (the &#8220;Company&#8221;) on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on or about the date hereof (the &#8220;Report&#8221;), I, Gernot Ruppelt, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">(1)&#160;&#160;&#160;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">(2)&#160;&#160;&#160;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</p><p 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style="vertical-align:top;white-space:nowrap;width:3.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:bottom;width:46.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:49.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;white-space:nowrap;width:3.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">By:&#160;</p></td><td style="vertical-align:bottom;width:46.92%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ Gernot Ruppelt</p></td><td style="vertical-align:bottom;width:49.93%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:3.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:46.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Gernot Ruppelt</p></td><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:3.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:46.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Chief Executive Officer and Director</p></td><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:3.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:46.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(Principal Executive Officer)</p></td><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>12
<FILENAME>asc-20241231xex13d2.htm
<DESCRIPTION>EX-13.2
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/7/2025 04:24:36 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">EXHIBIT 13.2</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PRINCIPAL FINANCIAL OFFICER CERTIFICATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">PURSUANT TO 18 U.S.C. SECTION 1350</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In connection with this Annual Report of Ardmore Shipping Corporation (the &#8220;Company&#8221;) on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on or about the date hereof (the &#8220;Report&#8221;), I, Bart B. Kelleher, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">(1)&#160;&#160;&#160;The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:18pt;text-indent:-18pt;margin:0pt;">(2)&#160;&#160;&#160;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or its staff upon request.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Dated: March 7, 2025</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;white-space:nowrap;width:3.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:46.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;white-space:nowrap;width:3.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">By:&#160;</p></td><td style="vertical-align:top;width:46.92%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">/s/ Bart B. Kelleher</p></td><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:3.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:46.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Bart B. Kelleher</p></td><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:3.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:46.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">President, Chief Financial Officer, Director and Secretary</p></td><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:3.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:top;width:46.92%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(Principal Financial Officer)</p></td><td style="vertical-align:top;width:49.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>13
<FILENAME>asc-20241231xex15d1.htm
<DESCRIPTION>EX-15.1
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/7/2025 04:24:52 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:5.88%;padding-right:5.88%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">EXHIBIT 15.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Consent of Independent Registered Public Accounting Firm</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">We consent to the incorporation by reference in Registration Statement Nos. 333-267260, and 333-281870 on Form F-3 and Registration Statement Nos. 333-213344 and 333-281879 on Form S-8 of our report dated March 7, 2025, relating to the financial statements of Ardmore Shipping Corporation and the effectiveness of Ardmore Shipping Corporation&#8217;s internal control over financial reporting appearing in this Annual Report on Form 20-F for the year ended December 31, 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">/s/ Deloitte &amp; Touche LLP</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">New York, New York</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">March 7, 2025</p></td><td style="vertical-align:top;width:50%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:5.88%;margin-right:5.88%;margin-top:30pt;page-break-after:avoid;width:88.24%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-97
<SEQUENCE>14
<FILENAME>asc-20241231xex97.htm
<DESCRIPTION>EX-97
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.128.0--><!--Created on: 3/7/2025 04:24:54 PM (UTC)--><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="margin-top:30pt;min-height:36.6pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 97</b></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><a name="_Hlk134116237"></a><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Incentive Compensation Recovery Policy</b></p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:24pt;margin-bottom:12pt;margin-top:12pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#2f5496;font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">1.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Purpose &#160;</b></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The purpose of the Ardmore Shipping Corporation Incentive Compensation Recovery Policy (this &#8220;<b style="font-weight:bold;">Policy</b>&#8221;) is to provide for the recovery of certain Incentive-Based Compensation in the event of an Accounting Restatement. This Policy is intended to comply with, and to be administered and interpreted consistent with, Section&#160;10D of the Securities Exchange Act of 1934, as amended (the &#8220;<b style="font-weight:bold;">Exchange Act</b>&#8221;), Rule 10D-1 promulgated under the Exchange Act (&#8220;<b style="font-weight:bold;">Rule&#160;10D-1</b>&#8221;) and Listing Standard&#160;303A.14 adopted by the New York Stock Exchange (the &#8220;<b style="font-weight:bold;">Listing Standards</b>&#8221;). Unless otherwise defined in this Policy, capitalized terms shall have the meanings set forth in Section&#160;10 below.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:24pt;margin-bottom:12pt;margin-top:12pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#2f5496;font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">2.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Policy for</b><b style="font-family:'Calibri Light';font-size:14pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"> </b><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Recovery of Erroneously Awarded Compensation</b></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In the event of an Accounting Restatement, the Company will recover reasonably promptly the amount of any Erroneously Awarded Compensation Received by an Executive Officer during the Recovery Period. </p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:24pt;margin-bottom:12pt;margin-top:12pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="color:#2f5496;font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">3.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Administration</b></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">3.1.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">This Policy shall be administered by the Committee, except that the Board may determine to act as the administrator or designate another committee of the Board to act as the administrator with respect to any portion of this Policy other than Section&#160;3.3 (the &#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Administrator</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221;). The Administrator is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate, or advisable for the administration of this Policy. </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">3.2.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;"><a name="_Hlk134604787"></a></font><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">The Administrator is authorized to take appropriate steps to implement this Policy and may effect recovery hereunder by: (i)&#160;requiring payment to the Company, (ii)&#160;set-off, (iii)&#160;reducing compensation, or (iv)&#160;such other means or combination of means as the Administrator determines to be appropriate. </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">3.3.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">The Company need not recover Erroneously Awarded Compensation if and to the extent that the Committee determines that such recovery is impracticable and not required under Rule&#160;10D-1 and the Listing Standards because: (i)&#160;the direct expense paid to a third party to assist in enforcing this Policy would exceed the amount to be recovered after making a reasonable attempt to recover, (ii)&#160;recovery would violate home country law adopted prior to November&#160;28, 2022, after obtaining the opinion of home country counsel acceptable to NYSE, or (iii)&#160;recovery would likely cause an otherwise tax-qualified broad-based retirement plan to fail the requirements of Section&#160;401(a)(13) or Section&#160;411(a) of the Internal Revenue Code of 1986, as amended, and regulations thereunder. </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">3.4.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">Any determinations made by the Administrator under this Policy shall be final and binding on all affected individuals. &#160;</font></td></tr></table><div style="margin-top:12pt;"></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:-4pt;margin-top:0pt;table-layout:fixed;width:calc(100% + 8.0pt);border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin-left:-4pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt 0pt 0pt 4pt;">4.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Other Recovery Rights; Company Claims</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Any right of recovery pursuant to this Policy is in addition to, and not in lieu of, any other remedies or rights of recovery that may be available to the Company under applicable law or pursuant to the terms of any other compensation recovery policy of the Company that may be in effect from time to time, including in any employment agreement, plan or award agreement, or similar agreement and any other legal remedies available to the Company. Nothing contained in this Policy and no recovery hereunder shall limit any claims, damages, or other legal remedies the Company may have against an individual arising out of or resulting from any actions or omissions by such individual.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:-4pt;margin-top:0pt;table-layout:fixed;width:calc(100% + 8.0pt);border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin-left:-4pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt 0pt 0pt 4pt;">5.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Reporting and Disclosure</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company shall file all disclosures with respect to this Policy in accordance with the requirements of federal securities laws. </p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:-4pt;margin-top:0pt;table-layout:fixed;width:calc(100% + 8.0pt);border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin-left:-4pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt 0pt 0pt 4pt;">6.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Indemnification Prohibition</b></td></tr></table><div 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Roman','Times','serif';font-size:12pt;font-weight:bold;margin-left:-4pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt 0pt 0pt 4pt;">7.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Amendment; Termination</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Board or the Committee may amend or terminate this Policy from time to time in its discretion as it deems appropriate and shall amend this policy as it deems necessary to comply with applicable law or any rules or standards adopted by a national securities exchange or association on which the Company&#8217;s securities are listed; provided, however, that no amendment or termination of this Policy shall be effective to the extent it would cause the Company to violate any federal securities laws, Securities and Exchange Commission rule or the rules or standards of any national securities exchange or association on which the Company&#8217;s securities are listed. </p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:-4pt;margin-top:0pt;table-layout:fixed;width:calc(100% + 8.0pt);border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin-left:-4pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt 0pt 0pt 4pt;">8.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Successors</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">This Policy shall be binding and enforceable against all individuals who are or were Executive Officers and their beneficiaries, heirs, executors, administrators, or other legal representatives.</p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-left:-4pt;margin-top:0pt;table-layout:fixed;width:calc(100% + 8.0pt);border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin-left:-4pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt 0pt 0pt 4pt;">9.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Effective Date</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">This Policy is effective only for Incentive-Based Compensation Received by an Executive Officer on or after the Effective Date. </p><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:20pt;padding:0pt;">10.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Definitions.</b><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;"> </b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;">For purposes of this Policy, the following terms shall have the meanings set forth below: </p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36.6pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:224pt;"></font>- 2 -</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="font-size:12pt;"><a name="_iDocIDField218b4278-6d50-4af2-8481-4bab"></a></font>163837161.1</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">10.1.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Accounting Restatement</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221; means an accounting restatement of the Company&#8217;s financial statements due to the Company&#8217;s material noncompliance with any financial reporting requirement under the securities laws, including any accounting restatement required to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">10.2.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Administrator</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221; has the meaning set forth in Section&#160;3.1 hereof.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">10.3.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Board</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221; means the Company&#8217;s Board of Directors. </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">10.4.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Company</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221; means Ardmore Shipping Corporation, a Marshall Islands</font><i style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:italic;font-weight:normal;"> </i><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">corporation, and its affiliates. </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">10.5.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Committee</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221; means the Talent and Compensation Committee of the Board. </font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">10.6.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Effective Date</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221; means October 2, 2023.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">10.7.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Erroneously Awarded Compensation</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221; means the amount, as determined by the Administrator, of Incentive-Based Compensation received by an Executive Officer that exceeds the amount of Incentive-Based Compensation that would have been received by the Executive Officer had it been determined based on the restated amounts. For Incentive-Based Compensation based on stock price or total shareholder return (&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">TSR</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221;) the Administrator will determine the amount based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the Incentive-Based Compensation was received, and the Company will maintain documentation of the determination of that reasonable estimate and provide the documentation to the New York Stock Exchange. In all cases, the amount to be recovered will be calculated without regard to any taxes paid by the Executive Officer with respect to the Erroneously Awarded Compensation.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">10.8.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Executive Officers</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221; means the Company&#8217;s current and former executive officers as determined by the Administrator in accordance with Rule&#160;10D-1 and the Listing Standards. Generally, Executive Officers include any executive officer designated by the Board as an &#8220;officer&#8221; under Rule&#160;16a-1(f) under the Exchange Act.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">10.9.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Financial Reporting Measure</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221; means (i)&#160;any measure that is determined and presented in accordance with the accounting principles used in preparing the Company&#8217;s financial statements and any measure derived wholly or in part from such a measure, and (ii)&#160;any measure based wholly or in part on the Company&#8217;s stock price or total shareholder return. A Financial Reporting Measure need not be presented within the Company&#8217;s financial statements or included in a filing with the Securities and Exchange Commission.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">10.10.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Incentive-Based Compensation</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221; means any compensation granted, earned, or vested based in whole or in part on the Company&#8217;s attainment of a Financial Reporting Measure that was Received by an individual (i)&#160;on or after the Effective Date and after such </font></td></tr></table></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36.6pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:224pt;"></font>- 3 -</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="font-size:12pt;"><a name="_iDocIDField218b4278-6d50-4af2-8481-4bab"></a></font>163837161.1</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;"></td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">individual began service as an Executive Officer, (ii)&#160;who served as an Executive Officer at any time during the performance period for the Incentive-Based Compensation and (iii)&#160;while the Company had a listed class of securities on a national securities exchange or association. &#160;</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">10.11.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">Incentive-Based Compensation is deemed to be &#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Received</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221; in the Company&#8217;s fiscal period during which the Financial Reporting Measure specified in the Incentive-Based Compensation award is attained, even if the payment or grant of such Incentive-Based Compensation occurs after the end of that period.</font></td></tr></table><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:31.5pt;padding:0pt;">10.12.</td><td style="padding:0pt;"><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Recovery Period</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221; means the three completed fiscal years immediately preceding the date that the Company is required to prepare the applicable Accounting Restatement and any &#8220;transition period&#8221; as described under Rule&#160;10D-1 and the Listing Standards. &#160;For purposes of this Policy, the &#8220;</font><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">date that the Company is required to prepare the applicable Accounting Restatement</b><font style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:normal;">&#8221; is the earlier to occur of (i)&#160;the date the Board, a committee of the Board, or the officer or officers of the Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the Company is required to prepare an Accounting Restatement, or (ii)&#160;the date a court, regulator, or other legally authorized body directs the Company to prepare an Accounting Restatement.</font></td></tr></table><div style="margin-top:12pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:20pt;padding:0pt;">11.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-style:normal;font-weight:bold;">Acknowledgement by Executive Officer</b></td></tr></table><div style="margin-top:12pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Each Executive Officer shall sign and return to the Company an Acknowledgment Form substantially the form attached to this Policy as Exhibit&#160;A or in such other form determined by the Administrator, pursuant to which the Executive Officer agrees to be bound by, and comply with, the terms of this Policy.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36.6pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:224pt;"></font>- 4 -</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="font-size:12pt;"><a name="_iDocIDField218b4278-6d50-4af2-8481-4bab"></a></font>163837161.1</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:always;width:76.47%;border-width:0;"><div style="max-width:100%;padding-left:11.76%;padding-right:11.76%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Exhibit A</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">ARDMORE SHIPPING CORPORATION</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">Incentive Compensation Recovery Policy</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">ACKNOWLEDGEMENT FORM</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">I, the undersigned, acknowledge and affirm that I have received and reviewed a copy of the <a name="_Hlk135906706"></a>Ardmore Shipping Corporation Incentive Compensation Recovery Policy, and agree that: (i)&#160;I am and will continue to be subject to the Ardmore Shipping Corporation Incentive Compensation Recovery Policy, as amended from time to time (the &#8220;Policy&#8221;), (ii)&#160;the Policy will apply to me both during and after my employment with the Company, and (iii)&#160;I will abide by the terms of the Policy, including, without limitation, by promptly returning any Erroneously Awarded Compensation to the Company to the extent required by, and in a manner determined by the Administrator and permitted by, the Policy. In the event of any inconsistency between the Policy and the terms of any employment agreement or offer letter to which I am a party, or the terms of any compensation plan, program, or agreement under which any compensation has been granted, awarded, earned or paid, the terms of the Policy shall govern. </p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Capitalized terms used but not otherwise defined in this Acknowledgement Form shall have the meanings ascribed to such terms in the Policy.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">________________________________</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">Signature</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">________________________________</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">Print Name</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">________________________________</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 0pt 12pt 0pt;">Date</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:36.6pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="display:inline-block;width:224pt;"></font>- 5 -</p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><font style="font-size:12pt;"><a name="_iDocIDField218b4278-6d50-4af2-8481-4bab"></a></font>163837161.1</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:11.76%;margin-right:11.76%;margin-top:30pt;page-break-after:avoid;width:76.47%;border-width:0;"></body></html>
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  <xsd:element id="asc_AdvancesAndDepositsPolicyTextBlock" name="AdvancesAndDepositsPolicyTextBlock" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_WaterTreatmentSystemPolicyTextBlock" name="WaterTreatmentSystemPolicyTextBlock" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_VesselsHeldForSalePolicyTextBlock" name="VesselsHeldForSalePolicyTextBlock" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_OtherNonCurrentAssetsPolicyTextBlock" name="OtherNonCurrentAssetsPolicyTextBlock" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_PayablesTradePolicyTextBlock" name="PayablesTradePolicyTextBlock" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_DistributionsToShareholderPolicyTextBlock" name="DistributionsToShareholderPolicyTextBlock" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_EquityIssuanceCostsPolicyTextBlock" name="EquityIssuanceCostsPolicyTextBlock" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_ScheduleOfComponentsOfFleetTableTextBlock" name="ScheduleOfComponentsOfFleetTableTextBlock" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreSeavaliantMember" name="ArdmoreSeavaliantMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreSeaventureMember" name="ArdmoreSeaventureMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreSeavantageMember" name="ArdmoreSeavantageMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreSeavanguardMember" name="ArdmoreSeavanguardMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreSealionMember" name="ArdmoreSealionMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreSeafoxMember" name="ArdmoreSeafoxMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreSeawolfMember" name="ArdmoreSeawolfMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreSeahawkMember" name="ArdmoreSeahawkMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreEndeavourMember" name="ArdmoreEndeavourMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreSeafarerMember" name="ArdmoreSeafarerMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreSealeaderMember" name="ArdmoreSealeaderMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreSealifterMember" name="ArdmoreSealifterMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreDauntlessMember" name="ArdmoreDauntlessMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreDefenderMember" name="ArdmoreDefenderMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreCherokeeMember" name="ArdmoreCherokeeMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreChinookMember" name="ArdmoreChinookMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreChippewaMember" name="ArdmoreChippewaMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreEnterpriseMember" name="ArdmoreEnterpriseMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreEnduranceMember" name="ArdmoreEnduranceMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreEncounterMember" name="ArdmoreEncounterMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreExplorerMember" name="ArdmoreExplorerMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreExporterMember" name="ArdmoreExporterMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreEngineerMember" name="ArdmoreEngineerMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ArdmoreSealancerMember" name="ArdmoreSealancerMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_DeadWeight" name="DeadWeight" nillable="true" type="dtr-types:massItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_ImoProductAndChemicalTanker" name="ImoProductAndChemicalTanker" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_BuiltDate" name="BuiltDate" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_VesselType" name="VesselType" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_SpecificationTypeOfVessel" name="SpecificationTypeOfVessel" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_TotalNumberOfFleet" name="TotalNumberOfFleet" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" />
  <xsd:element id="asc_SignificantAccountingPoliciesTable" name="SignificantAccountingPoliciesTable" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:hypercubeItem" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_SignificantAccountingPoliciesLineItems" name="SignificantAccountingPoliciesLineItems" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_StandardCorporationTaxRate" name="StandardCorporationTaxRate" nillable="true" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_HigherCorporationTaxRate" name="HigherCorporationTaxRate" nillable="true" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_TimeCharterMember" name="TimeCharterMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_VesselsScrapValuePerLightweightTon" name="VesselsScrapValuePerLightweightTon" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" />
  <xsd:element id="asc_NumeratorAbstract" name="NumeratorAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_DenominatorAbstract" name="DenominatorAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_RepurchasePlanMember" name="RepurchasePlanMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_SaleOfVesselsAbstract" name="SaleOfVesselsAbstract" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_FinanceLeaseLiabilityGrossCurrent" name="FinanceLeaseLiabilityGrossCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" />
  <xsd:element id="asc_FinanceLeaseLiabilityNoncurrentGross" name="FinanceLeaseLiabilityNoncurrentGross" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" />
  <xsd:element id="asc_OfficeSpaceMember" name="OfficeSpaceMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_OperatingLeaseMember" name="OperatingLeaseMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_VoyageAndVesselOperatingExpenses" name="VoyageAndVesselOperatingExpenses" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_PrepaidExpensesAndOtherAssets" name="PrepaidExpensesAndOtherAssets" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" />
  <xsd:element id="asc_AccruedExpensesAndOtherLiabilities" name="AccruedExpensesAndOtherLiabilities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" />
  <xsd:element id="asc_DeferredDrydockExpendituresPolicyTextBlock" name="DeferredDrydockExpendituresPolicyTextBlock" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_AccruedExpensesAndOtherLiabilitiesPolicyTextBlock" name="AccruedExpensesAndOtherLiabilitiesPolicyTextBlock" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_PoolingArrangementsMember" name="PoolingArrangementsMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_NumberOfVesselsEmployed" name="NumberOfVesselsEmployed" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_NatureOfVesselEmploymentAxis" name="NatureOfVesselEmploymentAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_NatureOfVesselEmploymentDomain" name="NatureOfVesselEmploymentDomain" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_VesselsScheduledDrydockingPeriod" name="VesselsScheduledDrydockingPeriod" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock" name="AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_AccruedVesselOperatingExpensesAndVoyageExpensesCurrent" name="AccruedVesselOperatingExpensesAndVoyageExpensesCurrent" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" />
  <xsd:element id="asc_NordeaSebRevolvingFacilityMember" name="NordeaSebRevolvingFacilityMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_AbnCacibJointBankFacilityMember" name="AbnCacibJointBankFacilityMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_AngloArdmoreShipManagementLimitedMember" name="AngloArdmoreShipManagementLimitedMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_TechnicalManagementServicesProvidedNumberOfVessels" name="TechnicalManagementServicesProvidedNumberOfVessels" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_NumberOfDaysToProvideNoticeForDrawDownOrRepaymentOfDebt" name="NumberOfDaysToProvideNoticeForDrawDownOrRepaymentOfDebt" nillable="true" type="xbrli:durationItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_CashPaidInterestIncurredOnFinanceLeases" name="CashPaidInterestIncurredOnFinanceLeases" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" />
  <xsd:element id="asc_PaymentsForProceedsFromWaterTreatmentInvestingActivities" name="PaymentsForProceedsFromWaterTreatmentInvestingActivities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" />
  <xsd:element id="asc_PrepaidExpensesAndOtherAssetsPolicyTextBlock" name="PrepaidExpensesAndOtherAssetsPolicyTextBlock" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_ChartererMember" name="ChartererMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_AmountsDueFromToRelatedPartyManagementFees" name="AmountsDueFromToRelatedPartyManagementFees" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" />
  <xsd:element id="asc_AbnAmroRevolvingFacilityMember" name="AbnAmroRevolvingFacilityMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_NumberOfFinanceLeaseFacility" name="NumberOfFinanceLeaseFacility" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" />
  <xsd:element id="asc_PaymentsForVesselsEquipmentWaterTreatmentSystemInstallationProgress" name="PaymentsForVesselsEquipmentWaterTreatmentSystemInstallationProgress" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" />
  <xsd:element id="asc_RealizedAndUnrealizedGainsLossesOnDerivatives" name="RealizedAndUnrealizedGainsLossesOnDerivatives" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" />
  <xsd:element id="asc_SwapInterestExpense" name="SwapInterestExpense" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" />
  <xsd:element id="asc_ArdmoreCheyenneMember" name="ArdmoreCheyenneMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_CharteringAndCommercialExpenses" name="CharteringAndCommercialExpenses" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" />
  <xsd:element id="asc_LeaseBalanceSheetDisclosureTableTextBlock" name="LeaseBalanceSheetDisclosureTableTextBlock" nillable="true" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_IncomeOnSaleOfPropertyPlantEquipmentGross" name="IncomeOnSaleOfPropertyPlantEquipmentGross" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="credit" />
  <xsd:element id="asc_ValueOfVessels" name="ValueOfVessels" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" />
  <xsd:element id="asc_OfficeEquipmentAndFixturesAndFittingsMember" name="OfficeEquipmentAndFixturesAndFittingsMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths" name="EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="debit" />
  <xsd:element id="asc_TreasuryStockAcquiredFeesAndCommissionCostPerShare" name="TreasuryStockAcquiredFeesAndCommissionCostPerShare" nillable="true" type="dtr-types:perShareItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_CashPaidDuringPeriodForOperatingLeasesLiabilities" name="CashPaidDuringPeriodForOperatingLeasesLiabilities" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" />
  <xsd:element id="asc_NumberOfWhollyOwnedSubsidiaries" name="NumberOfWhollyOwnedSubsidiaries" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" />
  <xsd:element id="asc_NumberOfJointVentures" name="NumberOfJointVentures" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_NumberOfSubsidiaries" name="NumberOfSubsidiaries" nillable="true" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_EquityAndPreferredStock" name="EquityAndPreferredStock" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" xbrli:balance="credit" />
  <xsd:element id="asc_ArdmoreShippingCorporationMember" name="ArdmoreShippingCorporationMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_AnniversaryAxis" name="AnniversaryAxis" nillable="true" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_AnniversaryDomain" name="AnniversaryDomain" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_FourthMember" name="FourthMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_ThirdMember" name="ThirdMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_FifthMember" name="FifthMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_CmbflShandongMember" name="CmbflShandongMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_SaleLeasebackTransactionFees" name="SaleLeasebackTransactionFees" nillable="true" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" xbrli:balance="debit" />
  <xsd:element id="asc_EquityMethodInvestmentVotingPercentage" name="EquityMethodInvestmentVotingPercentage" nillable="true" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" />
  <xsd:element id="asc_Element1CorpAndMaritimePartnersLlcMember" name="Element1CorpAndMaritimePartnersLlcMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_Element1CorpMember" name="Element1CorpMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_Element1MarineLlcMember" name="Element1MarineLlcMember" nillable="true" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" abstract="true" xbrli:periodType="duration" />
  <xsd:element id="asc_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares" name="TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares" nillable="true" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" />
  <xsd:element name="ChartererBMember" id="asc_ChartererBMember" type="dtr-types:domainItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="true" />
  <xsd:element name="EquityMethodInvestmentNumberOfCommonShares" id="asc_EquityMethodInvestmentNumberOfCommonShares" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="false" />
  <xsd:element name="TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" id="asc_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="false" />
  <xsd:element name="TemporaryEquityAnnualDividendRatePercentage" id="asc_TemporaryEquityAnnualDividendRatePercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="false" />
  <xsd:element name="TemporaryEquityProfitInterestsOnDistributionsPercentage" id="asc_TemporaryEquityProfitInterestsOnDistributionsPercentage" type="dtr-types:percentItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="false" />
  <xsd:element name="TemporaryEquityDisclosureTextBlock" id="asc_TemporaryEquityDisclosureTextBlock" type="dtr-types:textBlockItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="false" />
  <xsd:element name="DividendsTemporaryEquityCash" id="asc_DividendsTemporaryEquityCash" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="duration" abstract="false" xbrli:balance="debit" />
  <xsd:element name="ProfitInterestsDistributionLiability" id="asc_ProfitInterestsDistributionLiability" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant" abstract="false" xbrli:balance="credit" />
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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>36
<FILENAME>asc-20241231_cal.xml
<DESCRIPTION>EX-101.CAL
<TEXT>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>38
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<DESCRIPTION>EX-101.LAB
<TEXT>
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_ContactPersonnelName_lbl" xml:lang="en-US">Contact Personnel Name</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_ContactPersonnelEmailAddress" xlink:label="dei_ContactPersonnelEmailAddress" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_ContactPersonnelEmailAddress" xlink:to="dei_ContactPersonnelEmailAddress_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_ContactPersonnelEmailAddress_lbl" xml:lang="en-US">Contact Personnel Email Address</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_IcfrAuditorAttestationFlag" xlink:label="dei_IcfrAuditorAttestationFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_IcfrAuditorAttestationFlag" xlink:to="dei_IcfrAuditorAttestationFlag_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_IcfrAuditorAttestationFlag_lbl" xml:lang="en-US">ICFR Auditor Attestation Flag</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFinStmtErrorCorrectionFlag" xlink:label="dei_DocumentFinStmtErrorCorrectionFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFinStmtErrorCorrectionFlag" xlink:to="dei_DocumentFinStmtErrorCorrectionFlag_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFinStmtErrorCorrectionFlag_lbl" xml:lang="en-US">Document Financial Statement Error Correction [Flag]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorName" xlink:label="dei_AuditorName" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorName" xlink:to="dei_AuditorName_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditorName_lbl" xml:lang="en-US">Auditor Name</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorFirmId" xlink:label="dei_AuditorFirmId" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorFirmId" xlink:to="dei_AuditorFirmId_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditorFirmId_lbl" xml:lang="en-US">Auditor Firm ID</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AuditorLocation" xlink:label="dei_AuditorLocation" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditorLocation" xlink:to="dei_AuditorLocation_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditorLocation_lbl" xml:lang="en-US">Auditor Location</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Condensed Consolidated Balance Sheets</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Assets, Current [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">Current assets</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents at the end of the period</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents at the beginning of the year</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="us-gaap_AccountsReceivableNetCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsReceivableNetCurrent" xlink:to="us-gaap_AccountsReceivableNetCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Accounts Receivable, Net, Current</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsReceivableNetCurrent_lbl" xml:lang="en-US">Receivables, net of allowance for bad debts of $1.9 million (2023: $1.6 million))</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_PrepaidExpensesAndOtherAssets" xlink:label="asc_PrepaidExpensesAndOtherAssets" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_PrepaidExpensesAndOtherAssets" xlink:to="asc_PrepaidExpensesAndOtherAssets_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_PrepaidExpensesAndOtherAssets_lbl" xml:lang="en-US">It represents amount Primary financial statement caption encompassing prepaid expenses and other assets.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_PrepaidExpensesAndOtherAssets_lbl" xml:lang="en-US">Prepaid Expenses And Other Assets</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_PrepaidExpensesAndOtherAssets_lbl" xml:lang="en-US">Prepaid expenses and other assets</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AdvancesAndDeposits" xlink:label="asc_AdvancesAndDeposits" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AdvancesAndDeposits" xlink:to="asc_AdvancesAndDeposits_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AdvancesAndDeposits_lbl" xml:lang="en-US">The amount advanced to the technical managers for expenses incurred by them in operating the vessels, together with other necessary deposits paid during the course of business.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AdvancesAndDeposits_lbl" xml:lang="en-US">Advances And Deposits</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_AdvancesAndDeposits_lbl" xml:lang="en-US">Advances and deposits</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InventoryNet" xlink:label="us-gaap_InventoryNet" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="us-gaap_InventoryNet_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryNet_lbl" xml:lang="en-US">Inventory, Net</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InventoryNet_lbl" xml:lang="en-US">Inventories</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Assets, Current</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsNoncurrentAbstract" xlink:label="us-gaap_AssetsNoncurrentAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNoncurrentAbstract" xlink:to="us-gaap_AssetsNoncurrentAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsNoncurrentAbstract_lbl" xml:lang="en-US">Other non-current assets, net</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsNoncurrentAbstract_lbl" xml:lang="en-US">Non-current assets</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InvestmentsAndOtherNoncurrentAssets" xlink:label="us-gaap_InvestmentsAndOtherNoncurrentAssets" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsAndOtherNoncurrentAssets" xlink:to="us-gaap_InvestmentsAndOtherNoncurrentAssets_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentsAndOtherNoncurrentAssets_lbl" xml:lang="en-US">Investments and Other Noncurrent Assets</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentsAndOtherNoncurrentAssets_lbl" xml:lang="en-US">Investments and other assets, net of accumulated depreciation of $2.5 million (2023: $2.3 million)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Property, Plant and Equipment, Net</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Vessels and vessel equipment, net of accumulated depreciation of $264.4 million (2023: $237.5 million)</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_DeferredDrydockExpendituresNet" xlink:label="asc_DeferredDrydockExpendituresNet" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_DeferredDrydockExpendituresNet" xlink:to="asc_DeferredDrydockExpendituresNet_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_DeferredDrydockExpendituresNet_lbl" xml:lang="en-US">Carrying amount, net of accumulated amortization, as of the balance sheet date of capitalized dry dock costs performed pursuant to regulatory requirements that are amortized over the period between dry dockings.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_DeferredDrydockExpendituresNet_lbl" xml:lang="en-US">Deferred Drydock Expenditures Net</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_DeferredDrydockExpendituresNet_lbl" xml:lang="en-US">Deferred drydock expenditures, net of accumulated amortization of $25.8 million (2023: $22.3 million)</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_BallastWaterTreatmentExpenditure" xlink:label="asc_BallastWaterTreatmentExpenditure" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_BallastWaterTreatmentExpenditure" xlink:to="asc_BallastWaterTreatmentExpenditure_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_BallastWaterTreatmentExpenditure_lbl" xml:lang="en-US">Carrying amount, net of accumulated amortization, as of the balance sheet date of capitalized water treatment system costs performed pursuant to regulatory requirements that are amortized over the period.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_BallastWaterTreatmentExpenditure_lbl" xml:lang="en-US">Ballast Water Treatment Expenditure</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_BallastWaterTreatmentExpenditure_lbl" xml:lang="en-US">Advances for ballast water treatment and scrubber systems</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:label="us-gaap_DeferredFinanceCostsNoncurrentNet" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:to="us-gaap_DeferredFinanceCostsNoncurrentNet_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredFinanceCostsNoncurrentNet_lbl" xml:lang="en-US">Debt Issuance Costs, Noncurrent, Net</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredFinanceCostsNoncurrentNet_lbl" xml:lang="en-US">Deferred finance fees, net</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeaseRightOfUseAsset" xlink:label="us-gaap_OperatingLeaseRightOfUseAsset" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseRightOfUseAsset" xlink:to="us-gaap_OperatingLeaseRightOfUseAsset_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeaseRightOfUseAsset_lbl" xml:lang="en-US">Operating Lease, Right-of-Use Asset</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeaseRightOfUseAsset_lbl" xml:lang="en-US">Total operating lease, right of use asset</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeaseRightOfUseAsset_lbl" xml:lang="en-US">Operating lease, right-of-use asset</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AssetsNoncurrent" xlink:label="us-gaap_AssetsNoncurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNoncurrent" xlink:to="us-gaap_AssetsNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsNoncurrent_lbl" xml:lang="en-US">Assets, Noncurrent</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsNoncurrent_lbl" xml:lang="en-US">Total non-current assets</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Assets</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">TOTAL ASSETS</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">Liabilities and Equity [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">LIABILITIES AND EQUITY</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">Liabilities [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">Liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Liabilities, Current [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">Current liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccountsPayableTradeCurrent" xlink:label="us-gaap_AccountsPayableTradeCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableTradeCurrent" xlink:to="us-gaap_AccountsPayableTradeCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableTradeCurrent_lbl" xml:lang="en-US">Accounts Payable, Trade, Current</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableTradeCurrent_lbl" xml:lang="en-US">Accounts payable</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AccruedExpensesAndOtherLiabilities" xlink:label="asc_AccruedExpensesAndOtherLiabilities" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AccruedExpensesAndOtherLiabilities" xlink:to="asc_AccruedExpensesAndOtherLiabilities_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AccruedExpensesAndOtherLiabilities_lbl" xml:lang="en-US">It represents amount of liabilities incurred to vendors for goods and services received, and accrued liabilities classified as other, payable within one year or the normal operating cycle, if longer.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AccruedExpensesAndOtherLiabilities_lbl" xml:lang="en-US">Accrued Expenses And Other Liabilities.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_AccruedExpensesAndOtherLiabilities_lbl" xml:lang="en-US">Accrued expenses and other liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredRevenue" xlink:label="us-gaap_DeferredRevenue" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenue" xlink:to="us-gaap_DeferredRevenue_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRevenue_lbl" xml:lang="en-US">Deferred Revenue</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredRevenue_lbl" xml:lang="en-US">Deferred revenue</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestPayableCurrent" xlink:label="us-gaap_InterestPayableCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPayableCurrent" xlink:to="us-gaap_InterestPayableCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPayableCurrent_lbl" xml:lang="en-US">Interest Payable, Current</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestPayableCurrent_lbl" xml:lang="en-US">Accrued interest on debt and finance leases</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtCurrent" xlink:label="us-gaap_LongTermDebtCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="us-gaap_LongTermDebtCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US">Long-term Debt, Current Maturities</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US">Current portion of long-term debt</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US">Total current portion of long-term debt</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiabilityCurrent" xlink:label="us-gaap_FinanceLeaseLiabilityCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinanceLeaseLiabilityCurrent" xlink:to="us-gaap_FinanceLeaseLiabilityCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinanceLeaseLiabilityCurrent_lbl" xml:lang="en-US">Finance Lease, Liability, Current</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FinanceLeaseLiabilityCurrent_lbl" xml:lang="en-US">Current portion of finance lease obligations</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeaseLiabilityCurrent" xlink:label="us-gaap_OperatingLeaseLiabilityCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseLiabilityCurrent" xlink:to="us-gaap_OperatingLeaseLiabilityCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeaseLiabilityCurrent_lbl" xml:lang="en-US">Operating Lease, Liability, Current</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeaseLiabilityCurrent_lbl" xml:lang="en-US">Current portion of operating lease obligations</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeaseLiabilityCurrent_lbl" xml:lang="en-US">Current portion of operating lease obligations</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Liabilities, Current</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesNoncurrentAbstract" xlink:label="us-gaap_LiabilitiesNoncurrentAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrentAbstract" xlink:to="us-gaap_LiabilitiesNoncurrentAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesNoncurrentAbstract_lbl" xml:lang="en-US">Liabilities, Noncurrent [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesNoncurrentAbstract_lbl" xml:lang="en-US">Non-current liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="us-gaap_LongTermDebtNoncurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Long-term Debt, Excluding Current Maturities</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Non-current portion of long-term debt</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiabilityNoncurrent" xlink:label="us-gaap_FinanceLeaseLiabilityNoncurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinanceLeaseLiabilityNoncurrent" xlink:to="us-gaap_FinanceLeaseLiabilityNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinanceLeaseLiabilityNoncurrent_lbl" xml:lang="en-US">Finance Lease, Liability, Noncurrent</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FinanceLeaseLiabilityNoncurrent_lbl" xml:lang="en-US">Non-current portion of finance lease obligations</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:label="us-gaap_OperatingLeaseLiabilityNoncurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseLiabilityNoncurrent" xlink:to="us-gaap_OperatingLeaseLiabilityNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeaseLiabilityNoncurrent_lbl" xml:lang="en-US">Operating Lease, Liability, Noncurrent</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeaseLiabilityNoncurrent_lbl" xml:lang="en-US">Non-current portion of operating lease obligations</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeaseLiabilityNoncurrent_lbl" xml:lang="en-US">Non-current portion of operating lease obligations</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="us-gaap_OtherLiabilitiesNoncurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesNoncurrent" xlink:to="us-gaap_OtherLiabilitiesNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl" xml:lang="en-US">Other Liabilities, Noncurrent</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl" xml:lang="en-US">Other non-current liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="us-gaap_LiabilitiesNoncurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrent" xlink:to="us-gaap_LiabilitiesNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesNoncurrent_lbl" xml:lang="en-US">Liabilities, Noncurrent</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesNoncurrent_lbl" xml:lang="en-US">Total non-current liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Liabilities</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">TOTAL LIABILITIES</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TemporaryEquityAbstract" xlink:label="us-gaap_TemporaryEquityAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityAbstract" xlink:to="us-gaap_TemporaryEquityAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TemporaryEquityAbstract_lbl" xml:lang="en-US">Temporary Equity [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TemporaryEquityAbstract_lbl" xml:lang="en-US">Redeemable Preferred Stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" xlink:label="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests" xlink:to="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests_lbl" xml:lang="en-US">Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests_lbl" xml:lang="en-US">Balance</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests_lbl" xml:lang="en-US">Balance</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests_lbl" xml:lang="en-US">Cumulative Series A 8.5% redeemable preferred stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Stockholders' equity</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common Stock, Value, Issued</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock ($0.01 par value, 225,000,000 shares authorized, 44,031,495 issued and 40,455,240 outstanding as of December 31, 2024 and 43,324,702 issued and 41,304,649 outstanding as of December 31, 2023)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional Paid in Capital</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional paid in capital</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TreasuryStockValue" xlink:label="us-gaap_TreasuryStockValue" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury Stock, Value</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury stock (3,576,256 shares as of December 31, 2024 and 2,020,053 shares as of December 31, 2023)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury stock, value</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained earnings</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Balance</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Balance</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total stockholders' equity</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_EquityAndPreferredStock" xlink:label="asc_EquityAndPreferredStock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_EquityAndPreferredStock" xlink:to="asc_EquityAndPreferredStock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_EquityAndPreferredStock_lbl" xml:lang="en-US">Amount of liabilities and preferred stock.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_EquityAndPreferredStock_lbl" xml:lang="en-US">Equity and Preferred Stock</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="asc_EquityAndPreferredStock_lbl" xml:lang="en-US">Total redeemable preferred stock and stockholders' equity</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Liabilities and Equity</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Class of Stock [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ClassOfStockDomain" xlink:label="us-gaap_ClassOfStockDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US">Class of Stock [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SeriesAPreferredStockMember" xlink:label="us-gaap_SeriesAPreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SeriesAPreferredStockMember" xlink:to="us-gaap_SeriesAPreferredStockMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SeriesAPreferredStockMember_lbl" xml:lang="en-US">Cumulative Series A redeemable Preferred Stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US">Accounts Receivable, Allowance for Credit Loss, Current</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AccumulatedDepreciationOtherNonCurrentAssets" xlink:label="asc_AccumulatedDepreciationOtherNonCurrentAssets" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AccumulatedDepreciationOtherNonCurrentAssets" xlink:to="asc_AccumulatedDepreciationOtherNonCurrentAssets_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AccumulatedDepreciationOtherNonCurrentAssets_lbl" xml:lang="en-US">Amount of accumulated depreciation for other physical assets used in the normal conduct of business to produce goods and services.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AccumulatedDepreciationOtherNonCurrentAssets_lbl" xml:lang="en-US">Accumulated Depreciation Other Non Current Assets</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_AccumulatedDepreciationOtherNonCurrentAssets_lbl" xml:lang="en-US">Other non-current assets, accumulated depreciation</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Vessels and equipment, accumulated depreciation</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AccumulatedAmortizationDeferredDryDockExpenditure" xlink:label="asc_AccumulatedAmortizationDeferredDryDockExpenditure" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AccumulatedAmortizationDeferredDryDockExpenditure" xlink:to="asc_AccumulatedAmortizationDeferredDryDockExpenditure_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AccumulatedAmortizationDeferredDryDockExpenditure_lbl" xml:lang="en-US">Amount of accumulated amortization of capitalized deferred dry dock expenditures.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AccumulatedAmortizationDeferredDryDockExpenditure_lbl" xml:lang="en-US">Accumulated Amortization Deferred Dry Dock Expenditure</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_AccumulatedAmortizationDeferredDryDockExpenditure_lbl" xml:lang="en-US">Deferred drydock expenditure, accumulated amortization</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_TemporaryEquityAnnualDividendRatePercentage" xlink:label="asc_TemporaryEquityAnnualDividendRatePercentage" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_TemporaryEquityAnnualDividendRatePercentage" xlink:to="asc_TemporaryEquityAnnualDividendRatePercentage_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_TemporaryEquityAnnualDividendRatePercentage_lbl" xml:lang="en-US">The percentage rate used to calculate dividend payments on temporary equity.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_TemporaryEquityAnnualDividendRatePercentage_lbl" xml:lang="en-US">Temporary Equity, Annual Dividend Rate, Percentage</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_TemporaryEquityAnnualDividendRatePercentage_lbl" xml:lang="en-US">Divided rate</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common Stock, Par or Stated Value Per Share</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, par value (in dollars per share)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common Stock, Shares Authorized</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, shares authorized (in shares)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common Stock, Shares, Issued</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued (in shares)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common Stock, Shares, Outstanding</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Balance (in shares)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Balance (in shares)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, shares outstanding (in shares)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TreasuryStockCommonShares" xlink:label="us-gaap_TreasuryStockCommonShares" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockCommonShares" xlink:to="us-gaap_TreasuryStockCommonShares_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockCommonShares_lbl" xml:lang="en-US">Treasury Stock, Shares</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_TreasuryStockCommonShares_lbl" xml:lang="en-US">Treasury stock repurchased (in shares)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Condensed Consolidated Statements of Operations</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Revenues</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Revenue, net</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_CommissionsAndVoyageRelatedCosts" xlink:label="asc_CommissionsAndVoyageRelatedCosts" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_CommissionsAndVoyageRelatedCosts" xlink:to="asc_CommissionsAndVoyageRelatedCosts_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_CommissionsAndVoyageRelatedCosts_lbl" xml:lang="en-US">Expenses associated with commissions and operating vessels which are attributable to particular voyages such as port and canal charges, fuel (bunker) expenses, and brokerage commissions payable to unaffiliated third parties.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_CommissionsAndVoyageRelatedCosts_lbl" xml:lang="en-US">Commissions And Voyage Related Costs</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_CommissionsAndVoyageRelatedCosts_lbl" xml:lang="en-US">Voyage expenses</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_VesselOperatingExpenses" xlink:label="asc_VesselOperatingExpenses" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_VesselOperatingExpenses" xlink:to="asc_VesselOperatingExpenses_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_VesselOperatingExpenses_lbl" xml:lang="en-US">Direct vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance and maintenance and repairs, incurred during the reporting period.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_VesselOperatingExpenses_lbl" xml:lang="en-US">Vessel Operating Expenses</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_VesselOperatingExpenses_lbl" xml:lang="en-US">Vessel operating expenses</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_CharterHireCostsOperatingExpenseComponent" xlink:label="asc_CharterHireCostsOperatingExpenseComponent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_CharterHireCostsOperatingExpenseComponent" xlink:to="asc_CharterHireCostsOperatingExpenseComponent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_CharterHireCostsOperatingExpenseComponent_lbl" xml:lang="en-US">Refers to charter hire costs, Operating expense component.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_CharterHireCostsOperatingExpenseComponent_lbl" xml:lang="en-US">Charter Hire Costs, Operating expense component</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_CharterHireCostsOperatingExpenseComponent_lbl" xml:lang="en-US">Operating expense component</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_CharterHireCostsVesselLeaseExpenseComponent" xlink:label="asc_CharterHireCostsVesselLeaseExpenseComponent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_CharterHireCostsVesselLeaseExpenseComponent" xlink:to="asc_CharterHireCostsVesselLeaseExpenseComponent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_CharterHireCostsVesselLeaseExpenseComponent_lbl" xml:lang="en-US">Refers to charter hire costs, Vessel lease expense component.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_CharterHireCostsVesselLeaseExpenseComponent_lbl" xml:lang="en-US">Charter Hire Costs, Vessel lease expense component</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_CharterHireCostsVesselLeaseExpenseComponent_lbl" xml:lang="en-US">Vessel lease expense component</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_Depreciation" xlink:label="us-gaap_Depreciation" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depreciation" xlink:to="us-gaap_Depreciation_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Depreciation_lbl" xml:lang="en-US">Depreciation</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_Depreciation_lbl" xml:lang="en-US">Depreciation</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_Depreciation_lbl" xml:lang="en-US">Depreciation</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AmortizationOfDeferredDryDockExpenditure" xlink:label="asc_AmortizationOfDeferredDryDockExpenditure" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AmortizationOfDeferredDryDockExpenditure" xlink:to="asc_AmortizationOfDeferredDryDockExpenditure_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AmortizationOfDeferredDryDockExpenditure_lbl" xml:lang="en-US">The aggregate expense charged against earnings to allocate the cost of deferred dry dock expenditure. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AmortizationOfDeferredDryDockExpenditure_lbl" xml:lang="en-US">Amortization Of Deferred Dry Dock Expenditure</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_AmortizationOfDeferredDryDockExpenditure_lbl" xml:lang="en-US">Amortization of deferred drydock expenditures</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_AmortizationOfDeferredDryDockExpenditure_lbl" xml:lang="en-US">Amortization of deferred drydock expenditures</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GeneralAndAdministrativeExpenseAbstract" xlink:label="us-gaap_GeneralAndAdministrativeExpenseAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpenseAbstract" xlink:to="us-gaap_GeneralAndAdministrativeExpenseAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GeneralAndAdministrativeExpenseAbstract_lbl" xml:lang="en-US">General and administrative expenses</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_GeneralAndAdministrativeExpenseAbstract_lbl" xml:lang="en-US">General and administrative expenses</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherGeneralAndAdministrativeExpense" xlink:label="us-gaap_OtherGeneralAndAdministrativeExpense" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherGeneralAndAdministrativeExpense" xlink:to="us-gaap_OtherGeneralAndAdministrativeExpense_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">Other General and Administrative Expense</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OtherGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">Corporate</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_CharteringAndCommercialExpenses" xlink:label="asc_CharteringAndCommercialExpenses" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_CharteringAndCommercialExpenses" xlink:to="asc_CharteringAndCommercialExpenses_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_CharteringAndCommercialExpenses_lbl" xml:lang="en-US">Amount of chartering and commercial expenses.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_CharteringAndCommercialExpenses_lbl" xml:lang="en-US">Chartering And Commercial Expenses</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_CharteringAndCommercialExpenses_lbl" xml:lang="en-US">Commercial and chartering</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:to="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_lbl" xml:lang="en-US">Gain (Loss) on Disposition of Property Plant Equipment</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_lbl" xml:lang="en-US">Gain / (loss) on vessels sold</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_RealizedAndUnrealizedGainsLossesOnDerivatives" xlink:label="asc_RealizedAndUnrealizedGainsLossesOnDerivatives" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_RealizedAndUnrealizedGainsLossesOnDerivatives" xlink:to="asc_RealizedAndUnrealizedGainsLossesOnDerivatives_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_RealizedAndUnrealizedGainsLossesOnDerivatives_lbl" xml:lang="en-US">Amount of realized and unrealized gains (losses) on derivatives, recognized in the income statement.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_RealizedAndUnrealizedGainsLossesOnDerivatives_lbl" xml:lang="en-US">Realized And Unrealized Gains (Losses) On Derivatives</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_RealizedAndUnrealizedGainsLossesOnDerivatives_lbl" xml:lang="en-US">Unrealized gains / (losses) on derivatives</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest Expense</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense and finance costs</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense and finance costs</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:to="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xml:lang="en-US">Gain (Loss) on Extinguishment of Debt</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xml:lang="en-US">Gain / (loss) on extinguishment</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xml:lang="en-US">Gain / (loss) on extinguishment</link:label>
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RedeemablePreferredStockMember" xlink:label="us-gaap_RedeemablePreferredStockMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RedeemablePreferredStockMember" xlink:to="us-gaap_RedeemablePreferredStockMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RedeemablePreferredStockMember_lbl" xml:lang="en-US">Redeemable Preferred Stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Net proceeds from equity offerings</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Issue of common stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Net proceeds from equity offerings (shares)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Issue of common stock (in shares)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation" xlink:label="us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation" xlink:to="us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation_lbl" xml:lang="en-US">Stock Granted, Value, Share-based Compensation, Net of Forfeitures</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation_lbl" xml:lang="en-US">Share-based compensation</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodValue" xlink:to="us-gaap_StockRepurchasedDuringPeriodValue_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xml:lang="en-US">Stock Repurchased During Period, Value</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue_lbl" xml:lang="en-US">Repurchase of common stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockRepurchasedDuringPeriodShares" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockRepurchasedDuringPeriodShares" xlink:to="us-gaap_StockRepurchasedDuringPeriodShares_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xml:lang="en-US">Stock Repurchased During Period, Shares</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockRepurchasedDuringPeriodShares_lbl" xml:lang="en-US">Repurchase of common stock (in shares)</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ProceedsFromEquityOfferingSharesNewIssues" xlink:label="asc_ProceedsFromEquityOfferingSharesNewIssues" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ProceedsFromEquityOfferingSharesNewIssues" xlink:to="asc_ProceedsFromEquityOfferingSharesNewIssues_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ProceedsFromEquityOfferingSharesNewIssues_lbl" xml:lang="en-US">Equity component from proceeds from equity offering new shares issued.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ProceedsFromEquityOfferingSharesNewIssues_lbl" xml:lang="en-US">Proceeds from Equity Offering, Shares, New Issues</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_ProceedsFromEquityOfferingSharesNewIssues_lbl" xml:lang="en-US">Net proceeds from equity offering (in shares)</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ProceedsFromEquityOfferingValueNewIssues" xlink:label="asc_ProceedsFromEquityOfferingValueNewIssues" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ProceedsFromEquityOfferingValueNewIssues" xlink:to="asc_ProceedsFromEquityOfferingValueNewIssues_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ProceedsFromEquityOfferingValueNewIssues_lbl" xml:lang="en-US">Equity impact of the value from proceeds from equity offering.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ProceedsFromEquityOfferingValueNewIssues_lbl" xml:lang="en-US">Proceeds from Equity Offering, Value, New Issues</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_ProceedsFromEquityOfferingValueNewIssues_lbl" xml:lang="en-US">Net proceeds from equity offering</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsPreferredStock" xlink:label="us-gaap_DividendsPreferredStock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStock" xlink:to="us-gaap_DividendsPreferredStock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPreferredStock_lbl" xml:lang="en-US">Dividends, Preferred Stock</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DividendsPreferredStock_lbl" xml:lang="en-US">Preferred dividends</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsCommonStock" xlink:label="us-gaap_DividendsCommonStock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsCommonStock" xlink:to="us-gaap_DividendsCommonStock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsCommonStock_lbl" xml:lang="en-US">Dividends, Common Stock</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DividendsCommonStock_lbl" xml:lang="en-US">Common dividends</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInTemporaryEquityRollForward" xlink:label="us-gaap_IncreaseDecreaseInTemporaryEquityRollForward" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInTemporaryEquityRollForward" xlink:to="us-gaap_IncreaseDecreaseInTemporaryEquityRollForward_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInTemporaryEquityRollForward_lbl" xml:lang="en-US">Increase (Decrease) in Temporary Equity [Roll Forward]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInTemporaryEquityRollForward_lbl" xml:lang="en-US">Redeemable Preferred Stock</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares" xlink:label="asc_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares" xlink:to="asc_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares_lbl" xml:lang="en-US">Temporary shares, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares_lbl" xml:lang="en-US">Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Shares</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="asc_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares_lbl" xml:lang="en-US">Balance (in shares)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="asc_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares_lbl" xml:lang="en-US">Balance (in shares)</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_RepaymentOfRedeemablePreferredStock" xlink:label="asc_RepaymentOfRedeemablePreferredStock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_RepaymentOfRedeemablePreferredStock" xlink:to="asc_RepaymentOfRedeemablePreferredStock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_RepaymentOfRedeemablePreferredStock_lbl" xml:lang="en-US">Refers to repayment of redeemable preferred stock.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_RepaymentOfRedeemablePreferredStock_lbl" xml:lang="en-US">Repayment of Redeemable Preferred Stock</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_RepaymentOfRedeemablePreferredStock_lbl" xml:lang="en-US">Repayment of redeemable preferred stock</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_RepaymentOfRedeemablePreferredStockInShares" xlink:label="asc_RepaymentOfRedeemablePreferredStockInShares" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_RepaymentOfRedeemablePreferredStockInShares" xlink:to="asc_RepaymentOfRedeemablePreferredStockInShares_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_RepaymentOfRedeemablePreferredStockInShares_lbl" xml:lang="en-US">Refers to repayment of redeemable preferred stock.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_RepaymentOfRedeemablePreferredStockInShares_lbl" xml:lang="en-US">Repayment of Redeemable Preferred Stock (in shares)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_RepaymentOfRedeemablePreferredStockInShares_lbl" xml:lang="en-US">Repayment of redeemable preferred stock (in shares)</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ExtinguishmentOfRedeemablePreferredStock" xlink:label="asc_ExtinguishmentOfRedeemablePreferredStock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ExtinguishmentOfRedeemablePreferredStock" xlink:to="asc_ExtinguishmentOfRedeemablePreferredStock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ExtinguishmentOfRedeemablePreferredStock_lbl" xml:lang="en-US">Refers to extinguishment of redeemable preferred stock.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ExtinguishmentOfRedeemablePreferredStock_lbl" xml:lang="en-US">Extinguishment of Redeemable Preferred Stock</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_ExtinguishmentOfRedeemablePreferredStock_lbl" xml:lang="en-US">Extinguishment of redeemable preferred stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Condensed Consolidated Statements of Cash Flows</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LeaseContractualTermAxis" xlink:label="us-gaap_LeaseContractualTermAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseContractualTermAxis" xlink:to="us-gaap_LeaseContractualTermAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeaseContractualTermAxis_lbl" xml:lang="en-US">Lease Contractual Term [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LeaseContractualTermDomain" xlink:label="us-gaap_LeaseContractualTermDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseContractualTermDomain" xlink:to="us-gaap_LeaseContractualTermDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeaseContractualTermDomain_lbl" xml:lang="en-US">Lease Arrangement, Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_OperatingLeaseMember" xlink:label="asc_OperatingLeaseMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_OperatingLeaseMember" xlink:to="asc_OperatingLeaseMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_OperatingLeaseMember_lbl" xml:lang="en-US">n/a</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_OperatingLeaseMember_lbl" xml:lang="en-US">Operating Lease [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_TimeCharterMember" xlink:label="asc_TimeCharterMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_TimeCharterMember" xlink:to="asc_TimeCharterMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_TimeCharterMember_lbl" xml:lang="en-US">Time charters [Member]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_TimeCharterMember_lbl" xml:lang="en-US">Time charter</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_OfficeSpaceMember" xlink:label="asc_OfficeSpaceMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_OfficeSpaceMember" xlink:to="asc_OfficeSpaceMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_OfficeSpaceMember_lbl" xml:lang="en-US">n/a</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_OfficeSpaceMember_lbl" xml:lang="en-US">Office Space [Member]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_OfficeSpaceMember_lbl" xml:lang="en-US">Office Space</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">CASH FLOWS FROM OPERATING ACTIVITIES</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net Income</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Share-based Compensation</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US">Share-based compensation</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_GainLossOnVesselHeldForSale" xlink:label="asc_GainLossOnVesselHeldForSale" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_GainLossOnVesselHeldForSale" xlink:to="asc_GainLossOnVesselHeldForSale_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_GainLossOnVesselHeldForSale_lbl" xml:lang="en-US">Amount of gain (loss) on vessel held for sale.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_GainLossOnVesselHeldForSale_lbl" xml:lang="en-US">Gain Loss On Vessel Held For Sale</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_GainLossOnVesselHeldForSale_lbl" xml:lang="en-US">(Gain) / loss on vessels sold</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AmortizationOfFinancingCostsIncludingWriteOff" xlink:label="asc_AmortizationOfFinancingCostsIncludingWriteOff" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AmortizationOfFinancingCostsIncludingWriteOff" xlink:to="asc_AmortizationOfFinancingCostsIncludingWriteOff_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AmortizationOfFinancingCostsIncludingWriteOff_lbl" xml:lang="en-US">Amount of amortization expense attributable to debt issuance costs including write off.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AmortizationOfFinancingCostsIncludingWriteOff_lbl" xml:lang="en-US">Amortization Of Financing Costs Including Write Off</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_AmortizationOfFinancingCostsIncludingWriteOff_lbl" xml:lang="en-US">Amortization of deferred finance fees</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_LossOnExtinguishment" xlink:label="asc_LossOnExtinguishment" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_LossOnExtinguishment" xlink:to="asc_LossOnExtinguishment_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_LossOnExtinguishment_lbl" xml:lang="en-US">Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_LossOnExtinguishment_lbl" xml:lang="en-US">Loss on extinguishment</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_LossOnExtinguishment_lbl" xml:lang="en-US">(Gain) / loss on extinguishment</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_UnrealizedGainLossOnDerivatives" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrealizedGainLossOnDerivatives" xlink:to="us-gaap_UnrealizedGainLossOnDerivatives_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives_lbl" xml:lang="en-US">Unrealized Gain (Loss) on Derivatives</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_UnrealizedGainLossOnDerivatives_lbl" xml:lang="en-US">Unrealized (gains) / losses on derivatives</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInOperatingLeaseLiability" xlink:label="us-gaap_IncreaseDecreaseInOperatingLeaseLiability" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingLeaseLiability" xlink:to="us-gaap_IncreaseDecreaseInOperatingLeaseLiability_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingLeaseLiability_lbl" xml:lang="en-US">Increase (Decrease) in Operating Lease Liability</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInOperatingLeaseLiability_lbl" xml:lang="en-US">Operating lease ROU - lease liability, net</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions_lbl" xml:lang="en-US">Income (Loss) from Equity Method Investments, Net of Dividends or Distributions</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions_lbl" xml:lang="en-US">Loss from equity method investments</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_IncreaseDecreaseInDeferredDrydockExpenditure" xlink:label="asc_IncreaseDecreaseInDeferredDrydockExpenditure" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_IncreaseDecreaseInDeferredDrydockExpenditure" xlink:to="asc_IncreaseDecreaseInDeferredDrydockExpenditure_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_IncreaseDecreaseInDeferredDrydockExpenditure_lbl" xml:lang="en-US">The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for dry dock expenditure that bring economic benefits for future periods.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_IncreaseDecreaseInDeferredDrydockExpenditure_lbl" xml:lang="en-US">Increase Decrease In Deferred Drydock Expenditure</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_IncreaseDecreaseInDeferredDrydockExpenditure_lbl" xml:lang="en-US">Deferred drydock payments</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Increase (Decrease) in Operating Capital [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Changes in operating assets and liabilities:</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Increase (Decrease) in Accounts Receivable</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Receivables</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:to="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl" xml:lang="en-US">Increase (Decrease) in Prepaid Expense</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl" xml:lang="en-US">Prepaid expenses and other assets</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_IncreaseDecreaseInAdvancesAndDeposits" xlink:label="asc_IncreaseDecreaseInAdvancesAndDeposits" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_IncreaseDecreaseInAdvancesAndDeposits" xlink:to="asc_IncreaseDecreaseInAdvancesAndDeposits_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_IncreaseDecreaseInAdvancesAndDeposits_lbl" xml:lang="en-US">The increase (decrease) during the reporting period in the advances to the technical managers for expenses incurred by them in operating the vessels, together with other necessary deposits paid during the course of business.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_IncreaseDecreaseInAdvancesAndDeposits_lbl" xml:lang="en-US">Increase Decrease In Advances And Deposits</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_IncreaseDecreaseInAdvancesAndDeposits_lbl" xml:lang="en-US">Advances and deposits</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="us-gaap_IncreaseDecreaseInInventories" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl" xml:lang="en-US">Increase (Decrease) in Inventories</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl" xml:lang="en-US">Inventories</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableTrade" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableTrade" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableTrade_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableTrade_lbl" xml:lang="en-US">Increase (Decrease) in Accounts Payable, Trade</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableTrade_lbl" xml:lang="en-US">Accounts payable</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInOtherAccruedLiabilities" xlink:label="us-gaap_IncreaseDecreaseInOtherAccruedLiabilities" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInOtherAccruedLiabilities_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherAccruedLiabilities_lbl" xml:lang="en-US">Increase (Decrease) in Other Accrued Liabilities</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherAccruedLiabilities_lbl" xml:lang="en-US">Accrued expenses and other liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xml:lang="en-US">Increase (Decrease) in Deferred Revenue</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xml:lang="en-US">Deferred revenue</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:label="us-gaap_IncreaseDecreaseInInterestPayableNet" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:to="us-gaap_IncreaseDecreaseInInterestPayableNet_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInInterestPayableNet_lbl" xml:lang="en-US">Increase (Decrease) in Interest Payable, Net</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInInterestPayableNet_lbl" xml:lang="en-US">Accrued interest</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">CASH FLOWS FROM INVESTING ACTIVITIES</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:to="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_lbl" xml:lang="en-US">Proceeds from Sale of Property, Plant, and Equipment</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_lbl" xml:lang="en-US">Proceeds from sale of vessels</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_PaymentsForVesselsEquipmentWaterTreatmentSystemInstallationProgress" xlink:label="asc_PaymentsForVesselsEquipmentWaterTreatmentSystemInstallationProgress" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_PaymentsForVesselsEquipmentWaterTreatmentSystemInstallationProgress" xlink:to="asc_PaymentsForVesselsEquipmentWaterTreatmentSystemInstallationProgress_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_PaymentsForVesselsEquipmentWaterTreatmentSystemInstallationProgress_lbl" xml:lang="en-US">It represents amount of payments for vessels equipment water treatment system.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_PaymentsForVesselsEquipmentWaterTreatmentSystemInstallationProgress_lbl" xml:lang="en-US">Payments For Vessels Equipment Water Treatment System, Installation Progress</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_PaymentsForVesselsEquipmentWaterTreatmentSystemInstallationProgress_lbl" xml:lang="en-US">Payments for acquisition of vessels and vessel equipment, including deposits</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_PaymentsForProceedsFromWaterTreatmentInvestingActivities" xlink:label="asc_PaymentsForProceedsFromWaterTreatmentInvestingActivities" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_PaymentsForProceedsFromWaterTreatmentInvestingActivities" xlink:to="asc_PaymentsForProceedsFromWaterTreatmentInvestingActivities_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_PaymentsForProceedsFromWaterTreatmentInvestingActivities_lbl" xml:lang="en-US">It represents amount of payments for proceeds from other investing activities</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_PaymentsForProceedsFromWaterTreatmentInvestingActivities_lbl" xml:lang="en-US">Payments For Proceeds From Water Treatment Investing Activities</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_PaymentsForProceedsFromWaterTreatmentInvestingActivities_lbl" xml:lang="en-US">Advances for ballast water treatment and scrubber systems</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsToAcquireOtherProductiveAssets" xlink:label="us-gaap_PaymentsToAcquireOtherProductiveAssets" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireOtherProductiveAssets" xlink:to="us-gaap_PaymentsToAcquireOtherProductiveAssets_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireOtherProductiveAssets_lbl" xml:lang="en-US">Payments to Acquire Other Productive Assets</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireOtherProductiveAssets_lbl" xml:lang="en-US">Payments for other non-current assets</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:label="us-gaap_ProceedsFromSaleOfEquityMethodInvestments" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfEquityMethodInvestments" xlink:to="us-gaap_ProceedsFromSaleOfEquityMethodInvestments_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfEquityMethodInvestments_lbl" xml:lang="en-US">Proceeds from sale of equity investment</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromSaleOfEquityMethodInvestments_lbl" xml:lang="en-US">Proceeds for equity investments</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:label="us-gaap_PaymentsToAcquireEquityMethodInvestments" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:to="us-gaap_PaymentsToAcquireEquityMethodInvestments_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireEquityMethodInvestments_lbl" xml:lang="en-US">Payments to Acquire Equity Method Investments</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireEquityMethodInvestments_lbl" xml:lang="en-US">Proceeds / (payments) for equity investments</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsToAcquireEquityMethodInvestments_lbl" xml:lang="en-US">Payments for equity investments</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash (used in) / provided by investing activities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">CASH FLOWS FROM FINANCING ACTIVITIES</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_PrepaymentOfFinanceLeaseObligation" xlink:label="asc_PrepaymentOfFinanceLeaseObligation" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_PrepaymentOfFinanceLeaseObligation" xlink:to="asc_PrepaymentOfFinanceLeaseObligation_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_PrepaymentOfFinanceLeaseObligation_lbl" xml:lang="en-US">Refers to prepayment of finance lease obligation.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_PrepaymentOfFinanceLeaseObligation_lbl" xml:lang="en-US">Prepayment of Finance Lease Obligation</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_PrepaymentOfFinanceLeaseObligation_lbl" xml:lang="en-US">Prepayment of finance lease obligation</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xml:lang="en-US">Proceeds from Issuance of Long-term Debt</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xml:lang="en-US">Proceeds from long term debt</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromLongTermLinesOfCredit" xlink:label="us-gaap_ProceedsFromLongTermLinesOfCredit" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromLongTermLinesOfCredit" xlink:to="us-gaap_ProceedsFromLongTermLinesOfCredit_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromLongTermLinesOfCredit_lbl" xml:lang="en-US">Proceeds from Long-Term Lines of Credit</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ProceedsFromLongTermLinesOfCredit_lbl" xml:lang="en-US">Proceeds from revolving facilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayments of Long-term Debt</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayments of long-term debt</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RepaymentsOfLinesOfCredit" xlink:label="us-gaap_RepaymentsOfLinesOfCredit" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLinesOfCredit" xlink:to="us-gaap_RepaymentsOfLinesOfCredit_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLinesOfCredit_lbl" xml:lang="en-US">Repayments of Lines of Credit</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfLinesOfCredit_lbl" xml:lang="en-US">Repayments on revolving facilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeasePrincipalPayments" xlink:label="us-gaap_FinanceLeasePrincipalPayments" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinanceLeasePrincipalPayments" xlink:to="us-gaap_FinanceLeasePrincipalPayments_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinanceLeasePrincipalPayments_lbl" xml:lang="en-US">Repayments of Long-term Capital Lease Obligations</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_FinanceLeasePrincipalPayments_lbl" xml:lang="en-US">Repayments of finance leases</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="us-gaap_PaymentsOfFinancingCosts" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfFinancingCosts" xlink:to="us-gaap_PaymentsOfFinancingCosts_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl" xml:lang="en-US">Payments of Financing Costs</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl" xml:lang="en-US">Payments for deferred finance fees</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="us-gaap_PaymentsOfDividendsCommonStock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsCommonStock" xlink:to="us-gaap_PaymentsOfDividendsCommonStock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xml:lang="en-US">Payments of Dividends</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xml:lang="en-US">Payment of common share dividends</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PaymentsOfDividendsCommonStock_lbl" xml:lang="en-US">Cash dividend</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US">Proceeds from Issuance of Common Stock</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US">Issuance of common stock, net</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock" xlink:label="us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock" xlink:to="us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock_lbl" xml:lang="en-US">Payments for Repurchase of Redeemable Preferred Stock</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock_lbl" xml:lang="en-US">Repayment of preferred stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash (used in) financing activities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xml:lang="en-US">Payments for Repurchase of Common Stock</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xml:lang="en-US">Repurchase of common stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xml:lang="en-US">Payments of Ordinary Dividends, Preferred Stock and Preference Stock</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xml:lang="en-US">Payment of preferred share dividends</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xml:lang="en-US">Payment of preferred dividends</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_lbl" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect_lbl" xml:lang="en-US">Net increase / (decrease) in cash and cash equivalents</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Cash paid during the year for:</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestAndDebtExpense" xlink:label="us-gaap_InterestAndDebtExpense" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndDebtExpense" xlink:to="us-gaap_InterestAndDebtExpense_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestAndDebtExpense_lbl" xml:lang="en-US">Interest and Debt Expense</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestAndDebtExpense_lbl" xml:lang="en-US">Cash paid during the period for interest in respect of debt</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_CashPaidInterestIncurredOnFinanceLeases" xlink:label="asc_CashPaidInterestIncurredOnFinanceLeases" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_CashPaidInterestIncurredOnFinanceLeases" xlink:to="asc_CashPaidInterestIncurredOnFinanceLeases_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_CashPaidInterestIncurredOnFinanceLeases_lbl" xml:lang="en-US">It represents amount of interest incurred on finance leases</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_CashPaidInterestIncurredOnFinanceLeases_lbl" xml:lang="en-US">Cash Paid , Interest Incurred On Finance Leases</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_CashPaidInterestIncurredOnFinanceLeases_lbl" xml:lang="en-US">Cash paid during the period for interest in respect of finance leases</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_CashPaidDuringPeriodForOperatingLeasesLiabilities" xlink:label="asc_CashPaidDuringPeriodForOperatingLeasesLiabilities" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_CashPaidDuringPeriodForOperatingLeasesLiabilities" xlink:to="asc_CashPaidDuringPeriodForOperatingLeasesLiabilities_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_CashPaidDuringPeriodForOperatingLeasesLiabilities_lbl" xml:lang="en-US">Refers to cash paid during the period for operating lease liabilities.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_CashPaidDuringPeriodForOperatingLeasesLiabilities_lbl" xml:lang="en-US">Cash Paid During Period For Operating Leases Liabilities</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_CashPaidDuringPeriodForOperatingLeasesLiabilities_lbl" xml:lang="en-US">Cash paid during the period for operating lease liabilities (offices)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxesPaid" xlink:label="us-gaap_IncomeTaxesPaid" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxesPaid" xlink:to="us-gaap_IncomeTaxesPaid_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxesPaid_lbl" xml:lang="en-US">Income Taxes Paid</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxesPaid_lbl" xml:lang="en-US">Cash paid during the period for income taxes</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NonCashFinancingActivityNonCashConversionFromTermLoanToRevolvingFacility" xlink:label="asc_NonCashFinancingActivityNonCashConversionFromTermLoanToRevolvingFacility" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NonCashFinancingActivityNonCashConversionFromTermLoanToRevolvingFacility" xlink:to="asc_NonCashFinancingActivityNonCashConversionFromTermLoanToRevolvingFacility_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NonCashFinancingActivityNonCashConversionFromTermLoanToRevolvingFacility_lbl" xml:lang="en-US">Amount of cash outflow from non-cash financing activity. Non cash conversion from term loan to revolving facility.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NonCashFinancingActivityNonCashConversionFromTermLoanToRevolvingFacility_lbl" xml:lang="en-US">Non-cash Financing Activity: Non Cash Conversion from Term Loan to Revolving Facility</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_NonCashFinancingActivityNonCashConversionFromTermLoanToRevolvingFacility_lbl" xml:lang="en-US">Non-cash financing activity. Non cash conversion from term loan to revolving facility</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeasePaymentsUse" xlink:label="us-gaap_OperatingLeasePaymentsUse" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasePaymentsUse" xlink:to="us-gaap_OperatingLeasePaymentsUse_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasePaymentsUse_lbl" xml:lang="en-US">Operating Lease, Payments, Use</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeasePaymentsUse_lbl" xml:lang="en-US">Non-cash operating activity: ROU / lease liability increase in respect of time-charter extensions</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AccruedPreferredStockDividends" xlink:label="asc_AccruedPreferredStockDividends" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AccruedPreferredStockDividends" xlink:to="asc_AccruedPreferredStockDividends_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AccruedPreferredStockDividends_lbl" xml:lang="en-US">Amount of preferred dividends accrued.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AccruedPreferredStockDividends_lbl" xml:lang="en-US">Accrued Preferred Stock Dividends</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_AccruedPreferredStockDividends_lbl" xml:lang="en-US">Non-cash financing activity: Accrued preferred dividends</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NonCashInvestingActivityAccrualsDuringPeriod" xlink:label="asc_NonCashInvestingActivityAccrualsDuringPeriod" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NonCashInvestingActivityAccrualsDuringPeriod" xlink:to="asc_NonCashInvestingActivityAccrualsDuringPeriod_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NonCashInvestingActivityAccrualsDuringPeriod_lbl" xml:lang="en-US">Refers non-cash investing activity.  Accruals during the period in respect of ballast water treatment systems and scrubber systems</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NonCashInvestingActivityAccrualsDuringPeriod_lbl" xml:lang="en-US">Non-Cash Investing Activity, Accruals During the Period</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_NonCashInvestingActivityAccrualsDuringPeriod_lbl" xml:lang="en-US">Non-cash investing activity. Accruals during the period in respect of ballast water treatment systems and scrubber systems</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Overview</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Overview</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US">Significant accounting policies</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant accounting policies</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SegmentReportingAbstract" xlink:label="us-gaap_SegmentReportingAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingAbstract" xlink:to="us-gaap_SegmentReportingAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingAbstract_lbl" xml:lang="en-US">Business and segmental reporting</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="us-gaap_SegmentReportingDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US">Segment Reporting Disclosure [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US">Business and segmental reporting</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:label="us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:to="us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_lbl" xml:lang="en-US">Equity Investments</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:label="us-gaap_EquityMethodInvestmentsDisclosureTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:to="us-gaap_EquityMethodInvestmentsDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentsDisclosureTextBlock_lbl" xml:lang="en-US">Equity Method Investments and Joint Ventures Disclosure [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestmentsDisclosureTextBlock_lbl" xml:lang="en-US">Equity Investments</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilitiesAbstract" xlink:label="us-gaap_AccruedLiabilitiesAndOtherLiabilitiesAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesAndOtherLiabilitiesAbstract" xlink:to="us-gaap_AccruedLiabilitiesAndOtherLiabilitiesAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesAndOtherLiabilitiesAbstract_lbl" xml:lang="en-US">Accrued expenses and other liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock" xlink:label="asc_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock" xlink:to="asc_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock_lbl" xml:lang="en-US">The entire disclosure for accrued expenses and other liabilities.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock_lbl" xml:lang="en-US">Accrued Expenses And Other Liabilities, Disclosure [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock_lbl" xml:lang="en-US">Accrued expenses and other liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="us-gaap_DebtDisclosureAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureAbstract" xlink:to="us-gaap_DebtDisclosureAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xml:lang="en-US">Debt</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="us-gaap_DebtDisclosureTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureTextBlock" xlink:to="us-gaap_DebtDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US">Debt Disclosure [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US">Debt</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_FinanceLeasesAbstract" xlink:label="asc_FinanceLeasesAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_FinanceLeasesAbstract" xlink:to="asc_FinanceLeasesAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_FinanceLeasesAbstract_lbl" xml:lang="en-US">Finance lease</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeFinanceLeasesTextBlock" xlink:label="us-gaap_LesseeFinanceLeasesTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LesseeFinanceLeasesTextBlock" xlink:to="us-gaap_LesseeFinanceLeasesTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LesseeFinanceLeasesTextBlock_lbl" xml:lang="en-US">Lessee, Finance Leases [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LesseeFinanceLeasesTextBlock_lbl" xml:lang="en-US">Finance lease</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LeasesAbstract" xlink:label="us-gaap_LeasesAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeasesAbstract" xlink:to="us-gaap_LeasesAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeasesAbstract_lbl" xml:lang="en-US">Operating leases</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeasesTextBlock" xlink:label="us-gaap_LesseeOperatingLeasesTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LesseeOperatingLeasesTextBlock" xlink:to="us-gaap_LesseeOperatingLeasesTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LesseeOperatingLeasesTextBlock_lbl" xml:lang="en-US">Lessee, Operating Leases [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LesseeOperatingLeasesTextBlock_lbl" xml:lang="en-US">Operating leases</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TemporaryEquityDisclosureAbstract" xlink:label="us-gaap_TemporaryEquityDisclosureAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityDisclosureAbstract" xlink:to="us-gaap_TemporaryEquityDisclosureAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TemporaryEquityDisclosureAbstract_lbl" xml:lang="en-US">Preferred Stock</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_TemporaryEquityDisclosureTextBlock" xlink:label="asc_TemporaryEquityDisclosureTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_TemporaryEquityDisclosureTextBlock" xlink:to="asc_TemporaryEquityDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_TemporaryEquityDisclosureTextBlock_lbl" xml:lang="en-US">The entire disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_TemporaryEquityDisclosureTextBlock_lbl" xml:lang="en-US">Temporary Equity Disclosure [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_TemporaryEquityDisclosureTextBlock_lbl" xml:lang="en-US">Preferred Stock</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_SaleOfVesselsAbstract" xlink:label="asc_SaleOfVesselsAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_SaleOfVesselsAbstract" xlink:to="asc_SaleOfVesselsAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_SaleOfVesselsAbstract_lbl" xml:lang="en-US">Gain / (loss) on sale of vessels</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_LongLivedAssetsHeldForSaleDisclosureTextBlock" xlink:label="asc_LongLivedAssetsHeldForSaleDisclosureTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_LongLivedAssetsHeldForSaleDisclosureTextBlock" xlink:to="asc_LongLivedAssetsHeldForSaleDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_LongLivedAssetsHeldForSaleDisclosureTextBlock_lbl" xml:lang="en-US">The entire disclosure of long lived assets held for sale.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_LongLivedAssetsHeldForSaleDisclosureTextBlock_lbl" xml:lang="en-US">Long Lived Assets Held for sale Disclosure [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_LongLivedAssetsHeldForSaleDisclosureTextBlock_lbl" xml:lang="en-US">Gain / (loss) on sale of vessels</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_InterestExpenseAndFinanceCostsAbstract" xlink:label="asc_InterestExpenseAndFinanceCostsAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_InterestExpenseAndFinanceCostsAbstract" xlink:to="asc_InterestExpenseAndFinanceCostsAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_InterestExpenseAndFinanceCostsAbstract_lbl" xml:lang="en-US">Interest expense and finance costs</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_InterestAndFinanceCostTextBlockTextBlock" xlink:label="asc_InterestAndFinanceCostTextBlockTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_InterestAndFinanceCostTextBlockTextBlock" xlink:to="asc_InterestAndFinanceCostTextBlockTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_InterestAndFinanceCostTextBlockTextBlock_lbl" xml:lang="en-US">The entire disclosure of interest expenses and finance costs.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_InterestAndFinanceCostTextBlockTextBlock_lbl" xml:lang="en-US">Interest And Finance Cost [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_InterestAndFinanceCostTextBlockTextBlock_lbl" xml:lang="en-US">Interest expense and finance costs</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="us-gaap_IncomeTaxDisclosureAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureAbstract" xlink:to="us-gaap_IncomeTaxDisclosureAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxDisclosureAbstract_lbl" xml:lang="en-US">Income taxes</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="us-gaap_IncomeTaxDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xml:lang="en-US">Income Tax Disclosure [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxDisclosureTextBlock_lbl" xml:lang="en-US">Income taxes</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="us-gaap_EarningsPerShareAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US">Net income per share and common dividends</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="us-gaap_EarningsPerShareTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareTextBlock" xlink:to="us-gaap_EarningsPerShareTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US">Earnings Per Share [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EarningsPerShareTextBlock_lbl" xml:lang="en-US">Net income per share and common dividends</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related party transactions</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Related party transactions</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_lbl" xml:lang="en-US">Share-based compensation.</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xml:lang="en-US">Disclosure of Compensation Related Costs, Share-based Payments [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_lbl" xml:lang="en-US">Share-based compensation</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityAbstract" xlink:label="us-gaap_EquityAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityAbstract" xlink:to="us-gaap_EquityAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityAbstract_lbl" xml:lang="en-US">Repurchase of common stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TreasuryStockTextBlock" xlink:label="us-gaap_TreasuryStockTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockTextBlock" xlink:to="us-gaap_TreasuryStockTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockTextBlock_lbl" xml:lang="en-US">Treasury Stock [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_TreasuryStockTextBlock_lbl" xml:lang="en-US">Repurchase of common stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US">Commitments and Contingencies</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="us-gaap_SubsequentEventsAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsAbstract" xlink:to="us-gaap_SubsequentEventsAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsAbstract_lbl" xml:lang="en-US">Subsequent events.</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="us-gaap_SubsequentEventsTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US">Subsequent Events [Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US">Subsequent events</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BasisOfAccountingPolicyPolicyTextBlock" xlink:to="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xml:lang="en-US">Basis of Accounting, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_BasisOfAccountingPolicyPolicyTextBlock_lbl" xml:lang="en-US">Basis of preparation</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_UseOfEstimates" xlink:label="us-gaap_UseOfEstimates" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UseOfEstimates" xlink:to="us-gaap_UseOfEstimates_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UseOfEstimates_lbl" xml:lang="en-US">Use of Estimates, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_UseOfEstimates_lbl" xml:lang="en-US">Uses of estimates</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:label="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:to="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_lbl" xml:lang="en-US">Foreign Currency Transactions and Translations Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_lbl" xml:lang="en-US">Reporting currency</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US">Recent accounting pronouncements</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:label="us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueFromContractWithCustomerPolicyTextBlock" xlink:to="us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_lbl" xml:lang="en-US">Revenue from Contract with Customer [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RevenueFromContractWithCustomerPolicyTextBlock_lbl" xml:lang="en-US">Revenue, net</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_VoyageAndVesselOperatingExpenses" xlink:label="asc_VoyageAndVesselOperatingExpenses" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_VoyageAndVesselOperatingExpenses" xlink:to="asc_VoyageAndVesselOperatingExpenses_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_VoyageAndVesselOperatingExpenses_lbl" xml:lang="en-US">Disclosure of accounting policy voyage and vessel operating expenses</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_VoyageAndVesselOperatingExpenses_lbl" xml:lang="en-US">Voyage and vessel operating expenses</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xml:lang="en-US">Cash and Cash Equivalents, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:to="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" xml:lang="en-US">Trade and Other Accounts Receivable, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" xml:lang="en-US">Receivables</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_PrepaidExpensesAndOtherAssetsPolicyTextBlock" xlink:label="asc_PrepaidExpensesAndOtherAssetsPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_PrepaidExpensesAndOtherAssetsPolicyTextBlock" xlink:to="asc_PrepaidExpensesAndOtherAssetsPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_PrepaidExpensesAndOtherAssetsPolicyTextBlock_lbl" xml:lang="en-US">Disclosure of accounting policy related to prepaid expenses and other assets.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_PrepaidExpensesAndOtherAssetsPolicyTextBlock_lbl" xml:lang="en-US">Prepaid Expenses And Other Assets [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_PrepaidExpensesAndOtherAssetsPolicyTextBlock_lbl" xml:lang="en-US">Prepaid expenses and other assets</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AdvancesAndDepositsPolicyTextBlock" xlink:label="asc_AdvancesAndDepositsPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AdvancesAndDepositsPolicyTextBlock" xlink:to="asc_AdvancesAndDepositsPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AdvancesAndDepositsPolicyTextBlock_lbl" xml:lang="en-US">Disclosure of accounting policy related to advances and deposits.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AdvancesAndDepositsPolicyTextBlock_lbl" xml:lang="en-US">Advances And Deposits [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_AdvancesAndDepositsPolicyTextBlock_lbl" xml:lang="en-US">Advances and deposits</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="us-gaap_InventoryPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryPolicyTextBlock" xlink:to="us-gaap_InventoryPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryPolicyTextBlock_lbl" xml:lang="en-US">Inventory, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InventoryPolicyTextBlock_lbl" xml:lang="en-US">Inventories</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_VesselsHeldForSalePolicyTextBlock" xlink:label="asc_VesselsHeldForSalePolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_VesselsHeldForSalePolicyTextBlock" xlink:to="asc_VesselsHeldForSalePolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_VesselsHeldForSalePolicyTextBlock_lbl" xml:lang="en-US">Disclosure accounting policy for vessels held for sales.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_VesselsHeldForSalePolicyTextBlock_lbl" xml:lang="en-US">Vessels Held For Sale [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_VesselsHeldForSalePolicyTextBlock_lbl" xml:lang="en-US">Vessels held for sale</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xml:lang="en-US">Property, Plant and Equipment, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xml:lang="en-US">Vessels and vessel equipment</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_DeferredDrydockExpendituresPolicyTextBlock" xlink:label="asc_DeferredDrydockExpendituresPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_DeferredDrydockExpendituresPolicyTextBlock" xlink:to="asc_DeferredDrydockExpendituresPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_DeferredDrydockExpendituresPolicyTextBlock_lbl" xml:lang="en-US">Disclosure of accounting policy for deferred drydock expenditures</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_DeferredDrydockExpendituresPolicyTextBlock_lbl" xml:lang="en-US">Deferred Drydock Expenditures [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_DeferredDrydockExpendituresPolicyTextBlock_lbl" xml:lang="en-US">Deferred drydock expenditures</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_WaterTreatmentSystemPolicyTextBlock" xlink:label="asc_WaterTreatmentSystemPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_WaterTreatmentSystemPolicyTextBlock" xlink:to="asc_WaterTreatmentSystemPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_WaterTreatmentSystemPolicyTextBlock_lbl" xml:lang="en-US">Water treatment system [Policy text block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_WaterTreatmentSystemPolicyTextBlock_lbl" xml:lang="en-US">Water treatment system [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_WaterTreatmentSystemPolicyTextBlock_lbl" xml:lang="en-US">Advances for ballast water treatment systems</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentImpairment" xlink:label="us-gaap_PropertyPlantAndEquipmentImpairment" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentImpairment" xlink:to="us-gaap_PropertyPlantAndEquipmentImpairment_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentImpairment_lbl" xml:lang="en-US">Property, Plant and Equipment, Impairment [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentImpairment_lbl" xml:lang="en-US">Vessel impairment</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_OtherNonCurrentAssetsPolicyTextBlock" xlink:label="asc_OtherNonCurrentAssetsPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_OtherNonCurrentAssetsPolicyTextBlock" xlink:to="asc_OtherNonCurrentAssetsPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_OtherNonCurrentAssetsPolicyTextBlock_lbl" xml:lang="en-US">Disclosure of accounting policy related to other non-current assets.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_OtherNonCurrentAssetsPolicyTextBlock_lbl" xml:lang="en-US">Other Non Current Assets [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_OtherNonCurrentAssetsPolicyTextBlock_lbl" xml:lang="en-US">Other non-current assets</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_RevenueRecognitionLeasesOperatingPolicyTextBlock" xlink:label="asc_RevenueRecognitionLeasesOperatingPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_RevenueRecognitionLeasesOperatingPolicyTextBlock" xlink:to="asc_RevenueRecognitionLeasesOperatingPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_RevenueRecognitionLeasesOperatingPolicyTextBlock_lbl" xml:lang="en-US">Disclosure of accounting policy for revenue recognition for operating leases.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_RevenueRecognitionLeasesOperatingPolicyTextBlock_lbl" xml:lang="en-US">Revenue Recognition Leases Operating [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_RevenueRecognitionLeasesOperatingPolicyTextBlock_lbl" xml:lang="en-US">Operating leases</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_FinanceLeasesPolicyTextBlock" xlink:label="asc_FinanceLeasesPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_FinanceLeasesPolicyTextBlock" xlink:to="asc_FinanceLeasesPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_FinanceLeasesPolicyTextBlock_lbl" xml:lang="en-US">Disclosure of accounting policy for financial leases.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_FinanceLeasesPolicyTextBlock_lbl" xml:lang="en-US">Finance Leases [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_FinanceLeasesPolicyTextBlock_lbl" xml:lang="en-US">Finance leases</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_PayablesTradePolicyTextBlock" xlink:label="asc_PayablesTradePolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_PayablesTradePolicyTextBlock" xlink:to="asc_PayablesTradePolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_PayablesTradePolicyTextBlock_lbl" xml:lang="en-US">Disclosure of accounting policy related to payables, trade.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_PayablesTradePolicyTextBlock_lbl" xml:lang="en-US">Payables Trade [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_PayablesTradePolicyTextBlock_lbl" xml:lang="en-US">Accounts payable</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AccruedExpensesAndOtherLiabilitiesPolicyTextBlock" xlink:label="asc_AccruedExpensesAndOtherLiabilitiesPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AccruedExpensesAndOtherLiabilitiesPolicyTextBlock" xlink:to="asc_AccruedExpensesAndOtherLiabilitiesPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AccruedExpensesAndOtherLiabilitiesPolicyTextBlock_lbl" xml:lang="en-US">Disclosure of accounting policies of accrued expenses and other liabilities</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AccruedExpensesAndOtherLiabilitiesPolicyTextBlock_lbl" xml:lang="en-US">Accrued Expenses And Other Liabilities [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_AccruedExpensesAndOtherLiabilitiesPolicyTextBlock_lbl" xml:lang="en-US">Accrued expenses and other liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DerivativesPolicyTextBlock" xlink:label="us-gaap_DerivativesPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativesPolicyTextBlock" xlink:to="us-gaap_DerivativesPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativesPolicyTextBlock_lbl" xml:lang="en-US">Derivatives, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativesPolicyTextBlock_lbl" xml:lang="en-US">Derivatives</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityMethodInvestmentsPolicy" xlink:label="us-gaap_EquityMethodInvestmentsPolicy" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentsPolicy" xlink:to="us-gaap_EquityMethodInvestmentsPolicy_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentsPolicy_lbl" xml:lang="en-US">Equity Method Investments [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EquityMethodInvestmentsPolicy_lbl" xml:lang="en-US">Equity method investments</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesPolicyTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesPolicyTextBlock_lbl" xml:lang="en-US">Contingencies</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_DistributionsToShareholderPolicyTextBlock" xlink:label="asc_DistributionsToShareholderPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_DistributionsToShareholderPolicyTextBlock" xlink:to="asc_DistributionsToShareholderPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_DistributionsToShareholderPolicyTextBlock_lbl" xml:lang="en-US">Disclosure of accounting policy related to distributions to shareholder.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_DistributionsToShareholderPolicyTextBlock_lbl" xml:lang="en-US">Distributions To Shareholder [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_DistributionsToShareholderPolicyTextBlock_lbl" xml:lang="en-US">Distributions to shareholders</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_EquityIssuanceCostsPolicyTextBlock" xlink:label="asc_EquityIssuanceCostsPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_EquityIssuanceCostsPolicyTextBlock" xlink:to="asc_EquityIssuanceCostsPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_EquityIssuanceCostsPolicyTextBlock_lbl" xml:lang="en-US">Disclosure of accounting policy related to equity issuance costs.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_EquityIssuanceCostsPolicyTextBlock_lbl" xml:lang="en-US">Equity Issuance Costs [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_EquityIssuanceCostsPolicyTextBlock_lbl" xml:lang="en-US">Equity issuance costs</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtPolicyTextBlock" xlink:label="us-gaap_DebtPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtPolicyTextBlock" xlink:to="us-gaap_DebtPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtPolicyTextBlock_lbl" xml:lang="en-US">Debt, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtPolicyTextBlock_lbl" xml:lang="en-US">Debt and finance lease issuance costs</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xml:lang="en-US">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xml:lang="en-US">Share based compensation</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockholdersEquityPolicyTextBlock" xlink:label="us-gaap_StockholdersEquityPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityPolicyTextBlock" xlink:to="us-gaap_StockholdersEquityPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityPolicyTextBlock_lbl" xml:lang="en-US">Stockholders' Equity, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockholdersEquityPolicyTextBlock_lbl" xml:lang="en-US">Treasury stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="us-gaap_FairValueOfFinancialInstrumentsPolicy" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:to="us-gaap_FairValueOfFinancialInstrumentsPolicy_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOfFinancialInstrumentsPolicy_lbl" xml:lang="en-US">Fair Value of Financial Instruments, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FairValueOfFinancialInstrumentsPolicy_lbl" xml:lang="en-US">Financial instruments</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Income taxes</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ConcentrationRiskCreditRisk" xlink:label="us-gaap_ConcentrationRiskCreditRisk" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskCreditRisk" xlink:to="us-gaap_ConcentrationRiskCreditRisk_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskCreditRisk_lbl" xml:lang="en-US">Concentration Risk, Credit Risk, Policy [Policy Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConcentrationRiskCreditRisk_lbl" xml:lang="en-US">Concentration of credit risk</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ScheduleOfComponentsOfFleetTableTextBlock" xlink:label="asc_ScheduleOfComponentsOfFleetTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ScheduleOfComponentsOfFleetTableTextBlock" xlink:to="asc_ScheduleOfComponentsOfFleetTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ScheduleOfComponentsOfFleetTableTextBlock_lbl" xml:lang="en-US">Tabular disclosure of details as of the balance sheet date of components of fleet including but not limited to type, dwt, imo, built date, built country, employment, specification of the vessels.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ScheduleOfComponentsOfFleetTableTextBlock_lbl" xml:lang="en-US">Schedule Of Components Of Fleet [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_ScheduleOfComponentsOfFleetTableTextBlock_lbl" xml:lang="en-US">Schedule of components of fleet</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:label="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock" xlink:to="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_lbl" xml:lang="en-US">Schedules of Concentration of Risk, by Risk Factor [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock_lbl" xml:lang="en-US">Schedule of revenues of major customers</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:label="us-gaap_DisaggregationOfRevenueTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:to="us-gaap_DisaggregationOfRevenueTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisaggregationOfRevenueTableTextBlock_lbl" xml:lang="en-US">Disaggregation of Revenue [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DisaggregationOfRevenueTableTextBlock_lbl" xml:lang="en-US">Schedule of revenues contributions</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:label="us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock" xlink:to="us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Schedule of Accrued Liabilities [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock_lbl" xml:lang="en-US">Schedule of components of accrued expenses and other liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:label="us-gaap_ScheduleOfDebtInstrumentsTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:to="us-gaap_ScheduleOfDebtInstrumentsTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfDebtInstrumentsTextBlock_lbl" xml:lang="en-US">Schedule of Long-term Debt Instruments [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfDebtInstrumentsTextBlock_lbl" xml:lang="en-US">Schedule outstanding principal balances on each loan facility</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:label="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:to="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_lbl" xml:lang="en-US">Schedule of Maturities of Long-term Debt [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_lbl" xml:lang="en-US">Schedule of future minimum repayments under the loan facilities</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ScheduleOfEffectiveInterestRateAssociatedWithInterestExpenseForCompanysDebtTableTextBlock" xlink:label="asc_ScheduleOfEffectiveInterestRateAssociatedWithInterestExpenseForCompanysDebtTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ScheduleOfEffectiveInterestRateAssociatedWithInterestExpenseForCompanysDebtTableTextBlock" xlink:to="asc_ScheduleOfEffectiveInterestRateAssociatedWithInterestExpenseForCompanysDebtTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ScheduleOfEffectiveInterestRateAssociatedWithInterestExpenseForCompanysDebtTableTextBlock_lbl" xml:lang="en-US">Tabular disclosure of effective interest rate associated with the interest expense for the Company's debt facilities</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ScheduleOfEffectiveInterestRateAssociatedWithInterestExpenseForCompanysDebtTableTextBlock_lbl" xml:lang="en-US">Schedule of Effective Interest Rate Associated with the Interest Expense for the Company&amp;rsquo;s Debt [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_ScheduleOfEffectiveInterestRateAssociatedWithInterestExpenseForCompanysDebtTableTextBlock_lbl" xml:lang="en-US">Schedule of effective interest rate associated with the interest expense for the Company's debt</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ScheduleOfWeightedAverageEffectiveInterestRateOnCompanysDebtObligationsTableTextBlock" xlink:label="asc_ScheduleOfWeightedAverageEffectiveInterestRateOnCompanysDebtObligationsTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ScheduleOfWeightedAverageEffectiveInterestRateOnCompanysDebtObligationsTableTextBlock" xlink:to="asc_ScheduleOfWeightedAverageEffectiveInterestRateOnCompanysDebtObligationsTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ScheduleOfWeightedAverageEffectiveInterestRateOnCompanysDebtObligationsTableTextBlock_lbl" xml:lang="en-US">Tabular disclosure of weighted average effective interest rate on the Company's debt obligations</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ScheduleOfWeightedAverageEffectiveInterestRateOnCompanysDebtObligationsTableTextBlock_lbl" xml:lang="en-US">Schedule of Weighted Average Effective Interest Rate on the Company&amp;rsquo;s Debt Obligations [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_ScheduleOfWeightedAverageEffectiveInterestRateOnCompanysDebtObligationsTableTextBlock_lbl" xml:lang="en-US">Schedule of weighted average effective interest rate on the Company's debt obligations.</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfComponentsOfLeveragedLeaseInvestmentsTableTextBlock" xlink:label="us-gaap_ScheduleOfComponentsOfLeveragedLeaseInvestmentsTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfComponentsOfLeveragedLeaseInvestmentsTableTextBlock" xlink:to="us-gaap_ScheduleOfComponentsOfLeveragedLeaseInvestmentsTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfComponentsOfLeveragedLeaseInvestmentsTableTextBlock_lbl" xml:lang="en-US">Schedule of Components of Leveraged Lease Investments [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfComponentsOfLeveragedLeaseInvestmentsTableTextBlock_lbl" xml:lang="en-US">Schedule of outstanding principal balances on finance lease facility</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_LeaseBalanceSheetDisclosureTableTextBlock" xlink:label="asc_LeaseBalanceSheetDisclosureTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_LeaseBalanceSheetDisclosureTableTextBlock" xlink:to="asc_LeaseBalanceSheetDisclosureTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_LeaseBalanceSheetDisclosureTableTextBlock_lbl" xml:lang="en-US">Tabular disclosure of operating lease liability and assets recognized in statement of financial position.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_LeaseBalanceSheetDisclosureTableTextBlock_lbl" xml:lang="en-US">Lease Balance Sheet Disclosure Table Text Block</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_LeaseBalanceSheetDisclosureTableTextBlock_lbl" xml:lang="en-US">Schedule of right of use asset and lease liability</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock" xlink:to="us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_lbl" xml:lang="en-US">Lessee, Operating Lease, Liability, Maturity [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock_lbl" xml:lang="en-US">Schedule of maturity of operating lease liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2024/dei-2024.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US">Entity [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreSeafarerMember" xlink:label="asc_ArdmoreSeafarerMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreSeafarerMember" xlink:to="asc_ArdmoreSeafarerMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreSeafarerMember_lbl" xml:lang="en-US">Ardmore Seafarer</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlock" xlink:label="us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlock" xlink:to="us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlock_lbl" xml:lang="en-US">Disclosure of Long Lived Assets Held-for-sale [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlock_lbl" xml:lang="en-US">Schedule of Capital Leased Assets</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_InterestAndFinanceCostsTableTextBlock" xlink:label="asc_InterestAndFinanceCostsTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_InterestAndFinanceCostsTableTextBlock" xlink:to="asc_InterestAndFinanceCostsTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_InterestAndFinanceCostsTableTextBlock_lbl" xml:lang="en-US">Tabular disclosure of interest and finance costs for the reporting period.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_InterestAndFinanceCostsTableTextBlock_lbl" xml:lang="en-US">Interest And Finance Costs [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_InterestAndFinanceCostsTableTextBlock_lbl" xml:lang="en-US">Schedule of Interest expense and finance costs</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:label="us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:to="us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" xml:lang="en-US">Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" xml:lang="en-US">Schedule of Components of Income Tax</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:label="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:to="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xml:lang="en-US">Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_lbl" xml:lang="en-US">Schedule of differences between income taxes expected at the Bermuda statutory income tax rate of zero percent and the reported income tax expense</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xml:lang="en-US">Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xml:lang="en-US">Schedule of Basic and diluted loss per share</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CompensationRelatedCostsAbstract" xlink:label="us-gaap_CompensationRelatedCostsAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CompensationRelatedCostsAbstract" xlink:to="us-gaap_CompensationRelatedCostsAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CompensationRelatedCostsAbstract_lbl" xml:lang="en-US">Restricted stock units (RSUs)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xml:lang="en-US">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_TimeBasedRestrictedStockUnitsMember" xlink:label="asc_TimeBasedRestrictedStockUnitsMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_TimeBasedRestrictedStockUnitsMember" xlink:to="asc_TimeBasedRestrictedStockUnitsMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_TimeBasedRestrictedStockUnitsMember_lbl" xml:lang="en-US">Represents information pertaining to time based restricted stock units.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_TimeBasedRestrictedStockUnitsMember_lbl" xml:lang="en-US">Time Based Restricted Stock Units [Member]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_TimeBasedRestrictedStockUnitsMember_lbl" xml:lang="en-US">Time Restricted stock units</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_PerformanceBasedRestrictedStockUnitsMember" xlink:label="asc_PerformanceBasedRestrictedStockUnitsMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_PerformanceBasedRestrictedStockUnitsMember" xlink:to="asc_PerformanceBasedRestrictedStockUnitsMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_PerformanceBasedRestrictedStockUnitsMember_lbl" xml:lang="en-US">Represents information pertaining to performance based restricted stock units.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_PerformanceBasedRestrictedStockUnitsMember_lbl" xml:lang="en-US">Performance Based Restricted Stock Units [Member]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_PerformanceBasedRestrictedStockUnitsMember_lbl" xml:lang="en-US">PRSUs</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ShareBasedCompensationIssueNewCommonSharesTableTextBlock" xlink:label="asc_ShareBasedCompensationIssueNewCommonSharesTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ShareBasedCompensationIssueNewCommonSharesTableTextBlock" xlink:to="asc_ShareBasedCompensationIssueNewCommonSharesTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ShareBasedCompensationIssueNewCommonSharesTableTextBlock_lbl" xml:lang="en-US">Tabular disclosure of common shares issued through share based compensation for the reporting period.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ShareBasedCompensationIssueNewCommonSharesTableTextBlock_lbl" xml:lang="en-US">Share Based Compensation Issue New Common Shares [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_ShareBasedCompensationIssueNewCommonSharesTableTextBlock_lbl" xml:lang="en-US">Schedule of changes in the Stocks</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock" xlink:label="us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock" xlink:to="us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock_lbl" xml:lang="en-US">Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock_lbl" xml:lang="en-US">Schedule of cost related to non-vested awards expected to be recognized</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ScheduleOfShareBasedPaymentAwardValuationAssumptionsTableTextBlock" xlink:label="asc_ScheduleOfShareBasedPaymentAwardValuationAssumptionsTableTextBlock" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ScheduleOfShareBasedPaymentAwardValuationAssumptionsTableTextBlock" xlink:to="asc_ScheduleOfShareBasedPaymentAwardValuationAssumptionsTableTextBlock_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ScheduleOfShareBasedPaymentAwardValuationAssumptionsTableTextBlock_lbl" xml:lang="en-US">Tabular disclosure of the significant assumptions used during the year to estimate the fair value of awards under share based compensation arrangement, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ScheduleOfShareBasedPaymentAwardValuationAssumptionsTableTextBlock_lbl" xml:lang="en-US">Schedule of Share-Based Payment Award, Valuation Assumptions [Table Text Block]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_ScheduleOfShareBasedPaymentAwardValuationAssumptionsTableTextBlock_lbl" xml:lang="en-US">Schedule of significant inputs used in the estimation of the fair value</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_OrganizationConsolidationAndPresentationOfFinancialStatementsTable" xlink:label="asc_OrganizationConsolidationAndPresentationOfFinancialStatementsTable" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_OrganizationConsolidationAndPresentationOfFinancialStatementsTable" xlink:to="asc_OrganizationConsolidationAndPresentationOfFinancialStatementsTable_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_OrganizationConsolidationAndPresentationOfFinancialStatementsTable_lbl" xml:lang="en-US">Organization Consolidation And Presentation Of Financial Statements [Table]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:label="srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl" xml:lang="en-US">Investment, Name [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_EquityMethodInvesteeNameDomain" xlink:label="srt_EquityMethodInvesteeNameDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_EquityMethodInvesteeNameDomain" xlink:to="srt_EquityMethodInvesteeNameDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_EquityMethodInvesteeNameDomain_lbl" xml:lang="en-US">Investment, Name [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreShippingCorporationMember" xlink:label="asc_ArdmoreShippingCorporationMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreShippingCorporationMember" xlink:to="asc_ArdmoreShippingCorporationMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ArdmoreShippingCorporationMember_lbl" xml:lang="en-US">Refers to Ardmore Shipping Corporation</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreShippingCorporationMember_lbl" xml:lang="en-US">Ardmore Shipping Corporation</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AngloArdmoreShipManagementLimitedMember" xlink:label="asc_AngloArdmoreShipManagementLimitedMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AngloArdmoreShipManagementLimitedMember" xlink:to="asc_AngloArdmoreShipManagementLimitedMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AngloArdmoreShipManagementLimitedMember_lbl" xml:lang="en-US">This member stands for Anglo Ardmore Ship Management Limited.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AngloArdmoreShipManagementLimitedMember_lbl" xml:lang="en-US">Anglo Ardmore Ship Management Limited</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_Element1MarineLlcMember" xlink:label="asc_Element1MarineLlcMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_Element1MarineLlcMember" xlink:to="asc_Element1MarineLlcMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_Element1MarineLlcMember_lbl" xml:lang="en-US">Refers to Element 1 Marine LLC investment.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_Element1MarineLlcMember_lbl" xml:lang="en-US">e1 Marine LLC</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_Element1CorpMember" xlink:label="asc_Element1CorpMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_Element1CorpMember" xlink:to="asc_Element1CorpMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_Element1CorpMember_lbl" xml:lang="en-US">Refers to Element 1 Corp investment</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_Element1CorpMember_lbl" xml:lang="en-US">Element 1 Corp.</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xml:lang="en-US">Related Party [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyDomain" xlink:label="us-gaap_RelatedPartyDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyDomain" xlink:to="us-gaap_RelatedPartyDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyDomain_lbl" xml:lang="en-US">Related Party [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CorporateJointVentureMember" xlink:label="us-gaap_CorporateJointVentureMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CorporateJointVentureMember" xlink:to="us-gaap_CorporateJointVentureMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CorporateJointVentureMember_lbl" xml:lang="en-US">Corporate Joint Venture [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems" xlink:label="asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems" xlink:to="asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems_lbl" xml:lang="en-US">N/A</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems_lbl" xml:lang="en-US">Organization Consolidation And Presentation Of Financial Statements [Line Items]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems_lbl" xml:lang="en-US">Overview</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NumberOfOperatingSegments" xlink:label="us-gaap_NumberOfOperatingSegments" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfOperatingSegments" xlink:to="us-gaap_NumberOfOperatingSegments_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xml:lang="en-US">Number of Operating Segments</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xml:lang="en-US">Number of operating segments</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NumberOfVesselsInOperation" xlink:label="asc_NumberOfVesselsInOperation" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NumberOfVesselsInOperation" xlink:to="asc_NumberOfVesselsInOperation_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NumberOfVesselsInOperation_lbl" xml:lang="en-US">The number of vessels in operations.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NumberOfVesselsInOperation_lbl" xml:lang="en-US">Number Of Vessels In Operation</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_NumberOfVesselsInOperation_lbl" xml:lang="en-US">Numbered of owned vessels in operation</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NumberOfVesselsInOperationChartered" xlink:label="asc_NumberOfVesselsInOperationChartered" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NumberOfVesselsInOperationChartered" xlink:to="asc_NumberOfVesselsInOperationChartered_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NumberOfVesselsInOperationChartered_lbl" xml:lang="en-US">The number of vessels in operations that are chartered..</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NumberOfVesselsInOperationChartered_lbl" xml:lang="en-US">Number Of Vessels In Operation, Chartered</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_NumberOfVesselsInOperationChartered_lbl" xml:lang="en-US">Number of chartered vessels in operations</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AverageAgeOfVessels" xlink:label="asc_AverageAgeOfVessels" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AverageAgeOfVessels" xlink:to="asc_AverageAgeOfVessels_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AverageAgeOfVessels_lbl" xml:lang="en-US">Average age of vessels, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AverageAgeOfVessels_lbl" xml:lang="en-US">Average Age Of Vessels</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NumberOfWhollyOwnedSubsidiaries" xlink:label="asc_NumberOfWhollyOwnedSubsidiaries" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NumberOfWhollyOwnedSubsidiaries" xlink:to="asc_NumberOfWhollyOwnedSubsidiaries_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NumberOfWhollyOwnedSubsidiaries_lbl" xml:lang="en-US">Represents the number of wholly owned subsidiaries.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NumberOfWhollyOwnedSubsidiaries_lbl" xml:lang="en-US">Number of Wholly Owned Subsidiaries</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_NumberOfWhollyOwnedSubsidiaries_lbl" xml:lang="en-US">Number of wholly owned subsidiaries</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NumberOfJointVentures" xlink:label="asc_NumberOfJointVentures" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NumberOfJointVentures" xlink:to="asc_NumberOfJointVentures_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NumberOfJointVentures_lbl" xml:lang="en-US">Refers to the number of joint ventures.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NumberOfJointVentures_lbl" xml:lang="en-US">Number of Joint Ventures</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_NumberOfJointVentures_lbl" xml:lang="en-US">Number of joint ventures</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US">Equity Method Investment, Ownership Percentage</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US">Percentage of ownership interest (as a percent)</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_VesselsScrapValuePerLightweightTon" xlink:label="asc_VesselsScrapValuePerLightweightTon" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_VesselsScrapValuePerLightweightTon" xlink:to="asc_VesselsScrapValuePerLightweightTon_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_VesselsScrapValuePerLightweightTon_lbl" xml:lang="en-US">This line item represents the scrap value of vessels per lightweight ton.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_VesselsScrapValuePerLightweightTon_lbl" xml:lang="en-US">Vessels Scrap Value Per Lightweight Ton</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_VesselsScrapValuePerLightweightTon_lbl" xml:lang="en-US">Estimated scrap value (per lwt)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xml:lang="en-US">Property, Plant and Equipment, Type [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xml:lang="en-US">Property, Plant and Equipment, Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreGibraltarMember" xlink:label="asc_ArdmoreGibraltarMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreGibraltarMember" xlink:to="asc_ArdmoreGibraltarMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ArdmoreGibraltarMember_lbl" xml:lang="en-US">NA</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreGibraltarMember_lbl" xml:lang="en-US">Ardmore Gibraltar [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreSeavaliantMember" xlink:label="asc_ArdmoreSeavaliantMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreSeavaliantMember" xlink:to="asc_ArdmoreSeavaliantMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreSeavaliantMember_lbl" xml:lang="en-US">Ardmore Seavaliant [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreSeaventureMember" xlink:label="asc_ArdmoreSeaventureMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreSeaventureMember" xlink:to="asc_ArdmoreSeaventureMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreSeaventureMember_lbl" xml:lang="en-US">Ardmore Seaventure [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreSeavantageMember" xlink:label="asc_ArdmoreSeavantageMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreSeavantageMember" xlink:to="asc_ArdmoreSeavantageMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreSeavantageMember_lbl" xml:lang="en-US">Ardmore Seavantage [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreSeavanguardMember" xlink:label="asc_ArdmoreSeavanguardMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreSeavanguardMember" xlink:to="asc_ArdmoreSeavanguardMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreSeavanguardMember_lbl" xml:lang="en-US">Ardmore Seavanguard [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreSealionMember" xlink:label="asc_ArdmoreSealionMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreSealionMember" xlink:to="asc_ArdmoreSealionMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreSealionMember_lbl" xml:lang="en-US">Ardmore Sealion [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreSeafoxMember" xlink:label="asc_ArdmoreSeafoxMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreSeafoxMember" xlink:to="asc_ArdmoreSeafoxMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreSeafoxMember_lbl" xml:lang="en-US">Ardmore Seafox [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreSeawolfMember" xlink:label="asc_ArdmoreSeawolfMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreSeawolfMember" xlink:to="asc_ArdmoreSeawolfMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreSeawolfMember_lbl" xml:lang="en-US">Ardmore Seawolf [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreSeahawkMember" xlink:label="asc_ArdmoreSeahawkMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreSeahawkMember" xlink:to="asc_ArdmoreSeahawkMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreSeahawkMember_lbl" xml:lang="en-US">Ardmore Seahawk [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreEndeavourMember" xlink:label="asc_ArdmoreEndeavourMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreEndeavourMember" xlink:to="asc_ArdmoreEndeavourMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreEndeavourMember_lbl" xml:lang="en-US">Ardmore Endeavour [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreEnterpriseMember" xlink:label="asc_ArdmoreEnterpriseMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreEnterpriseMember" xlink:to="asc_ArdmoreEnterpriseMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreEnterpriseMember_lbl" xml:lang="en-US">Ardmore Enterprise [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreEnduranceMember" xlink:label="asc_ArdmoreEnduranceMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreEnduranceMember" xlink:to="asc_ArdmoreEnduranceMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreEnduranceMember_lbl" xml:lang="en-US">Ardmore Endurance [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreEncounterMember" xlink:label="asc_ArdmoreEncounterMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreEncounterMember" xlink:to="asc_ArdmoreEncounterMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreEncounterMember_lbl" xml:lang="en-US">Ardmore Encounter [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreExplorerMember" xlink:label="asc_ArdmoreExplorerMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreExplorerMember" xlink:to="asc_ArdmoreExplorerMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreExplorerMember_lbl" xml:lang="en-US">Ardmore Explorer [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreExporterMember" xlink:label="asc_ArdmoreExporterMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreExporterMember" xlink:to="asc_ArdmoreExporterMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreExporterMember_lbl" xml:lang="en-US">Ardmore Exporter [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreEngineerMember" xlink:label="asc_ArdmoreEngineerMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreEngineerMember" xlink:to="asc_ArdmoreEngineerMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreEngineerMember_lbl" xml:lang="en-US">Ardmore Engineer [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreDauntlessMember" xlink:label="asc_ArdmoreDauntlessMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreDauntlessMember" xlink:to="asc_ArdmoreDauntlessMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreDauntlessMember_lbl" xml:lang="en-US">Ardmore Dauntless [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreDefenderMember" xlink:label="asc_ArdmoreDefenderMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreDefenderMember" xlink:to="asc_ArdmoreDefenderMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreDefenderMember_lbl" xml:lang="en-US">Ardmore Defender [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreCherokeeMember" xlink:label="asc_ArdmoreCherokeeMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreCherokeeMember" xlink:to="asc_ArdmoreCherokeeMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreCherokeeMember_lbl" xml:lang="en-US">Ardmore Cherokee [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreCheyenneMember" xlink:label="asc_ArdmoreCheyenneMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreCheyenneMember" xlink:to="asc_ArdmoreCheyenneMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ArdmoreCheyenneMember_lbl" xml:lang="en-US">Represents information pertaining to Ardmore Cheyenne.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreCheyenneMember_lbl" xml:lang="en-US">Ardmore Cheyenne [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreChinookMember" xlink:label="asc_ArdmoreChinookMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreChinookMember" xlink:to="asc_ArdmoreChinookMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreChinookMember_lbl" xml:lang="en-US">Ardmore Chinook [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreChippewaMember" xlink:label="asc_ArdmoreChippewaMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreChippewaMember" xlink:to="asc_ArdmoreChippewaMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreChippewaMember_lbl" xml:lang="en-US">Ardmore Chippewa [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_StatementGeographicalAxis" xlink:label="srt_StatementGeographicalAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_StatementGeographicalAxis" xlink:to="srt_StatementGeographicalAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_StatementGeographicalAxis_lbl" xml:lang="en-US">Geographical [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_SegmentGeographicalDomain" xlink:label="srt_SegmentGeographicalDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_SegmentGeographicalDomain" xlink:to="srt_SegmentGeographicalDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_SegmentGeographicalDomain_lbl" xml:lang="en-US">Geographical [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_KR" xlink:label="country_KR" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_KR" xlink:to="country_KR_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_KR_lbl" xml:lang="en-US">Korea</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/country/2024/country-2024.xsd#country_JP" xlink:label="country_JP" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_JP" xlink:to="country_JP_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_JP_lbl" xml:lang="en-US">Japan</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_TotalNumberOfFleet" xlink:label="asc_TotalNumberOfFleet" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_TotalNumberOfFleet" xlink:to="asc_TotalNumberOfFleet_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_TotalNumberOfFleet_lbl" xml:lang="en-US">The total number of fleet during the period, which may include crude oil tankers and new vessels under construction to be used in the normal conduct of business and not intended for resale.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_TotalNumberOfFleet_lbl" xml:lang="en-US">Total Number Of Fleet</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_TotalNumberOfFleet_lbl" xml:lang="en-US">TOTAL</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_DeadWeight" xlink:label="asc_DeadWeight" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_DeadWeight" xlink:to="asc_DeadWeight_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_DeadWeight_lbl" xml:lang="en-US">The total sum of weight that the vessel can carry on a defined load line.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_DeadWeight_lbl" xml:lang="en-US">Dead weight</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_DeadWeight_lbl" xml:lang="en-US">Deadweight</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ImoProductAndChemicalTanker" xlink:label="asc_ImoProductAndChemicalTanker" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ImoProductAndChemicalTanker" xlink:to="asc_ImoProductAndChemicalTanker_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ImoProductAndChemicalTanker_lbl" xml:lang="en-US">Pertains to the IMO (International Maritime Organization) product and chemical tanker.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ImoProductAndChemicalTanker_lbl" xml:lang="en-US">Imo Product And Chemical Tanker</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_ImoProductAndChemicalTanker_lbl" xml:lang="en-US">IMO</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_BuiltDate" xlink:label="asc_BuiltDate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_BuiltDate" xlink:to="asc_BuiltDate_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_BuiltDate_lbl" xml:lang="en-US">Built date of the fleet.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_BuiltDate_lbl" xml:lang="en-US">Built Date</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_BuiltDate_lbl" xml:lang="en-US">Built date</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_VesselType" xlink:label="asc_VesselType" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_VesselType" xlink:to="asc_VesselType_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_VesselType_lbl" xml:lang="en-US">Type of vessel built.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_VesselType_lbl" xml:lang="en-US">Vessel Type</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_VesselType_lbl" xml:lang="en-US">Type</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_SpecificationTypeOfVessel" xlink:label="asc_SpecificationTypeOfVessel" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_SpecificationTypeOfVessel" xlink:to="asc_SpecificationTypeOfVessel_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_SpecificationTypeOfVessel_lbl" xml:lang="en-US">Specification type of vessel built.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_SpecificationTypeOfVessel_lbl" xml:lang="en-US">Specification Type Of Vessel</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_SpecificationTypeOfVessel_lbl" xml:lang="en-US">Specification</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_SignificantAccountingPoliciesTable" xlink:label="asc_SignificantAccountingPoliciesTable" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_SignificantAccountingPoliciesTable" xlink:to="asc_SignificantAccountingPoliciesTable_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_SignificantAccountingPoliciesTable_lbl" xml:lang="en-US">Significant Accounting Policies [Table]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_SignificantAccountingPoliciesLineItems" xlink:label="asc_SignificantAccountingPoliciesLineItems" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_SignificantAccountingPoliciesLineItems" xlink:to="asc_SignificantAccountingPoliciesLineItems_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_SignificantAccountingPoliciesLineItems_lbl" xml:lang="en-US">N/A</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_SignificantAccountingPoliciesLineItems_lbl" xml:lang="en-US">Significant Accounting Policies [Line Items]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_SignificantAccountingPoliciesLineItems_lbl" xml:lang="en-US">Significant accounting policies</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_RangeAxis" xlink:label="srt_RangeAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeAxis" xlink:to="srt_RangeAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_RangeAxis_lbl" xml:lang="en-US">Range [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_RangeMember" xlink:label="srt_RangeMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeMember" xlink:to="srt_RangeMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_RangeMember_lbl" xml:lang="en-US">Range [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_MinimumMember" xlink:label="srt_MinimumMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MinimumMember" xlink:to="srt_MinimumMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_MinimumMember_lbl" xml:lang="en-US">Minimum [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_MaximumMember" xlink:label="srt_MaximumMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MaximumMember" xlink:to="srt_MaximumMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_MaximumMember_lbl" xml:lang="en-US">Maximum [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_VesselsMember" xlink:label="asc_VesselsMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_VesselsMember" xlink:to="asc_VesselsMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_VesselsMember_lbl" xml:lang="en-US">Vessels [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_OfficeEquipmentAndFixturesAndFittingsMember" xlink:label="asc_OfficeEquipmentAndFixturesAndFittingsMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_OfficeEquipmentAndFixturesAndFittingsMember" xlink:to="asc_OfficeEquipmentAndFixturesAndFittingsMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_OfficeEquipmentAndFixturesAndFittingsMember_lbl" xml:lang="en-US">Represents information pertaining to Office equipment and fixtures and fittings.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_OfficeEquipmentAndFixturesAndFittingsMember_lbl" xml:lang="en-US">Office Equipment and Fixtures and Fittings [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_StandardCorporationTaxRate" xlink:label="asc_StandardCorporationTaxRate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_StandardCorporationTaxRate" xlink:to="asc_StandardCorporationTaxRate_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_StandardCorporationTaxRate_lbl" xml:lang="en-US">Percentage of higher corporation tax rate applicable to passive or non-trading pretax income (loss).</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_StandardCorporationTaxRate_lbl" xml:lang="en-US">Standard Corporation Tax Rate</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_HigherCorporationTaxRate" xlink:label="asc_HigherCorporationTaxRate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_HigherCorporationTaxRate" xlink:to="asc_HigherCorporationTaxRate_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_HigherCorporationTaxRate_lbl" xml:lang="en-US">Percentage of higher corporation tax rate applicable to passive or non-trading pretax income (loss).</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_HigherCorporationTaxRate_lbl" xml:lang="en-US">Higher Corporation Tax Rate</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xml:lang="en-US">Property, Plant and Equipment, Useful Life</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Deferred Income Tax Expense (Benefit)</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_VesselsScheduledDrydockingPeriod" xlink:label="asc_VesselsScheduledDrydockingPeriod" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_VesselsScheduledDrydockingPeriod" xlink:to="asc_VesselsScheduledDrydockingPeriod_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_VesselsScheduledDrydockingPeriod_lbl" xml:lang="en-US">The scheduled drydocking period of vessels, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_VesselsScheduledDrydockingPeriod_lbl" xml:lang="en-US">Vessels, Scheduled Drydocking Period</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_VesselsScheduledDrydockingPeriod_lbl" xml:lang="en-US">Scheduled drydocking period of vessels</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" xlink:label="us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued" xlink:to="us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued_lbl" xml:lang="en-US">Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityMethodInvestmentAggregateCost" xlink:label="us-gaap_EquityMethodInvestmentAggregateCost" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentAggregateCost" xlink:to="us-gaap_EquityMethodInvestmentAggregateCost_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentAggregateCost_lbl" xml:lang="en-US">Equity Method Investment, Aggregate Cost</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestmentAggregateCost_lbl" xml:lang="en-US">Total investment</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:label="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment" xlink:to="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_lbl" xml:lang="en-US">Equity Method Investment, Other-than-Temporary Impairment</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment_lbl" xml:lang="en-US">Impariment</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LessorOperatingLeaseTermOfContract" xlink:label="us-gaap_LessorOperatingLeaseTermOfContract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LessorOperatingLeaseTermOfContract" xlink:to="us-gaap_LessorOperatingLeaseTermOfContract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LessorOperatingLeaseTermOfContract_lbl" xml:lang="en-US">Lessor, Operating Lease, Term of Contract</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_MajorCustomersAxis" xlink:label="srt_MajorCustomersAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_MajorCustomersAxis" xlink:to="srt_MajorCustomersAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_MajorCustomersAxis_lbl" xml:lang="en-US">Customer [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_NameOfMajorCustomerDomain" xlink:label="srt_NameOfMajorCustomerDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_NameOfMajorCustomerDomain" xlink:to="srt_NameOfMajorCustomerDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_NameOfMajorCustomerDomain_lbl" xml:lang="en-US">Customer [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ChartererMember" xlink:label="asc_ChartererMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ChartererMember" xlink:to="asc_ChartererMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ChartererMember_lbl" xml:lang="en-US">This member stands for charterer A.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ChartererMember_lbl" xml:lang="en-US">Charterer A [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ChartererBMember" xlink:label="asc_ChartererBMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ChartererBMember" xlink:to="asc_ChartererBMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ChartererBMember_lbl" xml:lang="en-US">This member stands for charterer B.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ChartererBMember_lbl" xml:lang="en-US">Charterer B [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfEntityWideRevenueByMajorCustomersByReportingSegmentsTable" xlink:label="us-gaap_ScheduleOfEntityWideRevenueByMajorCustomersByReportingSegmentsTable" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEntityWideRevenueByMajorCustomersByReportingSegmentsTable" xlink:to="us-gaap_ScheduleOfEntityWideRevenueByMajorCustomersByReportingSegmentsTable_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEntityWideRevenueByMajorCustomersByReportingSegmentsTable_lbl" xml:lang="en-US">Schedule of Revenue by Major Customers, by Reporting Segments [Table]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NatureOfVesselEmploymentAxis" xlink:label="asc_NatureOfVesselEmploymentAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NatureOfVesselEmploymentAxis" xlink:to="asc_NatureOfVesselEmploymentAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NatureOfVesselEmploymentAxis_lbl" xml:lang="en-US">Information by nature of vessel employment.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NatureOfVesselEmploymentAxis_lbl" xml:lang="en-US">Nature Of Vessel Employment [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NatureOfVesselEmploymentDomain" xlink:label="asc_NatureOfVesselEmploymentDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NatureOfVesselEmploymentDomain" xlink:to="asc_NatureOfVesselEmploymentDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NatureOfVesselEmploymentDomain_lbl" xml:lang="en-US">Information by nature of vessel employment.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NatureOfVesselEmploymentDomain_lbl" xml:lang="en-US">Nature Of Vessel Employment [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_SpotChartersMember" xlink:label="asc_SpotChartersMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_SpotChartersMember" xlink:to="asc_SpotChartersMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_SpotChartersMember_lbl" xml:lang="en-US">Spot Charters [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_PoolingArrangementsMember" xlink:label="asc_PoolingArrangementsMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_PoolingArrangementsMember" xlink:to="asc_PoolingArrangementsMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_PoolingArrangementsMember_lbl" xml:lang="en-US">Vessels Employed For Pooling Arrangements [Member]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_PoolingArrangementsMember_lbl" xml:lang="en-US">Pooling Arrangements [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_OtherMember" xlink:label="asc_OtherMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_OtherMember" xlink:to="asc_OtherMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_OtherMember_lbl" xml:lang="en-US">NA</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_OtherMember_lbl" xml:lang="en-US">Other revenue [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EntityWideRevenueMajorCustomerLineItems" xlink:label="us-gaap_EntityWideRevenueMajorCustomerLineItems" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EntityWideRevenueMajorCustomerLineItems" xlink:to="us-gaap_EntityWideRevenueMajorCustomerLineItems_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EntityWideRevenueMajorCustomerLineItems_lbl" xml:lang="en-US">Revenue, Major Customer [Line Items]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EntityWideRevenueMajorCustomerLineItems_lbl" xml:lang="en-US">Business and segmental reporting</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_NumberOfReportableSegments" xlink:label="us-gaap_NumberOfReportableSegments" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfReportableSegments" xlink:to="us-gaap_NumberOfReportableSegments_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfReportableSegments_lbl" xml:lang="en-US">Number of Reportable Segments</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NumberOfReportableSegments_lbl" xml:lang="en-US">Number of reportable segments</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NumberOfVesselsEmployed" xlink:label="asc_NumberOfVesselsEmployed" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NumberOfVesselsEmployed" xlink:to="asc_NumberOfVesselsEmployed_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NumberOfVesselsEmployed_lbl" xml:lang="en-US">The number of vessels employed by the company</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NumberOfVesselsEmployed_lbl" xml:lang="en-US">Number Of Vessels Employed</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_NumberOfVesselsEmployed_lbl" xml:lang="en-US">Number of vessels with loans</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsTable" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:to="us-gaap_ScheduleOfEquityMethodInvestmentsTable_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsTable_lbl" xml:lang="en-US">Schedule of Equity Method Investments [Table]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_Element1CorpAndMaritimePartnersLlcMember" xlink:label="asc_Element1CorpAndMaritimePartnersLlcMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_Element1CorpAndMaritimePartnersLlcMember" xlink:to="asc_Element1CorpAndMaritimePartnersLlcMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_Element1CorpAndMaritimePartnersLlcMember_lbl" xml:lang="en-US">Refers to Element 1 Corp And Maritime Partners LLC.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_Element1CorpAndMaritimePartnersLlcMember_lbl" xml:lang="en-US">Element 1 Corp And Maritime Partners LLC</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:to="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_lbl" xml:lang="en-US">Schedule of Equity Method Investments [Line Items]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentsLineItems_lbl" xml:lang="en-US">Equity Investment</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal" xlink:label="us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal" xlink:to="us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal_lbl" xml:lang="en-US">Equity Method Investment, Realized Gain (Loss) on Disposal</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal_lbl" xml:lang="en-US">Gain on sale of equity investment</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_EquityMethodInvestmentNumberOfCommonShares" xlink:label="asc_EquityMethodInvestmentNumberOfCommonShares" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_EquityMethodInvestmentNumberOfCommonShares" xlink:to="asc_EquityMethodInvestmentNumberOfCommonShares_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_EquityMethodInvestmentNumberOfCommonShares_lbl" xml:lang="en-US">The number of common shares held as equity investment.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_EquityMethodInvestmentNumberOfCommonShares_lbl" xml:lang="en-US">Equity Method Investment, Number of Common Shares</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_EquityMethodInvestmentNumberOfCommonShares_lbl" xml:lang="en-US">Number of common shares</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" xlink:label="us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" xlink:to="us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_lbl" xml:lang="en-US">Class of Warrant or Right, Number of Securities Called by Warrants or Rights</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_lbl" xml:lang="en-US">Warrants to purchase common shares</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_EquityMethodInvestmentVotingPercentage" xlink:label="asc_EquityMethodInvestmentVotingPercentage" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_EquityMethodInvestmentVotingPercentage" xlink:to="asc_EquityMethodInvestmentVotingPercentage_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_EquityMethodInvestmentVotingPercentage_lbl" xml:lang="en-US">Refers to the voting percentage assigned in an equity investment.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_EquityMethodInvestmentVotingPercentage_lbl" xml:lang="en-US">Equity Method Investment, Voting Percentage</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_EquityMethodInvestmentVotingPercentage_lbl" xml:lang="en-US">Percentage of voting right</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_EquityMethodInvestmentImpairmentLoss" xlink:label="asc_EquityMethodInvestmentImpairmentLoss" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_EquityMethodInvestmentImpairmentLoss" xlink:to="asc_EquityMethodInvestmentImpairmentLoss_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_EquityMethodInvestmentImpairmentLoss_lbl" xml:lang="en-US">Amount of impairment loss that has been recognized against investment accounted for under equity method of accounting.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_EquityMethodInvestmentImpairmentLoss_lbl" xml:lang="en-US">Equity Method Investment, Impairment Loss</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_EquityMethodInvestmentImpairmentLoss_lbl" xml:lang="en-US">Amount of impairment loss</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NumberOfBoardSeatsHeld" xlink:label="asc_NumberOfBoardSeatsHeld" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NumberOfBoardSeatsHeld" xlink:to="asc_NumberOfBoardSeatsHeld_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NumberOfBoardSeatsHeld_lbl" xml:lang="en-US">Number of boards seats currently held.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NumberOfBoardSeatsHeld_lbl" xml:lang="en-US">Number of Board Seats Held</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_NumberOfBoardSeatsHeld_lbl" xml:lang="en-US">Number of board seats currently held</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_TotalNumberOfBoardSeats" xlink:label="asc_TotalNumberOfBoardSeats" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_TotalNumberOfBoardSeats" xlink:to="asc_TotalNumberOfBoardSeats_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_TotalNumberOfBoardSeats_lbl" xml:lang="en-US">The total number of board seats.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_TotalNumberOfBoardSeats_lbl" xml:lang="en-US">Total Number of Board Seats</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_TotalNumberOfBoardSeats_lbl" xml:lang="en-US">Total number of board seats</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AccruedVesselOperatingExpensesAndVoyageExpensesCurrent" xlink:label="asc_AccruedVesselOperatingExpensesAndVoyageExpensesCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AccruedVesselOperatingExpensesAndVoyageExpensesCurrent" xlink:to="asc_AccruedVesselOperatingExpensesAndVoyageExpensesCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AccruedVesselOperatingExpensesAndVoyageExpensesCurrent_lbl" xml:lang="en-US">Amount of vessel operating expenses and voyage expenses incurred but not yet paid, due within one year or the normal operating cycle, if longer.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AccruedVesselOperatingExpensesAndVoyageExpensesCurrent_lbl" xml:lang="en-US">Accrued Vessel Operating Expenses And Voyage Expenses, Current</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_AccruedVesselOperatingExpensesAndVoyageExpensesCurrent_lbl" xml:lang="en-US">Accrued vessel operating expenses and voyage expenses</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherAccruedLiabilitiesCurrent" xlink:label="us-gaap_OtherAccruedLiabilitiesCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAccruedLiabilitiesCurrent" xlink:to="us-gaap_OtherAccruedLiabilitiesCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Other Accrued Liabilities, Current</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Other accrued expenses</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccruedLiabilitiesCurrent" xlink:label="us-gaap_AccruedLiabilitiesCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedLiabilitiesCurrent" xlink:to="us-gaap_AccruedLiabilitiesCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued Liabilities, Current</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AccruedLiabilitiesCurrent_lbl" xml:lang="en-US">Total accrued expenses</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="us-gaap_LongtermDebtTypeAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtTypeAxis" xlink:to="us-gaap_LongtermDebtTypeAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongtermDebtTypeAxis_lbl" xml:lang="en-US">Long-term Debt, Type [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="us-gaap_LongtermDebtTypeDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtTypeDomain" xlink:to="us-gaap_LongtermDebtTypeDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongtermDebtTypeDomain_lbl" xml:lang="en-US">Long-term Debt, Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NordeaSebRevolvingFacilityMember" xlink:label="asc_NordeaSebRevolvingFacilityMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NordeaSebRevolvingFacilityMember" xlink:to="asc_NordeaSebRevolvingFacilityMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NordeaSebRevolvingFacilityMember_lbl" xml:lang="en-US">n/a</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NordeaSebRevolvingFacilityMember_lbl" xml:lang="en-US">Nordea SEB Revolving Facility</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AbnCacibJointBankFacilityMember" xlink:label="asc_AbnCacibJointBankFacilityMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AbnCacibJointBankFacilityMember" xlink:to="asc_AbnCacibJointBankFacilityMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AbnCacibJointBankFacilityMember_lbl" xml:lang="en-US">n/a</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AbnCacibJointBankFacilityMember_lbl" xml:lang="en-US">ABN CACIB Joint Bank Facility</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AbnAmroRevolvingFacilityMember" xlink:label="asc_AbnAmroRevolvingFacilityMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AbnAmroRevolvingFacilityMember" xlink:to="asc_AbnAmroRevolvingFacilityMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AbnAmroRevolvingFacilityMember_lbl" xml:lang="en-US">N/a</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AbnAmroRevolvingFacilityMember_lbl" xml:lang="en-US">ABN AMRO Revolving Facility</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShortTermDebtTypeAxis" xlink:label="us-gaap_ShortTermDebtTypeAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermDebtTypeAxis" xlink:to="us-gaap_ShortTermDebtTypeAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShortTermDebtTypeAxis_lbl" xml:lang="en-US">Short-term Debt, Type [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShortTermDebtTypeDomain" xlink:label="us-gaap_ShortTermDebtTypeDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermDebtTypeDomain" xlink:to="us-gaap_ShortTermDebtTypeDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShortTermDebtTypeDomain_lbl" xml:lang="en-US">Short-term Debt, Type [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LoansPayableMember" xlink:label="us-gaap_LoansPayableMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LoansPayableMember" xlink:to="us-gaap_LoansPayableMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LoansPayableMember_lbl" xml:lang="en-US">Loans Payable</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="us-gaap_DebtInstrumentCarryingAmount" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCarryingAmount" xlink:to="us-gaap_DebtInstrumentCarryingAmount_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/definitionGuidance" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xml:lang="en-US">Total debt</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xml:lang="en-US">Long-term Debt, Gross</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xml:lang="en-US">Total long-term debt</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredFinanceCostsNet" xlink:label="us-gaap_DeferredFinanceCostsNet" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsNet" xlink:to="us-gaap_DeferredFinanceCostsNet_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xml:lang="en-US">Debt Issuance Costs, Net</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredFinanceCostsNet_lbl" xml:lang="en-US">Deferred finance fees</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebt" xlink:label="us-gaap_LongTermDebt" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US">Long-term Debt</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US">Net total debt</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_LongTermDebtCurrentGross" xlink:label="asc_LongTermDebtCurrentGross" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_LongTermDebtCurrentGross" xlink:to="asc_LongTermDebtCurrentGross_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_LongTermDebtCurrentGross_lbl" xml:lang="en-US">The amount of current portion of long term debt before deferred finance fees.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_LongTermDebtCurrentGross_lbl" xml:lang="en-US">Long Term Debt Current Gross</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_LongTermDebtCurrentGross_lbl" xml:lang="en-US">Current portion of long-term debt</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredFinanceCostsCurrentNet" xlink:label="us-gaap_DeferredFinanceCostsCurrentNet" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsCurrentNet" xlink:to="us-gaap_DeferredFinanceCostsCurrentNet_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredFinanceCostsCurrentNet_lbl" xml:lang="en-US">Debt Issuance Costs, Current, Net</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_DeferredFinanceCostsCurrentNet_lbl" xml:lang="en-US">Current portion of deferred finance fees</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal in Year Two</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xml:lang="en-US">2026</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xml:lang="en-US">Long-term Debt, Maturities, Repayments of Principal in Year Three</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xml:lang="en-US">2027</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NordeaSebJointBankFacilityMember" xlink:label="asc_NordeaSebJointBankFacilityMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NordeaSebJointBankFacilityMember" xlink:to="asc_NordeaSebJointBankFacilityMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NordeaSebJointBankFacilityMember_lbl" xml:lang="en-US">Nordea SEB Joint Bank Facility</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AbnCacibRevolvingBankFacilityMember" xlink:label="asc_AbnCacibRevolvingBankFacilityMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AbnCacibRevolvingBankFacilityMember" xlink:to="asc_AbnCacibRevolvingBankFacilityMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AbnCacibRevolvingBankFacilityMember_lbl" xml:lang="en-US">n/a</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AbnCacibRevolvingBankFacilityMember_lbl" xml:lang="en-US">ABN CACIB Revolving Bank Facility</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NumberOfFinanceLeaseFacility" xlink:label="asc_NumberOfFinanceLeaseFacility" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NumberOfFinanceLeaseFacility" xlink:to="asc_NumberOfFinanceLeaseFacility_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NumberOfFinanceLeaseFacility_lbl" xml:lang="en-US">The number of finance lease facility in operations.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NumberOfFinanceLeaseFacility_lbl" xml:lang="en-US">Number Of Finance Lease Facility</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_NumberOfFinanceLeaseFacility_lbl" xml:lang="en-US">Number of loan facilities</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NumberOfVesselsPreviouslyFinanced" xlink:label="asc_NumberOfVesselsPreviouslyFinanced" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NumberOfVesselsPreviouslyFinanced" xlink:to="asc_NumberOfVesselsPreviouslyFinanced_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NumberOfVesselsPreviouslyFinanced_lbl" xml:lang="en-US">The number of vessels previously financed under lease arrangments.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NumberOfVesselsPreviouslyFinanced_lbl" xml:lang="en-US">Number Of Vessels Previously Financed</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_NumberOfVesselsPreviouslyFinanced_lbl" xml:lang="en-US">Number of vessels previously financed under lease arrangments</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NumberOfSubsidiaries" xlink:label="asc_NumberOfSubsidiaries" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NumberOfSubsidiaries" xlink:to="asc_NumberOfSubsidiaries_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NumberOfSubsidiaries_lbl" xml:lang="en-US">Represents number of subsidiaries.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NumberOfSubsidiaries_lbl" xml:lang="en-US">Number of Subsidiaries</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_NumberOfSubsidiaries_lbl" xml:lang="en-US">Number of subsidiaries</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US">Line of Credit Facility, Maximum Borrowing Capacity</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US">Maximum borrowing capacity</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US">Debt Instrument, Basis Spread on Variable Rate</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US">Interest rates (SOFR)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:to="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_lbl" xml:lang="en-US">Debt Instrument, Description of Variable Rate Basis</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NumberOfDaysToProvideNoticeForDrawDownOrRepaymentOfDebt" xlink:label="asc_NumberOfDaysToProvideNoticeForDrawDownOrRepaymentOfDebt" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NumberOfDaysToProvideNoticeForDrawDownOrRepaymentOfDebt" xlink:to="asc_NumberOfDaysToProvideNoticeForDrawDownOrRepaymentOfDebt_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_NumberOfDaysToProvideNoticeForDrawDownOrRepaymentOfDebt_lbl" xml:lang="en-US">Number of days within which the company has to provide notice for drawing down or repayment of debt.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NumberOfDaysToProvideNoticeForDrawDownOrRepaymentOfDebt_lbl" xml:lang="en-US">Number Of Days To Provide Notice For Draw Down Or Repayment Of Debt</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_NumberOfDaysToProvideNoticeForDrawDownOrRepaymentOfDebt_lbl" xml:lang="en-US">Number of days to provide notice for draw down or repayment of debt</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_PercentageOfOutstandingBalanceRevolvingCreditFacility" xlink:label="asc_PercentageOfOutstandingBalanceRevolvingCreditFacility" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_PercentageOfOutstandingBalanceRevolvingCreditFacility" xlink:to="asc_PercentageOfOutstandingBalanceRevolvingCreditFacility_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_PercentageOfOutstandingBalanceRevolvingCreditFacility_lbl" xml:lang="en-US">Represents percentage of the outstanding balance under the facility converted into a revolving credit facility.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_PercentageOfOutstandingBalanceRevolvingCreditFacility_lbl" xml:lang="en-US">Percentage of Outstanding Balance, Revolving Credit Facility</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_PercentageOfOutstandingBalanceRevolvingCreditFacility_lbl" xml:lang="en-US">Percentage of outstanding balance converted into a revolving credit facility</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_PercentageOfOutstandingBalanceTermLoanFacility" xlink:label="asc_PercentageOfOutstandingBalanceTermLoanFacility" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_PercentageOfOutstandingBalanceTermLoanFacility" xlink:to="asc_PercentageOfOutstandingBalanceTermLoanFacility_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_PercentageOfOutstandingBalanceTermLoanFacility_lbl" xml:lang="en-US">Represents percentage of the outstanding balance under the facility continuing as a term loan facility.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_PercentageOfOutstandingBalanceTermLoanFacility_lbl" xml:lang="en-US">Percentage of Outstanding Balance, Term Loan Facility</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_PercentageOfOutstandingBalanceTermLoanFacility_lbl" xml:lang="en-US">Percentage continuing as a term loan facility</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LineOfCredit" xlink:label="us-gaap_LineOfCredit" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCredit" xlink:to="us-gaap_LineOfCredit_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US">Long-term Line of Credit</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCredit_lbl" xml:lang="en-US">Revolving credit facility drawn down</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" xml:lang="en-US">Line of Credit Facility, Remaining Borrowing Capacity</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity_lbl" xml:lang="en-US">Revolving credit facility undrawn</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LineOfCreditFacilityAverageOutstandingAmount" xlink:label="us-gaap_LineOfCreditFacilityAverageOutstandingAmount" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityAverageOutstandingAmount" xlink:to="us-gaap_LineOfCreditFacilityAverageOutstandingAmount_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityAverageOutstandingAmount_lbl" xml:lang="en-US">Line of Credit Facility, Average Outstanding Amount</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityAverageOutstandingAmount_lbl" xml:lang="en-US">Outstanding balance</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_RequiredMinimumSolvencyCovenant" xlink:label="asc_RequiredMinimumSolvencyCovenant" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_RequiredMinimumSolvencyCovenant" xlink:to="asc_RequiredMinimumSolvencyCovenant_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_RequiredMinimumSolvencyCovenant_lbl" xml:lang="en-US">The minimum solvency required under the debt covenants as of the balance sheet date.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_RequiredMinimumSolvencyCovenant_lbl" xml:lang="en-US">Required Minimum Solvency Covenant</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_RequiredMinimumCashBalance" xlink:label="asc_RequiredMinimumCashBalance" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_RequiredMinimumCashBalance" xlink:to="asc_RequiredMinimumCashBalance_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_RequiredMinimumCashBalance_lbl" xml:lang="en-US">The minimum cash balance required under the debt covenants as of the balance sheet date.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_RequiredMinimumCashBalance_lbl" xml:lang="en-US">Required Minimum Cash Balance</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_RequiredMinimumCashBalance_lbl" xml:lang="en-US">Required minimum cash and cash equivalents</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_CashAndCashEquivalentPercentage" xlink:label="asc_CashAndCashEquivalentPercentage" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_CashAndCashEquivalentPercentage" xlink:to="asc_CashAndCashEquivalentPercentage_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_CashAndCashEquivalentPercentage_lbl" xml:lang="en-US">Percentage of cash and cash equivalents required to be maintained.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_CashAndCashEquivalentPercentage_lbl" xml:lang="en-US">Cash and Cash Equivalent Percentage</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_FairMarketValuePercentage" xlink:label="asc_FairMarketValuePercentage" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_FairMarketValuePercentage" xlink:to="asc_FairMarketValuePercentage_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_FairMarketValuePercentage_lbl" xml:lang="en-US">Percentage of fair market value.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_FairMarketValuePercentage_lbl" xml:lang="en-US">Fair market Value Percentage</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_MinimumNetWorthRequired" xlink:label="asc_MinimumNetWorthRequired" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_MinimumNetWorthRequired" xlink:to="asc_MinimumNetWorthRequired_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_MinimumNetWorthRequired_lbl" xml:lang="en-US">The minimum net worth required under the debt covenant as of the balance sheet date.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_MinimumNetWorthRequired_lbl" xml:lang="en-US">Minimum Net Worth Required</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_EffectiveInterestRateExcludingCommitmentFees" xlink:label="asc_EffectiveInterestRateExcludingCommitmentFees" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_EffectiveInterestRateExcludingCommitmentFees" xlink:to="asc_EffectiveInterestRateExcludingCommitmentFees_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_EffectiveInterestRateExcludingCommitmentFees_lbl" xml:lang="en-US">Effective interest rate, excluding commitment fees for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_EffectiveInterestRateExcludingCommitmentFees_lbl" xml:lang="en-US">Effective Interest Rate, Excluding Commitment Fees</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_EffectiveInterestRateExcludingCommitmentFees_lbl" xml:lang="en-US">Effective interest rate, excluding commitment fees</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DebtWeightedAverageInterestRate" xlink:label="us-gaap_DebtWeightedAverageInterestRate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtWeightedAverageInterestRate" xlink:to="us-gaap_DebtWeightedAverageInterestRate_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtWeightedAverageInterestRate_lbl" xml:lang="en-US">Debt, Weighted Average Interest Rate</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtWeightedAverageInterestRate_lbl" xml:lang="en-US">Effective interest rate, weighted average</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeLeaseDescriptionTable" xlink:label="us-gaap_LesseeLeaseDescriptionTable" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LesseeLeaseDescriptionTable" xlink:to="us-gaap_LesseeLeaseDescriptionTable_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LesseeLeaseDescriptionTable_lbl" xml:lang="en-US">Lessee, Lease, Description [Table]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ConsolidatedEntitiesAxis" xlink:label="srt_ConsolidatedEntitiesAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ConsolidatedEntitiesAxis" xlink:to="srt_ConsolidatedEntitiesAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_ConsolidatedEntitiesAxis_lbl" xml:lang="en-US">Consolidated Entities [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_ConsolidatedEntitiesDomain" xlink:label="srt_ConsolidatedEntitiesDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ConsolidatedEntitiesDomain" xlink:to="srt_ConsolidatedEntitiesDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_ConsolidatedEntitiesDomain_lbl" xml:lang="en-US">Consolidated Entities [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_CmbflShandongMember" xlink:label="asc_CmbflShandongMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_CmbflShandongMember" xlink:to="asc_CmbflShandongMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_CmbflShandongMember_lbl" xml:lang="en-US">na</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_CmbflShandongMember_lbl" xml:lang="en-US">CMBFL Shandong</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeLeaseDescriptionLineItems" xlink:label="us-gaap_LesseeLeaseDescriptionLineItems" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LesseeLeaseDescriptionLineItems" xlink:to="us-gaap_LesseeLeaseDescriptionLineItems_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LesseeLeaseDescriptionLineItems_lbl" xml:lang="en-US">Lessee, Lease, Description [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseLiabilityPaymentsDue" xlink:label="us-gaap_FinanceLeaseLiabilityPaymentsDue" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinanceLeaseLiabilityPaymentsDue" xlink:to="us-gaap_FinanceLeaseLiabilityPaymentsDue_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinanceLeaseLiabilityPaymentsDue_lbl" xml:lang="en-US">Capital Leases, Future Minimum Payments Due</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FinanceLeaseLiabilityPaymentsDue_lbl" xml:lang="en-US">Finance lease obligations</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_FinanceLeaseFutureMinimumPaymentsIncludedInPayments" xlink:label="asc_FinanceLeaseFutureMinimumPaymentsIncludedInPayments" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_FinanceLeaseFutureMinimumPaymentsIncludedInPayments" xlink:to="asc_FinanceLeaseFutureMinimumPaymentsIncludedInPayments_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_FinanceLeaseFutureMinimumPaymentsIncludedInPayments_lbl" xml:lang="en-US">Amount necessary to reduce net minimum lease payments to present value for finance leases.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_FinanceLeaseFutureMinimumPaymentsIncludedInPayments_lbl" xml:lang="en-US">Finance Lease Future Minimum Payments Included In Payments</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="asc_FinanceLeaseFutureMinimumPaymentsIncludedInPayments_lbl" xml:lang="en-US">Amounts representing interest and deferred finance fees</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_FinanceLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments" xlink:label="asc_FinanceLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_FinanceLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments" xlink:to="asc_FinanceLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_FinanceLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments_lbl" xml:lang="en-US">Present value of minimum lease payments for finance leases net of executory costs, including amounts paid by the lessee to the lessor for insurance, maintenance and taxes.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_FinanceLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments_lbl" xml:lang="en-US">Finance Leases Future Minimum Payments Present Value Of Net Minimum Payments</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="asc_FinanceLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments_lbl" xml:lang="en-US">Finance lease obligations, net of interest and deferred finance fees</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_FinanceLeaseLiabilityGrossCurrent" xlink:label="asc_FinanceLeaseLiabilityGrossCurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_FinanceLeaseLiabilityGrossCurrent" xlink:to="asc_FinanceLeaseLiabilityGrossCurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_FinanceLeaseLiabilityGrossCurrent_lbl" xml:lang="en-US">Present value of lessee's discounted obligation for lease payments from finance lease before deducting deferred finance fees, classified as current.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_FinanceLeaseLiabilityGrossCurrent_lbl" xml:lang="en-US">Finance Lease, Liability, Gross, Current</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_FinanceLeaseLiabilityGrossCurrent_lbl" xml:lang="en-US">Current portion of finance lease obligations</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredFinanceCostsCurrentGross" xlink:label="us-gaap_DeferredFinanceCostsCurrentGross" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsCurrentGross" xlink:to="us-gaap_DeferredFinanceCostsCurrentGross_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredFinanceCostsCurrentGross_lbl" xml:lang="en-US">Debt Issuance Costs, Gross, Current</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredFinanceCostsCurrentGross_lbl" xml:lang="en-US">Current portion of deferred finance fees</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_FinanceLeaseLiabilityNoncurrentGross" xlink:label="asc_FinanceLeaseLiabilityNoncurrentGross" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_FinanceLeaseLiabilityNoncurrentGross" xlink:to="asc_FinanceLeaseLiabilityNoncurrentGross_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_FinanceLeaseLiabilityNoncurrentGross_lbl" xml:lang="en-US">Present value of lessee's discounted obligation for lease payments from finance lease before deducting deferred finance fees, classified as noncurrent.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_FinanceLeaseLiabilityNoncurrentGross_lbl" xml:lang="en-US">Finance Lease, Liability, Noncurrent, Gross</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_FinanceLeaseLiabilityNoncurrentGross_lbl" xml:lang="en-US">Non-current portion of finance lease obligations</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DeferredFinanceCostsNoncurrentGross" xlink:label="us-gaap_DeferredFinanceCostsNoncurrentGross" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsNoncurrentGross" xlink:to="us-gaap_DeferredFinanceCostsNoncurrentGross_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredFinanceCostsNoncurrentGross_lbl" xml:lang="en-US">Debt Issuance Cost, Gross, Noncurrent</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredFinanceCostsNoncurrentGross_lbl" xml:lang="en-US">Non-current portion of deferred finance fees</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_FinanceLeaseLiabilityGross" xlink:label="asc_FinanceLeaseLiabilityGross" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_FinanceLeaseLiabilityGross" xlink:to="asc_FinanceLeaseLiabilityGross_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_FinanceLeaseLiabilityGross_lbl" xml:lang="en-US">Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term before adjustment of seller's credit.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_FinanceLeaseLiabilityGross_lbl" xml:lang="en-US">Finance Lease Liability Gross</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="asc_FinanceLeaseLiabilityGross_lbl" xml:lang="en-US">Total finance lease obligations, net of deferred finance fees</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SaleLeasebackTransactionHistoricalCost" xlink:label="us-gaap_SaleLeasebackTransactionHistoricalCost" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SaleLeasebackTransactionHistoricalCost" xlink:to="us-gaap_SaleLeasebackTransactionHistoricalCost_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SaleLeasebackTransactionHistoricalCost_lbl" xml:lang="en-US">Sale Leaseback Transaction, Gross Proceeds, Financing Activities</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SaleLeasebackTransactionHistoricalCost_lbl" xml:lang="en-US">Gross proceeds</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_SaleLeasebackTransactionFees" xlink:label="asc_SaleLeasebackTransactionFees" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_SaleLeasebackTransactionFees" xlink:to="asc_SaleLeasebackTransactionFees_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_SaleLeasebackTransactionFees_lbl" xml:lang="en-US">Refers to transaction costs related to the sale leaseback.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_SaleLeasebackTransactionFees_lbl" xml:lang="en-US">Sale Leaseback, Transaction Costs</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_SaleLeasebackTransactionFees_lbl" xml:lang="en-US">Transaction fees</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeaseLiability" xlink:label="us-gaap_OperatingLeaseLiability" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseLiability" xlink:to="us-gaap_OperatingLeaseLiability_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeaseLiability_lbl" xml:lang="en-US">Operating Lease, Liability</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingLeaseLiability_lbl" xml:lang="en-US">Present value of lease liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SubleaseIncome" xlink:label="us-gaap_SubleaseIncome" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubleaseIncome" xlink:to="us-gaap_SubleaseIncome_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubleaseIncome_lbl" xml:lang="en-US">Sublease Income</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" xlink:to="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_lbl" xml:lang="en-US">Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_lbl" xml:lang="en-US">2025</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" xlink:to="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_lbl" xml:lang="en-US">Lessee, Operating Lease, Liability, Payments, Due Year Two</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_lbl" xml:lang="en-US">2026</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree" xlink:to="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_lbl" xml:lang="en-US">Lessee, Operating Lease, Liability, Payments, Due Year Three</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree_lbl" xml:lang="en-US">2027</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour" xlink:to="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_lbl" xml:lang="en-US">Lessee, Operating Lease, Liability, Payments, Due Year Four</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour_lbl" xml:lang="en-US">2028</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour" xlink:label="asc_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour" xlink:to="asc_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour_lbl" xml:lang="en-US">Amount of lessee's undiscounted obligation for lease payment for operating lease due after fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour_lbl" xml:lang="en-US">Lessee, Operating Lease, Liability, to be Paid, after Year Four</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour_lbl" xml:lang="en-US">2029 - 2030</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue" xlink:to="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_lbl" xml:lang="en-US">Lessee, Operating Lease, Liability, Payments, Due</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue_lbl" xml:lang="en-US">Total lease payments</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" xlink:to="us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_lbl" xml:lang="en-US">Lessee, Operating Lease, Liability, Undiscounted Excess Amount</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_lbl" xml:lang="en-US">Less imputed interest</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="us-gaap_IncomeStatementLocationAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationAxis" xlink:to="us-gaap_IncomeStatementLocationAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementLocationAxis_lbl" xml:lang="en-US">Income Statement Location [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="us-gaap_IncomeStatementLocationDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationDomain" xlink:to="us-gaap_IncomeStatementLocationDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementLocationDomain_lbl" xml:lang="en-US">Income Statement Location [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_CharterHireCostsMember" xlink:label="asc_CharterHireCostsMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_CharterHireCostsMember" xlink:to="asc_CharterHireCostsMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_CharterHireCostsMember_lbl" xml:lang="en-US">Represents information pertaining to charter hire costs.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_CharterHireCostsMember_lbl" xml:lang="en-US">Charter Hire Costs [Member]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_CharterHireCostsMember_lbl" xml:lang="en-US">Charter hire costs</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_GeneralAndAdministrativeExpenseMember" xlink:label="us-gaap_GeneralAndAdministrativeExpenseMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpenseMember" xlink:to="us-gaap_GeneralAndAdministrativeExpenseMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GeneralAndAdministrativeExpenseMember_lbl" xml:lang="en-US">General and Administrative Expense [Member]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GeneralAndAdministrativeExpenseMember_lbl" xml:lang="en-US">General and administrative expense</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:label="us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1" xlink:to="us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1_lbl" xml:lang="en-US">Operating Lease, Weighted Average Remaining Lease Term</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_OperatingLeasesOfLesseeIncrementalBorrowingRatePercentage" xlink:label="asc_OperatingLeasesOfLesseeIncrementalBorrowingRatePercentage" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_OperatingLeasesOfLesseeIncrementalBorrowingRatePercentage" xlink:to="asc_OperatingLeasesOfLesseeIncrementalBorrowingRatePercentage_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_OperatingLeasesOfLesseeIncrementalBorrowingRatePercentage_lbl" xml:lang="en-US">The incremental borrowing rate (IBR) is the interest rate a lessee would have to pay to borrow funds to finance an asset similar to the lease's ROU asset in value, over a similar term and in a similar economic environment.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_OperatingLeasesOfLesseeIncrementalBorrowingRatePercentage_lbl" xml:lang="en-US">Operating Leases of Lessee, Incremental Borrowing Rate, Percentage</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_OperatingLeasesOfLesseeIncrementalBorrowingRatePercentage_lbl" xml:lang="en-US">Incremental borrowing rate</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_OperatingLeaseOptionToExtend" xlink:label="asc_OperatingLeaseOptionToExtend" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_OperatingLeaseOptionToExtend" xlink:to="asc_OperatingLeaseOptionToExtend_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_OperatingLeaseOptionToExtend_lbl" xml:lang="en-US">Option to extend, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_OperatingLeaseOptionToExtend_lbl" xml:lang="en-US">Operating Lease, Option to Extend</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LeasePracticalExpedientsPackage" xlink:label="us-gaap_LeasePracticalExpedientsPackage" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeasePracticalExpedientsPackage" xlink:to="us-gaap_LeasePracticalExpedientsPackage_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeasePracticalExpedientsPackage_lbl" xml:lang="en-US">Lease, Practical Expedients, Package [true false]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:label="us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent" xlink:to="us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent_lbl" xml:lang="en-US">Operating Lease, Weighted Average Discount Rate, Percent</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingLeaseCost" xlink:label="us-gaap_OperatingLeaseCost" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseCost" xlink:to="us-gaap_OperatingLeaseCost_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeaseCost_lbl" xml:lang="en-US">Operating Lease, Cost</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeaseCost_lbl" xml:lang="en-US">Operating lease cost</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShortTermLeaseCost" xlink:label="us-gaap_ShortTermLeaseCost" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShortTermLeaseCost" xlink:to="us-gaap_ShortTermLeaseCost_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShortTermLeaseCost_lbl" xml:lang="en-US">Short-Term Lease, Cost</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShortTermLeaseCost_lbl" xml:lang="en-US">Short-Term lease cost</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_LeaseCost" xlink:label="us-gaap_LeaseCost" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseCost" xlink:to="us-gaap_LeaseCost_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeaseCost_lbl" xml:lang="en-US">Lease, Cost</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LeaseCost_lbl" xml:lang="en-US">Lease cost</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TemporaryEquityByClassOfStockTable" xlink:label="us-gaap_TemporaryEquityByClassOfStockTable" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityByClassOfStockTable" xlink:to="us-gaap_TemporaryEquityByClassOfStockTable_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TemporaryEquityByClassOfStockTable_lbl" xml:lang="en-US">Temporary Equity, by Class of Stock [Table]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AnniversaryAxis" xlink:label="asc_AnniversaryAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AnniversaryAxis" xlink:to="asc_AnniversaryAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AnniversaryAxis_lbl" xml:lang="en-US">n/a</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AnniversaryAxis_lbl" xml:lang="en-US">Anniversary [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AnniversaryDomain" xlink:label="asc_AnniversaryDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AnniversaryDomain" xlink:to="asc_AnniversaryDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AnniversaryDomain_lbl" xml:lang="en-US">n/a</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AnniversaryDomain_lbl" xml:lang="en-US">Anniversary [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ThirdMember" xlink:label="asc_ThirdMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ThirdMember" xlink:to="asc_ThirdMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ThirdMember_lbl" xml:lang="en-US">n/a</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ThirdMember_lbl" xml:lang="en-US">Third anniversary</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_FourthMember" xlink:label="asc_FourthMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_FourthMember" xlink:to="asc_FourthMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_FourthMember_lbl" xml:lang="en-US">n/a</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_FourthMember_lbl" xml:lang="en-US">Fourth anniversary</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_FifthMember" xlink:label="asc_FifthMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_FifthMember" xlink:to="asc_FifthMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_FifthMember_lbl" xml:lang="en-US">n/a</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_FifthMember_lbl" xml:lang="en-US">Fifth anniversary</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="us-gaap_BalanceSheetLocationAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BalanceSheetLocationAxis" xlink:to="us-gaap_BalanceSheetLocationAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BalanceSheetLocationAxis_lbl" xml:lang="en-US">Balance Sheet Location [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="us-gaap_BalanceSheetLocationDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BalanceSheetLocationDomain" xlink:to="us-gaap_BalanceSheetLocationDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BalanceSheetLocationDomain_lbl" xml:lang="en-US">Balance Sheet Location [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherNoncurrentLiabilitiesMember" xlink:label="us-gaap_OtherNoncurrentLiabilitiesMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncurrentLiabilitiesMember" xlink:to="us-gaap_OtherNoncurrentLiabilitiesMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNoncurrentLiabilitiesMember_lbl" xml:lang="en-US">Other noncurrent liabilities</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TemporaryEquityLineItems" xlink:label="us-gaap_TemporaryEquityLineItems" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityLineItems" xlink:to="us-gaap_TemporaryEquityLineItems_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TemporaryEquityLineItems_lbl" xml:lang="en-US">Temporary Equity [Line Items]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TemporaryEquityLineItems_lbl" xml:lang="en-US">Preferred Stock</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" xlink:label="asc_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" xlink:to="asc_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Number of new stock classified as temporary equity issued during the period.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Temporary Equity, Stock Issued During Period, Shares, New Issues</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Preferred stock issued</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_TemporaryEquityLiquidationPreferencePerShare" xlink:label="us-gaap_TemporaryEquityLiquidationPreferencePerShare" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TemporaryEquityLiquidationPreferencePerShare" xlink:to="us-gaap_TemporaryEquityLiquidationPreferencePerShare_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TemporaryEquityLiquidationPreferencePerShare_lbl" xml:lang="en-US">Temporary Equity, Liquidation Preference Per Share</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TemporaryEquityLiquidationPreferencePerShare_lbl" xml:lang="en-US">Liquidation preference per share</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_DividendsTemporaryEquityCash" xlink:label="asc_DividendsTemporaryEquityCash" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_DividendsTemporaryEquityCash" xlink:to="asc_DividendsTemporaryEquityCash_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_DividendsTemporaryEquityCash_lbl" xml:lang="en-US">Amount of paid and unpaid  dividends on temporary equity with the form of settlement in cash.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_DividendsTemporaryEquityCash_lbl" xml:lang="en-US">Dividends, Temporary Equity, Cash</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_DividendsTemporaryEquityCash_lbl" xml:lang="en-US">Dividends</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockRedemptionPremium" xlink:label="us-gaap_PreferredStockRedemptionPremium" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockRedemptionPremium" xlink:to="us-gaap_PreferredStockRedemptionPremium_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockRedemptionPremium_lbl" xml:lang="en-US">Preferred Stock Redemption Premium</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockRedemptionPremium_lbl" xml:lang="en-US">Premium on the redemption</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:to="us-gaap_DividendsPayableCurrentAndNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent_lbl" xml:lang="en-US">Dividends Payable</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent_lbl" xml:lang="en-US">Preferred stock dividend accrued</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_TemporaryEquityRedemptionPricePercentage" xlink:label="asc_TemporaryEquityRedemptionPricePercentage" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_TemporaryEquityRedemptionPricePercentage" xlink:to="asc_TemporaryEquityRedemptionPricePercentage_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_TemporaryEquityRedemptionPricePercentage_lbl" xml:lang="en-US">Percentage of price to be paid upon redemption on temporary equity.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_TemporaryEquityRedemptionPricePercentage_lbl" xml:lang="en-US">Temporary Equity, Redemption Price Percentage</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_TemporaryEquityRedemptionPricePercentage_lbl" xml:lang="en-US">Redemption price (as a percent)</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_TemporaryEquityProfitInterestsOnDistributionsPercentage" xlink:label="asc_TemporaryEquityProfitInterestsOnDistributionsPercentage" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_TemporaryEquityProfitInterestsOnDistributionsPercentage" xlink:to="asc_TemporaryEquityProfitInterestsOnDistributionsPercentage_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_TemporaryEquityProfitInterestsOnDistributionsPercentage_lbl" xml:lang="en-US">The percent of profit interests on distributions for temporary equity.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_TemporaryEquityProfitInterestsOnDistributionsPercentage_lbl" xml:lang="en-US">Temporary Equity, Profit Interests on Distributions, Percentage</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_TemporaryEquityProfitInterestsOnDistributionsPercentage_lbl" xml:lang="en-US">Profit interests on distributions</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ProfitInterestsDistributionLiability" xlink:label="asc_ProfitInterestsDistributionLiability" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ProfitInterestsDistributionLiability" xlink:to="asc_ProfitInterestsDistributionLiability_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ProfitInterestsDistributionLiability_lbl" xml:lang="en-US">Carrying value as of the balance sheet date of obligations related to profit interests distribution.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ProfitInterestsDistributionLiability_lbl" xml:lang="en-US">Profit Interests Distribution Liability</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_ProfitInterestsDistributionLiability_lbl" xml:lang="en-US">Profit interests distribution liability</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PreferredStockRedemptionAmount" xlink:label="us-gaap_PreferredStockRedemptionAmount" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockRedemptionAmount" xlink:to="us-gaap_PreferredStockRedemptionAmount_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockRedemptionAmount_lbl" xml:lang="en-US">Preferred Stock, Redemption Amount</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PreferredStockRedemptionAmount_lbl" xml:lang="en-US">Amount of stock redemption</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_PercentageOfSharesRedeemed" xlink:label="asc_PercentageOfSharesRedeemed" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_PercentageOfSharesRedeemed" xlink:to="asc_PercentageOfSharesRedeemed_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_PercentageOfSharesRedeemed_lbl" xml:lang="en-US">Percentage of shares redeemed.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_PercentageOfSharesRedeemed_lbl" xml:lang="en-US">Percentage of Shares Redeemed</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_PercentageOfSharesRedeemed_lbl" xml:lang="en-US">Percentage of shares redeemed</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_RedeemablePreferredStockRedemptionShares" xlink:label="asc_RedeemablePreferredStockRedemptionShares" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_RedeemablePreferredStockRedemptionShares" xlink:to="asc_RedeemablePreferredStockRedemptionShares_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_RedeemablePreferredStockRedemptionShares_lbl" xml:lang="en-US">The number of shares currently redeemable as
preferred stock. Includes amounts representing dividends not currently declared or paid but which will be payable under the redemption features or for which ultimate payment is solely within the control of the issuer.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_RedeemablePreferredStockRedemptionShares_lbl" xml:lang="en-US">Redeemable Preferred Stock Redemption, Shares</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_RedeemablePreferredStockRedemptionShares_lbl" xml:lang="en-US">Number of shares redeemed</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreSealancerMember" xlink:label="asc_ArdmoreSealancerMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreSealancerMember" xlink:to="asc_ArdmoreSealancerMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreSealancerMember_lbl" xml:lang="en-US">Ardmore Sealancer [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreSealeaderArdmoreSealifterMember" xlink:label="asc_ArdmoreSealeaderArdmoreSealifterMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreSealeaderArdmoreSealifterMember" xlink:to="asc_ArdmoreSealeaderArdmoreSealifterMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ArdmoreSealeaderArdmoreSealifterMember_lbl" xml:lang="en-US">NA</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreSealeaderArdmoreSealifterMember_lbl" xml:lang="en-US">Ardmore Sealeader &amp; Ardmore Sealifter</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment" xlink:label="us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment" xlink:to="us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment_lbl" xml:lang="en-US">Proceeds from Sale of Other Property, Plant, and Equipment</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment_lbl" xml:lang="en-US">Vessel sales price</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US">Property, Plant and Equipment [Table]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreSealeaderMember" xlink:label="asc_ArdmoreSealeaderMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreSealeaderMember" xlink:to="asc_ArdmoreSealeaderMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreSealeaderMember_lbl" xml:lang="en-US">Ardmore Sealeader [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ArdmoreSealifterMember" xlink:label="asc_ArdmoreSealifterMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ArdmoreSealifterMember" xlink:to="asc_ArdmoreSealifterMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ArdmoreSealifterMember_lbl" xml:lang="en-US">Ardmore Sealifter [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US">Property, Plant and Equipment [Line Items]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US">Loss on sale of vessels</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_IncomeOnSaleOfPropertyPlantEquipmentGross" xlink:label="asc_IncomeOnSaleOfPropertyPlantEquipmentGross" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_IncomeOnSaleOfPropertyPlantEquipmentGross" xlink:to="asc_IncomeOnSaleOfPropertyPlantEquipmentGross_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_IncomeOnSaleOfPropertyPlantEquipmentGross_lbl" xml:lang="en-US">It represent the Sales Proceeds for the reporting period.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_IncomeOnSaleOfPropertyPlantEquipmentGross_lbl" xml:lang="en-US">Income On Sale Of Property Plant Equipment Gross</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_IncomeOnSaleOfPropertyPlantEquipmentGross_lbl" xml:lang="en-US">Sales proceeds</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ValueOfVessels" xlink:label="asc_ValueOfVessels" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ValueOfVessels" xlink:to="asc_ValueOfVessels_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ValueOfVessels_lbl" xml:lang="en-US">It represent the net book value of vessel for the reporting period.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ValueOfVessels_lbl" xml:lang="en-US">Value Of Vessels</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="asc_ValueOfVessels_lbl" xml:lang="en-US">Net book value of vessel</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SellingExpense" xlink:label="us-gaap_SellingExpense" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SellingExpense" xlink:to="us-gaap_SellingExpense_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SellingExpense_lbl" xml:lang="en-US">Selling Expense</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_SellingExpense_lbl" xml:lang="en-US">Sales related costs</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_InterestExpenseDebt" xlink:label="us-gaap_InterestExpenseDebt" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDebt" xlink:to="us-gaap_InterestExpenseDebt_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseDebt_lbl" xml:lang="en-US">Interest Expense, Debt</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestExpenseDebt_lbl" xml:lang="en-US">Interest incurred - debt</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_FinanceLeaseInterestExpense" xlink:label="us-gaap_FinanceLeaseInterestExpense" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinanceLeaseInterestExpense" xlink:to="us-gaap_FinanceLeaseInterestExpense_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinanceLeaseInterestExpense_lbl" xml:lang="en-US">Finance Lease, Interest Expense</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_FinanceLeaseInterestExpense_lbl" xml:lang="en-US">Interest incurred - finance leases</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="us-gaap_AmortizationOfFinancingCosts" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCosts" xlink:to="us-gaap_AmortizationOfFinancingCosts_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl" xml:lang="en-US">Amortization of Debt Issuance Costs</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl" xml:lang="en-US">Amortization of deferred finance fees</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_SwapInterestExpense" xlink:label="asc_SwapInterestExpense" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_SwapInterestExpense" xlink:to="asc_SwapInterestExpense_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_SwapInterestExpense_lbl" xml:lang="en-US">The amount of SWAP interest expense incurred during the period.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_SwapInterestExpense_lbl" xml:lang="en-US">Swap Interest Expense</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="asc_SwapInterestExpense_lbl" xml:lang="en-US">Interest rate swaps</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CurrentFederalStateAndLocalTaxExpenseBenefitAbstract" xlink:label="us-gaap_CurrentFederalStateAndLocalTaxExpenseBenefitAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentFederalStateAndLocalTaxExpenseBenefitAbstract" xlink:to="us-gaap_CurrentFederalStateAndLocalTaxExpenseBenefitAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CurrentFederalStateAndLocalTaxExpenseBenefitAbstract_lbl" xml:lang="en-US">Current Federal, State and Local, Tax Expense (Benefit) [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CurrentFederalStateAndLocalTaxExpenseBenefitAbstract_lbl" xml:lang="en-US">Domestic</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="us-gaap_CurrentIncomeTaxExpenseBenefit_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Current Income Tax Expense (Benefit)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Current tax expenses</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" xml:lang="en-US">Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" xml:lang="en-US">Bermuda statutory income tax rate</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_lbl" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_lbl" xml:lang="en-US">Income subject to tax in other jurisdictions</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Percent</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xml:lang="en-US">Effective tax rate</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable" xlink:label="us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable" xlink:to="us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTable_lbl" xml:lang="en-US">Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_lbl" xml:lang="en-US">Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_lbl" xml:lang="en-US">Earnings Per Share [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_NumeratorAbstract" xlink:label="asc_NumeratorAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_NumeratorAbstract" xlink:to="asc_NumeratorAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_NumeratorAbstract_lbl" xml:lang="en-US">Numerator [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_NumeratorAbstract_lbl" xml:lang="en-US">Numerator:</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_DenominatorAbstract" xlink:label="asc_DenominatorAbstract" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_DenominatorAbstract" xlink:to="asc_DenominatorAbstract_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_DenominatorAbstract_lbl" xml:lang="en-US">Denominator [Abstract]</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_DenominatorAbstract_lbl" xml:lang="en-US">Denominator:</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RestrictedStockUnitsRSUMember" xlink:label="us-gaap_RestrictedStockUnitsRSUMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedStockUnitsRSUMember" xlink:to="us-gaap_RestrictedStockUnitsRSUMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedStockUnitsRSUMember_lbl" xml:lang="en-US">Restricted stock units</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ShareBasedCompensationArrangementShareBasedPaymentAwardNonOptionEquityInstrumentsExercisePrice" xlink:label="asc_ShareBasedCompensationArrangementShareBasedPaymentAwardNonOptionEquityInstrumentsExercisePrice" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ShareBasedCompensationArrangementShareBasedPaymentAwardNonOptionEquityInstrumentsExercisePrice" xlink:to="asc_ShareBasedCompensationArrangementShareBasedPaymentAwardNonOptionEquityInstrumentsExercisePrice_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ShareBasedCompensationArrangementShareBasedPaymentAwardNonOptionEquityInstrumentsExercisePrice_lbl" xml:lang="en-US">Exercise price of equity instruments other than options outstanding, including both vested and non-vested instruments.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ShareBasedCompensationArrangementShareBasedPaymentAwardNonOptionEquityInstrumentsExercisePrice_lbl" xml:lang="en-US">Share Based Compensation Arrangement, Share Based Payment Award, Non- Option Equity Instruments, Exercise Price</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_ShareBasedCompensationArrangementShareBasedPaymentAwardNonOptionEquityInstrumentsExercisePrice_lbl" xml:lang="en-US">Exercise price</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US">Balance as at the end (none of which are vested)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US">Balance as at the beginning</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PaymentsOfOrdinaryDividends" xlink:label="us-gaap_PaymentsOfOrdinaryDividends" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfOrdinaryDividends" xlink:to="us-gaap_PaymentsOfOrdinaryDividends_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfOrdinaryDividends_lbl" xml:lang="en-US">Payments of Ordinary Dividends</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsOfOrdinaryDividends_lbl" xml:lang="en-US">Cash dividends</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US">Balance, No. of Units (Ending) (none of which are exercisable or convertible)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US">Balance, No. of Units (Beginning)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US">Number of share outstanding</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xml:lang="en-US">Schedule of Related Party Transactions, by Related Party [Table]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyMember" xlink:label="us-gaap_RelatedPartyMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyMember" xlink:to="us-gaap_RelatedPartyMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyMember_lbl" xml:lang="en-US">Related Party [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccountsPayableMember" xlink:label="us-gaap_AccountsPayableMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableMember" xlink:to="us-gaap_AccountsPayableMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableMember_lbl" xml:lang="en-US">Accounts Payable [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AccruedExpensesAndOtherLiabilitiesMember" xlink:label="asc_AccruedExpensesAndOtherLiabilitiesMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AccruedExpensesAndOtherLiabilitiesMember" xlink:to="asc_AccruedExpensesAndOtherLiabilitiesMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AccruedExpensesAndOtherLiabilitiesMember_lbl" xml:lang="en-US">Primary financial statement caption encompassing accrued expenses and other liabilities.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AccruedExpensesAndOtherLiabilitiesMember_lbl" xml:lang="en-US">Accrued Expenses and Other Liabilities [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="us-gaap_RelatedPartyTransactionLineItems" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionLineItems" xlink:to="us-gaap_RelatedPartyTransactionLineItems_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xml:lang="en-US">Related Party Transaction [Line Items]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_TechnicalManagementServicesProvidedNumberOfVessels" xlink:label="asc_TechnicalManagementServicesProvidedNumberOfVessels" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_TechnicalManagementServicesProvidedNumberOfVessels" xlink:to="asc_TechnicalManagementServicesProvidedNumberOfVessels_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_TechnicalManagementServicesProvidedNumberOfVessels_lbl" xml:lang="en-US">The number of vessels for which technical management services is provided.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_TechnicalManagementServicesProvidedNumberOfVessels_lbl" xml:lang="en-US">Technical Management Services Provided, Number Of Vessels</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_TechnicalManagementServicesProvidedNumberOfVessels_lbl" xml:lang="en-US">Number of vessels for which technical management services is provided</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OperatingCostsAndExpenses" xlink:label="us-gaap_OperatingCostsAndExpenses" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingCostsAndExpenses" xlink:to="us-gaap_OperatingCostsAndExpenses_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingCostsAndExpenses_lbl" xml:lang="en-US">Related Party Transaction, Expenses from Transactions with Related Party</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingCostsAndExpenses_lbl" xml:lang="en-US">Total management fees paid</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_AccountsPayableCurrentAndNoncurrent" xlink:label="us-gaap_AccountsPayableCurrentAndNoncurrent" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrentAndNoncurrent" xlink:to="us-gaap_AccountsPayableCurrentAndNoncurrent_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrentAndNoncurrent_lbl" xml:lang="en-US">Accounts Payable</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableCurrentAndNoncurrent_lbl" xml:lang="en-US">Amounts payable to related party</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_AmountsDueFromToRelatedPartyManagementFees" xlink:label="asc_AmountsDueFromToRelatedPartyManagementFees" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_AmountsDueFromToRelatedPartyManagementFees" xlink:to="asc_AmountsDueFromToRelatedPartyManagementFees_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_AmountsDueFromToRelatedPartyManagementFees_lbl" xml:lang="en-US">Amounts due from(to) in respect of management fee.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_AmountsDueFromToRelatedPartyManagementFees_lbl" xml:lang="en-US">Amounts Due from (to) related party, Management Fees</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_OtherReceivables" xlink:label="us-gaap_OtherReceivables" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherReceivables" xlink:to="us-gaap_OtherReceivables_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherReceivables_lbl" xml:lang="en-US">Due from Related Parties</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherReceivables_lbl" xml:lang="en-US">Advances made</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US">Balance, Weighted average exercise price (Ending)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US">Balance, Weighted average exercise price (Beginning)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_lbl" xml:lang="en-US">SARs granted during the year</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted average exercise price granted during the year</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US">SARs exercised during the year</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US">Weighted average exercise price exercised during the year</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PlanNameAxis" xlink:label="us-gaap_PlanNameAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameAxis" xlink:to="us-gaap_PlanNameAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PlanNameAxis_lbl" xml:lang="en-US">Plan Name [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_PlanNameDomain" xlink:label="us-gaap_PlanNameDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanNameDomain" xlink:to="us-gaap_PlanNameDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PlanNameDomain_lbl" xml:lang="en-US">Plan Name [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_EquityIncentivePlan2013Member" xlink:label="asc_EquityIncentivePlan2013Member" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_EquityIncentivePlan2013Member" xlink:to="asc_EquityIncentivePlan2013Member_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_EquityIncentivePlan2013Member_lbl" xml:lang="en-US">Equity Incentive Plan 2013 [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_TitleOfIndividualAxis" xlink:label="srt_TitleOfIndividualAxis" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_TitleOfIndividualAxis" xlink:to="srt_TitleOfIndividualAxis_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_TitleOfIndividualAxis_lbl" xml:lang="en-US">Title of Individual [Axis]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/srt/2024/elts/srt-2024.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="srt_TitleOfIndividualWithRelationshipToEntityDomain" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="srt_TitleOfIndividualWithRelationshipToEntityDomain_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_TitleOfIndividualWithRelationshipToEntityDomain_lbl" xml:lang="en-US">Relationship to Entity [Domain]</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_OfficersAndDirectorsMember" xlink:label="asc_OfficersAndDirectorsMember" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_OfficersAndDirectorsMember" xlink:to="asc_OfficersAndDirectorsMember_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_OfficersAndDirectorsMember_lbl" xml:lang="en-US">Officers And Directors [Member]</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Balance as at the end (none of which are vested), Weighted average fair value at grant date</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Balance as at the beginning, Weighted average fair value at grant date</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xml:lang="en-US">PRSUs granted (in shares)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xml:lang="en-US">RSU granted (in shares)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">RSUs Granted during the period, Weighted average fair value at grant date</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xml:lang="en-US">RSUs vested (in shares)</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xml:lang="en-US">PRSU's vested (in shares)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US">RSUs vested during the period, Weighted average fair value at grant date</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths" xlink:label="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths" xlink:to="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths_lbl" xml:lang="en-US">Unrecognized cost of unvested share-based compensation awards yet to be recognized in next twelve months.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths_lbl" xml:lang="en-US">Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost To Be Recognized In Next Twelve Months</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths_lbl" xml:lang="en-US">2025</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo" xlink:label="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo" xlink:to="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo_lbl" xml:lang="en-US">Unrecognized cost of unvested share-based compensation awards yet to be recognized in current year.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo_lbl" xml:lang="en-US">Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost To Be Recognized In Year Two</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo_lbl" xml:lang="en-US">2026</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree" xlink:label="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree" xlink:to="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree_lbl" xml:lang="en-US">Unrecognized cost of unvested share-based compensation awards yet to be recognized in year three.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree_lbl" xml:lang="en-US">Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost to be Recognized in Year Three</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree_lbl" xml:lang="en-US">2027</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xml:lang="en-US">Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xml:lang="en-US">Total</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardThresholdNumberOfTradingDaysToDetermineTotalShareholderReturn" xlink:label="asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardThresholdNumberOfTradingDaysToDetermineTotalShareholderReturn" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardThresholdNumberOfTradingDaysToDetermineTotalShareholderReturn" xlink:to="asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardThresholdNumberOfTradingDaysToDetermineTotalShareholderReturn_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardThresholdNumberOfTradingDaysToDetermineTotalShareholderReturn_lbl" xml:lang="en-US">Threshold number of trading days taken to determine total shareholder return under a share based payment arrangement.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardThresholdNumberOfTradingDaysToDetermineTotalShareholderReturn_lbl" xml:lang="en-US">Share Based Compensation Arrangement, By Share Based Payment Award, Threshold Number Of Trading Days To Determine Total Shareholder Return</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardThresholdNumberOfTradingDaysToDetermineTotalShareholderReturn_lbl" xml:lang="en-US">Number of trading days</link:label>
    <link:loc xlink:type="locator" xlink:href="asc-20241231.xsd#asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodPercentage" xlink:label="asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodPercentage" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodPercentage" xlink:to="asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodPercentage_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodPercentage_lbl" xml:lang="en-US">The percentage of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodPercentage_lbl" xml:lang="en-US">Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Percentage</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodPercentage_lbl" xml:lang="en-US">Total quantity of PRSUs eligible to vest (as a percentage)</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_SharePrice" xlink:label="us-gaap_SharePrice" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharePrice" xlink:to="us-gaap_SharePrice_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharePrice_lbl" xml:lang="en-US">Share Price</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharePrice_lbl" xml:lang="en-US">Closing share price of our common stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_lbl" xml:lang="en-US">Risk-free rate of return</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_lbl" />
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_lbl" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate</link:label>
    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate_lbl" xml:lang="en-US">Expected volatility of our common stock</link:label>
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2024/elts/us-gaap-2024.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions" />
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions_lbl" />
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    <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockAcquiredAverageCostPerShare_lbl" xml:lang="en-US">Treasury Stock Acquired, Average Cost Per Share</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>39
<FILENAME>asc-20241231_pre.xml
<DESCRIPTION>EX-101.PRE
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471548815488">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document And Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2024 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentRegistrationStatement', window );">Document Registration Statement</a></td>
<td class="text">false<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</a></td>
<td class="text">true<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2024<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document Shell Company Report</a></td>
<td class="text">false<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-36028<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Ardmore Shipping Corp<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">1T<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Dorchester House, 7 Church Street,<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Hamilton<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">HM11<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">BM<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ASC<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">40,455,240<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
<td class="text">No<span></span>
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</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Accelerated Filer<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_IcfrAuditorAttestationFlag', window );">ICFR Auditor Attestation Flag</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFinStmtErrorCorrectionFlag', window );">Document Financial Statement Error Correction [Flag]</a></td>
<td class="text">false<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentAccountingStandard', window );">Document Accounting Standard</a></td>
<td class="text">U.S. GAAP<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorName', window );">Auditor Name</a></td>
<td class="text">Deloitte & Touche LLP<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorFirmId', window );">Auditor Firm ID</a></td>
<td class="text">34<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AuditorLocation', window );">Auditor Location</a></td>
<td class="text">New York, New York<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001577437<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2024<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
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</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember', window );">Business Contact</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelName', window );">Contact Personnel Name</a></td>
<td class="text">Mr. Gernot Ruppelt<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">Dorchester House, 7 Church Street<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Hamilton<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">HM11<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCountry', window );">Entity Address, Country</a></td>
<td class="text">BM<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">441<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">292-9332<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_ContactPersonnelEmailAddress', window );">Contact Personnel Email Address</a></td>
<td class="text">info@ardmoreshipping.com<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorFirmId">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>PCAOB issued Audit Firm Identifier</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorFirmId</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:nonemptySequenceNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorLocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorLocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AuditorName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AuditorName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:internationalNameItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelEmailAddress">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Email address of contact personnel.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelEmailAddress</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_ContactPersonnelName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of contact personnel</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_ContactPersonnelName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAccountingStandard">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAccountingStandard</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:accountingStandardItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFinStmtErrorCorrectionFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates whether any of the financial statement period in the filing include a restatement due to error correction.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-K<br> -Number 229<br> -Section 402<br> -Subsection w<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFinStmtErrorCorrectionFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a registration statement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentShellCompanyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCountry">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>ISO 3166-1 alpha-2 country code.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCountry</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:countryCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_IcfrAuditorAttestationFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_IcfrAuditorAttestationFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressesAddressTypeAxis=dei_BusinessContactMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<TYPE>XML
<SEQUENCE>42
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<head>
<title></title>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471548872944">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Condensed Consolidated Balance Sheets - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 46,988<span></span>
</td>
<td class="nump">$ 46,805<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Receivables, net of allowance for bad debts of $1.9 million (2023: $1.6 million))</a></td>
<td class="nump">60,871<span></span>
</td>
<td class="nump">56,234<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_PrepaidExpensesAndOtherAssets', window );">Prepaid expenses and other assets</a></td>
<td class="nump">4,298<span></span>
</td>
<td class="nump">4,348<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AdvancesAndDeposits', window );">Advances and deposits</a></td>
<td class="nump">3,084<span></span>
</td>
<td class="nump">6,833<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
<td class="nump">11,308<span></span>
</td>
<td class="nump">12,558<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">126,549<span></span>
</td>
<td class="nump">126,778<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Non-current assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentsAndOtherNoncurrentAssets', window );">Investments and other assets, net of accumulated depreciation of $2.5 million (2023: $2.3 million)</a></td>
<td class="nump">5,236<span></span>
</td>
<td class="nump">11,186<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Vessels and vessel equipment, net of accumulated depreciation of $264.4 million (2023: $237.5 million)</a></td>
<td class="nump">545,594<span></span>
</td>
<td class="nump">524,044<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeferredDrydockExpendituresNet', window );">Deferred drydock expenditures, net of accumulated amortization of $25.8 million (2023: $22.3 million)</a></td>
<td class="nump">14,252<span></span>
</td>
<td class="nump">12,022<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BallastWaterTreatmentExpenditure', window );">Advances for ballast water treatment and scrubber systems</a></td>
<td class="nump">4,845<span></span>
</td>
<td class="nump">9,587<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNoncurrentNet', window );">Deferred finance fees, net</a></td>
<td class="nump">2,746<span></span>
</td>
<td class="nump">2,835<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseRightOfUseAsset', window );">Operating lease, right-of-use asset</a></td>
<td class="nump">5,577<span></span>
</td>
<td class="nump">4,499<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total non-current assets</a></td>
<td class="nump">578,250<span></span>
</td>
<td class="nump">564,173<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Assets', window );">TOTAL ASSETS</a></td>
<td class="nump">704,799<span></span>
</td>
<td class="nump">690,951<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsPayableTradeCurrent', window );">Accounts payable</a></td>
<td class="nump">6,070<span></span>
</td>
<td class="nump">2,016<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AccruedExpensesAndOtherLiabilities', window );">Accrued expenses and other liabilities</a></td>
<td class="nump">18,313<span></span>
</td>
<td class="nump">18,265<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredRevenue', window );">Deferred revenue</a></td>
<td class="nump">482<span></span>
</td>
<td class="nump">347<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestPayableCurrent', window );">Accrued interest on debt and finance leases</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">939<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion of long-term debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,436<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinanceLeaseLiabilityCurrent', window );">Current portion of finance lease obligations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,029<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiabilityCurrent', window );">Current portion of operating lease obligations</a></td>
<td class="nump">4,965<span></span>
</td>
<td class="nump">3,807<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">29,830<span></span>
</td>
<td class="nump">33,839<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>Non-current liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Non-current portion of long-term debt</a></td>
<td class="nump">38,796<span></span>
</td>
<td class="nump">39,590<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinanceLeaseLiabilityNoncurrent', window );">Non-current portion of finance lease obligations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41,614<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiabilityNoncurrent', window );">Non-current portion of operating lease obligations</a></td>
<td class="nump">476<span></span>
</td>
<td class="nump">510<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherLiabilitiesNoncurrent', window );">Other non-current liabilities</a></td>
<td class="nump">273<span></span>
</td>
<td class="nump">954<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total non-current liabilities</a></td>
<td class="nump">39,545<span></span>
</td>
<td class="nump">82,668<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Liabilities', window );">TOTAL LIABILITIES</a></td>
<td class="nump">69,375<span></span>
</td>
<td class="nump">116,507<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityAbstract', window );"><strong>Redeemable Preferred Stock</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests', window );">Cumulative Series A 8.5% redeemable preferred stock</a></td>
<td class="nump">27,782<span></span>
</td>
<td class="nump">37,043<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Stockholders' equity</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock ($0.01 par value, 225,000,000 shares authorized, 44,031,495 issued and 40,455,240 outstanding as of December 31, 2024 and 43,324,702 issued and 41,304,649 outstanding as of December 31, 2023)</a></td>
<td class="nump">440<span></span>
</td>
<td class="nump">433<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid in capital</a></td>
<td class="nump">475,812<span></span>
</td>
<td class="nump">471,216<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock (3,576,256 shares as of December 31, 2024 and 2,020,053 shares as of December 31, 2023)</a></td>
<td class="num">(33,524)<span></span>
</td>
<td class="num">(15,636)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="nump">164,914<span></span>
</td>
<td class="nump">81,388<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total stockholders' equity</a></td>
<td class="nump">607,642<span></span>
</td>
<td class="nump">537,401<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_EquityAndPreferredStock', window );">Total redeemable preferred stock and stockholders' equity</a></td>
<td class="nump">635,424<span></span>
</td>
<td class="nump">574,444<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY</a></td>
<td class="nump">$ 704,799<span></span>
</td>
<td class="nump">$ 690,951<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_AccruedExpensesAndOtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>It represents amount of liabilities incurred to vendors for goods and services received, and accrued liabilities classified as other, payable within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_AccruedExpensesAndOtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_AdvancesAndDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount advanced to the technical managers for expenses incurred by them in operating the vessels, together with other necessary deposits paid during the course of business.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_AdvancesAndDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_BallastWaterTreatmentExpenditure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying amount, net of accumulated amortization, as of the balance sheet date of capitalized water treatment system costs performed pursuant to regulatory requirements that are amortized over the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_BallastWaterTreatmentExpenditure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_DeferredDrydockExpendituresNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying amount, net of accumulated amortization, as of the balance sheet date of capitalized dry dock costs performed pursuant to regulatory requirements that are amortized over the period between dry dockings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_DeferredDrydockExpendituresNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_EquityAndPreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and preferred stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_EquityAndPreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_PrepaidExpensesAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>It represents amount Primary financial statement caption encompassing prepaid expenses and other assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_PrepaidExpensesAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableTradeCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableTradeCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481990/310-10-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(18))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset recognized for present right to economic benefit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of asset recognized for present right to economic benefit, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-25<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 4: 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 810<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481231/810-10-45-25<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 4: 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-Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(4)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A<br><br>Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(4)(iii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(4)(iii)(A))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1A<br> -Subparagraph (SX 210.13-01(a)(4)(iv))<br> -Publisher FASB<br> -URI 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http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(iii)(B))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(4)(iv))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1B<br> -Subparagraph (SX 210.13-02(a)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B<br><br>Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481404/852-10-50-7<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsNoncurrentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt issuance costs classified as noncurrent. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-1A<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482900/835-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFinanceCostsNoncurrentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(26)(c))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinanceLeaseLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from finance lease, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinanceLeaseLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinanceLeaseLiabilityNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from finance lease, classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinanceLeaseLiabilityNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of [accrued] interest payable on all forms of debt, including trade payables, that has been incurred and is unpaid. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483467/210-10-45-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsAndOtherNoncurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of investments, and noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentsAndOtherNoncurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrent</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrentAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as current. Excludes lease obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtCurrent</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as noncurrent. Excludes lease obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from operating lease, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseLiabilityNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseLiabilityNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseRightOfUseAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's right to use underlying asset under operating lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseRightOfUseAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(24))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 360<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7A<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 942<br> -SubTopic 360<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478451/942-360-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated undistributed earnings (deficit).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (g)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (h)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480990/946-20-50-11<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(17))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br><br>Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481520/505-30-50-4<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481549/505-30-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471556551936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Accounts Receivable, Allowance for Credit Loss, Current</a></td>
<td class="nump">$ 1.9<span></span>
</td>
<td class="nump">$ 1.6<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AccumulatedDepreciationOtherNonCurrentAssets', window );">Other non-current assets, accumulated depreciation</a></td>
<td class="nump">2.5<span></span>
</td>
<td class="nump">2.3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Vessels and equipment, accumulated depreciation</a></td>
<td class="nump">264.4<span></span>
</td>
<td class="nump">237.5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AccumulatedAmortizationDeferredDryDockExpenditure', window );">Deferred drydock expenditure, accumulated amortization</a></td>
<td class="nump">$ 25.8<span></span>
</td>
<td class="nump">$ 22.3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value (in dollars per share)</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized (in shares)</a></td>
<td class="nump">225,000,000<span></span>
</td>
<td class="nump">225,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued (in shares)</a></td>
<td class="nump">44,031,496<span></span>
</td>
<td class="nump">43,324,702<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding (in shares)</a></td>
<td class="nump">40,455,240<span></span>
</td>
<td class="nump">41,304,649<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TreasuryStockCommonShares', window );">Treasury stock repurchased (in shares)</a></td>
<td class="nump">3,576,256<span></span>
</td>
<td class="nump">2,020,053<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Cumulative Series A redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TemporaryEquityAnnualDividendRatePercentage', window );">Divided rate</a></td>
<td class="nump">8.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_AccumulatedAmortizationDeferredDryDockExpenditure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated amortization of capitalized deferred dry dock expenditures.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_AccumulatedAmortizationDeferredDryDockExpenditure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_AccumulatedDepreciationOtherNonCurrentAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation for other physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_AccumulatedDepreciationOtherNonCurrentAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_TemporaryEquityAnnualDividendRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage rate used to calculate dividend payments on temporary equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_TemporaryEquityAnnualDividendRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of allowance for credit loss on accounts receivable, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 326<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479344/326-20-45-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481962/310-10-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockCommonShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of previously issued common shares repurchased by the issuing entity and held in treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481549/505-30-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockCommonShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td></td>
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<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471557002000">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Condensed Consolidated Statements of Operations - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>Condensed Consolidated Statements of Operations</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenue, net</a></td>
<td class="nump">$ 405,784<span></span>
</td>
<td class="nump">$ 395,978<span></span>
</td>
<td class="nump">$ 445,741<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_CommissionsAndVoyageRelatedCosts', window );">Voyage expenses</a></td>
<td class="num">(132,612)<span></span>
</td>
<td class="num">(131,904)<span></span>
</td>
<td class="num">(153,729)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselOperatingExpenses', window );">Vessel operating expenses</a></td>
<td class="num">(60,254)<span></span>
</td>
<td class="num">(59,770)<span></span>
</td>
<td class="num">(60,020)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_CharterHireCostsOperatingExpenseComponent', window );">Operating expense component</a></td>
<td class="num">(11,828)<span></span>
</td>
<td class="num">(10,194)<span></span>
</td>
<td class="num">(7,809)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_CharterHireCostsVesselLeaseExpenseComponent', window );">Vessel lease expense component</a></td>
<td class="num">(10,883)<span></span>
</td>
<td class="num">(9,380)<span></span>
</td>
<td class="num">(7,185)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="num">(30,244)<span></span>
</td>
<td class="num">(27,817)<span></span>
</td>
<td class="num">(29,276)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AmortizationOfDeferredDryDockExpenditure', window );">Amortization of deferred drydock expenditures</a></td>
<td class="num">(3,636)<span></span>
</td>
<td class="num">(3,542)<span></span>
</td>
<td class="num">(4,161)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpenseAbstract', window );"><strong>General and administrative expenses</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherGeneralAndAdministrativeExpense', window );">Corporate</a></td>
<td class="num">(23,439)<span></span>
</td>
<td class="num">(20,565)<span></span>
</td>
<td class="num">(19,936)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_CharteringAndCommercialExpenses', window );">Commercial and chartering</a></td>
<td class="num">(4,601)<span></span>
</td>
<td class="num">(4,676)<span></span>
</td>
<td class="num">(4,171)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain / (loss) on vessels sold</a></td>
<td class="nump">12,322<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(6,917)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_RealizedAndUnrealizedGainsLossesOnDerivatives', window );">Unrealized gains / (losses) on derivatives</a></td>
<td class="nump">655<span></span>
</td>
<td class="num">(262)<span></span>
</td>
<td class="nump">2,961<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense and finance costs</a></td>
<td class="num">(6,778)<span></span>
</td>
<td class="num">(11,408)<span></span>
</td>
<td class="num">(15,537)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Gain / (loss) on extinguishment</a></td>
<td class="nump">1,432<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,576)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Interest income</a></td>
<td class="nump">1,817<span></span>
</td>
<td class="nump">1,818<span></span>
</td>
<td class="nump">471<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Net Income before taxes</a></td>
<td class="nump">137,735<span></span>
</td>
<td class="nump">118,278<span></span>
</td>
<td class="nump">138,856<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax</a></td>
<td class="num">(215)<span></span>
</td>
<td class="num">(435)<span></span>
</td>
<td class="num">(207)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Loss from equity method investments</a></td>
<td class="num">(4,514)<span></span>
</td>
<td class="num">(1,035)<span></span>
</td>
<td class="num">(195)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Income</a></td>
<td class="nump">133,006<span></span>
</td>
<td class="nump">116,808<span></span>
</td>
<td class="nump">138,454<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RedeemablePreferredStockDividends', window );">Preferred dividends</a></td>
<td class="num">(3,660)<span></span>
</td>
<td class="num">(3,400)<span></span>
</td>
<td class="num">(3,400)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ExtinguishmentOfPreferredStock', window );">Extinguishment of Preferred Stock</a></td>
<td class="num">(739)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income attributable to common stockholders</a></td>
<td class="nump">$ 128,607<span></span>
</td>
<td class="nump">$ 113,408<span></span>
</td>
<td class="nump">$ 135,054<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Earnings per share, basic (in dollars per share)</a></td>
<td class="nump">$ 3.09<span></span>
</td>
<td class="nump">$ 2.76<span></span>
</td>
<td class="nump">$ 3.63<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Earnings per share, diluted (in dollars per share)</a></td>
<td class="nump">$ 3.06<span></span>
</td>
<td class="nump">$ 2.71<span></span>
</td>
<td class="nump">$ 3.52<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of shares outstanding, basic (in shares)</a></td>
<td class="nump">41,655,701<span></span>
</td>
<td class="nump">41,130,089<span></span>
</td>
<td class="nump">37,235,599<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average number of shares outstanding, diluted (in shares)</a></td>
<td class="nump">42,041,821<span></span>
</td>
<td class="nump">41,821,637<span></span>
</td>
<td class="nump">38,359,985<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_AmortizationOfDeferredDryDockExpenditure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense charged against earnings to allocate the cost of deferred dry dock expenditure. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_AmortizationOfDeferredDryDockExpenditure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_CharterHireCostsOperatingExpenseComponent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Refers to charter hire costs, Operating expense component.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_CharterHireCostsOperatingExpenseComponent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_CharterHireCostsVesselLeaseExpenseComponent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Refers to charter hire costs, Vessel lease expense component.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_CharterHireCostsVesselLeaseExpenseComponent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_CharteringAndCommercialExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of chartering and commercial expenses.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_CharteringAndCommercialExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_CommissionsAndVoyageRelatedCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expenses associated with commissions and operating vessels which are attributable to particular voyages such as port and canal charges, fuel (bunker) expenses, and brokerage commissions payable to unaffiliated third parties.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_CommissionsAndVoyageRelatedCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_ExtinguishmentOfPreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Extinguishment of preferred stock is when a company retires its preferred stock and the stock can no longer be re-issued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_ExtinguishmentOfPreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_RealizedAndUnrealizedGainsLossesOnDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of realized and unrealized gains (losses) on derivatives, recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_RealizedAndUnrealizedGainsLossesOnDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_VesselOperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Direct vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance and maintenance and repairs, incurred during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_VesselOperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 52<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482635/260-10-55-52<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name 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https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br><br>Reference 19: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(23))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 20: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-7<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 52<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482635/260-10-55-52<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
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<td>dtr-types:perShareItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnExtinguishmentOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481303/470-50-40-2<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481303/470-50-40-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainsLossesOnExtinguishmentOfDebt</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpenseAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(8))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 8: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 31<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) for proportionate share of equity method investee's income (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481664/323-10-45-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:monetaryItemType</td>
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<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementAbstract</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-10<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(9))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (a)<br> -SubTopic 20<br> -Topic 740<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482659/740-20-45-2<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h))<br> -SubTopic 10<br> -Topic 235<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 835<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483013/835-20-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(7)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentIncomeInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
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<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of general and administrative expense classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherGeneralAndAdministrativeExpense</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Dividends paid to preferred stock holders that is redeemable solely at the option of the issuer.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RedeemablePreferredStockDividends</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
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<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 16<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-16<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471552993136">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Condensed Consolidated Statements of Comprehensive Income - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
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<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract', window );"><strong>Condensed Consolidated Statements of Comprehensive Income</strong></a></td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 133,006<span></span>
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<td class="nump">$ 116,808<span></span>
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<td class="nump">$ 138,454<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract', window );"><strong>Other comprehensive (loss) / income, net of tax</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent', window );">Net change in unrealized (losses) / gains on cash flow hedges</a></td>
<td class="text">&#160;<span></span>
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<td class="num">(1,468)<span></span>
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<td class="nump">424<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent', window );">Other comprehensive (loss) / income, net of tax</a></td>
<td class="text">&#160;<span></span>
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<td class="num">(1,468)<span></span>
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<td class="nump">424<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive Income</a></td>
<td class="nump">$ 133,006<span></span>
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<td class="nump">$ 115,340<span></span>
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<td class="nump">$ 138,878<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
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<tr>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471556809424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Condensed Consolidated Statements of Changes in Redeemable Preferred Stock and Stockholders - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance</a></td>
<td class="nump">$ 537,401<span></span>
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<td class="nump">$ 469,399<span></span>
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<td class="nump">$ 291,954<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (in shares)</a></td>
<td class="nump">41,304,649<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">$ 4,650<span></span>
</td>
<td class="nump">3,217<span></span>
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<td class="nump">3,057<span></span>
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<td class="num">(17,935)<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent', window );">Changes in unrealized gain on cash flow hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,468)<span></span>
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<td class="nump">424<span></span>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ProceedsFromEquityOfferingValueNewIssues', window );">Net proceeds from equity offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">38,909<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Preferred dividends</a></td>
<td class="num">(3,660)<span></span>
</td>
<td class="num">(3,400)<span></span>
</td>
<td class="num">(3,400)<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Common dividends</a></td>
<td class="num">(45,079)<span></span>
</td>
<td class="num">(47,154)<span></span>
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<td class="text">&#160;<span></span>
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<tr class="re">
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<td class="nump">133,006<span></span>
</td>
<td class="nump">116,808<span></span>
</td>
<td class="nump">138,454<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance</a></td>
<td class="nump">$ 607,642<span></span>
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<td class="nump">$ 537,401<span></span>
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<td class="nump">469,399<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (in shares)</a></td>
<td class="nump">40,455,240<span></span>
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<td class="nump">41,304,649<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInTemporaryEquityRollForward', window );"><strong>Redeemable Preferred Stock</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests', window );">Balance</a></td>
<td class="nump">$ 37,043<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ExtinguishmentOfRedeemablePreferredStock', window );">Extinguishment of redeemable preferred stock</a></td>
<td class="num">(739)<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests', window );">Balance</a></td>
<td class="nump">27,782<span></span>
</td>
<td class="nump">$ 37,043<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInTemporaryEquityRollForward', window );"><strong>Redeemable Preferred Stock</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests', window );">Balance</a></td>
<td class="nump">$ 37,043<span></span>
</td>
<td class="nump">$ 37,043<span></span>
</td>
<td class="nump">$ 37,043<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares', window );">Balance (in shares)</a></td>
<td class="nump">40,000<span></span>
</td>
<td class="nump">40,000<span></span>
</td>
<td class="nump">40,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_RepaymentOfRedeemablePreferredStock', window );">Repayment of redeemable preferred stock</a></td>
<td class="num">$ (10,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_RepaymentOfRedeemablePreferredStockInShares', window );">Repayment of redeemable preferred stock (in shares)</a></td>
<td class="num">(10,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ExtinguishmentOfRedeemablePreferredStock', window );">Extinguishment of redeemable preferred stock</a></td>
<td class="nump">$ 739<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests', window );">Balance</a></td>
<td class="nump">$ 27,782<span></span>
</td>
<td class="nump">$ 37,043<span></span>
</td>
<td class="nump">$ 37,043<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares', window );">Balance (in shares)</a></td>
<td class="nump">30,000<span></span>
</td>
<td class="nump">40,000<span></span>
</td>
<td class="nump">40,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember', window );">Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance</a></td>
<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 426<span></span>
</td>
<td class="nump">$ 364<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (in shares)</a></td>
<td class="nump">41,304,000<span></span>
</td>
<td class="nump">40,626,000<span></span>
</td>
<td class="nump">34,363,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issue of common stock</a></td>
<td class="nump">$ 7<span></span>
</td>
<td class="nump">$ 7<span></span>
</td>
<td class="nump">$ 14<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issue of common stock (in shares)</a></td>
<td class="nump">707,000<span></span>
</td>
<td class="nump">678,000<span></span>
</td>
<td class="nump">1,419,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodShares', window );">Repurchase of common stock (in shares)</a></td>
<td class="num">(1,556,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ProceedsFromEquityOfferingSharesNewIssues', window );">Net proceeds from equity offering (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,844,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ProceedsFromEquityOfferingValueNewIssues', window );">Net proceeds from equity offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 48<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance</a></td>
<td class="nump">$ 440<span></span>
</td>
<td class="nump">$ 433<span></span>
</td>
<td class="nump">$ 426<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (in shares)</a></td>
<td class="nump">40,455,000<span></span>
</td>
<td class="nump">41,304,000<span></span>
</td>
<td class="nump">40,626,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember', window );">Additional paid-in capital</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance</a></td>
<td class="nump">$ 471,216<span></span>
</td>
<td class="nump">$ 468,006<span></span>
</td>
<td class="nump">$ 426,102<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issue of common stock</a></td>
<td class="num">(7)<span></span>
</td>
<td class="num">(7)<span></span>
</td>
<td class="num">(14)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">4,650<span></span>
</td>
<td class="nump">3,217<span></span>
</td>
<td class="nump">3,057<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodValue', window );">Repurchase of common stock</a></td>
<td class="num">(47)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ProceedsFromEquityOfferingValueNewIssues', window );">Net proceeds from equity offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">38,861<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance</a></td>
<td class="nump">475,812<span></span>
</td>
<td class="nump">471,216<span></span>
</td>
<td class="nump">468,006<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember', window );">Accumulated other comprehensive income / (loss)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,468<span></span>
</td>
<td class="nump">1,044<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent', window );">Changes in unrealized gain on cash flow hedges</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,468)<span></span>
</td>
<td class="nump">424<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,468<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockCommonMember', window );">Treasury stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance</a></td>
<td class="num">(15,636)<span></span>
</td>
<td class="num">(15,636)<span></span>
</td>
<td class="num">(15,636)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockRepurchasedDuringPeriodValue', window );">Repurchase of common stock</a></td>
<td class="num">(17,888)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance</a></td>
<td class="num">(33,524)<span></span>
</td>
<td class="num">(15,636)<span></span>
</td>
<td class="num">(15,636)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember', window );">Retained Earnings / (Accumulated</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance</a></td>
<td class="nump">81,388<span></span>
</td>
<td class="nump">15,135<span></span>
</td>
<td class="num">(119,920)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Preferred dividends</a></td>
<td class="num">(3,660)<span></span>
</td>
<td class="num">(3,400)<span></span>
</td>
<td class="num">(3,400)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Common dividends</a></td>
<td class="num">(45,079)<span></span>
</td>
<td class="num">(47,154)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net Income (Loss)</a></td>
<td class="nump">133,006<span></span>
</td>
<td class="nump">116,808<span></span>
</td>
<td class="nump">138,454<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance</a></td>
<td class="nump">164,914<span></span>
</td>
<td class="nump">$ 81,388<span></span>
</td>
<td class="nump">$ 15,135<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInTemporaryEquityRollForward', window );"><strong>Redeemable Preferred Stock</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ExtinguishmentOfRedeemablePreferredStock', window );">Extinguishment of redeemable preferred stock</a></td>
<td class="num">$ (739)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_ExtinguishmentOfRedeemablePreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Refers to extinguishment of redeemable preferred stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_ExtinguishmentOfRedeemablePreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_ProceedsFromEquityOfferingSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity component from proceeds from equity offering new shares issued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_ProceedsFromEquityOfferingSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_ProceedsFromEquityOfferingValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value from proceeds from equity offering.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_ProceedsFromEquityOfferingValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_RepaymentOfRedeemablePreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Refers to repayment of redeemable preferred stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_RepaymentOfRedeemablePreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_RepaymentOfRedeemablePreferredStockInShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Refers to repayment of redeemable preferred stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_RepaymentOfRedeemablePreferredStockInShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Temporary shares, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterestsShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(16)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -SubTopic 405<br> -Topic 942<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477787/942-405-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -SubTopic 405<br> -Topic 942<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477787/942-405-45-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInTemporaryEquityRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInTemporaryEquityRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name 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http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B<br><br>Reference 33: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 205<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483499/205-20-50-7<br><br>Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 35: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A<br><br>Reference 36: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B<br><br>Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after tax and reclassification, of gain (loss) from derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness, attributable to parent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482790/220-10-45-11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Value, after forfeiture, of shares granted under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 30<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480513/718-10-30-3<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 30<br> -Section 35<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480843/718-30-35-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockGrantedDuringPeriodValueSharebasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(i)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-11<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478009/946-205-45-4<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedDuringPeriodShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(i)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedDuringPeriodShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchasedDuringPeriodValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-11<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 205<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478009/946-205-45-4<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 505<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478448/946-505-50-2<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchasedDuringPeriodValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 830<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479168/946-830-55-12<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(19))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2<br><br>Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(4)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3<br><br>Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br><br>Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityCarryingAmountIncludingPortionAttributableToNoncontrollingInterests</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_RedeemablePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_RedeemablePreferredStockMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockCommonMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockCommonMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471559035680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Condensed Consolidated Statements of Cash Flows - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>CASH FLOWS FROM OPERATING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net Income</a></td>
<td class="nump">$ 133,006<span></span>
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<td class="nump">$ 116,808<span></span>
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<td class="nump">$ 138,454<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="nump">30,244<span></span>
</td>
<td class="nump">27,817<span></span>
</td>
<td class="nump">29,276<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AmortizationOfDeferredDryDockExpenditure', window );">Amortization of deferred drydock expenditures</a></td>
<td class="nump">3,636<span></span>
</td>
<td class="nump">3,542<span></span>
</td>
<td class="nump">4,161<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Share-based compensation</a></td>
<td class="nump">4,650<span></span>
</td>
<td class="nump">3,217<span></span>
</td>
<td class="nump">3,057<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_GainLossOnVesselHeldForSale', window );">(Gain) / loss on vessels sold</a></td>
<td class="num">(12,322)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,917<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AmortizationOfFinancingCostsIncludingWriteOff', window );">Amortization of deferred finance fees</a></td>
<td class="nump">1,138<span></span>
</td>
<td class="nump">1,237<span></span>
</td>
<td class="nump">1,461<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_LossOnExtinguishment', window );">(Gain) / loss on extinguishment</a></td>
<td class="num">(1,432)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,576<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrealizedGainLossOnDerivatives', window );">Unrealized (gains) / losses on derivatives</a></td>
<td class="num">(655)<span></span>
</td>
<td class="nump">262<span></span>
</td>
<td class="num">(2,961)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingLeaseLiability', window );">Operating lease ROU - lease liability, net</a></td>
<td class="nump">47<span></span>
</td>
<td class="nump">52<span></span>
</td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions', window );">Loss from equity method investments</a></td>
<td class="nump">4,514<span></span>
</td>
<td class="nump">1,035<span></span>
</td>
<td class="nump">195<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_IncreaseDecreaseInDeferredDrydockExpenditure', window );">Deferred drydock payments</a></td>
<td class="num">(6,481)<span></span>
</td>
<td class="num">(12,280)<span></span>
</td>
<td class="num">(1,913)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Receivables</a></td>
<td class="num">(4,640)<span></span>
</td>
<td class="nump">23,610<span></span>
</td>
<td class="num">(59,559)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidExpense', window );">Prepaid expenses and other assets</a></td>
<td class="nump">49<span></span>
</td>
<td class="nump">174<span></span>
</td>
<td class="num">(1,010)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_IncreaseDecreaseInAdvancesAndDeposits', window );">Advances and deposits</a></td>
<td class="nump">3,824<span></span>
</td>
<td class="num">(4,673)<span></span>
</td>
<td class="nump">1,391<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventories</a></td>
<td class="nump">1,250<span></span>
</td>
<td class="nump">3,160<span></span>
</td>
<td class="num">(4,623)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade', window );">Accounts payable</a></td>
<td class="nump">4,054<span></span>
</td>
<td class="num">(4,410)<span></span>
</td>
<td class="num">(1,612)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherAccruedLiabilities', window );">Accrued expenses and other liabilities</a></td>
<td class="num">(165)<span></span>
</td>
<td class="nump">855<span></span>
</td>
<td class="nump">10,033<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Deferred revenue</a></td>
<td class="nump">135<span></span>
</td>
<td class="num">(873)<span></span>
</td>
<td class="num">(850)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInterestPayableNet', window );">Accrued interest</a></td>
<td class="num">(407)<span></span>
</td>
<td class="nump">76<span></span>
</td>
<td class="nump">212<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
<td class="nump">160,445<span></span>
</td>
<td class="nump">159,609<span></span>
</td>
<td class="nump">124,207<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>CASH FLOWS FROM INVESTING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from sale of vessels</a></td>
<td class="nump">26,829<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">39,912<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_PaymentsForVesselsEquipmentWaterTreatmentSystemInstallationProgress', window );">Payments for acquisition of vessels and vessel equipment, including deposits</a></td>
<td class="num">(61,020)<span></span>
</td>
<td class="num">(20,562)<span></span>
</td>
<td class="num">(1,335)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_PaymentsForProceedsFromWaterTreatmentInvestingActivities', window );">Advances for ballast water treatment and scrubber systems</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,822)<span></span>
</td>
<td class="num">(2,473)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireOtherProductiveAssets', window );">Payments for other non-current assets</a></td>
<td class="num">(432)<span></span>
</td>
<td class="num">(208)<span></span>
</td>
<td class="num">(106)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfEquityMethodInvestments', window );">Proceeds for equity investments</a></td>
<td class="nump">1,650<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireEquityMethodInvestments', window );">Proceeds / (payments) for equity investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,244)<span></span>
</td>
<td class="num">(588)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash (used in) / provided by investing activities</a></td>
<td class="num">(32,973)<span></span>
</td>
<td class="num">(26,836)<span></span>
</td>
<td class="nump">35,410<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>CASH FLOWS FROM FINANCING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_PrepaymentOfFinanceLeaseObligation', window );">Prepayment of finance lease obligation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(166,580)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from long term debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">131,884<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromLongTermLinesOfCredit', window );">Proceeds from revolving facilities</a></td>
<td class="num">(104,864)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Repayments of long-term debt</a></td>
<td class="num">(1,678)<span></span>
</td>
<td class="num">(84,007)<span></span>
</td>
<td class="num">(148,245)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RepaymentsOfLinesOfCredit', window );">Repayments on revolving facilities</a></td>
<td class="num">(111,194)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinanceLeasePrincipalPayments', window );">Repayments of finance leases</a></td>
<td class="num">(42,262)<span></span>
</td>
<td class="num">(1,976)<span></span>
</td>
<td class="num">(13,675)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Payments for deferred finance fees</a></td>
<td class="num">(200)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,505)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Payment of common share dividends</a></td>
<td class="num">(45,079)<span></span>
</td>
<td class="num">(47,154)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Issuance of common stock, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">38,909<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock', window );">Repayment of preferred stock</a></td>
<td class="num">(10,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash (used in) financing activities</a></td>
<td class="num">(127,289)<span></span>
</td>
<td class="num">(136,537)<span></span>
</td>
<td class="num">(164,497)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Repurchase of common stock</a></td>
<td class="num">(17,935)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Payment of preferred share dividends</a></td>
<td class="num">(3,805)<span></span>
</td>
<td class="num">(3,400)<span></span>
</td>
<td class="num">(3,285)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect', window );">Net increase / (decrease) in cash and cash equivalents</a></td>
<td class="nump">183<span></span>
</td>
<td class="num">(3,764)<span></span>
</td>
<td class="num">(4,880)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash and cash equivalents at the beginning of the year</a></td>
<td class="nump">46,805<span></span>
</td>
<td class="nump">50,569<span></span>
</td>
<td class="nump">55,449<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Cash and cash equivalents at the end of the period</a></td>
<td class="nump">46,988<span></span>
</td>
<td class="nump">46,805<span></span>
</td>
<td class="nump">50,569<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Cash paid during the year for:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestAndDebtExpense', window );">Cash paid during the period for interest in respect of debt</a></td>
<td class="nump">4,547<span></span>
</td>
<td class="nump">7,957<span></span>
</td>
<td class="nump">5,739<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_CashPaidInterestIncurredOnFinanceLeases', window );">Cash paid during the period for interest in respect of finance leases</a></td>
<td class="nump">1,500<span></span>
</td>
<td class="nump">3,718<span></span>
</td>
<td class="nump">11,559<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaid', window );">Cash paid during the period for income taxes</a></td>
<td class="nump">112<span></span>
</td>
<td class="nump">537<span></span>
</td>
<td class="nump">51<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NonCashFinancingActivityNonCashConversionFromTermLoanToRevolvingFacility', window );">Non-cash financing activity. Non cash conversion from term loan to revolving facility</a></td>
<td class="nump">44,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeasePaymentsUse', window );">Non-cash operating activity: ROU / lease liability increase in respect of time-charter extensions</a></td>
<td class="nump">7,327<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AccruedPreferredStockDividends', window );">Non-cash financing activity: Accrued preferred dividends</a></td>
<td class="nump">433<span></span>
</td>
<td class="nump">578<span></span>
</td>
<td class="nump">578<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NonCashInvestingActivityAccrualsDuringPeriod', window );">Non-cash investing activity. Accruals during the period in respect of ballast water treatment systems and scrubber systems</a></td>
<td class="nump">194<span></span>
</td>
<td class="nump">765<span></span>
</td>
<td class="num">(887)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LeaseContractualTermAxis=asc_TimeCharterMember', window );">Time charter</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Cash paid during the year for:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_CashPaidDuringPeriodForOperatingLeasesLiabilities', window );">Cash paid during the period for operating lease liabilities (offices)</a></td>
<td class="nump">14,859<span></span>
</td>
<td class="nump">13,744<span></span>
</td>
<td class="nump">5,982<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LeaseContractualTermAxis=asc_OfficeSpaceMember', window );">Office Space</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Cash paid during the year for:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_CashPaidDuringPeriodForOperatingLeasesLiabilities', window );">Cash paid during the period for operating lease liabilities (offices)</a></td>
<td class="nump">$ 689<span></span>
</td>
<td class="nump">$ 881<span></span>
</td>
<td class="nump">$ 719<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_AccruedPreferredStockDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of preferred dividends accrued.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_AccruedPreferredStockDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_AmortizationOfDeferredDryDockExpenditure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense charged against earnings to allocate the cost of deferred dry dock expenditure. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_AmortizationOfDeferredDryDockExpenditure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_AmortizationOfFinancingCostsIncludingWriteOff">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt issuance costs including write off.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_AmortizationOfFinancingCostsIncludingWriteOff</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_CashPaidDuringPeriodForOperatingLeasesLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Refers to cash paid during the period for operating lease liabilities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_CashPaidDuringPeriodForOperatingLeasesLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_CashPaidInterestIncurredOnFinanceLeases">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>It represents amount of interest incurred on finance leases</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_CashPaidInterestIncurredOnFinanceLeases</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_GainLossOnVesselHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on vessel held for sale.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_GainLossOnVesselHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_IncreaseDecreaseInAdvancesAndDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the advances to the technical managers for expenses incurred by them in operating the vessels, together with other necessary deposits paid during the course of business.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_IncreaseDecreaseInAdvancesAndDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_IncreaseDecreaseInDeferredDrydockExpenditure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for dry dock expenditure that bring economic benefits for future periods.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_IncreaseDecreaseInDeferredDrydockExpenditure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_LossOnExtinguishment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_LossOnExtinguishment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_NonCashFinancingActivityNonCashConversionFromTermLoanToRevolvingFacility">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow from non-cash financing activity. Non cash conversion from term loan to revolving facility.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_NonCashFinancingActivityNonCashConversionFromTermLoanToRevolvingFacility</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_NonCashInvestingActivityAccrualsDuringPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Refers non-cash investing activity.  Accruals during the period in respect of ballast water treatment systems and scrubber systems</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_NonCashInvestingActivityAccrualsDuringPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_PaymentsForProceedsFromWaterTreatmentInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>It represents amount of payments for proceeds from other investing activities</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_PaymentsForProceedsFromWaterTreatmentInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_PaymentsForVesselsEquipmentWaterTreatmentSystemInstallationProgress">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>It represents amount of payments for vessels equipment water treatment system.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_PaymentsForVesselsEquipmentWaterTreatmentSystemInstallationProgress</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_PrepaymentOfFinanceLeaseObligation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Refers to prepayment of finance lease obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_PrepaymentOfFinanceLeaseObligation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-8<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; excluding effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -SubTopic 230<br> -Topic 830<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477401/830-230-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinanceLeasePrincipalPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow for principal payment on finance lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (g)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 5<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-5<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinanceLeasePrincipalPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This element represents the undistributed income (or loss) of equity method investments, net of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporations; such investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before refund, of cash paid to foreign, federal, state, and local jurisdictions as income tax.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-2A<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 23<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-23<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-22<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-25<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxesPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableTrade">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Change in recurring obligations of a business that arise from the acquisition of merchandise, materials, supplies and services used in the production and sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableTrade</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in deferred income and obligation to transfer product and service to customer for which consideration has been received or is receivable.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInterestPayableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInterestPayableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingLeaseLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in obligation for operating lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (g)(1)<br> -SubTopic 20<br> -Topic 842<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingLeaseLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in other expenses incurred but not yet paid.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndDebtExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Interest and debt related expenses associated with nonoperating financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestAndDebtExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-24<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-25<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasePaymentsUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow from operating lease to bring another asset to condition and location necessary for its intended use.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 5<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-5<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (g)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasePaymentsUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to reacquire common stock during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for reacquisition of callable preferred stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfRedeemablePreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for loan and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireOtherProductiveAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow for the purchase of or improvements to tangible or intangible assets, used to produce goods or deliver services, classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireOtherProductiveAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(i)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfLongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromLongTermLinesOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with maturities due beyond one year or the operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-14<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromLongTermLinesOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the sale of equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(f))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfLinesOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</tr>
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</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(i)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfLongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of noncash expense for share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SupplementalCashFlowInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrealizedGainLossOnDerivatives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(6))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(7)(c)(7))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 320<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5A<br> -Subparagraph (SX 210.12-13A(Column F))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477271/946-320-S99-5A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrealizedGainLossOnDerivatives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeaseContractualTermAxis=asc_TimeCharterMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeaseContractualTermAxis=asc_TimeCharterMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeaseContractualTermAxis=asc_OfficeSpaceMember</td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471547898432">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Overview<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock', window );">Overview</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">1.&#160;&#160;&#160;Overview</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.1.&#160;&#160;&#160;Background</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping Corporation (NYSE: ASC) (&#8220;Ardmore&#8221;), together with its subsidiaries (collectively the &#8220;Company&#8221;), provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with its modern, fuel-efficient fleet of mid-size product and chemical tankers and the Company operates its business in one operating segment, the transportation of refined petroleum products and chemicals. As of December&#160;31,&#160;2024, the Company had 22 owned vessels and four chartered-in vessels in operation. The average age of the Company&#8217;s owned fleet as of December&#160;31,&#160;2024 was 10.3&#160;years.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.2.&#160;&#160;&#160;Management and organizational structure</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore was incorporated in the Republic of the Marshall Islands on May 14, 2013. Ardmore commenced business operations through its predecessor company, Ardmore Shipping LLC, on April 15, 2010.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">As of December&#160;31,&#160;2024, Ardmore had (a) 79 wholly owned subsidiaries, a significant number of which represent single ship-owning companies for Ardmore&#8217;s fleet, (b) one 50%-owned joint venture, Anglo Ardmore Ship Management Limited ("AASML"), which provides technical management services to the Ardmore fleet, and (c) a 10% equity stake in Element 1 Corp. which is included in Investments and other assets, net in the consolidated balance sheet as of December&#160;31,&#160;2024. Equity investments are disclosed below in Note 4.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Maritime Services (Asia) Pte. Limited, a wholly owned subsidiary incorporated in Singapore, carries out the Company&#8217;s management services and associated functions. Ardmore Shipping Services (Ireland) Limited, a wholly owned subsidiary incorporated in Ireland, provides the Company&#8217;s corporate, accounting, fleet administration and operations services. Each of Ardmore Shipping (Asia) Pte. Limited and Ardmore Shipping (Americas) LLC, wholly owned subsidiaries incorporated in Singapore and Delaware, respectively, performs commercial management and chartering services for the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.3.&#160;&#160;&#160;Vessels</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024, the Company owned and operated a modern fleet of 22 product/chemical vessels (21 with Marshall Island flags and one with a Singapore flag), with a combined carrying capacity of 973,181 deadweight tonnes (&#8220;dwt&#8221;) and an average age of approximately 10.3 years.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:22.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Vessel Name</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Type</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Dwt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">IMO</b><sup style="font-size:6pt;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Built</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Country</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Specification</b></p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Gibraltar</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Apr-17</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seahawk</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Nov-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seawolf</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Aug-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seafox</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jun-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Sealion</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">May-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Engineer</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,420</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Mar-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seavanguard</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,998</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Exporter</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,466</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seavantage</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,997</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jan-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Encounter</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,478</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jan-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Explorer</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,494</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jan-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Endurance</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,466</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Dec-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Enterprise</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,453</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Sep-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Endeavour</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,997</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jul-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seaventure</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,998</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jun-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seavaliant</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,998</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Defender</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 37,791</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Dauntless</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 37,764</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Chippewa</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 25,217</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Nov-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Chinook</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 25,217</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jul-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Cheyenne</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 25,217</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Mar-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Cherokee</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 25,215</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p 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style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">22</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 973,181</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p><div style="font-family:'Times New Roman','Times','serif';font-size:11.0pt;margin-bottom:0pt;margin-top:0pt;min-height:1.19em;position:relative;width:100%;"><div style="background-color:#000000;height:1pt;position:relative;top:0.6em;width:25.0%;border:none;margin:0 auto 0 0;"></div></div><p style="font-family:'Times New 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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471552957584">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant accounting policies</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant accounting policies</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.&#160;&#160;&#160;Significant Accounting Policies</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.1.&#160;&#160;&#160;Basis of preparation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accompanying consolidated financial statements, which include the accounts of Ardmore and its subsidiaries, have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;). All subsidiaries are 100% directly or indirectly owned by Ardmore. AASML, a joint venture in which the Company has a 50% interest, is accounted for using the equity method. The Company&#8217;s 10% investment in Element 1 Corp. is also accounted for using the equity method as the Company is able to exercise significant influence. All intercompany balances and transactions have been eliminated on consolidation. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">2.2.&#160;&#160;&#160;Uses of estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives for vessels, vessel valuations, residual value of vessels, expected future cash flows from vessels to support vessel impairment tests, provisions necessary for receivables from charterers, the selection of inputs used in the valuation model for share-based payment awards, provisions for legal disputes and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable. Actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">2.3.&#160;&#160;&#160;Reporting currency</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The consolidated financial statements are stated in U.S. Dollars. The functional currency of the Company is U.S. Dollars because the Company operates in international shipping markets in which most transactions are denominated in the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. Resulting gains and losses are included in the accompanying consolidated statements of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.4.&#160;&#160;&#160;Recently issued accounting pronouncements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Recently adopted</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">In November 2023 the FASB issued Accounting Standards Update 2023-07,<i style="font-style:italic;"> Improvements to Reportable Segment Disclosures</i>, which amends the existing segment reporting guidance (Accounting Standards Codification Topic 280) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (&#8220;CODM&#8221;) and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.<span style="font-size:12pt;"> </span>The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Issued but not yet effective</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">On December 14, 2023, the FASB issued&#160;Accounting Standards Update 2023-09,&#160;<i style="font-style:italic;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures&#160;(ASU 2023-09)</i>. The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 largely follows the proposed ASU issued earlier in 2023 with several important modifications and clarifications discussed below. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 and effective for all other business entities one year later. Entities should adopt this guidance on a prospective basis, though retrospective application is permitted. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">On March 21, 2024, the FASB issued&#160;Accounting Standards Update 2024-01, <i style="font-style:italic;">Compensation &#8211; Stock Compensation (Topic 718)</i> which clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718&#160;or (2) not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 is effective for public business entities for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">On November 4, 2024, the&#160;FASB&#160;issued&#160;Accounting Standards Update 2024-03, <i style="font-style:italic;">Disaggregation of Income Statement Expenses</i> (<i style="font-style:italic;">ASU 2024-03</i>), which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. On January 6, 2025, the FASB issued Accounting Standards Update 2025-01 which clarifies the effective date of ASU 2024-03 with respect to interim periods. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">The standard is effective for annual reporting periods beginning after 15 December 2026, and for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">On November 26, 2024, the FASB issued&#160;Accounting Standard Update 2024-04, Debt &#8211; Debt with Conversion&#160;and Other Options (Subtopic 470-20), which amends ASC 470-202&#160;to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion.&#160;The amendments in this update are effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted if the entity has also adopted ASU 2020-06 <i style="font-style:italic;background:#ffffff;">Accounting for Convertible Instruments and Contracts in an Entity&#8217;s Own Equity</i><span style="background:#ffffff;"> </span>for that period. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">2.5.&#160;&#160;&#160;Revenue, net</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Revenue is generated from spot charter arrangements and time charter arrangements, net of address commission and provisions for demurrage.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Spot charter arrangements</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In the Company&#8217;s spot charter arrangements, the charterer hires a vessel to transport a specific agreed-upon cargo for a single voyage that are generally short in duration (less than two months), which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The contract generally has standard payment terms of freight paid within three to seven days after completion of loading. Revenue from voyage charters is recognized when (i) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (ii) we can identify each party&#8217;s rights regarding the services to be transferred, (iii) we can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of our future cash flows is expected to change as a result of the contract) and (v) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the services that will be transferred to the charterer</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Spot charter arrangements do not contain a lease and are therefore considered service contracts that fall under the provisions of Accounting Standard Codification (&#8220;ASC&#8221;) 606 <i style="font-style:italic;">Revenue from Contracts with Customers</i>. Spot charter arrangements are considered service contracts which fall under the provisions of ASC 606 because the Company retain control over the operations of the vessel, including directing the routes taken and vessel speed. The Company determined that a spot charter arrangement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company have concluded that a contract for a spot charter arrangement meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company&#8217;s performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The consideration that the Company expects to be entitled to receive includes estimates of revenue associated with the loading or discharging time that exceed the originally estimated duration of the voyage, which is referred to as &#8220;demurrage revenue&#8221;, when it is determined there will be incremental time required to complete the contracted voyage. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Demurrage revenue, which is earned during a voyage charter and represents variable consideration, which is estimated at contract inception based on estimates for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited. It is not considered a separate deliverable in accordance with ASC 606 as it is part of the single performance obligation in a spot charter arrangement, which is to provide cargo transportation services to the completion of a contracted voyage. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, in addition to any port expenses incurred prior to arrival at the load port. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The fuel consumption and any port expenses incurred prior to arrival at the load port during this period are deferred and recorded in Inventories as deferred contract costs in the consolidated balance sheets and are amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and are expensed as part of voyage expenses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Time charter arrangements</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">From time to time the Company enters into time charter arrangements, which are for a specified period of time, and key decisions concerning the use of the vessel during the duration of the time charter period reside with the charterer. In time charter arrangements, the Company is responsible for the crewing, maintenance and insurance of the vessel, and the charterer is generally responsible for voyage specific costs, which typically include bunkers and port/canal costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"> <span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As the charterer holds sufficient latitude in its rights to determine how and when the vessel is used on voyages and the charterer is also responsible for costs incurred during the voyage, the charterer derives the economic benefits from the use of the vessel, as control over the right to use the vessel is transferred to the charterer during the specified time charter period. Accordingly, time charters are considered operating leases and the Company applies guidance for lessors in FASB Accounting Standards Codification 842 - <i style="font-style:italic;">Leases</i> (&#8220;ASC 842&#8221;). The Company has elected to apply the practical expedient under Accounting Standards Codification 842 &#8211; <i style="font-style:italic;">Leases </i>(&#8220;ASC 842&#8221;), which allows lessors to account for lease and non-lease components as a single lease component when certain criteria are met. Revenue for time charters is recognized on a straight-line basis ratably over the term of the charter.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"> &#160;<span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.6.&#160;&#160;&#160;Voyage and vessel operating expenses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Voyage expenses</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Voyage expenses represent costs the Company is responsible to incur in charter arrangements during a voyage that are directly related to a voyage. Voyage expenses include bunkers and port/canal costs, which are expensed as incurred. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Voyage expenses also include contract fulfillment costs that are incurred by the Company prior to a voyage. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">These costs are from the later of when a vessel departed from its prior charter discharge port and when a vessel entered a new charter to the arrival at the loading port for the new charter and are deferred and amortized ratably over the new charter for charters accounted for in accordance with ASC 606. Such costs are typically comprised of bunkers. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Vessel operating expenses</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Vessel operating expenses represent costs the Company incurs to operate its vessels that are not directly related to a voyage. Vessel operating expenses include costs for crew, repairs and maintenance, insurance, stores, lube oils, communications and technical management. Vessel operating expenses are expensed as incurred.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.7.&#160;&#160;&#160;Cash and cash equivalents</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">The Company classifies investments with an original maturity date of three months or less as cash and cash equivalents. The Company is required to maintain a minimum cash balance in accordance with its long-term debt facility agreements (see Note 6) and finance lease facility agreements (see Note 7).</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.8.&#160;&#160;&#160;Receivables</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Receivables include amounts due from charterers for hire and other recoverable expenses due to the Company. As of the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate allowance for bad debt.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.9.&#160;&#160;&#160;Prepaid expenses and other assets </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Prepaid expenses and other assets consist of payments made in advance for insurance or other expenses, and insurance claims outstanding and certain assets held by vessel managers. Insurance claims are recorded, net of any deductible amounts, for insured damages which are recognized when recovery is virtually certain under the related insurance policies and where the Company can make an estimate of the amount to be reimbursed following the insurance claim. As of the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate provision for doubtful accounts.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.10.&#160;&#160;&#160;Advances and deposits</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Advances and deposits primarily include amounts advanced to AASML for expenses incurred by them in operating the vessels, together with other necessary deposits paid during the course of business.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.11.&#160;&#160;&#160;Inventories</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Inventories consist of bunkers, lubricating oils and other consumables on board the Company&#8217;s vessels. Inventories are valued at the lower of cost or net realizable value on a first-in first-out basis. Cost is based on the normal levels of cost and comprises the cost of purchase, being the suppliers&#8217; invoice price with the addition of charges such as freight or duty where appropriate. Spares are expensed as incurred.</span><span style="font-weight:normal;"> </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.12.&#160;&#160;&#160;Vessel held for sale</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Assets are classified as held for sale when management, having the authority to approve the action, commits to a plan to sell the asset, the sale is probable within one year, and the asset is available for immediate sale in its present condition. Consideration is given to whether an active program to locate a buyer has been initiated, whether the asset is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When assets are classified as held for sale, they are measured at the lower of their carrying amount or fair value less cost to sell and they are tested for impairment. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">A gain is recognized when the carrying value of the asset is less than the estimated fair value, less transaction costs. A loss is recognized when the carrying value of the asset is greater than the estimated fair value, less transaction costs. Assets classified as held for sale are no longer depreciated.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.13.&#160;&#160;&#160;Vessels and vessel equipment</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Vessels and vessel equipment are recorded at their cost less accumulated depreciation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Vessel cost comprises acquisition costs directly attributable to the vessel and the expenditures made to prepare the vessel for its initial voyage. Vessels are depreciated on a straight-line basis over their estimated useful economic life from the date of initial delivery from the shipyard. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The useful life of the Company&#8217;s vessels is estimated at 25 years from the date of initial delivery from the shipyard. Depreciation is based on cost less the estimated residual scrap value of $400 per lightweight ton (&#8220;lwt&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Vessel equipment comprises the costs of significant replacements, renewals and upgrades to the Company&#8217;s vessels. Vessel equipment is depreciated over the shorter of the vessel&#8217;s remaining useful life or the life of the renewal or upgrade. The amount capitalized is based on management&#8217;s judgment as to expenditures that extend a vessel&#8217;s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.14.&#160;&#160;&#160;Deferred drydock expenditures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company follows the deferral method of accounting for drydock expenditures whereby actual expenditures incurred are deferred and are amortized on a straight-line basis through to the date of the next scheduled drydocking, generally 30 to 60 months. Expenditures deferred as part of the drydock include direct costs that are incurred as part of the drydocking to meet regulatory requirements. Direct expenditures that are deferred include the shipyard costs, parts, inspection fees, steel, blasting and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Unamortized drydock expenditures of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels&#8217; sale. Unamortized drydock expenditures are written off as drydock amortization if the vessels are drydocked before the expiration of the applicable amortization period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.15.&#160;&#160;&#160;Advances for ballast water treatment systems</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company is in the process of installing ballast water treatment systems on each of its vessels that do not currently have the system installed. This is a requirement of the International Maritime Organization. The Company capitalizes and depreciates the costs of ballast water treatment systems, including installation costs, on each vessel from the date of completion of the system over the remaining useful life of the vessel.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.16.&#160;&#160;&#160;Vessel impairment</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Management regularly reviews the carrying amounts of the Company&#8217;s vessels that are &#8220;held and used&#8221; for recoverability. &#160;Vessels are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. When such indicators are present, a vessel held and used is tested for recoverability by comparing the <span style="background:#ffffff;">estimate of undiscounted future cash flows</span> expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount together with the carrying value of deferred drydock expenditures and special survey costs related to the vessel. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">For purposes of testing for recoverability, undiscounted future<span style="background:#ffffff;"> cash flows are determined by applying various assumptions based on historical trends as well as future expectations. In estimating future revenue, the Company considers charter rates for each vessel class over the estimated remaining lives of the vessels using both historical average rates for the Company over the last five years, where available, and historical average one-year time charter rates for the industry over the last 10 years. </span>Recognizing that rates tend to be cyclical and considering market volatility based on factors beyond the Company&#8217;s control, management believes it is reasonable to use estimates based on a combination of more recent internally generated rates and the 10-year average historical average industry rates. <span style="background:#ffffff;">Undiscounted future cash flows are determined by applying various assumptions regarding future revenue net of voyage expenses, vessel operating expenses, scheduled drydockings, expected off-hire and scrap values, and taking into account historical market and Company specific revenue data as discussed above, and also considering other external market sources, including analysts&#8217; reports and freight forward agreement curves. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company will evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties. Management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company's vessels. The Company did not recognize a vessel impairment charge for the years ended December 31, 2024, 2023 or 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2</b><b style="font-weight:bold;">.17.&#160;&#160;&#160;Other non-current assets</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Other non-current assets relate to office equipment, fixtures and fittings and leasehold improvements. Office equipment and fixtures and fittings are recorded at their cost less accumulated depreciation and are depreciated based on an estimated useful life of five years. Leasehold improvements relate to fit-out costs for work completed on the Company&#8217;s offices in Ireland and Singapore. Leasehold improvements are recorded at their cost less accumulated depreciation and are depreciated over the shorter of the useful life of those leasehold improvements and the remaining lease term.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.18.&#160;&#160;&#160;Operating leases </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Under ASC 842, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The standard continues to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. For operating leases, ASC 842 requires recognition in an entity&#8217;s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. Operating lease right-of-use assets are assessed for any potential impairment on each balance sheet date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">At lease commencement, a lessee must determine a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. When determining the discount rate to be used at lease commencement, a lessee must use the rate implicit in the lease unless that rate cannot be readily determined. When the rate implicit in the lease cannot be readily determined, the lessee should use its incremental borrowing rate. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.19.&#160;&#160;&#160;Finance leases</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">From time to time the Company enters into finance leases, which relate to financing arrangements for vessels in operation. Interest costs are expensed to interest expense and finance costs in the consolidated statements of operations using the effective interest method over the life of the lease. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.20.&#160;&#160;&#160;Accounts payable</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Accounts payable include all financial obligations to vendors for goods or services that have been received.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.21.&#160;&#160;&#160;Accrued expenses and other liabilities</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Accrued expenses and other liabilities include all accrued liabilities in relation to the operating and running of the vessels, along with amounts accrued for interest as well as general and administrative expenses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.22.&#160;&#160;&#160;Derivatives </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As required by FASB Accounting Standards Codification 815 - Derivatives and Hedging (&#8220;ASC 815&#8221;), the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company elected to classify settlement payments as operating activities within the statement of cash flows. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future SOFR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. &#160;The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.23.&#160;&#160;&#160;Equity method investments</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company&#8217;s investments in AASML and Element 1 Corp. are accounted for, and until the Company sold its interest in the e1 Marine joint venture in May 2024, its investment in e1 Marine was accounted for using the equity method of accounting. Under the equity method of accounting, the Company initially recorded the investments in AASML, Element 1 Corp. and e1 Marine at cost and adjusts the carrying amounts of the investments to recognize their respective share of earnings or losses of the investee. As of December&#160;31,&#160;2024, the carrying value of the Company&#8217;s total investment in Element 1 Corp. is $4.5 million. This consists of the carrying value of the Company&#8217;s investment in the ordinary shares of $4.5 million. The carrying amount of the investment is adjusted to recognize the Company&#8217;s share of earnings or losses of the investee. Dividends received from an investee reduce the carrying amount of the equity investments. The Company evaluates its equity method investment for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other than temporary decline in value below their carrying values. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company&#8217;s consolidated statements of operations. &#160;During the year ended December&#160;31,&#160;2024, the Company recorded an impairment of $4.4 million in its investment in Element 1 Corp. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.24.&#160;&#160;&#160;Contingencies</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Claims, lawsuits and contingencies arise in the ordinary course of the Company&#8217;s business. The Company provides for these contingencies when (i)&#160;it is probable that a liability has been incurred at the date of the financial statements and (ii)&#160;the amount of the loss can be reasonably estimated. Disclosure in the notes to the financial statements is required for contingencies that do not meet both these conditions if there is a reasonable possibility that a liability may have been incurred as of the balance sheet date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.25.&#160;&#160;&#160;Distributions to shareholders</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Subject to the Board of Directors&#8217; approval, distributions to common shareholders are applied first to accumulated surplus. When accumulated surplus is not sufficient, distributions are applied to the additional paid in capital account.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.26.&#160;&#160;&#160;Equity issuance costs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Incremental costs incurred that are directly attributable to a proposed or actual offering of equity securities are deferred and deducted from the related proceeds of the offering, and the net amount is recorded as contributed shareholders&#8217; equity in the period when such shares are issued. Other costs incurred that are not directly attributable, but are related, to a proposed or actual offering are expensed as incurred.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.27.&#160;&#160;&#160;Debt and finance lease issuance costs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financing charges which include fees, commissions and legal expenses associated with securing loan facilities are presented in the consolidated balance sheets as a direct deduction from the carrying amount of the debt liability or finance lease obligation. These costs are amortized to interest expense and finance costs in the consolidated statements of operations using the effective interest rate method over the life of the related debt or finance lease.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.28.&#160;&#160;&#160;Share-based compensation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company may grant share-based payment awards, such as time-based restricted stock units (&#8220;TRSUs&#8221;), performance-based RSUs (&#8220;PRSUs&#8221;), which are subject to market conditions and service, and stock appreciation rights (&#8220;SARs&#8221;) as incentive-based compensation to certain employees and directors. The Company measures the cost of such awards, which are equity-settled transactions, using the grant date fair value of the award and recognizes that cost, over the requisite service period, which generally equals the vesting period. Once the fair value has been determined, the associated expense is recognized in the consolidated statements of operations over the requisite service period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The SARs are settled through the delivery of Ardmore&#8217;s shares, not cash. Hence, in accordance with the guidance in the FASB Accounting Standards Codification 718, <i style="font-style:italic;">Compensation &#8212; Stock Compensation</i> (&#8220;ASC 718&#8221;), the Company has classified the plan as an equity settled share-based payment plan. The cost of each tranche of SARs is being recognized by the Company on a straight-line basis. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Under a TRSU award, the grantee is entitled to receive a share of Ardmore&#8217;s common stock for each RSU at the end of the vesting period. Under a PRSU award, the grantee is entitled to receive a share of Ardmore&#8217;s common stock for each earned PRSU. Payment under the TRSU and PRSU will be made in the form of shares of Ardmore&#8217;s common stock. The cost of TRSUs and PRSUs is recognized by the Company on a straight-line basis over the vesting period. The Company&#8217;s policy for issuing shares upon the vesting of the RSUs is to register and issue new common shares to the grantee.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.29.&#160;&#160;&#160;Treasury stock</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">When shares are acquired for a reason other than formal or constructive retirement, the shares are presented separately as a deduction from equity. If the shares are retired or subsequently sold, any gain would be allocated as an increase in additional paid in capital and cumulative losses as an increase to accumulated deficit.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.30.&#160;&#160;&#160;Financial instruments</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The carrying values of cash and cash equivalents, accounts receivable and accounts payable reported in the consolidated balance sheets are reasonable estimates of their fair values due to their short-term nature. The fair values of long-term debt approximate the recorded values due to the variable interest rates payable. The hierarchies of inputs used when determining fair value are described below:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><i style="font-style:italic;">Level 1: </i>Valuations based on quotes prices in active markets for identical instruments that the Company is able to access. &#160;Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><i style="font-style:italic;">Level 2:</i> Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><span style="font-style:italic;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><i style="font-style:italic;">Level 3: </i>Valuations based on inputs that are unobservable and significant to the overall fair value measurement<i style="font-style:italic;">.</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.31.&#160;&#160;&#160;Income taxes</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Republic of the Marshall Islands</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping Corporation, Ardmore Shipping LLC, Ardmore Maritime Services LLC, and all vessel owning subsidiaries are incorporated in the Republic of the Marshall Islands with the exception of Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited, both of which are incorporated in Singapore. Ardmore Shipping Corporation believes that neither it, nor its subsidiaries, are subject to taxation under the laws of the Republic of the Marshall Islands and that distributions by its subsidiaries to Ardmore Shipping Corporation will not be subject to any taxes under the laws of the Republic of the Marshall Islands.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Bermuda</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping (Bermuda) Limited is incorporated in Bermuda. Ardmore Shipping Corporation, Ardmore Shipping LLC and Ardmore Shipping (Bermuda) Limited are managed and controlled in Bermuda. Ardmore Shipping Corporation is subject to taxation under the laws of Bermuda and distributions by its subsidiaries to Ardmore Shipping Corporation will be subject to any taxes under the laws of Bermuda.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Ireland</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping Services (Ireland) Limited and Ardmore E1 Marine Ventures Limited, which was established to act as the immediate parent company of e1 Marine, the joint venture jointly owned by Ardmore, Element 1 Corp. and Maritime Partners, are incorporated in Ireland. Trading profits are taxable at the standard corporation tax rate which is currently 12.5% based on generally accepted accounting principles in Ireland. Any non-trading / passive income is taxed at the higher corporation tax rate which is currently 25%.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">United States of America</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping (Americas) LLC (&#8220;ASUSA&#8221;) and Ardmore Trading (USA) LLC (&#8220;ATUSA&#8221;) are incorporated in Delaware and treated as corporations for U.S. tax purposes. ASUSA and ATUSA will be subject to U.S. tax on their worldwide net income.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Singapore</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping (Asia) Pte. Limited, Ardmore Tanker Trading (Asia) Pte. Limited, Ardmore Maritime Services (Asia) Pte. Limited, Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited are incorporated in Singapore. Ardmore Shipping (Asia) Pte. Limited qualified as an &#8220;Approved International Shipping Enterprise&#8221; by the Singapore authorities with effect from August&#160;1, 2015. This entitles the Company to tax exemption on profits derived from ship operations for any vessels which are owned or chartered in by Ardmore Shipping (Asia) Pte. Limited. Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited are ship-owning companies and therefore exempt from taxes under the law of Singapore. Ardmore Tanker Trading (Asia) Pte. Limited and Ardmore Maritime Services (Asia) Pte. Limited are subject to Singapore tax on their worldwide profits.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Deferred taxation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statements and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. Deferred income tax balances included on the consolidated balance sheets reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future&#160;years. The recoverability of these future tax deductions is evaluated by assessing the adequacy of future taxable income, including the reversal of temporary differences and forecasted operating earnings. If it is deemed more likely than not that the deferred tax assets will not be realized, the Company provides for a valuation allowance. Income taxes have been provided for all items included in the consolidated statements of operations regardless of when such items were reported for tax purposes or when the taxes were actually paid or refunded. Deferred tax for the&#160;year ended December&#160;31, 2024 amounted to $Nil (2023: $Nil , 2022: $Nil).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Uncertainties related to income taxes</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Companies are to determine whether it is more-likely-than-not that the tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not threshold it is measured to determine the amount of benefit to recognize in the financial statements. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Uncertainties related to income taxes recognized for the&#160;year ended December&#160;31, 2024 amounted to $Nil (2023: $Nil, 2022: $Nil).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.32.&#160;&#160;&#160;Concentration of credit risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable due from charterers and cash and cash equivalents.&#160; There is a concentration of credit risk with respect to the Company&#8217;s cash and cash equivalents to the extent that substantially all of the amounts are held in several institutions and are generally not covered by insurance in the event of default by these financial institutions. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers&#8217; financial condition. &#160;The Company may be exposed to a credit risk in relation to vessel employment and at times may have multiple vessels employed by one charterer. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following table presents consolidated revenues for charterers that accounted for more than 10% of the Company&#8217;s consolidated revenues during the years presented:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Charterer A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 28,132</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 55,626</p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Charterer B</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 53,345</p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">* None over 10%</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483426/235-10-50-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 235<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/235/tableOfContent<br></p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471553050624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business and segmental reporting<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SegmentReportingAbstract', window );"><strong>Business and segmental reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SegmentReportingDisclosureTextBlock', window );">Business and segmental reporting</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">3.&#160;&#160;&#160;Business and Segment Reporting </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company primarily engages in the ocean transportation of petroleum and chemical products internationally through its fleet of tankers. These tankers are not bound to specific ports or schedules, allowing them to respond to market opportunities by moving between trade lanes and geographical areas. The Company charters its vessels to its customers through a combination of spot and time-charter arrangements, with the majority of its revenue generated from spot voyages, which typically last less than three months.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The CODM reviews overall operating results on a fleet-wide basis using time charter equivalent rates (&#8220;TCE&#8221;) and consolidated expenses. When the Company charters-out a vessel, the charterer is free to trade the vessel worldwide (subject to certain sanctions-related restrictions and certain operational-related constraints), making the disclosure of geographic information impracticable. The Company operates under one reportable segment for its vessel operations, based on how internally reported financial information is reviewed by the CODM to analyze performance, make decisions and allocate resources.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accounting policies of the vessel operations segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the vessel operations segment and decides how to allocate resources based on consolidated net income. The Company does not have intra-entity sales or transfers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company&#8217;s CODM is the senior management team that includes the chief executive officer, president and chief financial officer, chief operating officer, senior vice president of commercial and the senior director of corporate services.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The CODM uses consolidated net income to analyze income generated by the Company&#8217;s assets and how to allocate the corresponding cash flow according to the Company&#8217;s capital and resources focusing on maintaining the Company&#8217;s fleet, deleveraging, pursuing accretive growth opportunities, and 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Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">The following table presents the Company&#8217;s revenue contributions by nature of vessel employment.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:44.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 392,107</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 395,577</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 437,189</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Time charters <sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">(2)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 13,635</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 7,917</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Pooling arrangements<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;"> (3)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 3</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Other revenue <sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">(4)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 42</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 401</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 632</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td 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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471553027168">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity Investments<br></strong></div></th>
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<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">4. Equity Investments</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Element 1 Corp.</span> - On June 17, 2021, the Company purchased a 10% equity stake in Element 1 Corp. (&#8220;E1&#8221;), a developer of advanced hydrogen generation systems used to power fuel cells, in exchange for $4.0 million in cash and $5.3 million through the issuance of the Company&#8217;s common shares. The Company&#8217;s 10% equity stake consists of 581,795 shares of E1&#8217;s common stock and the Company also received warrants to purchase 286,582 additional common shares of Element 1 Corp. common stock, which expired in June 2024. The Company&#8217;s total investment in E1 amounted to $9.3 million and is allocated to investment in the ordinary shares and warrants based on their relative fair values as of the date of acquisition. The Company holds one board seat out of five, resulting in 20% voting rights and thus an ability to exercise significant influence in E1. Accordingly, the Company accounts for the investment in the common shares of E1 using the equity method in accordance with FASB Accounting Standards Codification 323 - <i style="font-style:italic;">Investments &#8211; Equity Method and Joint Ventures</i> (&#8220;ASC 323&#8221;). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company records its share of earnings and losses in its investment in Element 1 Corp. on a quarterly basis, with an aggregate loss of $0.4 million recognized in the year ended December&#160;31,&#160;2024 (2023: $0.1 million and 2022: $0.2 million profit). During the year ended December&#160;31,&#160;2024, the Company recognized an impairment loss of $4.4 million related to its equity method investment in Element 1 Corp. The impairment was due to a decline in the fair value of the investment, which was determined to be other than temporary. The fair value was assessed based on market conditions and the financial performance of Element 1 Corp. During the years ended December&#160;31,&#160;2023 and 2022, the Company did not record any impairment relating to its investment in Element 1 Corp. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company recorded an investment of $4.5 million, inclusive of transaction costs which is included in investments and other assets, net in the consolidated balance sheet as of December&#160;31,&#160;2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">e1 Marine LLC</span> - On June 17, 2021, the Company established a joint venture, e1 Marine LLC, with E1. and an affiliate of Maritime Partners LLC (&#8220;MP&#8221;), which seeks to deliver E1&#8217;s hydrogen delivery system to the marine sector, with each joint venture partner owning 33.33% of e1 Marine LLC. In May 2024, the Company sold its 33.33% stake in e1 Marine for $1.65 million and recognized a gain of $0.5 million. This gain is included as a component in loss from equity method investments, in the consolidated statement of operations for the year ended December 31, 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471552993632">
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock', window );">Accrued expenses and other liabilities</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">5.&#160;&#160;&#160;Accrued expenses and other liabilities</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Accrued expenses and other liabilities consist of the following as of December&#160;31, 2024 and 2023:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:34.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">As of December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:61.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;">Accrued vessel operating expenses and voyage expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 11,794</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 12,961</p></td></tr><tr><td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;">Other accrued expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 6,519</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 5,304</p></td></tr><tr><td style="vertical-align:bottom;width:61.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total accrued expenses</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 18,313</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 18,265</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><span></span>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471548694640">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debt<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">Debt</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">6.&#160;&#160;&#160;Debt</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of &#160;December&#160;31,&#160;2024, the Company had three loan facilities, which it has used primarily to finance vessel acquisitions or vessels under construction, or to refinance such original financings, and also for working capital. The Company&#8217;s applicable ship-owning subsidiaries have granted first-priority mortgages against the relevant vessels in favor of the lenders as security for the Company&#8217;s obligations under the loan facilities, which totaled 19 vessels as of December&#160;31,&#160;2024. Ardmore and its subsidiary Ardmore Shipping LLC have provided guarantees in respect of the loan facilities and Ardmore has granted a guarantee over its trade receivables in respect of the ABN AMRO Revolving Facility. These guarantees can be called upon following a payment default. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The outstanding principal balances in the table below approximate the fair value for the Company&#8217;s variable-rate debt, which is considered to be a Level 2 item for fair value purposes as the Company considers the estimate of rates it could obtain for similar debt. &#160;The fair value of an asset or liability is based on assumptions that market participants would use in pricing the asset or liability. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The outstanding principal balances on each loan facility as of December&#160;31,&#160;2024 and 2023 were as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:37.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">As&#160;of&#160;December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Nordea/SEB Revolving Facility</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 37,500</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">ABN/CACIB Joint Bank Facility</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 45,872</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">ABN/CACIB Revolving Facility</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">ABN AMRO Revolving Facility</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,296</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 932</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total debt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 38,796</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 46,804</b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (778)</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Net total debt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 38,796</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 46,026</b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current portion of long-term debt</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 6,713</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current portion of deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (277)</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Total current portion of long-term debt</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 6,436</b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Non-current portion of long-term debt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 38,796</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 39,590</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Future minimum scheduled repayments under the Company&#8217;s loan facilities for each&#160;year are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">As&#160;of</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">2025</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">2026</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 1,296</p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">2027</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 37,500</p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">2028</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 38,796</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Nordea / SEB Revolving Facility</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On August 5, 2022, 12 of Ardmore&#8217;s subsidiaries entered into a $185.5 million sustainability-linked revolving credit facility with Nordea and SEB (the &#8220;Nordea / SEB Revolving Facility&#8221;), the proceeds of which were used to refinance 12 vessels, including six vessels previously financed under lease arrangements. Interest is calculated at a rate of SOFR plus 2.5% (Adjusted SOFR, equivalent to LIBOR, plus a margin of 2.25%). The revolving credit facility may be drawn down or repaid with five days&#8216; notice. The revolving credit facility matures in June 2027. As of December&#160;31,&#160;2024, $37.5 million of the revolving credit facility was drawn down and $104.4 million was available and undrawn.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;">ABN/CACIB Joint Bank Term Loan and Revolving Credit Facility</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On August 5, 2022, seven of Ardmore&#8217;s subsidiaries entered into a $108 million sustainability-linked long-term loan facility with ABN AMRO Bank N.V (&#8220;ABN AMRO&#8221;) and Credit Agricole Corporate and Investment Bank (&#8220;CACIB&#8221;) (the &#8220;ABN/CACIB Joint Bank Facility&#8221;), the proceeds of which were used to finance seven vessels, including three vessels financed under lease arrangements. Interest is calculated at SOFR plus 2.5%. Principal repayments on the term loans are made on a quarterly basis, with a balloon payment payable with the final installment. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On June 15, 2023, this credit facility was amended to convert 50% of the outstanding balance under the facility into a revolving credit facility with the remaining 50% of the outstanding balance, or $49.2 million, continuing as a term loan facility. On March 14, 2024, the credit facility was further amended to convert the entire term loan outstanding balance under the facility into the revolving credit facility. The revolving credit facility matures in August 2027. As of December&#160;31,&#160;2024, none of the revolving credit facility was drawn down and $78.3 million was undrawn.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;">ABN AMRO Revolving Facility</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On August 9, 2022, the Company entered into a new sustainability-linked $15 million revolving credit facility with ABN AMRO to fund working capital. Interest under this facility is calculated at a rate of SOFR plus 3.9%. Interest payments are payable on a quarterly basis. The facility matures in August 2026. As of December&#160;31,&#160;2024, $1.3 million of the revolving credit facility was drawn down and $13.7 million was undrawn.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;">Long-term debt financial covenants</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">The Company&#8217;s existing long-term debt facilities described above include certain covenants. The financial covenants require that the Company:</p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">maintain minimum solvency of not less than </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">30%</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">maintain minimum cash and cash equivalents (of which at least </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">60%</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> of such minimum amount is held in cash; the remaining </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">40%</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> can include cash and cash equivalents undrawn under the revolving facilities), based on the number of vessels owned and chartered-in and </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">5%</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> of outstanding debt; the required minimum cash and cash equivalents as of December&#160;31,&#160;2024, was </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$18.75</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> million;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">ensure that the aggregate fair market value of the applicable vessels plus any additional collateral is, depending on the facility, no less than </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">130%</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> of the debt outstanding for the applicable facility;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">maintain an adjusted net worth of not less than </span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">$200</span><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> million; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:18pt;"></td><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">&#9679;</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">maintain positive working capital, excluding current portion of debt and leases, balloon repayments and amounts outstanding under the ABN AMRO Revolving Facility, provided that the facility has a remaining maturity of more than three months.</span></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company was in full compliance with all of its long-term debt financial covenants as of December&#160;31,&#160;2024 and 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Interest rates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Aptos';font-size:9pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following tables set forth the effective interest rate associated with the interest expense for the Company&#8217;s debt facilities noted above. The effective interest rate below does not include the effect of any interest rate swap agreements, which the Company may enter into from time to time. The following tables also include the range of interest rates on the debt, excluding the impact of commitment fees, if applicable:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Effective interest rate, excluding commitment fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">7.54%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">7.83%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">4.38%</p></td></tr><tr><td style="vertical-align:bottom;width:42.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Range of interest rates (SOFR)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">4.69 % to 5.37%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">4.50 % to 5.36%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">0.10 % to 4.50%</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following table presents the weighted average effective interest rate on the Company&#8217;s debt obligations, including the impact on interest from interest rate swap agreements designated as hedging instruments and excluding commitment fees, if applicable, for the years ended December&#160;31,&#160;2024, 2023 and 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:8.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Effective interest rate, excluding commitment fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.62%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.07%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">7.54%</p></td><td 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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471656255344">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Finance lease<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_FinanceLeasesAbstract', window );"><strong>Finance lease</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeFinanceLeasesTextBlock', window );">Finance lease</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">7.&#160;&#160;&#160;Finance lease</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On June 25,<b style="font-weight:bold;"> </b>2021, two of Ardmore&#8217;s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the <i style="font-style:italic;">Ardmore Seawolf</i> and <i style="font-style:italic;">Ardmore Seahawk</i> with CMB Financial Leasing Co., Ltd (&#8220;CMBFL&#8221;) / Shandong, resulting in gross proceeds of $49.0 million less fees of $1.0 million. The facility was drawn down in June 2021. Principal repayments on the leases were made on a monthly basis. The finance leases were scheduled to expire in 2026, with options to extend up to 2029. On February 14, 2024, the Company gave notice to exercise its purchase options, for both the <i style="font-style:italic;">Ardmore Seawolf</i> and <i style="font-style:italic;">Ardmore Seahawk</i>, which were under sale-leaseback arrangements. The vessel purchases, which were effectively refinancings, concluded on June 25, 2024, with the Company repaying the remaining $41.0 million outstanding under the finance lease facility associated with those two vessels.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The outstanding principal balances pertaining to the finance lease facility as of December&#160;31,&#160;2024 and 2023 were as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:31.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">As&#160;of&#160;December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">CMBFL / Shandong</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 54,237</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Finance lease obligations</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 54,237</b></p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Amounts representing interest and deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (10,594)</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Finance lease obligations, net of interest and deferred finance fees</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 43,643</b></p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Current portion of finance lease obligations</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 2,151</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Current portion of deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (122)</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Non-current portion of finance lease obligations</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 42,177</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Non-current portion of deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (563)</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total finance lease obligations, net of deferred finance fees</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 43,643</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"> <span style="visibility:hidden;">&#8203;</span></p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/842-20/tableOfContent<br></p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471553039472">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating leases<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LeasesAbstract', window );"><strong>Operating leases</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeasesTextBlock', window );">Operating leases</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">8.&#160;&#160;&#160;Operating leases</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The following are the types of contracts the Company has, which are accounted for under lease guidance, ASC 842:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Time charter-in contracts: Long term operating leases</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company sold the <i style="font-style:italic;">Ardmore Sealeader</i>, the <i style="font-style:italic;">Ardmore Sealifter</i> and <i style="font-style:italic;">Ardmore Sealancer</i> on June 5, 2022, July 16, 2022 and July 31, 2022, respectively and subsequently chartered the vessels back from the buyer for a period of 24 months, with an option to extend for a further 12 months. On March 8, 2024, the Company exercised its option to extend the charter-in period for the renamed <i style="font-style:italic;">Hansa Sealeader</i> by an additional 12 months, starting from July 5, 2024. In April 2024, the Company exercised its options to extend the charter-in period for the renamed <i style="font-style:italic;">Hansa Sealifter</i> and <i style="font-style:italic;">Hansa Sealancer</i> by an additional 12 months, starting from August 17, 2024 and September 1, 2024 respectively. Chartered-in vessels include both lease and non-lease components. &#160;The lease component relates to the cost to a lessee to control the use of the vessel and the non-lease components relate to the cost to the lessee for the lessor to operate the vessel. &#160;For time charters-in, the Company has elected to separate lease and non-lease components. During the year ended December&#160;31,&#160;2024, revenue recognized on vessels that have been time-chartered in was $50.0 million (2023: $43.6 million)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"> <span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Operating leases are included in operating lease, right-of-use (&#8220;ROU&#8221;) asset, current portion of operating lease obligations, and non-current portion of operating lease obligations in the Company&#8217;s consolidated balance sheets. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The ROU asset represents our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. &#160;Lease expense for lease payments is recognized on a straight-line basis over the lease term.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate used by the Company of 4.5% is obtained independently and is comparable with what the Company would have had to borrow at the time of the transactions to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The weighted average remaining lease term for the chartered-in vessels is 0.6 years.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company makes significant judgments and assumptions to separate the lease component from the non-lease component of its time chartered-in vessels. The Company uses readily determinable and observable data for the purposes of determining the standalone cost of the vessel lease and operating service components of the Company&#8217;s time charters. &#160;The Company proportionately allocates the consideration of the contract to lease and non-lease components based on their relative standalone prices.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Time charter-in contracts: Short term operating leases</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company entered into a short term lease agreement in September 2023 to charter-in a vessel for a period of 12 months with the option to extend for a further six months. The Company elected the practical expedient of FASB Accounting Standards Codification 842- <i style="font-style:italic;">Leases</i> (&#8220;ASC 842&#8221;), which allows for leases with an initial lease term of 12 months or less to be excluded from the operating lease right-of-use assets and lease liabilities. The Company recognizes the lease costs for all vessel-related operating leases as charter hire expenses, split between lease and non-lease components, on the consolidated statements of operations on a straight-line basis over the lease term. For office operating leases, the Company has elected to combine lease and non-lease components on the consolidated balance sheets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Office leases</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company&#8217;s consolidated balance sheets include a right-of-use asset and a corresponding liability for operating lease contracts for the Company&#8217;s offices in Cork, Ireland, Singapore and Houston, Texas. For office operating leases, the Company has elected to combine lease and non-lease components on the consolidated balance sheets. The discount rate used to measure the lease liability is the incremental cost of borrowing since the rate implicit in the lease cannot be determined. The Company has used a weighted average discount rate of 4% as a basis for determining the lease liability. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Lease costs recorded in the consolidated statement of operations </i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">There was $15.1 million of operating lease costs and $8.2 million of short-term lease costs recorded during the year ended December 31, 2024 (2023: $13.4 million and $6.8 million respectively and 2022: $6.5 million and $9.0 million respectively). Of this, $22.7 million was recorded in charter-hire costs (2023: $19.6 million and 2022: $15.0 million), and $0.6 million was recorded in General and administrative expenses (2023: $0.6 million and 2022: $0.5 million) in the consolidated statements of operations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The liabilities described below are denominated in various currencies. The weighted average remaining term of the office leases as of December&#160;31,&#160;2024 was <span style="-sec-ix-hidden:Hidden_2aqG_CdYjEKAq7aO_W7a_Q;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">2.6</span></span>&#160;years. Under ASC 842, the right-of-use asset is a nonmonetary asset and is remeasured using the exchange rate as of the commencement date of the lease. The operating lease liability is a monetary liability and is remeasured quarterly using the current exchange rates, with changes recognized in a manner consistent with other foreign-currency-denominated liabilities in general and administrative expenses in the consolidated statements of operations.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">As&#160;of&#160;December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Non-Current Assets</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Operating lease, right-of-use asset - Time Charter in Vessels</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 4,418</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 3,492</p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Operating lease, right-of-use asset - Offices</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,159</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,007</p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 5,577</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 4,499</b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Lease liabilities - Current portion</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current portion of lease liabilities - Time Charter in Vessels</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 4,418</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 3,492</p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current portion of lease liabilities - Offices</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 547</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 315</p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 4,965</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 3,807</b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Lease liabilities - Non-current portion</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Non-current portion of lease liabilities - Time Charter in Vessels</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Non-current portion of lease liabilities - Offices</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 476</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 510</p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 476</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 510</b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total operating lease, right of use assets</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 5,577</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 4,499</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total lease liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 5,441</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 4,317</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December 31, 2024, the Company had the following maturity of operating lease obligations:</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">As of</b></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2025</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 5,032</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2026</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 348</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2027</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 59</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2028</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 37</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2029 - 2030</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 77</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Total lease payments</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 5,553</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Less imputed interest</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (112)</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Present value of lease liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 5,441</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/842-20/tableOfContent<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Preferred Stock<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityDisclosureAbstract', window );"><strong>Preferred Stock</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TemporaryEquityDisclosureTextBlock', window );">Preferred Stock</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">9. Preferred Stock<span style="font-weight:normal;"> </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><span style="font-weight:normal;">On June 17, 2021 and on December 3, 2021, Ardmore issued </span><span style="font-weight:normal;">25,000</span><span style="font-weight:normal;"> shares and </span><span style="font-weight:normal;">15,000</span><span style="font-weight:normal;"> shares, respectively, of Series A Cumulative Redeemable Perpetual Preferred Shares (&#8220;Series A Preferred Stock&#8221;) to an affiliate of Maritime Partners LLC. The liquidation preference of the Series A Preferred Stock is </span><span style="font-weight:normal;">$1,000.00</span><span style="font-weight:normal;"> per share. The shares of Series A Preferred Stock accrue cumulative dividends, whether or not declared, at an initial annual rate of </span><span style="font-weight:normal;">8.5%</span><span style="font-weight:normal;"> per </span><span style="font-weight:normal;">$1,000.00</span><span style="font-weight:normal;"> of liquidation preference per share, which rate may change based on certain matters. Dividends are payable on January 30, April 30, July 30 and October 30 of each year, commencing July 30, 2021. So long as any share of the Series A Preferred Stock remains outstanding, </span><span style="font-weight:normal;">no</span><span style="font-weight:normal;"> cash dividend may be declared or paid on Ardmore&#8217;s common stock unless, among other things, all accrued and unpaid dividends have been paid on the Series A Preferred Stock. The Company may redeem, in whole or in part, the shares of Series A Preferred Stock outstanding, at a cash redemption price equal to (a) </span><span style="font-weight:normal;">103%</span><span style="font-weight:normal;"> of the liquidation preference per share plus any accumulated and unpaid dividends on or after the third anniversary of the original issuance date of the Series A Preferred Stock and prior to the fourth anniversary, (b) </span><span style="font-weight:normal;">102%</span><span style="font-weight:normal;"> of the liquidation preference per share plus any accumulated and unpaid dividends after such fourth anniversary and prior to the fifth anniversary and (c) </span><span style="font-weight:normal;">100%</span><span style="font-weight:normal;"> of the liquidated preference per share plus any accumulated and unpaid dividends after such fifth anniversary. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><span style="font-weight:normal;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><span style="font-weight:normal;">The Series A Preferred Stock is redeemable, in whole or in part, upon the election of the Company or the holder of shares of Series A Preferred Stock, upon the occurrence of certain change of control events, including if a person or group becomes the beneficial owner of a majority of Ardmore&#8217;s total voting power. As it is possible, regardless of the probability of such occurrence, that a person or group could acquire beneficial ownership of a majority of the voting power of Ardmore&#8217;s outstanding common stock without Company approval and thereby trigger a &#8220;change of control,&#8221; the Series A Preferred Stock is classified as temporary equity for accounting purposes. The Company&#8217;s obligations to the holder of shares of Series A Preferred Stock are secured by a pledge of the Company&#8217;s stake in E1. The Series A Preferred Stock is presented in the Company&#8217;s financial statements net of the related stock issuance costs.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"><span style="font-weight:normal;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">As part of the issuance of the Preferred Stock to Maritime Partners, the Company agreed that Maritime Partners shall have the right to a profits interest of </span><span style="font-weight:normal;">20%</span><span style="font-weight:normal;"> of all cash or in-kind distributions and proceeds received in respect of the E1 investment which can only be distributed after the Company receives its return of its initial investment of </span><span style="font-weight:normal;">$9.3</span><span style="font-weight:normal;"> million.&#160; As the agreement includes a mandatory redemption date for the profits interest that is the 10th anniversary of the date of the agreement, it renders the profits interest as a liability which is required to be marked to fair value each period with changes in the fair value recorded directly in earnings.&#160; The Company recorded a liability of </span><span style="font-weight:normal;">$</span><span style="font-weight:normal;">0.3</span><span style="font-weight:normal;"> million, which is included in non-current liabilities in the consolidated balance sheet as of December&#160;31,&#160;2024 (December&#160;31,&#160;2023 </span><span style="font-weight:normal;">$1.0</span><span style="font-weight:normal;"> million).</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On December 10, 2024, the Company completed the redemption of 10,000 shares of its Series A Preferred Stock at a redemption value of $10.3 million. This equates to 103% of the liquidation preference per share, plus any accumulated and unpaid dividends, which was recorded in Preferred dividends in the consolidated statements of operations. The redemption of 10,000 shares equates to 25% of the Company&#8217;s outstanding Series A Preferred Stock. As the fair value of the preferred stock redemption was greater than the carrying amount, a loss on extinguishment of $0.7 million was recognized during the year ended December&#160;31,&#160;2024, which was recorded in Extinguishment of Preferred Stock in the consolidated statements of operations. No corresponding extinguishment of preferred stock was recorded during the year ended December&#160;31,&#160;2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company paid $3.8 million, including $0.3 million in premium on the redemption of 10,000 shares of its Series A Preferred Stock during the year ended December&#160;31,&#160;2024. The Company paid $3.4 million in preferred stock dividends during the year ended December&#160;31,&#160;2023. The Company accrued $0.4 million and $0.6 million of preferred stock dividends as of December&#160;31,&#160;2024 and December&#160;31,&#160;2023 respectively.</p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471553085872">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Gain / (loss) on sale of vessels<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SaleOfVesselsAbstract', window );"><strong>Gain / (loss) on sale of vessels</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_LongLivedAssetsHeldForSaleDisclosureTextBlock', window );">Gain / (loss) on sale of vessels</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">10. Gain / (loss) on sale of vessels</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In February 2024, the Company agreed to sell the 2010-built <i style="font-style:italic;">Ardmore Seafarer </i>for $27.1 million. Effective February 14, 2024, the Company reclassified the vessel as held for sale and ceased to depreciate it. A gain of $12.3 million was recognized when the vessel was delivered to the buyer in April 2024.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The gain on the sale of the <i style="font-style:italic;">Ardmore Seafarer </i>for the year ended December&#160;31,&#160;2024 is calculated as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Seafarer</b></p></td></tr><tr><td style="vertical-align:bottom;width:79.83%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Sales proceeds</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 27,100</p></td></tr><tr><td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Net book value of vessel</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (14,583)</p></td></tr><tr><td style="vertical-align:bottom;width:79.83%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Sales related costs</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (195)</p></td></tr><tr><td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Gain on sale of vessel</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 12,322</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In March 2022, the Company agreed to terms for the sale of the <i style="font-style:italic;">Ardmore Sealeader, Ardmore Sealifter </i>and <i style="font-style:italic;">Ardmore Sealancer</i>. Effective March 28, 2022, the Company reclassified the vessels as held for sale and ceased to depreciate them. The Company repaid the outstanding lease facilities on the <i style="font-style:italic;">Ardmore Sealeader </i>and <i style="font-style:italic;">Ardmore Sealifter </i>in May 2022 and on the <i style="font-style:italic;">Ardmore Sealancer </i>in July 2022. The sales proceeds received for the vessels were $40.7 million, in aggregate, resulting in a loss of $6.9 million when the vessels were delivered to the buyer in June 2022 and July 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The loss on the sale of vessels for the&#160;year ended December 31, 2022 is calculated as follows:</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Sealeader</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Sealifter</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Sealancer</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total</b></p></td></tr><tr><td style="vertical-align:bottom;width:47.07%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Sales proceeds</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 13,239</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 13,239</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 14,249</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 40,727</p></td></tr><tr><td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Net book value of vessels</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (16,251)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (15,886)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (14,692)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (46,829)</p></td></tr><tr><td style="vertical-align:bottom;width:47.07%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Sales related costs</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (265)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (265)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (285)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (815)</p></td></tr><tr><td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Loss on sale of vessels</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;"> (3,277)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;"> (2,912)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;"> (728)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;"> (6,917)</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><span></span>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471548518208">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest expense and finance costs<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_InterestAndFinanceCostTextBlockTextBlock', window );">Interest expense and finance costs</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt;">11.&#160;&#160;&#160;Interest expense and finance costs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Interest incurred &#8211; debt</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 4,140</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 8,033</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 6,245</p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Interest incurred &#8211; finance leases</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,500</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 3,718</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 11,239</p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Amortization of deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,138</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,237</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,461</p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Interest rate swaps</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (1,580)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (3,408)</p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 6,778</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 11,408</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 15,537</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.8%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(Gain) / loss on extinguishment</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (1,432)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,576</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (1,432)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 1,576</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income taxes<br></strong></div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">Income taxes</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">12.&#160;&#160;&#160;Income taxes</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The components of income tax are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.78%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current tax expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (215)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (435)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (207)</p></td></tr><tr><td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Income tax expense for year</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (215)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (435)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (207)</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The differences between income taxes expected at the Marshall Islands statutory income tax rate for non-resident companies of zero percent and the reported income tax expense are summarized as follows.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;">Marshall Islands statutory income tax rate</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 0.00</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 0.00</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 0.00</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;">Income subject to tax in other jurisdictions</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 0.16</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 0.37</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 0.15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;width:46.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Effective tax rate</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 0.16</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">%&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 0.37</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">%&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 0.15</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">%</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><span></span>
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income tax.</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471553063616">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net income per share and common dividends<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Net income per share and common dividends</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">Net income per share and common dividends</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">13.&#160;&#160;&#160;Net income per share and common dividends</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Basic and diluted net income per share is calculated by dividing the net income available to common shareholders by the average number of common shares outstanding during the periods. Diluted net income per share is calculated by adjusting the net income available to common shareholders and the weighted average number of common shares used for calculating basic income per share for the effects of all potentially dilutive shares. Such dilutive common shares are excluded when the effect would be to increase earnings per share or reduce a loss per share.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:46.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:49.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars and shares, except per share amount</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Net income attributable to common stockholders</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 128,607</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 113,408</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 135,054</p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Weighted average shares - Basic</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_XMuYebGRhEG8Rb2LhEQa4w;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 41,656</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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style="-sec-ix-hidden:Hidden_gAuc65Vo_ESgLXSrZ0yqxw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 37,236</span></span></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Weighted average shares - Diluted</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_EhEnQvs1aU2FqDDq1XLbpQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 42,042</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_1L6w_0NOHE6MO3ENONoePg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 41,822</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_vayokac8-kKgy5VV7caCFA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 38,360</span></span></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Basic net income per share</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 3.09</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 2.76</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 3.63</p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Diluted net income per share</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 3.06</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 2.71</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 3.52</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">For the&#160;year ended December&#160;31,&#160;2024, no SARs were outstanding (2023: 176,360, 2022: 532,642) and 370,364 RSUs (2023: 716,452, 2022: 908,209) were outstanding. 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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471552987600">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">14.&#160;&#160;&#160;Related party transactions</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Anglo Ardmore Ship Management Limited ("AASML")</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">AASML is a joint venture entity owned 50% each by the third-party technical manager Anglo-Eastern and Ardmore Shipping (Bermuda) Limited. AASML is accounted for under the equity method of accounting. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The carrying value of the investment as of December&#160;31,&#160;2024 and 2023 was not significant. AASML was incorporated in June 2017 and began providing technical management services exclusively to the Ardmore fleet on January 1, 2018.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company has entered into standard Baltic and International Maritime Council (&#8220;BIMCO&#8221;) ship management agreements with AASML for the provision of technical management services to 22 owned vessels of the Company&#8217;s fleet as of December&#160;31,&#160;2024 (2023: 22 vessels). AASML provides the vessels with a wide range of shipping services such as repairs and maintenance, provisioning and crewing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Total management fees paid to AASML for the year ended December&#160;31,&#160;2024 were $3.7 million (2023: &#160;$3.2 million and 2022: &#160;$2.7 million), which are included in vessel operating expenses in the consolidated statements of operations. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Amounts due from/(to) AASML in respect of management fees were $Nil as of December&#160;31,&#160;2024 (2023: $Nil). Advances to AASML for technical management services as of December&#160;31,&#160;2024 were $2.6 million (2023: &#160;$5.2 million) and are included in Advances and deposits in the consolidated balance sheets. Amounts payable to AASML for technical management services as of December&#160;31,&#160;2024 were $0.4 million (2023: $0.0 million), with $0.2 million (2023: $Nil) included in Accounts payable and $0.2 million (2023: $0.0 million) included in Accrued expenses and other liabilities in the consolidated balance sheets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471557837104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-based compensation<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">15.&#160;&#160;&#160;Share-based compensation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Stock appreciation rights</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024, no SARs were outstanding under the Company&#8217;s 2013 Equity Incentive Plan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Changes in the SARs for the&#160;year ended December&#160;31,&#160;2024 are set forth below:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weighted&#160;average</b>&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.&#160;of</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">&#160;</b><b style="font-weight:bold;">SARs</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">exercise&#160;price</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance as of January 1, 2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;">176,360</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 4.28</p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">SARs granted during the year ended December&#160;31,&#160;2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">SARs exercised during the year ended December&#160;31,&#160;2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (176,360)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (4.28)</p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Balance as of December&#160;31,&#160;2024 (none of which are exercisable or convertible)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> -</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Time Restricted stock units</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024, the Company has granted 2,017,203 TRSUs to certain of its officers and directors under its 2013 Equity Incentive Plan, that will vest in three equal annual tranches from the date of grant. Changes in the TRSUs for the year ended December&#160;31,&#160;2024 is set forth below:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.72%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.77%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.78%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weighted&#160;average</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weighted&#160;average</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weighted&#160;average</b></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">fair&#160;value&#160;at&#160;grant</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">fair&#160;value&#160;at&#160;grant</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">fair&#160;value&#160;at&#160;grant</b></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TRSUs</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">date</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TRSUs</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">date</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TRSUs</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">date</b></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance as of January 1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 677,739</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 7.70</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 908,209</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 5.31</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 546,935</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 4.44</p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">TRSUs granted during the year </p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 134,175</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 16.99</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 172,034</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 14.70</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 760,810</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 5.50</p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">TRSUs vested during the year </p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (528,157)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (7.19)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (402,504)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (5.30)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (399,536)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (4.47)</p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Balance as of December&#160;31,&#160;2024 </b><b style="font-weight:bold;"><br/></b><b style="font-weight:bold;">(none of which are vested)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 283,757</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 13.04</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 677,739</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 7.70</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 908,209</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 5.31</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The total cost related to non-vested awards expected to be recognized through 2027 is set forth below:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Period</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TOTAL</b></p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2025</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 1,272</p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2026</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 457</p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2027</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 67</p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 1,796</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">Performance-Based Restricted stock units</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December&#160;31,&#160;2024, the Company has granted 86,607 PRSUs to certain of its officers and directors under its 2013 Equity Incentive Plan, that will vest in one tranche to the extent earned which are contingent upon the Company&#8217;s relative total shareholder return (&#8220;TSR&#8221;), which represents a market condition, and the grantee&#8217;s continued employment with the Company through the vesting date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The TSR is calculated based on the Company&#8217;s total shareholder return compared to that of certain peer companies specified in the award agreements over the performance period and is calculated based on the change in the average daily closing stock price over a 30 trading-day period from the beginning to the end of the performance period, including reinvested dividends. The total quantity of PRSUs eligible to vest under these awards range from zero to 200% of the target based on actual relative TSR performance during the performance period. The grant date fair value of the TSR awards was estimated using a Monte Carlo simulation model. &#160;Compensation for these awards is being amortized over the service period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Changes in the PRSUs for the year ended December&#160;31,&#160;2024 is set forth below:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:19.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:19.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:43.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Number of PRSUs</p></td><td style="vertical-align:middle;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Number of PRSUs</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Outstanding as of January 1</p></td><td style="vertical-align:middle;width:19.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 38,713</p></td><td style="vertical-align:middle;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> -</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Granted</p></td><td style="vertical-align:middle;width:19.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 47,894</p></td><td style="vertical-align:middle;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 38,713</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Vested</p></td><td style="vertical-align:middle;width:19.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> -</p></td><td style="vertical-align:middle;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> -</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.52%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Balance as of December&#160;31,&#160;2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.54%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 86,607</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.52%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 38,713</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Significant inputs used in the estimation of the fair value of these awards granted during 2024 and 2023 are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Closing share price of our common stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$16.25 </p></td><td style="vertical-align:middle;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$18.53 </p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Risk-free rate of return</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.27%</p></td><td style="vertical-align:middle;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">67.33%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Holding period discount</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0.00%</p></td><td style="vertical-align:middle;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0.00%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Simulation term (in years)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3.00</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3.00</p></td></tr></table><p style="font-family:'Times New 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Period</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TOTAL</b></p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2025</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 412</p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2026</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 254</p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2027</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 37</p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 703</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for share-based payment arrangement.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Repurchase of common stock<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityAbstract', window );"><strong>Repurchase of common stock</strong></a></td>
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<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">16.&#160;&#160;&#160;Repurchase of common stock </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">In September 2023, the Company's Board of Directors authorized a new share repurchase plan, expanding and replacing the Company's earlier plan. Pursuant to the 2023 share repurchase plan, the Company may purchase up to $50 million of its common shares at times and at prices that are considered to be appropriate by the Company. The Company may repurchase these shares in the open market or in privately negotiated transactions, but is not obligated under the terms of the plan to repurchase any shares, and at any time, the Company may suspend, delay or discontinue the plan. During the year ended December&#160;31,&#160;2024, the Company repurchased 1,556,203 common shares at a weighted-average per share price of $11.49 (including fees and commission of $0.03 per share) for a total cost of $17.9 million. The shares were repurchased on the open market and were therefore at market price.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">During the&#160;years ended December 31, 2023 and 2022, the Company effected no common share repurchases.</p><span></span>
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<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">17. Commitments and Contingencies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">From time to time, the Company may be subject to legal proceedings and claims in the ordinary course of its business. Such claims, even if lacking merit, could result in the expenditure of significant financial and managerial resources. The Company is not aware of any such legal proceedings or claims that it believes will have, individually or in the aggregate, a material effect on the Company, its financial condition, results of operations or cash flows. </p><span></span>
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<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">18. Subsequent Events</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On February 13, 2025, Ardmore announced that its Board of Directors declared a cash dividend of $0.08 per common share for the quarter ended December 31, 2024. The cash dividend of approximately $3.2 million will be paid on March 14, 2025, to all common shareholders of record on February 28, 2025.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 855<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/855/tableOfContent<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 855<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483399/855-10-50-2<br></p></div>
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<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 8pt 0pt;">Our Board of Directors oversees cyber risk management efforts, primarily through the Audit Committee, to which the Board has delegated primary oversight responsibilities for cybersecurity matters. The Audit Committee receives a quarterly review of cybersecurity matters from management, encompassing any significant incidents, the evolving cyber threat landscape, program enhancements, risk mitigation strategies, and other pertinent topics. The Audit Committee Chair reports material matters relating to cybersecurity and other risks to the Board of Directors periodically. </p><span></span>
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<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 8pt 0pt;">Our cybersecurity risk management program, including our relationship and interactions with the SIEM SOC third-party provider, is managed internally by our Senior Vice President, Corporate Services, relying on the expertise of a third-party information technology (<i style="font-style:italic;">IT</i>) consultant who has worked with us since 2010. Our consultant has over 25 years of experience in IT and IT security. Our SIEM SOC provider reports to the IT consultant monthly and communicates immediately should any issue arise. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 8pt 0pt;">Our program is overseen at the management level by our CEO and Senior Management Team, who are active in monitoring our evolving risk profile and facilitating the execution of our cybersecurity strategy. Cybersecurity has been integrated within our broader risk management program and is discussed at quarterly Senior Management Team risk meetings. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 8pt 0pt;">As part of our broader risk management program, we conduct periodic assessments of all key risks, including cybersecurity risk. We also maintain controls and procedures that are designed to evaluate cybersecurity risks on an ongoing basis, including prompt communication of certain cybersecurity incidents to senior management, the Audit Committee, and our Board of Directors, as applicable, so that appropriate response measures are initiated, and any needed external reporting can be made in a timely manner.</p><span></span>
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<td class="text">Our cybersecurity risk management program, including our relationship and interactions with the SIEM SOC third-party provider, is managed internally by our Senior Vice President, Corporate Services, relying on the expertise of a third-party information technology (<i style="font-style:italic;">IT</i>) consultant who has worked with us since 2010. Our consultant has over 25 years of experience in IT and IT security. Our SIEM SOC provider reports to the IT consultant monthly and communicates immediately should any issue arise.<span></span>
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<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 8pt 0pt;">Our Board of Directors oversees cyber risk management efforts, primarily through the Audit Committee, to which the Board has delegated primary oversight responsibilities for cybersecurity matters. The Audit Committee receives a quarterly review of cybersecurity matters from management, encompassing any significant incidents, the evolving cyber threat landscape, program enhancements, risk mitigation strategies, and other pertinent topics. The Audit Committee Chair reports material matters relating to cybersecurity and other risks to the Board of Directors periodically. </p><span></span>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471553110912">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Basis of preparation</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.1.&#160;&#160;&#160;Basis of preparation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accompanying consolidated financial statements, which include the accounts of Ardmore and its subsidiaries, have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;). All subsidiaries are 100% directly or indirectly owned by Ardmore. AASML, a joint venture in which the Company has a 50% interest, is accounted for using the equity method. The Company&#8217;s 10% investment in Element 1 Corp. is also accounted for using the equity method as the Company is able to exercise significant influence. All intercompany balances and transactions have been eliminated on consolidation. </p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Uses of estimates</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">2.2.&#160;&#160;&#160;Uses of estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives for vessels, vessel valuations, residual value of vessels, expected future cash flows from vessels to support vessel impairment tests, provisions necessary for receivables from charterers, the selection of inputs used in the valuation model for share-based payment awards, provisions for legal disputes and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable. Actual results could differ from those estimates.</p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock', window );">Reporting currency</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">2.3.&#160;&#160;&#160;Reporting currency</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The consolidated financial statements are stated in U.S. Dollars. The functional currency of the Company is U.S. Dollars because the Company operates in international shipping markets in which most transactions are denominated in the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. Resulting gains and losses are included in the accompanying consolidated statements of operations.</p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recent accounting pronouncements</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.4.&#160;&#160;&#160;Recently issued accounting pronouncements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Recently adopted</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">In November 2023 the FASB issued Accounting Standards Update 2023-07,<i style="font-style:italic;"> Improvements to Reportable Segment Disclosures</i>, which amends the existing segment reporting guidance (Accounting Standards Codification Topic 280) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (&#8220;CODM&#8221;) and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.<span style="font-size:12pt;"> </span>The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Issued but not yet effective</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">On December 14, 2023, the FASB issued&#160;Accounting Standards Update 2023-09,&#160;<i style="font-style:italic;">Income Taxes (Topic 740): Improvements to Income Tax Disclosures&#160;(ASU 2023-09)</i>. The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 largely follows the proposed ASU issued earlier in 2023 with several important modifications and clarifications discussed below. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 and effective for all other business entities one year later. Entities should adopt this guidance on a prospective basis, though retrospective application is permitted. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">On March 21, 2024, the FASB issued&#160;Accounting Standards Update 2024-01, <i style="font-style:italic;">Compensation &#8211; Stock Compensation (Topic 718)</i> which clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718&#160;or (2) not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 is effective for public business entities for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">On November 4, 2024, the&#160;FASB&#160;issued&#160;Accounting Standards Update 2024-03, <i style="font-style:italic;">Disaggregation of Income Statement Expenses</i> (<i style="font-style:italic;">ASU 2024-03</i>), which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. On January 6, 2025, the FASB issued Accounting Standards Update 2025-01 which clarifies the effective date of ASU 2024-03 with respect to interim periods. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">The standard is effective for annual reporting periods beginning after 15 December 2026, and for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">On November 26, 2024, the FASB issued&#160;Accounting Standard Update 2024-04, Debt &#8211; Debt with Conversion&#160;and Other Options (Subtopic 470-20), which amends ASC 470-202&#160;to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion.&#160;The amendments in this update are effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted if the entity has also adopted ASU 2020-06 <i style="font-style:italic;background:#ffffff;">Accounting for Convertible Instruments and Contracts in an Entity&#8217;s Own Equity</i><span style="background:#ffffff;"> </span>for that period. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.</p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock', window );">Revenue, net</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><b style="font-weight:bold;">2.5.&#160;&#160;&#160;Revenue, net</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Revenue is generated from spot charter arrangements and time charter arrangements, net of address commission and provisions for demurrage.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Spot charter arrangements</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In the Company&#8217;s spot charter arrangements, the charterer hires a vessel to transport a specific agreed-upon cargo for a single voyage that are generally short in duration (less than two months), which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The contract generally has standard payment terms of freight paid within three to seven days after completion of loading. Revenue from voyage charters is recognized when (i) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (ii) we can identify each party&#8217;s rights regarding the services to be transferred, (iii) we can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of our future cash flows is expected to change as a result of the contract) and (v) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the services that will be transferred to the charterer</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Spot charter arrangements do not contain a lease and are therefore considered service contracts that fall under the provisions of Accounting Standard Codification (&#8220;ASC&#8221;) 606 <i style="font-style:italic;">Revenue from Contracts with Customers</i>. Spot charter arrangements are considered service contracts which fall under the provisions of ASC 606 because the Company retain control over the operations of the vessel, including directing the routes taken and vessel speed. The Company determined that a spot charter arrangement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company have concluded that a contract for a spot charter arrangement meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company&#8217;s performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The consideration that the Company expects to be entitled to receive includes estimates of revenue associated with the loading or discharging time that exceed the originally estimated duration of the voyage, which is referred to as &#8220;demurrage revenue&#8221;, when it is determined there will be incremental time required to complete the contracted voyage. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Demurrage revenue, which is earned during a voyage charter and represents variable consideration, which is estimated at contract inception based on estimates for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited. It is not considered a separate deliverable in accordance with ASC 606 as it is part of the single performance obligation in a spot charter arrangement, which is to provide cargo transportation services to the completion of a contracted voyage. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, in addition to any port expenses incurred prior to arrival at the load port. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The fuel consumption and any port expenses incurred prior to arrival at the load port during this period are deferred and recorded in Inventories as deferred contract costs in the consolidated balance sheets and are amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and are expensed as part of voyage expenses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Time charter arrangements</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">From time to time the Company enters into time charter arrangements, which are for a specified period of time, and key decisions concerning the use of the vessel during the duration of the time charter period reside with the charterer. In time charter arrangements, the Company is responsible for the crewing, maintenance and insurance of the vessel, and the charterer is generally responsible for voyage specific costs, which typically include bunkers and port/canal costs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"> <span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As the charterer holds sufficient latitude in its rights to determine how and when the vessel is used on voyages and the charterer is also responsible for costs incurred during the voyage, the charterer derives the economic benefits from the use of the vessel, as control over the right to use the vessel is transferred to the charterer during the specified time charter period. Accordingly, time charters are considered operating leases and the Company applies guidance for lessors in FASB Accounting Standards Codification 842 - <i style="font-style:italic;">Leases</i> (&#8220;ASC 842&#8221;). The Company has elected to apply the practical expedient under Accounting Standards Codification 842 &#8211; <i style="font-style:italic;">Leases </i>(&#8220;ASC 842&#8221;), which allows lessors to account for lease and non-lease components as a single lease component when certain criteria are met. Revenue for time charters is recognized on a straight-line basis ratably over the term of the charter.</p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VoyageAndVesselOperatingExpenses', window );">Voyage and vessel operating expenses</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.6.&#160;&#160;&#160;Voyage and vessel operating expenses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Voyage expenses</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Voyage expenses represent costs the Company is responsible to incur in charter arrangements during a voyage that are directly related to a voyage. Voyage expenses include bunkers and port/canal costs, which are expensed as incurred. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Voyage expenses also include contract fulfillment costs that are incurred by the Company prior to a voyage. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">These costs are from the later of when a vessel departed from its prior charter discharge port and when a vessel entered a new charter to the arrival at the loading port for the new charter and are deferred and amortized ratably over the new charter for charters accounted for in accordance with ASC 606. Such costs are typically comprised of bunkers. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Vessel operating expenses</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Vessel operating expenses represent costs the Company incurs to operate its vessels that are not directly related to a voyage. Vessel operating expenses include costs for crew, repairs and maintenance, insurance, stores, lube oils, communications and technical management. Vessel operating expenses are expensed as incurred.</p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and cash equivalents</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.7.&#160;&#160;&#160;Cash and cash equivalents</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">The Company classifies investments with an original maturity date of three months or less as cash and cash equivalents. The Company is required to maintain a minimum cash balance in accordance with its long-term debt facility agreements (see Note 6) and finance lease facility agreements (see Note 7).</span></p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TradeAndOtherAccountsReceivablePolicy', window );">Receivables</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.8.&#160;&#160;&#160;Receivables</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Receivables include amounts due from charterers for hire and other recoverable expenses due to the Company. As of the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate allowance for bad debt.</span></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_PrepaidExpensesAndOtherAssetsPolicyTextBlock', window );">Prepaid expenses and other assets</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.9.&#160;&#160;&#160;Prepaid expenses and other assets </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Prepaid expenses and other assets consist of payments made in advance for insurance or other expenses, and insurance claims outstanding and certain assets held by vessel managers. Insurance claims are recorded, net of any deductible amounts, for insured damages which are recognized when recovery is virtually certain under the related insurance policies and where the Company can make an estimate of the amount to be reimbursed following the insurance claim. As of the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate provision for doubtful accounts.</span></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AdvancesAndDepositsPolicyTextBlock', window );">Advances and deposits</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.10.&#160;&#160;&#160;Advances and deposits</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Advances and deposits primarily include amounts advanced to AASML for expenses incurred by them in operating the vessels, together with other necessary deposits paid during the course of business.</span></p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InventoryPolicyTextBlock', window );">Inventories</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.11.&#160;&#160;&#160;Inventories</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Inventories consist of bunkers, lubricating oils and other consumables on board the Company&#8217;s vessels. Inventories are valued at the lower of cost or net realizable value on a first-in first-out basis. Cost is based on the normal levels of cost and comprises the cost of purchase, being the suppliers&#8217; invoice price with the addition of charges such as freight or duty where appropriate. Spares are expensed as incurred.</span><span style="font-weight:normal;"> </span></p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselsHeldForSalePolicyTextBlock', window );">Vessels held for sale</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.12.&#160;&#160;&#160;Vessel held for sale</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Assets are classified as held for sale when management, having the authority to approve the action, commits to a plan to sell the asset, the sale is probable within one year, and the asset is available for immediate sale in its present condition. Consideration is given to whether an active program to locate a buyer has been initiated, whether the asset is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When assets are classified as held for sale, they are measured at the lower of their carrying amount or fair value less cost to sell and they are tested for impairment. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">A gain is recognized when the carrying value of the asset is less than the estimated fair value, less transaction costs. A loss is recognized when the carrying value of the asset is greater than the estimated fair value, less transaction costs. Assets classified as held for sale are no longer depreciated.</p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPolicyTextBlock', window );">Vessels and vessel equipment</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.13.&#160;&#160;&#160;Vessels and vessel equipment</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Vessels and vessel equipment are recorded at their cost less accumulated depreciation.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Vessel cost comprises acquisition costs directly attributable to the vessel and the expenditures made to prepare the vessel for its initial voyage. Vessels are depreciated on a straight-line basis over their estimated useful economic life from the date of initial delivery from the shipyard. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The useful life of the Company&#8217;s vessels is estimated at 25 years from the date of initial delivery from the shipyard. Depreciation is based on cost less the estimated residual scrap value of $400 per lightweight ton (&#8220;lwt&#8221;).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Vessel equipment comprises the costs of significant replacements, renewals and upgrades to the Company&#8217;s vessels. Vessel equipment is depreciated over the shorter of the vessel&#8217;s remaining useful life or the life of the renewal or upgrade. The amount capitalized is based on management&#8217;s judgment as to expenditures that extend a vessel&#8217;s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred.</p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeferredDrydockExpendituresPolicyTextBlock', window );">Deferred drydock expenditures</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.14.&#160;&#160;&#160;Deferred drydock expenditures</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company follows the deferral method of accounting for drydock expenditures whereby actual expenditures incurred are deferred and are amortized on a straight-line basis through to the date of the next scheduled drydocking, generally 30 to 60 months. Expenditures deferred as part of the drydock include direct costs that are incurred as part of the drydocking to meet regulatory requirements. Direct expenditures that are deferred include the shipyard costs, parts, inspection fees, steel, blasting and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Unamortized drydock expenditures of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels&#8217; sale. Unamortized drydock expenditures are written off as drydock amortization if the vessels are drydocked before the expiration of the applicable amortization period.</p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_WaterTreatmentSystemPolicyTextBlock', window );">Advances for ballast water treatment systems</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.15.&#160;&#160;&#160;Advances for ballast water treatment systems</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company is in the process of installing ballast water treatment systems on each of its vessels that do not currently have the system installed. This is a requirement of the International Maritime Organization. The Company capitalizes and depreciates the costs of ballast water treatment systems, including installation costs, on each vessel from the date of completion of the system over the remaining useful life of the vessel.</p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentImpairment', window );">Vessel impairment</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.16.&#160;&#160;&#160;Vessel impairment</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Management regularly reviews the carrying amounts of the Company&#8217;s vessels that are &#8220;held and used&#8221; for recoverability. &#160;Vessels are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. When such indicators are present, a vessel held and used is tested for recoverability by comparing the <span style="background:#ffffff;">estimate of undiscounted future cash flows</span> expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount together with the carrying value of deferred drydock expenditures and special survey costs related to the vessel. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">For purposes of testing for recoverability, undiscounted future<span style="background:#ffffff;"> cash flows are determined by applying various assumptions based on historical trends as well as future expectations. In estimating future revenue, the Company considers charter rates for each vessel class over the estimated remaining lives of the vessels using both historical average rates for the Company over the last five years, where available, and historical average one-year time charter rates for the industry over the last 10 years. </span>Recognizing that rates tend to be cyclical and considering market volatility based on factors beyond the Company&#8217;s control, management believes it is reasonable to use estimates based on a combination of more recent internally generated rates and the 10-year average historical average industry rates. <span style="background:#ffffff;">Undiscounted future cash flows are determined by applying various assumptions regarding future revenue net of voyage expenses, vessel operating expenses, scheduled drydockings, expected off-hire and scrap values, and taking into account historical market and Company specific revenue data as discussed above, and also considering other external market sources, including analysts&#8217; reports and freight forward agreement curves. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company will evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties. Management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company's vessels. The Company did not recognize a vessel impairment charge for the years ended December 31, 2024, 2023 or 2022.</p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OtherNonCurrentAssetsPolicyTextBlock', window );">Other non-current assets</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2</b><b style="font-weight:bold;">.17.&#160;&#160;&#160;Other non-current assets</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Other non-current assets relate to office equipment, fixtures and fittings and leasehold improvements. Office equipment and fixtures and fittings are recorded at their cost less accumulated depreciation and are depreciated based on an estimated useful life of five years. Leasehold improvements relate to fit-out costs for work completed on the Company&#8217;s offices in Ireland and Singapore. Leasehold improvements are recorded at their cost less accumulated depreciation and are depreciated over the shorter of the useful life of those leasehold improvements and the remaining lease term.</p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_RevenueRecognitionLeasesOperatingPolicyTextBlock', window );">Operating leases</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.18.&#160;&#160;&#160;Operating leases </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Under ASC 842, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The standard continues to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. For operating leases, ASC 842 requires recognition in an entity&#8217;s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. Operating lease right-of-use assets are assessed for any potential impairment on each balance sheet date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">At lease commencement, a lessee must determine a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. When determining the discount rate to be used at lease commencement, a lessee must use the rate implicit in the lease unless that rate cannot be readily determined. When the rate implicit in the lease cannot be readily determined, the lessee should use its incremental borrowing rate. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment.</p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_FinanceLeasesPolicyTextBlock', window );">Finance leases</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.19.&#160;&#160;&#160;Finance leases</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">From time to time the Company enters into finance leases, which relate to financing arrangements for vessels in operation. Interest costs are expensed to interest expense and finance costs in the consolidated statements of operations using the effective interest method over the life of the lease. </p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_PayablesTradePolicyTextBlock', window );">Accounts payable</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.20.&#160;&#160;&#160;Accounts payable</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Accounts payable include all financial obligations to vendors for goods or services that have been received.</p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AccruedExpensesAndOtherLiabilitiesPolicyTextBlock', window );">Accrued expenses and other liabilities</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.21.&#160;&#160;&#160;Accrued expenses and other liabilities</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Accrued expenses and other liabilities include all accrued liabilities in relation to the operating and running of the vessels, along with amounts accrued for interest as well as general and administrative expenses.</p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DerivativesPolicyTextBlock', window );">Derivatives</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">2.22.&#160;&#160;&#160;Derivatives </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As required by FASB Accounting Standards Codification 815 - Derivatives and Hedging (&#8220;ASC 815&#8221;), the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company elected to classify settlement payments as operating activities within the statement of cash flows. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future SOFR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. &#160;The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsPolicy', window );">Equity method investments</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.23.&#160;&#160;&#160;Equity method investments</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company&#8217;s investments in AASML and Element 1 Corp. are accounted for, and until the Company sold its interest in the e1 Marine joint venture in May 2024, its investment in e1 Marine was accounted for using the equity method of accounting. Under the equity method of accounting, the Company initially recorded the investments in AASML, Element 1 Corp. and e1 Marine at cost and adjusts the carrying amounts of the investments to recognize their respective share of earnings or losses of the investee. As of December&#160;31,&#160;2024, the carrying value of the Company&#8217;s total investment in Element 1 Corp. is $4.5 million. This consists of the carrying value of the Company&#8217;s investment in the ordinary shares of $4.5 million. The carrying amount of the investment is adjusted to recognize the Company&#8217;s share of earnings or losses of the investee. Dividends received from an investee reduce the carrying amount of the equity investments. The Company evaluates its equity method investment for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other than temporary decline in value below their carrying values. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company&#8217;s consolidated statements of operations. &#160;During the year ended December&#160;31,&#160;2024, the Company recorded an impairment of $4.4 million in its investment in Element 1 Corp. </p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesPolicyTextBlock', window );">Contingencies</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.24.&#160;&#160;&#160;Contingencies</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Claims, lawsuits and contingencies arise in the ordinary course of the Company&#8217;s business. The Company provides for these contingencies when (i)&#160;it is probable that a liability has been incurred at the date of the financial statements and (ii)&#160;the amount of the loss can be reasonably estimated. Disclosure in the notes to the financial statements is required for contingencies that do not meet both these conditions if there is a reasonable possibility that a liability may have been incurred as of the balance sheet date.</p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DistributionsToShareholderPolicyTextBlock', window );">Distributions to shareholders</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.25.&#160;&#160;&#160;Distributions to shareholders</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Subject to the Board of Directors&#8217; approval, distributions to common shareholders are applied first to accumulated surplus. When accumulated surplus is not sufficient, distributions are applied to the additional paid in capital account.</p><span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_EquityIssuanceCostsPolicyTextBlock', window );">Equity issuance costs</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.26.&#160;&#160;&#160;Equity issuance costs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Incremental costs incurred that are directly attributable to a proposed or actual offering of equity securities are deferred and deducted from the related proceeds of the offering, and the net amount is recorded as contributed shareholders&#8217; equity in the period when such shares are issued. Other costs incurred that are not directly attributable, but are related, to a proposed or actual offering are expensed as incurred.</p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtPolicyTextBlock', window );">Debt and finance lease issuance costs</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.27.&#160;&#160;&#160;Debt and finance lease issuance costs</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financing charges which include fees, commissions and legal expenses associated with securing loan facilities are presented in the consolidated balance sheets as a direct deduction from the carrying amount of the debt liability or finance lease obligation. These costs are amortized to interest expense and finance costs in the consolidated statements of operations using the effective interest rate method over the life of the related debt or finance lease.</p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Share based compensation</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.28.&#160;&#160;&#160;Share-based compensation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company may grant share-based payment awards, such as time-based restricted stock units (&#8220;TRSUs&#8221;), performance-based RSUs (&#8220;PRSUs&#8221;), which are subject to market conditions and service, and stock appreciation rights (&#8220;SARs&#8221;) as incentive-based compensation to certain employees and directors. The Company measures the cost of such awards, which are equity-settled transactions, using the grant date fair value of the award and recognizes that cost, over the requisite service period, which generally equals the vesting period. Once the fair value has been determined, the associated expense is recognized in the consolidated statements of operations over the requisite service period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The SARs are settled through the delivery of Ardmore&#8217;s shares, not cash. Hence, in accordance with the guidance in the FASB Accounting Standards Codification 718, <i style="font-style:italic;">Compensation &#8212; Stock Compensation</i> (&#8220;ASC 718&#8221;), the Company has classified the plan as an equity settled share-based payment plan. The cost of each tranche of SARs is being recognized by the Company on a straight-line basis. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Under a TRSU award, the grantee is entitled to receive a share of Ardmore&#8217;s common stock for each RSU at the end of the vesting period. Under a PRSU award, the grantee is entitled to receive a share of Ardmore&#8217;s common stock for each earned PRSU. Payment under the TRSU and PRSU will be made in the form of shares of Ardmore&#8217;s common stock. The cost of TRSUs and PRSUs is recognized by the Company on a straight-line basis over the vesting period. The Company&#8217;s policy for issuing shares upon the vesting of the RSUs is to register and issue new common shares to the grantee.</p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockholdersEquityPolicyTextBlock', window );">Treasury stock</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.29.&#160;&#160;&#160;Treasury stock</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">When shares are acquired for a reason other than formal or constructive retirement, the shares are presented separately as a deduction from equity. If the shares are retired or subsequently sold, any gain would be allocated as an increase in additional paid in capital and cumulative losses as an increase to accumulated deficit.</p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FairValueOfFinancialInstrumentsPolicy', window );">Financial instruments</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.30.&#160;&#160;&#160;Financial instruments</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The carrying values of cash and cash equivalents, accounts receivable and accounts payable reported in the consolidated balance sheets are reasonable estimates of their fair values due to their short-term nature. The fair values of long-term debt approximate the recorded values due to the variable interest rates payable. The hierarchies of inputs used when determining fair value are described below:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><i style="font-style:italic;">Level 1: </i>Valuations based on quotes prices in active markets for identical instruments that the Company is able to access. &#160;Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><i style="font-style:italic;">Level 2:</i> Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><span style="font-style:italic;margin-bottom:12pt;margin-left:0pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><i style="font-style:italic;">Level 3: </i>Valuations based on inputs that are unobservable and significant to the overall fair value measurement<i style="font-style:italic;">.</i></p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income taxes</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.31.&#160;&#160;&#160;Income taxes</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Republic of the Marshall Islands</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping Corporation, Ardmore Shipping LLC, Ardmore Maritime Services LLC, and all vessel owning subsidiaries are incorporated in the Republic of the Marshall Islands with the exception of Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited, both of which are incorporated in Singapore. Ardmore Shipping Corporation believes that neither it, nor its subsidiaries, are subject to taxation under the laws of the Republic of the Marshall Islands and that distributions by its subsidiaries to Ardmore Shipping Corporation will not be subject to any taxes under the laws of the Republic of the Marshall Islands.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Bermuda</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping (Bermuda) Limited is incorporated in Bermuda. Ardmore Shipping Corporation, Ardmore Shipping LLC and Ardmore Shipping (Bermuda) Limited are managed and controlled in Bermuda. Ardmore Shipping Corporation is subject to taxation under the laws of Bermuda and distributions by its subsidiaries to Ardmore Shipping Corporation will be subject to any taxes under the laws of Bermuda.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Ireland</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping Services (Ireland) Limited and Ardmore E1 Marine Ventures Limited, which was established to act as the immediate parent company of e1 Marine, the joint venture jointly owned by Ardmore, Element 1 Corp. and Maritime Partners, are incorporated in Ireland. Trading profits are taxable at the standard corporation tax rate which is currently 12.5% based on generally accepted accounting principles in Ireland. Any non-trading / passive income is taxed at the higher corporation tax rate which is currently 25%.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">United States of America</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping (Americas) LLC (&#8220;ASUSA&#8221;) and Ardmore Trading (USA) LLC (&#8220;ATUSA&#8221;) are incorporated in Delaware and treated as corporations for U.S. tax purposes. ASUSA and ATUSA will be subject to U.S. tax on their worldwide net income.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Singapore</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Ardmore Shipping (Asia) Pte. Limited, Ardmore Tanker Trading (Asia) Pte. Limited, Ardmore Maritime Services (Asia) Pte. Limited, Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited are incorporated in Singapore. Ardmore Shipping (Asia) Pte. Limited qualified as an &#8220;Approved International Shipping Enterprise&#8221; by the Singapore authorities with effect from August&#160;1, 2015. This entitles the Company to tax exemption on profits derived from ship operations for any vessels which are owned or chartered in by Ardmore Shipping (Asia) Pte. Limited. Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited are ship-owning companies and therefore exempt from taxes under the law of Singapore. Ardmore Tanker Trading (Asia) Pte. Limited and Ardmore Maritime Services (Asia) Pte. Limited are subject to Singapore tax on their worldwide profits.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Deferred taxation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statements and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. Deferred income tax balances included on the consolidated balance sheets reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future&#160;years. The recoverability of these future tax deductions is evaluated by assessing the adequacy of future taxable income, including the reversal of temporary differences and forecasted operating earnings. If it is deemed more likely than not that the deferred tax assets will not be realized, the Company provides for a valuation allowance. Income taxes have been provided for all items included in the consolidated statements of operations regardless of when such items were reported for tax purposes or when the taxes were actually paid or refunded. Deferred tax for the&#160;year ended December&#160;31, 2024 amounted to $Nil (2023: $Nil , 2022: $Nil).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Uncertainties related to income taxes</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Companies are to determine whether it is more-likely-than-not that the tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not threshold it is measured to determine the amount of benefit to recognize in the financial statements. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Uncertainties related to income taxes recognized for the&#160;year ended December&#160;31, 2024 amounted to $Nil (2023: $Nil, 2022: $Nil).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.32.&#160;&#160;&#160;Concentration of credit risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable due from charterers and cash and cash equivalents.&#160; There is a concentration of credit risk with respect to the Company&#8217;s cash and cash equivalents to the extent that substantially all of the amounts are held in several institutions and are generally not covered by insurance in the event of default by these financial institutions. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers&#8217; financial condition. &#160;The Company may be exposed to a credit risk in relation to vessel employment and at times may have multiple vessels employed by one charterer. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following table presents consolidated revenues for charterers that accounted for more than 10% of the Company&#8217;s consolidated revenues during the years presented:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Charterer A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 28,132</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 55,626</p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Charterer B</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 53,345</p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">* None over 10%</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ConcentrationRiskCreditRisk', window );">Concentration of credit risk</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">2.32.&#160;&#160;&#160;Concentration of credit risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable due from charterers and cash and cash equivalents.&#160; There is a concentration of credit risk with respect to the Company&#8217;s cash and cash equivalents to the extent that substantially all of the amounts are held in several institutions and are generally not covered by insurance in the event of default by these financial institutions. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers&#8217; financial condition. &#160;The Company may be exposed to a credit risk in relation to vessel employment and at times may have multiple vessels employed by one charterer. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The following table presents consolidated revenues for charterers that accounted for more than 10% of the Company&#8217;s consolidated revenues during the years presented:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Charterer A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 28,132</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 55,626</p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Charterer B</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 53,345</p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">* None over 10%</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr></table><span></span>
</td>
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</table>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_AccruedExpensesAndOtherLiabilitiesPolicyTextBlock">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policies of accrued expenses and other liabilities</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy related to advances and deposits.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for deferred drydock expenditures</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy related to distributions to shareholder.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy related to equity issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_FinanceLeasesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for financial leases.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_FinanceLeasesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_OtherNonCurrentAssetsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy related to other non-current assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_OtherNonCurrentAssetsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_PayablesTradePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy related to payables, trade.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_PayablesTradePolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_PrepaidExpensesAndOtherAssetsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy related to prepaid expenses and other assets.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_PrepaidExpensesAndOtherAssetsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_RevenueRecognitionLeasesOperatingPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue recognition for operating leases.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_RevenueRecognitionLeasesOperatingPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_VesselsHeldForSalePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure accounting policy for vessels held for sales.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_VesselsHeldForSalePolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_VoyageAndVesselOperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy voyage and vessel operating expenses</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_VoyageAndVesselOperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_WaterTreatmentSystemPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Water treatment system [Policy text block]</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_WaterTreatmentSystemPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BasisOfAccountingPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 954<br> -SubTopic 450<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477850/954-450-50-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482425/460-10-50-8<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskCreditRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for credit risk.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 825<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478898/942-825-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -SubTopic 10<br> -Topic 275<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482861/275-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskCreditRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy related to debt. Includes, but is not limited to, debt issuance costs, the effects of refinancings, method of amortizing debt issuance costs and original issue discount, and classifications of debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 470<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for its derivative instruments and hedging activities.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 815<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(n))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1A<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-1<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480434/815-10-50-7<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for equity method of accounting for investments and other interests. Investment includes, but is not limited to, unconsolidated subsidiary, corporate joint venture, noncontrolling interest in real estate venture, limited partnership, and limited liability company. Information includes, but is not limited to, ownership percentage, reason equity method is or is not considered appropriate, and accounting policy election for distribution received.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 21D<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-21D<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentsPolicy</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOfFinancialInstrumentsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for determining the fair value of financial instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 825<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueOfFinancialInstrumentsPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 830<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/830/tableOfContent<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 20<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-20<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 19<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-19<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 25<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482525/740-10-45-25<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-03(h)(1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482525/740-10-45-28<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482765/220-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(6)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 330<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483080/330-10-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483489/210-10-50-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483426/235-10-50-4<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 912<br> -SubTopic 330<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478411/912-330-50-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 330<br> -Name Accounting Standards Codification<br> -Publisher FASB<br> -URI https://asc.fasb.org/330/tableOfContent<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 330<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483080/330-10-50-4<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 6<br> -Subparagraph (a)<br> -SubTopic 10<br> -Topic 270<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482989/270-10-45-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryPolicyTextBlock</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for assessing and recognizing impairments of its property, plant and equipment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentImpairment</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 360<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -SubTopic 360<br> -Topic 958<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477798/958-360-50-6<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -SubTopic 360<br> -Topic 958<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477798/958-360-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueFromContractWithCustomerPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue from contract with customer.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy</td>
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<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for its capital stock transactions, including dividends and accumulated other comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 235<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477968/946-235-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for accounts receivable.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471553021216">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Overview (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ScheduleOfComponentsOfFleetTableTextBlock', window );">Schedule of components of fleet</a></td>
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style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:22.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Vessel Name</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Type</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Dwt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">IMO</b><sup style="font-size:6pt;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Built</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Country</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Specification</b></p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Gibraltar</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Apr-17</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seahawk</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Nov-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seawolf</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Aug-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seafox</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jun-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Sealion</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,999</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">May-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Engineer</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,420</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Mar-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seavanguard</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,998</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Exporter</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,466</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seavantage</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,997</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jan-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Encounter</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,478</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jan-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Explorer</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,494</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jan-14</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Endurance</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,466</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Dec-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Enterprise</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,453</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Sep-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Endeavour</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,997</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jul-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seaventure</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,998</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jun-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Seavaliant</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 49,998</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;">2/3</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-13</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Defender</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 37,791</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Dauntless</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 37,764</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Feb-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">S. Korea</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Chippewa</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 25,217</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Nov-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times 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style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 25,217</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jul-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Cheyenne</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 25,217</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Mar-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;">Ardmore Cherokee</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Product/Chemical</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 25,215</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 2</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Jan-15</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Japan</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Eco-Design</p></td></tr><tr><td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">22</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 973,181</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;">&#160;&#160;</p></td></tr></table><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of details as of the balance sheet date of components of fleet including but not limited to type, dwt, imo, built date, built country, employment, specification of the vessels.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies (Table)<br></strong></div></th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Significant accounting policies</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock', window );">Schedule of revenues of major customers</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Charterer A</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 28,132</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 55,626</p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Charterer B</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">*</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 53,345</p></td></tr><tr><td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">* None over 10%</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr></table><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark.</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471548508592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business and segmental reporting (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SegmentReportingAbstract', window );"><strong>Business and segmental reporting</strong></a></td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DisaggregationOfRevenueTableTextBlock', window );">Schedule of revenues contributions</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:44.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Spot charters <sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">(1)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 392,107</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 395,577</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 437,189</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Time charters <sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">(2)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 13,635</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 7,917</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Pooling arrangements<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;"> (3)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 3</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Other revenue <sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">(4)</sup></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 42</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 401</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 632</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 405,784</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 395,978</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.74%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 445,741</b></p></td></tr></table><span></span>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accrued expenses and other liabilities (Tables)<br></strong></div></th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p 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style="vertical-align:bottom;white-space:nowrap;width:14.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:34.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">As of December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:61.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;">Accrued vessel operating expenses and voyage expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 11,794</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 12,961</p></td></tr><tr><td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;">Other accrued expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 6,519</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 5,304</p></td></tr><tr><td style="vertical-align:bottom;width:61.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total accrued expenses</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 18,313</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 18,265</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><span></span>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471548719136">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debt (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfDebtInstrumentsTextBlock', window );">Schedule outstanding principal balances on each loan facility</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:37.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">As&#160;of&#160;December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Nordea/SEB Revolving Facility</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 37,500</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">ABN/CACIB Joint Bank Facility</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 45,872</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">ABN/CACIB Revolving Facility</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">ABN AMRO Revolving Facility</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,296</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 932</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total debt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 38,796</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 46,804</b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (778)</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Net total debt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 38,796</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 46,026</b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current portion of long-term debt</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 6,713</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current portion of deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (277)</p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Total current portion of long-term debt</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 6,436</b></p></td></tr><tr><td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Non-current portion of long-term debt</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 38,796</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 39,590</b></p></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock', window );">Schedule of future minimum repayments under the loan facilities</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">As&#160;of</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">2025</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">2026</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 1,296</p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">2027</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 37,500</p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">2028</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 38,796</b></p></td></tr></table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ScheduleOfEffectiveInterestRateAssociatedWithInterestExpenseForCompanysDebtTableTextBlock', window );">Schedule of effective interest rate associated with the interest expense for the Company's debt</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Effective interest rate, excluding commitment fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">7.54%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">7.83%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">4.38%</p></td></tr><tr><td style="vertical-align:bottom;width:42.21%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Range of interest rates (SOFR)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.71%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">4.69 % to 5.37%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">4.50 % to 5.36%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.76%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">0.10 % to 4.50%</p></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ScheduleOfWeightedAverageEffectiveInterestRateOnCompanysDebtObligationsTableTextBlock', window );">Schedule of weighted average effective interest rate on the Company's debt obligations.</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times 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style="vertical-align:bottom;white-space:nowrap;width:8.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Effective interest rate, excluding commitment fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.62%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.07%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">7.54%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:8.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">5.80%</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.57%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;">1.61%</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of effective interest rate associated with the interest expense for the Company's debt facilities</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Finance lease (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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style="vertical-align:bottom;white-space:nowrap;width:31.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">As&#160;of&#160;December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">CMBFL / Shandong</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 54,237</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Finance lease obligations</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 54,237</b></p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Amounts representing interest and deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (10,594)</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Finance lease obligations, net of interest and deferred finance fees</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 43,643</b></p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Current portion of finance lease obligations</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 2,151</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Current portion of deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (122)</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Non-current portion of finance lease obligations</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 42,177</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Non-current portion of deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (563)</p></td></tr><tr><td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total finance lease obligations, net of deferred finance fees</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 43,643</b></p></td></tr></table><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of the investment in leveraged leases.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 840<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 5<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481161/840-30-50-5<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 842<br> -SubTopic 50<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479711/842-50-50-1<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating leases (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">As&#160;of&#160;December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Non-Current Assets</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Operating lease, right-of-use asset - Time Charter in Vessels</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 4,418</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 3,492</p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Operating lease, right-of-use asset - Offices</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,159</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,007</p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 5,577</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 4,499</b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-style:italic;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Lease liabilities - Current portion</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current portion of lease liabilities - Time Charter in Vessels</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 4,418</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 3,492</p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current portion of lease liabilities - Offices</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 547</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 315</p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 4,965</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 3,807</b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Lease liabilities - Non-current portion</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Non-current portion of lease liabilities - Time Charter in Vessels</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Non-current portion of lease liabilities - Offices</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 476</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 510</p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 476</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 510</b></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total operating lease, right of use assets</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 5,577</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 4,499</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Total lease liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 5,441</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 4,317</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock', window );">Schedule of maturity of operating lease liabilities</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">As of December 31, 2024, the Company had the following maturity of operating lease obligations:</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">As of</b></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2025</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 5,032</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2026</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 348</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2027</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 59</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2028</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 37</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2029 - 2030</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 77</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Total lease payments</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 5,553</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Less imputed interest</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (112)</p></td></tr><tr><td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Present value of lease liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 5,441</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of operating lease liability and assets recognized in statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Gain / (loss) on sale of vessels (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlock', window );">Schedule of Capital Leased Assets</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The loss on the sale of vessels for the&#160;year ended December 31, 2022 is calculated as follows:</p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Sealeader</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Sealifter</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Sealancer</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total</b></p></td></tr><tr><td style="vertical-align:bottom;width:47.07%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Sales proceeds</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 13,239</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 13,239</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 14,249</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 40,727</p></td></tr><tr><td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Net book value of vessels</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (16,251)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (15,886)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (14,692)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (46,829)</p></td></tr><tr><td style="vertical-align:bottom;width:47.07%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Sales related costs</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (265)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (265)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (285)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (815)</p></td></tr><tr><td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Loss on sale of vessels</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;"> (3,277)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;"> (2,912)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;"> (728)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;"> (6,917)</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LegalEntityAxis=asc_ArdmoreSeafarerMember', window );">Ardmore Seafarer</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlock', window );">Schedule of Capital Leased Assets</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The gain on the sale of the <i style="font-style:italic;">Ardmore Seafarer </i>for the year ended December&#160;31,&#160;2024 is calculated as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Seafarer</b></p></td></tr><tr><td style="vertical-align:bottom;width:79.83%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Sales proceeds</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 27,100</p></td></tr><tr><td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Net book value of vessel</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (14,583)</p></td></tr><tr><td style="vertical-align:bottom;width:79.83%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Sales related costs</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"> (195)</p></td></tr><tr><td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Gain on sale of vessel</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:15.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><b style="font-weight:bold;"> 12,322</b></p></td></tr></table><span></span>
</td>
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</table>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -SubTopic 10<br> -Topic 360<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482099/360-10-50-3<br></p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471647230528">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest expense and finance costs (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_InterestExpenseAndFinanceCostsAbstract', window );"><strong>Interest expense and finance costs</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_InterestAndFinanceCostsTableTextBlock', window );">Schedule of Interest expense and finance costs</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Interest incurred &#8211; debt</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 4,140</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 8,033</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 6,245</p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Interest incurred &#8211; finance leases</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,500</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 3,718</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 11,239</p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Amortization of deferred finance fees</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,138</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,237</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,461</p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Interest rate swaps</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (1,580)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (3,408)</p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 6,778</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 11,408</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 15,537</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.8%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">(Gain) / loss on extinguishment</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (1,432)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"> 1,576</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (1,432)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"><b style="font-weight:bold;"> 1,576</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><span></span>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471548504432">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income taxes (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income taxes</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock', window );">Schedule of Components of Income Tax</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The components of income tax are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:52.78%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Current tax expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (215)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (435)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (207)</p></td></tr><tr><td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Income tax expense for year</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (215)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (435)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;"> (207)</b></p></td></tr></table><span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock', window );">Schedule of differences between income taxes expected at the Bermuda statutory income tax rate of zero percent and the reported income tax expense</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The differences between income taxes expected at the Marshall Islands statutory income tax rate for non-resident companies of zero percent and the reported income tax expense are summarized as follows.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;">Marshall Islands statutory income tax rate</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 0.00</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 0.00</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 0.00</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%</p></td></tr><tr><td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;">Income subject to tax in other jurisdictions</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 0.16</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 0.37</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">%&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 0.15</p></td><td 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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net income per share and common dividends (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:46.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:49.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars and shares, except per share amount</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Net income attributable to common stockholders</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 128,607</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 113,408</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 135,054</p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Weighted average shares - Basic</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_XMuYebGRhEG8Rb2LhEQa4w;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 41,656</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_023EhiTtW0CgmHldx93Clw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 41,130</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_gAuc65Vo_ESgLXSrZ0yqxw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 37,236</span></span></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Weighted average shares - Diluted</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_EhEnQvs1aU2FqDDq1XLbpQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 42,042</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_1L6w_0NOHE6MO3ENONoePg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 41,822</span></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"><span style="-sec-ix-hidden:Hidden_vayokac8-kKgy5VV7caCFA;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"> 38,360</span></span></p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Basic net income per share</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 3.09</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 2.76</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 3.63</p></td></tr><tr><td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;">Diluted net income per share</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 3.06</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 2.71</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"> 3.52</p></td></tr></table><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share based compensation (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Dec. 31, 2024</div></th></tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
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<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Closing share price of our common stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$16.25 </p></td><td style="vertical-align:middle;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">$18.53 </p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Risk-free rate of return</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.27%</p></td><td style="vertical-align:middle;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4.56%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Expected volatility of our common stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">52.11%</p></td><td style="vertical-align:middle;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">67.33%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Holding period discount</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0.00%</p></td><td style="vertical-align:middle;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">0.00%</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Simulation term (in years)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3.00</p></td><td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3.00</p></td></tr></table><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_StockAppreciationRightsSARSMember', window );">Stock Appreciation Rights (SARs) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ShareBasedCompensationIssueNewCommonSharesTableTextBlock', window );">Schedule of changes in the Stocks</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weighted&#160;average</b>&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">No.&#160;of</b><b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;">&#160;</b><b style="font-weight:bold;">SARs</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">exercise&#160;price</b></p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance as of January 1, 2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;">176,360</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 4.28</p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">SARs granted during the year ended December&#160;31,&#160;2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> &#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">SARs exercised during the year ended December&#160;31,&#160;2024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (176,360)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (4.28)</p></td></tr><tr><td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Balance as of December&#160;31,&#160;2024 (none of which are exercisable or convertible)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> &#8212;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> -</b></p></td></tr></table><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=asc_TimeBasedRestrictedStockUnitsMember', window );">Time Restricted stock units</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ShareBasedCompensationIssueNewCommonSharesTableTextBlock', window );">Schedule of changes in the Stocks</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.72%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.77%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.78%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weighted&#160;average</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weighted&#160;average</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Weighted&#160;average</b></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">fair&#160;value&#160;at&#160;grant</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">fair&#160;value&#160;at&#160;grant</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Number of</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">fair&#160;value&#160;at&#160;grant</b></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TRSUs</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">date</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TRSUs</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">date</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TRSUs</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">date</b></p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance as of January 1</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 677,739</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 7.70</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 908,209</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 5.31</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 546,935</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 4.44</p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">TRSUs granted during the year </p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 134,175</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 16.99</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 172,034</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 14.70</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 760,810</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 5.50</p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">TRSUs vested during the year </p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (528,157)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (7.19)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (402,504)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (5.30)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (399,536)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"> (4.47)</p></td></tr><tr><td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Balance as of December&#160;31,&#160;2024 </b><b style="font-weight:bold;"><br/></b><b style="font-weight:bold;">(none of which are vested)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 283,757</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 13.04</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 677,739</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 7.70</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 908,209</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">$</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 5.31</b></p></td></tr></table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock', window );">Schedule of cost related to non-vested awards expected to be recognized</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"><span style="font-size:0pt;visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Period</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TOTAL</b></p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2025</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 1,272</p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2026</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 457</p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2027</p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 67</p></td></tr><tr><td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:18.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 1,796</b></p></td></tr></table><span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=asc_PerformanceBasedRestrictedStockUnitsMember', window );">PRSUs</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ShareBasedCompensationIssueNewCommonSharesTableTextBlock', window );">Schedule of changes in the Stocks</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:19.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:19.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:43.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">For&#160;the&#160;years ended December&#160;31</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="font-size:8pt;font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2023</b></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Number of PRSUs</p></td><td style="vertical-align:middle;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">Number of PRSUs</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Outstanding as of January 1</p></td><td style="vertical-align:middle;width:19.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 38,713</p></td><td style="vertical-align:middle;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> -</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Granted</p></td><td style="vertical-align:middle;width:19.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 47,894</p></td><td style="vertical-align:middle;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.52%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 38,713</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Vested</p></td><td style="vertical-align:middle;width:19.54%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> -</p></td><td style="vertical-align:middle;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:middle;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> -</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.52%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Balance as of December&#160;31,&#160;2024</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.54%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 86,607</p></td><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:19.52%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 38,713</p></td></tr></table><span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfUnrecognizedCompensationCostNonvestedAwardsTableTextBlock', window );">Schedule of cost related to non-vested awards expected to be recognized</a></td>
<td class="text"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><i style="font-style:italic;">In thousands of U.S. Dollars</i></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;">&#8203;</span></p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">Period</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">TOTAL</b></p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2025</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 412</p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2026</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 254</p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">2027</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 37</p></td></tr><tr><td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">&#8203;</span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:20.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"><b style="font-weight:bold;"> 703</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;visibility:hidden;">&#8203;</span></p><span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the significant assumptions used during the year to estimate the fair value of awards under share based compensation arrangement, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of common shares issued through share based compensation for the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 718<br> -SubTopic 10<br> -Subparagraph (i)<br> -Name Accounting Standards Codification<br> -Paragraph 2<br> -Section 50<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471555755456">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Overview - Management and organizational structure (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>item </div>
<div>segment </div>
<div>subsidiary</div>
</th>
<th class="th"><div>Jun. 17, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NumberOfOperatingSegments', window );">Number of operating segments | segment</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NumberOfVesselsInOperation', window );">Numbered of owned vessels in operation</a></td>
<td class="nump">22<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NumberOfVesselsInOperationChartered', window );">Number of chartered vessels in operations</a></td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AverageAgeOfVessels', window );">Average Age Of Vessels</a></td>
<td class="text">10 years 3 months 18 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NumberOfWhollyOwnedSubsidiaries', window );">Number of wholly owned subsidiaries | subsidiary</a></td>
<td class="nump">79<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NumberOfJointVentures', window );">Number of joint ventures</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselsScrapValuePerLightweightTon', window );">Estimated scrap value (per lwt) | $</a></td>
<td class="nump">$ 400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreShippingCorporationMember', window );">Ardmore Shipping Corporation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership interest (as a percent)</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_AngloArdmoreShipManagementLimitedMember', window );">Anglo Ardmore Ship Management Limited</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership interest (as a percent)</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_AngloArdmoreShipManagementLimitedMember', window );">Anglo Ardmore Ship Management Limited | Corporate Joint Venture [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership interest (as a percent)</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1MarineLlcMember', window );">e1 Marine LLC | Corporate Joint Venture [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership interest (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">33.33%<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpMember', window );">Element 1 Corp.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership interest (as a percent)</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Average age of vessels, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_AverageAgeOfVessels</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Refers to the number of joint ventures.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_NumberOfVesselsInOperation">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of vessels in operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_NumberOfVesselsInOperationChartered">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of vessels in operations that are chartered..</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_NumberOfVesselsInOperationChartered</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_NumberOfWhollyOwnedSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents the number of wholly owned subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_NumberOfWhollyOwnedSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>N/A</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_VesselsScrapValuePerLightweightTon">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This line item represents the scrap value of vessels per lightweight ton.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_VesselsScrapValuePerLightweightTon</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfOperatingSegments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 18<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-18<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfOperatingSegments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreShippingCorporationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreShippingCorporationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_AngloArdmoreShipManagementLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_AngloArdmoreShipManagementLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_CorporateJointVentureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_CorporateJointVentureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1MarineLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1MarineLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<head>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471557279472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Overview (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2024 </div>
<div>item </div>
<div>t</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TotalNumberOfFleet', window );">TOTAL | item</a></td>
<td class="nump">22<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">973,181<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AverageAgeOfVessels', window );">Average Age Of Vessels</a></td>
<td class="text">10 years 3 months 18 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreGibraltarMember', window );">Ardmore Gibraltar [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,999<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreGibraltarMember', window );">Ardmore Gibraltar [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Apr-17<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeavaliantMember', window );">Ardmore Seavaliant [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,998<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeavaliantMember', window );">Ardmore Seavaliant [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Feb-13<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeaventureMember', window );">Ardmore Seaventure [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,998<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeaventureMember', window );">Ardmore Seaventure [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Jun-13<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeavantageMember', window );">Ardmore Seavantage [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,997<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeavantageMember', window );">Ardmore Seavantage [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Jan-14<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeavanguardMember', window );">Ardmore Seavanguard [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,998<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeavanguardMember', window );">Ardmore Seavanguard [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Feb-14<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSealionMember', window );">Ardmore Sealion [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,999<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSealionMember', window );">Ardmore Sealion [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">May-15<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeafoxMember', window );">Ardmore Seafox [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,999<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeafoxMember', window );">Ardmore Seafox [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Jun-15<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeawolfMember', window );">Ardmore Seawolf [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,999<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeawolfMember', window );">Ardmore Seawolf [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Aug-15<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeahawkMember', window );">Ardmore Seahawk [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,999<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeahawkMember', window );">Ardmore Seahawk [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Nov-15<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreEndeavourMember', window );">Ardmore Endeavour [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,997<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreEndeavourMember', window );">Ardmore Endeavour [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Jul-13<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreEnterpriseMember', window );">Ardmore Enterprise [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,453<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreEnterpriseMember', window );">Ardmore Enterprise [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Sep-13<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreEnduranceMember', window );">Ardmore Endurance [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,466<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreEnduranceMember', window );">Ardmore Endurance [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Dec-13<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreEncounterMember', window );">Ardmore Encounter [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,478<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreEncounterMember', window );">Ardmore Encounter [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Jan-14<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreExplorerMember', window );">Ardmore Explorer [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,494<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreExplorerMember', window );">Ardmore Explorer [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Jan-14<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreExporterMember', window );">Ardmore Exporter [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,466<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreExporterMember', window );">Ardmore Exporter [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Feb-14<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreEngineerMember', window );">Ardmore Engineer [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">49,420<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreEngineerMember', window );">Ardmore Engineer [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Mar-14<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreDauntlessMember', window );">Ardmore Dauntless [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">37,764<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ImoProductAndChemicalTanker', window );">IMO | item</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreDauntlessMember', window );">Ardmore Dauntless [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Feb-15<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreDefenderMember', window );">Ardmore Defender [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">37,791<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ImoProductAndChemicalTanker', window );">IMO | item</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreDefenderMember', window );">Ardmore Defender [Member] | Korea</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Feb-15<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreCherokeeMember', window );">Ardmore Cherokee [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">25,215<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ImoProductAndChemicalTanker', window );">IMO | item</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreCherokeeMember', window );">Ardmore Cherokee [Member] | Japan</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Jan-15<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreCheyenneMember', window );">Ardmore Cheyenne [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">25,217<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ImoProductAndChemicalTanker', window );">IMO | item</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreCheyenneMember', window );">Ardmore Cheyenne [Member] | Japan</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Mar-15<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreChinookMember', window );">Ardmore Chinook [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">25,217<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ImoProductAndChemicalTanker', window );">IMO | item</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreChinookMember', window );">Ardmore Chinook [Member] | Japan</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Jul-15<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreChippewaMember', window );">Ardmore Chippewa [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DeadWeight', window );">Deadweight</a></td>
<td class="nump">25,217<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ImoProductAndChemicalTanker', window );">IMO | item</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreChippewaMember', window );">Ardmore Chippewa [Member] | Japan</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems', window );"><strong>Overview</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_BuiltDate', window );">Built date</a></td>
<td class="text">Nov-15<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselType', window );">Type</a></td>
<td class="text">Product/Chemical<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SpecificationTypeOfVessel', window );">Specification</a></td>
<td class="text">Eco-Design<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_AverageAgeOfVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Average age of vessels, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_AverageAgeOfVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_BuiltDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Built date of the fleet.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_BuiltDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_DeadWeight">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total sum of weight that the vessel can carry on a defined load line.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_DeadWeight</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:massItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_ImoProductAndChemicalTanker">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Pertains to the IMO (International Maritime Organization) product and chemical tanker.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_ImoProductAndChemicalTanker</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>N/A</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_OrganizationConsolidationAndPresentationOfFinancialStatementsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_SpecificationTypeOfVessel">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Specification type of vessel built.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_SpecificationTypeOfVessel</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_TotalNumberOfFleet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total number of fleet during the period, which may include crude oil tankers and new vessels under construction to be used in the normal conduct of business and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_TotalNumberOfFleet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_VesselType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of vessel built.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_VesselType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreGibraltarMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreGibraltarMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_StatementGeographicalAxis=country_KR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_StatementGeographicalAxis=country_KR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeavaliantMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeavaliantMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeaventureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeaventureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeavantageMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeavantageMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeavanguardMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSeavanguardMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSealionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_ArdmoreSealionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Significant accounting policies - Basis of preparation (Details)<br></strong></div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Jun. 17, 2021</div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Equity Method Investment, Ownership Percentage</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1MarineLlcMember', window );">e1 Marine LLC | Corporate Joint Venture [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Equity Method Investment, Ownership Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">33.33%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpMember', window );">Element 1 Corp.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Equity Method Investment, Ownership Percentage</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_SignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>N/A</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_SignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreShippingCorporationMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_AngloArdmoreShipManagementLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_AngloArdmoreShipManagementLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_CorporateJointVentureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_CorporateJointVentureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1MarineLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471556401520">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policies (Details) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Jul. 31, 2022</div></th>
<th class="th"><div>Jun. 17, 2021</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_StandardCorporationTaxRate', window );">Standard Corporation Tax Rate</a></td>
<td class="nump">12.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_HigherCorporationTaxRate', window );">Higher Corporation Tax Rate</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselsScrapValuePerLightweightTon', window );">Vessels Scrap Value Per Lightweight Ton</a></td>
<td class="nump">$ 400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred Income Tax Expense (Benefit)</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued', window );">Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentAggregateCost', window );">Equity Method Investment, Aggregate Cost</a></td>
<td class="nump">4,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common Stock, Value, Issued</a></td>
<td class="nump">$ 440,000<span></span>
</td>
<td class="nump">$ 433,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LessorOperatingLeaseTermOfContract', window );">Lessor, Operating Lease, Term of Contract</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">24 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_VesselsMember', window );">Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Property, Plant and Equipment, Useful Life</a></td>
<td class="text">25 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_OfficeEquipmentAndFixturesAndFittingsMember', window );">Office Equipment and Fixtures and Fittings [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Property, Plant and Equipment, Useful Life</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_RangeAxis=srt_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselsScheduledDrydockingPeriod', window );">Scheduled drydocking period of vessels</a></td>
<td class="text">30 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_VesselsScheduledDrydockingPeriod', window );">Scheduled drydocking period of vessels</a></td>
<td class="text">60 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreShippingCorporationMember', window );">Ardmore Shipping Corporation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Equity Method Investment, Ownership Percentage</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_AngloArdmoreShipManagementLimitedMember', window );">Anglo Ardmore Ship Management Limited</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Equity Method Investment, Ownership Percentage</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpMember', window );">Element 1 Corp.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Equity Method Investment, Ownership Percentage</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentAggregateCost', window );">Equity Method Investment, Aggregate Cost</a></td>
<td class="nump">$ 9,300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,300,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common Stock, Value, Issued</a></td>
<td class="nump">4,500,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,300,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment', window );">Impariment</a></td>
<td class="nump">$ 4,400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_HigherCorporationTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of higher corporation tax rate applicable to passive or non-trading pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_HigherCorporationTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_SignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>N/A</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_SignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_StandardCorporationTaxRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of higher corporation tax rate applicable to passive or non-trading pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_StandardCorporationTaxRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_VesselsScheduledDrydockingPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The scheduled drydocking period of vessels, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_VesselsScheduledDrydockingPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_VesselsScrapValuePerLightweightTon">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This line item represents the scrap value of vessels per lightweight ton.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_VesselsScrapValuePerLightweightTon</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(1)(Note 1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 740<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentAggregateCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This element represents the aggregate cost of investments accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(12))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentAggregateCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of other-than-temporary decline in value that has been recognized against investment accounted for under equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481664/323-10-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOtherThanTemporaryImpairment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LessorOperatingLeaseTermOfContract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Term of lessor's operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 842<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479773/842-30-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LessorOperatingLeaseTermOfContract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount accrued for interest on an underpayment of income taxes and penalties related to a tax position claimed or expected to be claimed in the tax return.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 217<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_VesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_VesselsMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_OfficeEquipmentAndFixturesAndFittingsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_OfficeEquipmentAndFixturesAndFittingsMember</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<tr>
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<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreShippingCorporationMember</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_AngloArdmoreShipManagementLimitedMember</td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471556826704">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant accounting policy - Concentration of credit risk (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">$ 405,784<span></span>
</td>
<td class="nump">$ 395,978<span></span>
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<td class="nump">$ 445,741<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MajorCustomersAxis=asc_ChartererMember', window );">Charterer A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">$ 28,132<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">55,626<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_MajorCustomersAxis=asc_ChartererBMember', window );">Charterer B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SignificantAccountingPoliciesLineItems', window );"><strong>Significant accounting policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 53,345<span></span>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_SignificantAccountingPoliciesLineItems">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>N/A</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_SignificantAccountingPoliciesLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471556034800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business and segmental reporting - Companys revenue contribution (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>segment </div>
<div>item</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
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<th class="th">
<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EntityWideRevenueMajorCustomerLineItems', window );"><strong>Business and segmental reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">$ 405,784<span></span>
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<td class="nump">$ 395,978<span></span>
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<td class="nump">$ 445,741<span></span>
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<tr class="re">
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<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NumberOfVesselsEmployed', window );">Number Of Vessels Employed | item</a></td>
<td class="nump">19<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NatureOfVesselEmploymentAxis=asc_SpotChartersMember', window );">Spot Charters [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EntityWideRevenueMajorCustomerLineItems', window );"><strong>Business and segmental reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">$ 392,107<span></span>
</td>
<td class="nump">395,577<span></span>
</td>
<td class="nump">437,189<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NatureOfVesselEmploymentAxis=asc_TimeCharterMember', window );">Time charters [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EntityWideRevenueMajorCustomerLineItems', window );"><strong>Business and segmental reporting</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">13,635<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">7,917<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EntityWideRevenueMajorCustomerLineItems', window );"><strong>Business and segmental reporting</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EntityWideRevenueMajorCustomerLineItems', window );"><strong>Business and segmental reporting</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues</a></td>
<td class="nump">$ 42<span></span>
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<td class="nump">$ 401<span></span>
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<td class="nump">$ 632<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of vessels employed by the company</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity Investments (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
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<div>Jun. 17, 2021 </div>
<div>USD ($) </div>
<div>shares</div>
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<div>May 31, 2024 </div>
<div>USD ($)</div>
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<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>item</div>
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<div>Dec. 31, 2023 </div>
<div>USD ($)</div>
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<div>Dec. 31, 2022 </div>
<div>USD ($)</div>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">440<span></span>
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<td class="nump">433<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="num">$ (4,514)<span></span>
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<td class="num">(1,035)<span></span>
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<td class="num">(195)<span></span>
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<td class="nump">5<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreShippingCorporationMember', window );">Ardmore Shipping Corporation</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Equity Investment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership interest (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpMember', window );">Element 1 Corp.</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Equity Investment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership interest (as a percent)</a></td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireEquityMethodInvestments', window );">Payments for equity investments</a></td>
<td class="nump">$ 4,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock</a></td>
<td class="nump">$ 5,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_EquityMethodInvestmentNumberOfCommonShares', window );">Number of common shares | shares</a></td>
<td class="nump">581,795<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights', window );">Warrants to purchase common shares | shares</a></td>
<td class="nump">286,582<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentAggregateCost', window );">Total investment</a></td>
<td class="nump">$ 9,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_EquityMethodInvestmentVotingPercentage', window );">Percentage of voting right</a></td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_EquityMethodInvestmentImpairmentLoss', window );">Amount of impairment loss</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1MarineLlcMember', window );">e1 Marine LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Equity Investment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfEquityMethodInvestments', window );">Proceeds from sale of equity investment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,650<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal', window );">Gain on sale of equity investment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_EquityMethodInvestmentVotingPercentage', window );">Percentage of voting right</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">33.33%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Income (loss) in equity investments</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(400)<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
<td class="nump">$ 200<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1MarineLlcMember', window );">e1 Marine LLC | Corporate Joint Venture [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Equity Investment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership interest (as a percent)</a></td>
<td class="nump">33.33%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpAndMaritimePartnersLlcMember', window );">Element 1 Corp And Maritime Partners LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Equity Investment</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentAggregateCost', window );">Total investment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_EquityMethodInvestmentImpairmentLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of impairment loss that has been recognized against investment accounted for under equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_EquityMethodInvestmentImpairmentLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_EquityMethodInvestmentNumberOfCommonShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of common shares held as equity investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_EquityMethodInvestmentNumberOfCommonShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_EquityMethodInvestmentVotingPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Refers to the voting percentage assigned in an equity investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_EquityMethodInvestmentVotingPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_NumberOfBoardSeatsHeld">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of boards seats currently held.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_NumberOfBoardSeatsHeld</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_TotalNumberOfBoardSeats">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The total number of board seats.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_TotalNumberOfBoardSeats</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 852<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481372/852-10-55-10<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentAggregateCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This element represents the aggregate cost of investments accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(12))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentAggregateCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of an equity method investment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(9)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(7)(c))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentRealizedGainLossOnDisposal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) for proportionate share of equity method investee's income (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481664/323-10-45-1<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-13<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the sale of equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 825<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482907/825-10-50-28<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreShippingCorporationMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpMember</td>
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<td></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_CorporateJointVentureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpAndMaritimePartnersLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpAndMaritimePartnersLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>89
<FILENAME>R49.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471555605440">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Accrued expenses and other liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesAndOtherLiabilitiesAbstract', window );"><strong>Accrued expenses and other liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AccruedVesselOperatingExpensesAndVoyageExpensesCurrent', window );">Accrued vessel operating expenses and voyage expenses</a></td>
<td class="nump">$ 11,794<span></span>
</td>
<td class="nump">$ 12,961<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherAccruedLiabilitiesCurrent', window );">Other accrued expenses</a></td>
<td class="nump">6,519<span></span>
</td>
<td class="nump">5,304<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesCurrent', window );">Total accrued expenses</a></td>
<td class="nump">$ 18,313<span></span>
</td>
<td class="nump">$ 18,265<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_AccruedVesselOperatingExpensesAndVoyageExpensesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of vessel operating expenses and voyage expenses incurred but not yet paid, due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_AccruedVesselOperatingExpensesAndVoyageExpensesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesAndOtherLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesAndOtherLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>90
<FILENAME>R50.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471549283584">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Debt - Outstanding Principal Balances (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total debt</a></td>
<td class="nump">$ 38,796<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Total current portion of long-term debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,436<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Non-current portion of long-term debt</a></td>
<td class="nump">38,796<span></span>
</td>
<td class="nump">39,590<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShortTermDebtTypeAxis=us-gaap_LoansPayableMember', window );">Loans Payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total debt</a></td>
<td class="nump">38,796<span></span>
</td>
<td class="nump">46,804<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNet', window );">Deferred finance fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(778)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Net total debt</a></td>
<td class="nump">38,796<span></span>
</td>
<td class="nump">46,026<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_LongTermDebtCurrentGross', window );">Current portion of long-term debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,713<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsCurrentNet', window );">Current portion of deferred finance fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(277)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Total current portion of long-term debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,436<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Non-current portion of long-term debt</a></td>
<td class="nump">38,796<span></span>
</td>
<td class="nump">39,590<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=asc_NordeaSebRevolvingFacilityMember', window );">Nordea SEB Revolving Facility | Loans Payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total debt</a></td>
<td class="nump">37,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=asc_AbnCacibJointBankFacilityMember', window );">ABN CACIB Joint Bank Facility | Loans Payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">45,872<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=asc_AbnAmroRevolvingFacilityMember', window );">ABN AMRO Revolving Facility | Loans Payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total debt</a></td>
<td class="nump">$ 1,296<span></span>
</td>
<td class="nump">$ 932<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_LongTermDebtCurrentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of current portion of long term debt before deferred finance fees.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_LongTermDebtCurrentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentCarryingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -SubTopic 10<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentCarryingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsCurrentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt issuance costs classified as current. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-1A<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482900/835-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFinanceCostsCurrentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt issuance costs. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1A<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-1A<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482900/835-30-50-1<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1D<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFinanceCostsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -SubTopic 10<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482949/835-30-55-8<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 69B<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B<br><br>Reference 5: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 69C<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1D<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16)(a)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as current. Excludes lease obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as noncurrent. Excludes lease obligation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShortTermDebtTypeAxis=us-gaap_LoansPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShortTermDebtTypeAxis=us-gaap_LoansPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=asc_NordeaSebRevolvingFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=asc_NordeaSebRevolvingFacilityMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=asc_AbnCacibJointBankFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=asc_AbnCacibJointBankFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=asc_AbnAmroRevolvingFacilityMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471548281600">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Debt - Future minimum repayments (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo', window );">2026</a></td>
<td class="nump">$ 1,296<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree', window );">2027</a></td>
<td class="nump">37,500<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total long-term debt</a></td>
<td class="nump">$ 38,796<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtDisclosureAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -SubTopic 10<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentCarryingAmount</td>
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<td>xbrli:monetaryItemType</td>
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<td>credit</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1E<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 470<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1E<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -SubTopic 10<br> -Topic 470<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481544/470-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471557375584">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debt - Additional information (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="4"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jun. 15, 2023 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Aug. 09, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Aug. 05, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Aug. 05, 2022 </div>
<div>USD ($) </div>
<div>item</div>
</th>
<th class="th">
<div>Aug. 05, 2022 </div>
<div>USD ($) </div>
<div>subsidiary</div>
</th>
<th class="th">
<div>Aug. 05, 2022 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>item </div>
<div>facility</div>
</th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NumberOfFinanceLeaseFacility', window );">Number of loan facilities | facility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NumberOfVesselsEmployed', window );">Number of vessels with loans | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_FairMarketValuePercentage', window );">Fair market Value Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_RangeAxis=srt_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.69%<span></span>
</td>
<td class="nump">4.50%<span></span>
</td>
<td class="nump">0.10%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_RequiredMinimumSolvencyCovenant', window );">Required Minimum Solvency Covenant</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_RequiredMinimumCashBalance', window );">Required minimum cash and cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 18,750<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_CashAndCashEquivalentPercentage', window );">Cash and Cash Equivalent Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_FairMarketValuePercentage', window );">Fair market Value Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">130.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_MinimumNetWorthRequired', window );">Minimum Net Worth Required</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=asc_NordeaSebJointBankFacilityMember', window );">Nordea SEB Joint Bank Facility | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_CashAndCashEquivalentPercentage', window );">Cash and Cash Equivalent Percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">60.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=asc_NordeaSebRevolvingFacilityMember', window );">Nordea SEB Revolving Facility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NumberOfVesselsPreviouslyFinanced', window );">Number of vessels previously financed under lease arrangments | item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NumberOfSubsidiaries', window );">Number of subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 185,500<span></span>
</td>
<td class="nump">$ 185,500<span></span>
</td>
<td class="nump">$ 185,500<span></span>
</td>
<td class="nump">$ 185,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis', window );">Debt Instrument, Description of Variable Rate Basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">SOFR plus 2.5% <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NumberOfDaysToProvideNoticeForDrawDownOrRepaymentOfDebt', window );">Number of days to provide notice for draw down or repayment of debt</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Revolving credit facility drawn down</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 37,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity', window );">Revolving credit facility undrawn</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">104,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=asc_AbnCacibJointBankFacilityMember', window );">ABN CACIB Joint Bank Facility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis', window );">Debt Instrument, Description of Variable Rate Basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">SOFR plus 3.9%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Revolving credit facility drawn down</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 108,000<span></span>
</td>
<td class="nump">$ 108,000<span></span>
</td>
<td class="nump">$ 108,000<span></span>
</td>
<td class="nump">$ 108,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=asc_AbnAmroRevolvingFacilityMember', window );">ABN AMRO Revolving Facility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Debt Instrument, Basis Spread on Variable Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.90%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Revolving credit facility drawn down</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity', window );">Revolving credit facility undrawn</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=asc_AbnCacibRevolvingBankFacilityMember', window );">ABN CACIB Revolving Bank Facility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NumberOfSubsidiaries', window );">Number of subsidiaries | subsidiary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis', window );">Debt Instrument, Description of Variable Rate Basis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">SOFR plus 2.5%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_PercentageOfOutstandingBalanceRevolvingCreditFacility', window );">Percentage of outstanding balance converted into a revolving credit facility</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_PercentageOfOutstandingBalanceTermLoanFacility', window );">Percentage continuing as a term loan facility</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCredit', window );">Revolving credit facility drawn down</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity', window );">Revolving credit facility undrawn</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 78,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityAverageOutstandingAmount', window );">Outstanding balance</a></td>
<td class="nump">$ 49,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_CashAndCashEquivalentPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of cash and cash equivalents required to be maintained.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_CashAndCashEquivalentPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_FairMarketValuePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of fair market value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_FairMarketValuePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_MinimumNetWorthRequired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The minimum net worth required under the debt covenant as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_MinimumNetWorthRequired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_NumberOfDaysToProvideNoticeForDrawDownOrRepaymentOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of days within which the company has to provide notice for drawing down or repayment of debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_NumberOfDaysToProvideNoticeForDrawDownOrRepaymentOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_NumberOfFinanceLeaseFacility">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of finance lease facility in operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_NumberOfFinanceLeaseFacility</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_NumberOfSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents number of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_NumberOfSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_NumberOfVesselsEmployed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of vessels employed by the company</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_NumberOfVesselsEmployed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_NumberOfVesselsPreviouslyFinanced">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of vessels previously financed under lease arrangments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_NumberOfVesselsPreviouslyFinanced</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_PercentageOfOutstandingBalanceRevolvingCreditFacility">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of the outstanding balance under the facility converted into a revolving credit facility.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_PercentageOfOutstandingBalanceRevolvingCreditFacility</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_PercentageOfOutstandingBalanceTermLoanFacility">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of the outstanding balance under the facility continuing as a term loan facility.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_PercentageOfOutstandingBalanceTermLoanFacility</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_RequiredMinimumCashBalance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The minimum cash balance required under the debt covenants as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_RequiredMinimumCashBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_RequiredMinimumSolvencyCovenant">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The minimum solvency required under the debt covenants as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_RequiredMinimumSolvencyCovenant</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Description of reference rate used for variable rate of debt instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentDescriptionOfVariableRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCredit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -SubTopic 10<br> -Topic 210<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16)(a)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCredit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityAverageOutstandingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Average amount borrowed under the credit facility during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityAverageOutstandingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(19)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityRemainingBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=asc_NordeaSebJointBankFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=asc_NordeaSebJointBankFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=asc_NordeaSebRevolvingFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=asc_NordeaSebRevolvingFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=asc_AbnCacibJointBankFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=asc_AbnCacibJointBankFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=asc_AbnAmroRevolvingFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=asc_AbnAmroRevolvingFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=asc_AbnCacibRevolvingBankFacilityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=asc_AbnCacibRevolvingBankFacilityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>93
<FILENAME>R53.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471556786416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debt - Interest rates (Details)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_EffectiveInterestRateExcludingCommitmentFees', window );">Effective interest rate, excluding commitment fees</a></td>
<td class="nump">7.54%<span></span>
</td>
<td class="nump">7.83%<span></span>
</td>
<td class="nump">4.38%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtWeightedAverageInterestRate', window );">Effective interest rate, weighted average</a></td>
<td class="nump">7.54%<span></span>
</td>
<td class="nump">5.80%<span></span>
</td>
<td class="nump">1.61%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_RangeAxis=srt_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Interest rates (SOFR)</a></td>
<td class="nump">4.69%<span></span>
</td>
<td class="nump">4.50%<span></span>
</td>
<td class="nump">0.10%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Interest rates (SOFR)</a></td>
<td class="nump">5.37%<span></span>
</td>
<td class="nump">5.36%<span></span>
</td>
<td class="nump">4.50%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_EffectiveInterestRateExcludingCommitmentFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Effective interest rate, excluding commitment fees for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_EffectiveInterestRateExcludingCommitmentFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtWeightedAverageInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average interest rate of debt outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtWeightedAverageInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_RangeAxis=srt_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_RangeAxis=srt_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>R54.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471557075568">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Finance lease (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Jun. 25, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeLeaseDescriptionLineItems', window );"><strong>Lessee, Lease, Description [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinanceLeaseLiabilityPaymentsDue', window );">Finance lease obligations</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 54,237<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_FinanceLeaseFutureMinimumPaymentsIncludedInPayments', window );">Amounts representing interest and deferred finance fees</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(10,594)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_FinanceLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments', window );">Finance lease obligations, net of interest and deferred finance fees</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43,643<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_FinanceLeaseLiabilityGrossCurrent', window );">Current portion of finance lease obligations</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,151<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsCurrentGross', window );">Current portion of deferred finance fees</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(122)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_FinanceLeaseLiabilityNoncurrentGross', window );">Non-current portion of finance lease obligations</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">42,177<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNoncurrentGross', window );">Non-current portion of deferred finance fees</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(563)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_FinanceLeaseLiabilityGross', window );">Total finance lease obligations, net of deferred finance fees</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43,643<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=asc_CmbflShandongMember', window );">CMBFL Shandong</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeLeaseDescriptionLineItems', window );"><strong>Lessee, Lease, Description [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinanceLeaseLiabilityPaymentsDue', window );">Finance lease obligations</a></td>
<td class="nump">$ 0<span></span>
</td>
<td class="nump">$ 41,000<span></span>
</td>
<td class="nump">$ 54,237<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_FinanceLeaseFutureMinimumPaymentsIncludedInPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount necessary to reduce net minimum lease payments to present value for finance leases.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_FinanceLeaseFutureMinimumPaymentsIncludedInPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_FinanceLeaseLiabilityGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount equal to the present value (the principal) at the beginning of the lease term of minimum lease payments during the lease term before adjustment of seller's credit.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_FinanceLeaseLiabilityGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_FinanceLeaseLiabilityGrossCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from finance lease before deducting deferred finance fees, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_FinanceLeaseLiabilityGrossCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_FinanceLeaseLiabilityNoncurrentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from finance lease before deducting deferred finance fees, classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_FinanceLeaseLiabilityNoncurrentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_FinanceLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of minimum lease payments for finance leases net of executory costs, including amounts paid by the lessee to the lessor for insurance, maintenance and taxes.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_FinanceLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsCurrentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before accumulated amortization, of debt issuance costs classified as current. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482900/835-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFinanceCostsCurrentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsNoncurrentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, before accumulated amortization, of debt issuance costs classified as noncurrent. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482900/835-30-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFinanceCostsNoncurrentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinanceLeaseLiabilityPaymentsDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payments for finance lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinanceLeaseLiabilityPaymentsDue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeLeaseDescriptionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7A<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeLeaseDescriptionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=asc_CmbflShandongMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=asc_CmbflShandongMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</DOCUMENT>
<DOCUMENT>
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<SEQUENCE>95
<FILENAME>R55.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471552924704">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Finance lease - Additional Information (Details) - CMBFL Shandong<br> $ in Millions</strong></div></th>
<th class="th">
<div>Jun. 25, 2021 </div>
<div>USD ($) </div>
<div>subsidiary</div>
</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NumberOfSubsidiaries', window );">Number of subsidiaries | subsidiary</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SaleLeasebackTransactionHistoricalCost', window );">Gross proceeds</a></td>
<td class="nump">$ 49.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SaleLeasebackTransactionFees', window );">Transaction fees</a></td>
<td class="nump">$ 1.0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_NumberOfSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Represents number of subsidiaries.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_NumberOfSubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_SaleLeasebackTransactionFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Refers to transaction costs related to the sale leaseback.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_SaleLeasebackTransactionFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleLeasebackTransactionHistoricalCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The historical cost of the asset(s) sold in connection with the sale of the property to another party and the lease of the property back to the seller.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 840<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 50<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481266/840-40-55-50<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 840<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 52<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481266/840-40-55-52<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Topic 840<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 51<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481266/840-40-55-51<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 842<br> -SubTopic 40<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479741/842-40-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SaleLeasebackTransactionHistoricalCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=asc_CmbflShandongMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=asc_CmbflShandongMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</html>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>96
<FILENAME>R56.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471556569104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating leases (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseRightOfUseAsset', window );">Total operating lease, right of use asset</a></td>
<td class="nump">$ 5,577<span></span>
</td>
<td class="nump">$ 4,499<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiabilityCurrent', window );">Current portion of operating lease obligations</a></td>
<td class="nump">4,965<span></span>
</td>
<td class="nump">3,807<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiabilityNoncurrent', window );">Non-current portion of operating lease obligations</a></td>
<td class="nump">476<span></span>
</td>
<td class="nump">510<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiability', window );">Present value of lease liabilities</a></td>
<td class="nump">5,441<span></span>
</td>
<td class="nump">4,317<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LeaseContractualTermAxis=asc_TimeCharterMember', window );">Time charters [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseRightOfUseAsset', window );">Total operating lease, right of use asset</a></td>
<td class="nump">4,418<span></span>
</td>
<td class="nump">3,492<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiabilityCurrent', window );">Current portion of operating lease obligations</a></td>
<td class="nump">4,418<span></span>
</td>
<td class="nump">3,492<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubleaseIncome', window );">Sublease Income</a></td>
<td class="nump">50,000<span></span>
</td>
<td class="nump">43,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LeaseContractualTermAxis=asc_OfficeSpaceMember', window );">Office Space [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseRightOfUseAsset', window );">Total operating lease, right of use asset</a></td>
<td class="nump">1,159<span></span>
</td>
<td class="nump">1,007<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiabilityCurrent', window );">Current portion of operating lease obligations</a></td>
<td class="nump">547<span></span>
</td>
<td class="nump">315<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiabilityNoncurrent', window );">Non-current portion of operating lease obligations</a></td>
<td class="nump">$ 476<span></span>
</td>
<td class="nump">$ 510<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from operating lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from operating lease, classified as current.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseLiabilityNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseLiabilityNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseRightOfUseAsset">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's right to use underlying asset under operating lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseRightOfUseAsset</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubleaseIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of sublease income excluding finance and operating lease expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 53<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479589/842-20-55-53<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (e)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubleaseIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeaseContractualTermAxis=asc_TimeCharterMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeaseContractualTermAxis=asc_TimeCharterMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeaseContractualTermAxis=asc_OfficeSpaceMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeaseContractualTermAxis=asc_OfficeSpaceMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471557090048">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Operating leases - Maturity of operating lease liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LeasesAbstract', window );"><strong>Operating leases</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths', window );">2025</a></td>
<td class="nump">$ 5,032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo', window );">2026</a></td>
<td class="nump">348<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree', window );">2027</a></td>
<td class="nump">59<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour', window );">2028</a></td>
<td class="nump">37<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour', window );">2029 - 2030</a></td>
<td class="nump">77<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue', window );">Total lease payments</a></td>
<td class="nump">5,553<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount', window );">Less imputed interest</a></td>
<td class="num">(112)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseLiability', window );">Present value of lease liabilities</a></td>
<td class="nump">$ 5,441<span></span>
</td>
<td class="nump">$ 4,317<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payment for operating lease due after fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_LesseeOperatingLeaseLiabilityToBePaidAfterYearFour</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeasesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeasesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payment for operating lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payment for operating lease to be paid in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for operating lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Present value of lessee's discounted obligation for lease payments from operating lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471549421696">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Operating leases - Additional Information (Details) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
<th class="th"><div>Mar. 08, 2024</div></th>
<th class="th"><div>Jul. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1', window );">Operating Lease, Weighted Average Remaining Lease Term</a></td>
<td class="text">2 years 6 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OperatingLeasesOfLesseeIncrementalBorrowingRatePercentage', window );">Incremental borrowing rate</a></td>
<td class="nump">4.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LessorOperatingLeaseTermOfContract', window );">Lessor, Operating Lease, Term of Contract</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">24 months<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OperatingLeaseOptionToExtend', window );">Operating Lease, Option to Extend</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">12 months<span></span>
</td>
<td class="text">12 months<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LeasePracticalExpedientsPackage', window );">Lease, Practical Expedients, Package [true false]</a></td>
<td class="text">true<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseCost', window );">Operating lease cost</a></td>
<td class="nump">$ 15.1<span></span>
</td>
<td class="nump">$ 13.4<span></span>
</td>
<td class="nump">$ 6.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShortTermLeaseCost', window );">Short-Term lease cost</a></td>
<td class="nump">8.2<span></span>
</td>
<td class="nump">6.8<span></span>
</td>
<td class="nump">9.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=asc_CharterHireCostsMember', window );">Charter hire costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LeaseCost', window );">Lease cost</a></td>
<td class="nump">22.7<span></span>
</td>
<td class="nump">19.6<span></span>
</td>
<td class="nump">15.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember', window );">General and administrative expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LeaseCost', window );">Lease cost</a></td>
<td class="nump">$ 0.6<span></span>
</td>
<td class="nump">$ 0.6<span></span>
</td>
<td class="nump">$ 0.5<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_TimeCharterMember', window );">Time charters [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1', window );">Operating Lease, Weighted Average Remaining Lease Term</a></td>
<td class="text">7 months 6 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LessorOperatingLeaseTermOfContract', window );">Lessor, Operating Lease, Term of Contract</a></td>
<td class="text">12 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_OperatingLeaseOptionToExtend', window );">Operating Lease, Option to Extend</a></td>
<td class="text">6 months<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=asc_OfficeSpaceMember', window );">Office Space [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent', window );">Operating Lease, Weighted Average Discount Rate, Percent</a></td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_OperatingLeaseOptionToExtend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Option to extend, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_OperatingLeaseOptionToExtend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_OperatingLeasesOfLesseeIncrementalBorrowingRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The incremental borrowing rate (IBR) is the interest rate a lessee would have to pay to borrow funds to finance an asset similar to the lease's ROU asset in value, over a similar term and in a similar economic environment.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_OperatingLeasesOfLesseeIncrementalBorrowingRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeaseCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of lease cost recognized by lessee for lease contract.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 53<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479589/842-20-55-53<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeaseCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeasePracticalExpedientsPackage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicates (true false) whether practical expedients are elected for not reassessing whether any expired or existing contract is or contains lease, lease classification for expired or existing lease, and initial direct cost for any existing lease.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (j)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479832/842-10-65-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (f)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479832/842-10-65-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeasePracticalExpedientsPackage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
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<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LessorOperatingLeaseTermOfContract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Term of lessor's operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 842<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479773/842-30-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LessorOperatingLeaseTermOfContract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 53<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479589/842-20-55-53<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average discount rate for operating lease calculated at point in time.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 53<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479589/842-20-55-53<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (g)(4)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 53<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479589/842-20-55-53<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (g)(3)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of short-term lease cost, excluding expense for lease with term of one month or less.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 53<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479589/842-20-55-53<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShortTermLeaseCost</td>
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<tr>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Preferred Stock (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
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<th class="th" colspan="3">12 Months Ended</th>
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<th class="th"><div>Dec. 10, 2024</div></th>
<th class="th"><div>Dec. 03, 2021</div></th>
<th class="th"><div>Jun. 17, 2021</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">400<span></span>
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<td class="nump">600<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">4,500<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ExtinguishmentOfRedeemablePreferredStock', window );">Extinguishment of redeemable preferred stock</a></td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="num">(739)<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpMember', window );">Element 1 Corp.</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Preferred Stock</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentAggregateCost', window );">Total investment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,300<span></span>
</td>
<td class="nump">$ 9,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Cumulative Series A redeemable Preferred Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Preferred Stock</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues', window );">Preferred stock issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,000<span></span>
</td>
<td class="nump">25,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityLiquidationPreferencePerShare', window );">Liquidation preference per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TemporaryEquityAnnualDividendRatePercentage', window );">Divided rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DividendsTemporaryEquityCash', window );">Dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Payment of preferred dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionPremium', window );">Premium on the redemption</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TemporaryEquityRedemptionPricePercentage', window );">Redemption price (as a percent)</a></td>
<td class="nump">103.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TemporaryEquityProfitInterestsOnDistributionsPercentage', window );">Profit interests on distributions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PreferredStockRedemptionAmount', window );">Amount of stock redemption</a></td>
<td class="nump">$ 10,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_PercentageOfSharesRedeemed', window );">Percentage of shares redeemed</a></td>
<td class="nump">25.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_RedeemablePreferredStockRedemptionShares', window );">Number of shares redeemed</a></td>
<td class="nump">10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ExtinguishmentOfRedeemablePreferredStock', window );">Extinguishment of redeemable preferred stock</a></td>
<td class="nump">$ 700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Cumulative Series A redeemable Preferred Stock | Other noncurrent liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Preferred Stock</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ProfitInterestsDistributionLiability', window );">Profit interests distribution liability</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 300<span></span>
</td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Cumulative Series A redeemable Preferred Stock | Third anniversary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Preferred Stock</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TemporaryEquityRedemptionPricePercentage', window );">Redemption price (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">103.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Cumulative Series A redeemable Preferred Stock | Fourth anniversary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Preferred Stock</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TemporaryEquityRedemptionPricePercentage', window );">Redemption price (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">102.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Cumulative Series A redeemable Preferred Stock | Fifth anniversary</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TemporaryEquityLineItems', window );"><strong>Preferred Stock</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TemporaryEquityRedemptionPricePercentage', window );">Redemption price (as a percent)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_DividendsTemporaryEquityCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid  dividends on temporary equity with the form of settlement in cash.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_DividendsTemporaryEquityCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_ExtinguishmentOfRedeemablePreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Refers to extinguishment of redeemable preferred stock.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_ExtinguishmentOfRedeemablePreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_PercentageOfSharesRedeemed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of shares redeemed.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_PercentageOfSharesRedeemed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_ProfitInterestsDistributionLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations related to profit interests distribution.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_ProfitInterestsDistributionLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_RedeemablePreferredStockRedemptionShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of shares currently redeemable as
preferred stock. Includes amounts representing dividends not currently declared or paid but which will be payable under the redemption features or for which ultimate payment is solely within the control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_RedeemablePreferredStockRedemptionShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_TemporaryEquityAnnualDividendRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage rate used to calculate dividend payments on temporary equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_TemporaryEquityAnnualDividendRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_TemporaryEquityProfitInterestsOnDistributionsPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percent of profit interests on distributions for temporary equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_TemporaryEquityProfitInterestsOnDistributionsPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_TemporaryEquityRedemptionPricePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of price to be paid upon redemption on temporary equity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_TemporaryEquityRedemptionPricePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of new stock classified as temporary equity issued during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_TemporaryEquityStockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(24))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 405<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478790/946-405-45-2<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentAggregateCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>This element represents the aggregate cost of investments accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(12))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentAggregateCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockRedemptionAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The redemption (or callable) amount of currently redeemable preferred stock. Includes amounts representing dividends not currently declared or paid but which will be payable under the redemption features or for which ultimate payment is solely within the control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27)(b))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-11<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockRedemptionAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockRedemptionPremium">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The excess of (1) fair value of the consideration transferred to the holders of the preferred stock over (2) the carrying amount of the preferred stock in the registrant's balance sheet, during the accounting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480408/260-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockRedemptionPremium</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TemporaryEquityLiquidationPreferencePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The per share liquidation preference (or restrictions) of stock classified as temporary equity that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TemporaryEquityLiquidationPreferencePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_Element1CorpMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BalanceSheetLocationAxis=us-gaap_OtherNoncurrentLiabilitiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<DOCUMENT>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471548985152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Gain / (loss) on sale of vessels - Additional information (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">1 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2024</div></th>
<th class="th"><div>Feb. 29, 2024</div></th>
<th class="th"><div>Jun. 30, 2022</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeLeaseDescriptionLineItems', window );"><strong>Lessee, Lease, Description [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain / (loss) on vessels sold</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,322<span></span>
</td>
<td class="num">$ (6,917)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreSeafarerMember', window );">Ardmore Seafarer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeLeaseDescriptionLineItems', window );"><strong>Lessee, Lease, Description [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment', window );">Vessel sales price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 27,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain / (loss) on vessels sold</a></td>
<td class="nump">$ 12,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,322<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreSealancerMember', window );">Ardmore Sealancer [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeLeaseDescriptionLineItems', window );"><strong>Lessee, Lease, Description [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain / (loss) on vessels sold</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (728)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreSealeaderArdmoreSealifterMember', window );">Ardmore Sealeader &amp; Ardmore Sealifter</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_LesseeLeaseDescriptionLineItems', window );"><strong>Lessee, Lease, Description [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment', window );">Vessel sales price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 40,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain / (loss) on vessels sold</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (6,900)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7A<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LesseeLeaseDescriptionLineItems</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow for the sale of long-lived, physical assets used to produce goods and services and not intended for resale, classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfOtherPropertyPlantAndEquipment</td>
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<td>duration</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreSealancerMember</td>
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<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreSealeaderArdmoreSealifterMember</td>
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<td><strong> Balance Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>101
<FILENAME>R61.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471556122992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Gain / (loss) on sale of vessels (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2024</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Loss on sale of vessels</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_IncomeOnSaleOfPropertyPlantEquipmentGross', window );">Sales proceeds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 40,727<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ValueOfVessels', window );">Net book value of vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(46,829)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SellingExpense', window );">Sales related costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(815)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain / (loss) on vessels sold</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,322<span></span>
</td>
<td class="num">(6,917)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_GainLossOnVesselHeldForSale', window );">(Gain) / loss on vessels sold</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(12,322)<span></span>
</td>
<td class="nump">6,917<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreSeafarerMember', window );">Ardmore Seafarer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Loss on sale of vessels</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_IncomeOnSaleOfPropertyPlantEquipmentGross', window );">Sales proceeds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">27,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ValueOfVessels', window );">Net book value of vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(14,583)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SellingExpense', window );">Sales related costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(195)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain / (loss) on vessels sold</a></td>
<td class="nump">$ 12,300<span></span>
</td>
<td class="nump">$ 12,322<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreSealeaderMember', window );">Ardmore Sealeader [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Loss on sale of vessels</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_IncomeOnSaleOfPropertyPlantEquipmentGross', window );">Sales proceeds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,239<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ValueOfVessels', window );">Net book value of vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(16,251)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SellingExpense', window );">Sales related costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(265)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain / (loss) on vessels sold</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,277)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreSealifterMember', window );">Ardmore Sealifter [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Loss on sale of vessels</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_IncomeOnSaleOfPropertyPlantEquipmentGross', window );">Sales proceeds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">13,239<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ValueOfVessels', window );">Net book value of vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(15,886)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SellingExpense', window );">Sales related costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(265)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain / (loss) on vessels sold</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,912)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreSealancerMember', window );">Ardmore Sealancer [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Loss on sale of vessels</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_IncomeOnSaleOfPropertyPlantEquipmentGross', window );">Sales proceeds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,249<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ValueOfVessels', window );">Net book value of vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(14,692)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SellingExpense', window );">Sales related costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(285)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain / (loss) on vessels sold</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (728)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_GainLossOnVesselHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on vessel held for sale.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_GainLossOnVesselHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_IncomeOnSaleOfPropertyPlantEquipmentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>It represent the Sales Proceeds for the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_IncomeOnSaleOfPropertyPlantEquipmentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_ValueOfVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>It represent the net book value of vessel for the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_ValueOfVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 7A<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-7A<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SellingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expenses recognized in the period that are directly related to the selling and distribution of products or services.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SellingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreSeafarerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_ArdmoreSeafarerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471649489120">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest expense and finance costs (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_InterestExpenseAndFinanceCostsAbstract', window );"><strong>Interest expense and finance costs</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestExpenseDebt', window );">Interest incurred - debt</a></td>
<td class="nump">$ 4,140<span></span>
</td>
<td class="nump">$ 8,033<span></span>
</td>
<td class="nump">$ 6,245<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_FinanceLeaseInterestExpense', window );">Interest incurred - finance leases</a></td>
<td class="nump">1,500<span></span>
</td>
<td class="nump">3,718<span></span>
</td>
<td class="nump">11,239<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of deferred finance fees</a></td>
<td class="nump">1,138<span></span>
</td>
<td class="nump">1,237<span></span>
</td>
<td class="nump">1,461<span></span>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_SwapInterestExpense', window );">Interest rate swaps</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,580)<span></span>
</td>
<td class="num">(3,408)<span></span>
</td>
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<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense and finance costs</a></td>
<td class="nump">6,778<span></span>
</td>
<td class="nump">$ 11,408<span></span>
</td>
<td class="nump">15,537<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Gain / (loss) on extinguishment</a></td>
<td class="num">$ (1,432)<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">$ 1,576<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of SWAP interest expense incurred during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1F<br> -Subparagraph (b)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 835<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482925/835-30-45-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest expense on finance lease liability.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 53<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479589/842-20-55-53<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479041/842-20-45-4<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 842<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -SubTopic 10<br> -Topic 230<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-28<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481303/470-50-40-2<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481303/470-50-40-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (d)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 48<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 24<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-24<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 835<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483013/835-20-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense for debt.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 69E<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E<br><br>Reference 3: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 69F<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1F<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 470<br> -SubTopic 20<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481139/470-20-50-6<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471547890912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income taxes (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CurrentFederalStateAndLocalTaxExpenseBenefitAbstract', window );"><strong>Domestic</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefit', window );">Current tax expenses</a></td>
<td class="num">$ (215)<span></span>
</td>
<td class="num">$ (435)<span></span>
</td>
<td class="num">$ (207)<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense for year</a></td>
<td class="num">$ (215)<span></span>
</td>
<td class="num">$ (435)<span></span>
</td>
<td class="num">$ (207)<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentFederalStateAndLocalTaxExpenseBenefitAbstract</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(1)(Note 1))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentIncomeTaxExpenseBenefit</td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 270<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (ee)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 9<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.7)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 8<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-10<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (h)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 944<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(9))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Subparagraph (a)<br> -SubTopic 20<br> -Topic 740<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482659/740-20-45-2<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h))<br> -SubTopic 10<br> -Topic 235<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
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<td>xbrli:monetaryItemType</td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471553020720">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income taxes - Differences between income taxes (Details)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income taxes</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">0.00%<span></span>
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<td class="nump">0.00%<span></span>
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<td class="nump">0.00%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential', window );">Income subject to tax in other jurisdictions</a></td>
<td class="nump">0.16%<span></span>
</td>
<td class="nump">0.37%<span></span>
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<td class="nump">0.15%<span></span>
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<tr class="rou">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations', window );">Effective tax rate</a></td>
<td class="nump">0.16%<span></span>
</td>
<td class="nump">0.37%<span></span>
</td>
<td class="nump">0.15%<span></span>
</td>
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<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 6.I.1.Q1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations applicable to statutory income tax expense (benefit) outside of the country of domicile.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 231<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Subparagraph (b)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12A<br> -Subparagraph (a)(2)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 740<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 12<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 235<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(h)(2))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471556436768">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net income per share and common dividends (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_NumeratorAbstract', window );"><strong>Numerator:</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income attributable to common stockholders</a></td>
<td class="nump">$ 128,607<span></span>
</td>
<td class="nump">$ 113,408<span></span>
</td>
<td class="nump">$ 135,054<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_DenominatorAbstract', window );"><strong>Denominator:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of shares outstanding, basic (in shares)</a></td>
<td class="nump">41,655,701<span></span>
</td>
<td class="nump">41,130,089<span></span>
</td>
<td class="nump">37,235,599<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average number of shares outstanding, diluted (in shares)</a></td>
<td class="nump">42,041,821<span></span>
</td>
<td class="nump">41,821,637<span></span>
</td>
<td class="nump">38,359,985<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Earnings per share, basic (in dollars per share)</a></td>
<td class="nump">$ 3.09<span></span>
</td>
<td class="nump">$ 2.76<span></span>
</td>
<td class="nump">$ 3.63<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Earnings per share, diluted (in dollars per share)</a></td>
<td class="nump">$ 3.06<span></span>
</td>
<td class="nump">$ 2.71<span></span>
</td>
<td class="nump">$ 3.52<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 6<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-6<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 52<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482635/260-10-55-52<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 740<br> -SubTopic 323<br> -Name 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>dtr-types:perShareItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 805<br> -SubTopic 60<br> -Name Accounting Standards Codification<br> -Section 65<br> -Paragraph 1<br> -Subparagraph (g)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147476176/805-60-65-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-3<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-11<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 250<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483443/250-10-50-4<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 220<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SAB Topic 6.B)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 11<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-11<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 16<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-16<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 10<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482689/260-10-45-10<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471549076896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Net income per share and common dividends - Additional Information (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems', window );"><strong>Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Payment of preferred dividends</a></td>
<td class="nump">$ 3,805<span></span>
</td>
<td class="nump">$ 3,400<span></span>
</td>
<td class="nump">$ 3,285<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Preferred stock dividend accrued</a></td>
<td class="nump">$ 400<span></span>
</td>
<td class="nump">$ 600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember', window );">Restricted stock units</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems', window );"><strong>Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">89,042<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number</a></td>
<td class="nump">370,364<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of share outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">716,452<span></span>
</td>
<td class="nump">908,209<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_StockAppreciationRightsSARSMember', window );">Stock Appreciation Rights (SARs) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems', window );"><strong>Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount', window );">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount</a></td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">131,895<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ShareBasedCompensationArrangementShareBasedPaymentAwardNonOptionEquityInstrumentsExercisePrice', window );">Exercise price</a></td>
<td class="nump">$ 9.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Number of share outstanding</a></td>
<td class="nump">0<span></span>
</td>
<td class="nump">176,360<span></span>
</td>
<td class="nump">532,642<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems', window );"><strong>Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfOrdinaryDividends', window );">Cash dividends</a></td>
<td class="nump">$ 45,100<span></span>
</td>
<td class="nump">$ 47,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Exercise price of equity instruments other than options outstanding, including both vested and non-vested instruments.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_ShareBasedCompensationArrangementShareBasedPaymentAwardNonOptionEquityInstrumentsExercisePrice</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 260<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(24))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 946<br> -SubTopic 405<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 2<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478790/946-405-45-2<br><br>Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfOrdinaryDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cash outflow in the form of ordinary dividends to common shareholders, preferred shareholders and noncontrolling interests, generally out of earnings.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfOrdinaryDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(ii)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of options outstanding, including both vested and non-vested options.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(ii)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_StockAppreciationRightsSARSMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_StockAppreciationRightsSARSMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
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<td></td>
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<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471556455200">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party transactions (Details)<br> $ in Millions</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
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<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($) </div>
<div>item</div>
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<div>Dec. 31, 2023 </div>
<div>USD ($) </div>
<div>item</div>
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<th class="th">
<div>Dec. 31, 2022 </div>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="nump">50.00%<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 3.2<span></span>
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<td class="nump">$ 2.7<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_CorporateJointVentureMember', window );">Corporate Joint Venture [Member] | Anglo Ardmore Ship Management Limited</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership interest (as a percent)</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=asc_AngloArdmoreShipManagementLimitedMember', window );">Anglo Ardmore Ship Management Limited</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TechnicalManagementServicesProvidedNumberOfVessels', window );">Number of vessels for which technical management services is provided | item</a></td>
<td class="nump">22<span></span>
</td>
<td class="nump">22<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OperatingCostsAndExpenses', window );">Total management fees paid</a></td>
<td class="nump">$ 3.7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember', window );">Related Party [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrentAndNoncurrent', window );">Amounts payable to related party</a></td>
<td class="nump">0.4<span></span>
</td>
<td class="nump">$ 0.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_AmountsDueFromToRelatedPartyManagementFees', window );">Amounts Due from (to) related party, Management Fees</a></td>
<td class="nump">0.0<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_OtherReceivables', window );">Advances made</a></td>
<td class="nump">2.6<span></span>
</td>
<td class="nump">5.2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember', window );">Related Party [Member] | Accounts Payable [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrentAndNoncurrent', window );">Amounts payable to related party</a></td>
<td class="nump">0.2<span></span>
</td>
<td class="nump">0.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember', window );">Related Party [Member] | Accrued Expenses and Other Liabilities [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrentAndNoncurrent', window );">Amounts payable to related party</a></td>
<td class="nump">$ 0.2<span></span>
</td>
<td class="nump">$ 0.0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_AmountsDueFromToRelatedPartyManagementFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amounts due from(to) in respect of management fee.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_AmountsDueFromToRelatedPartyManagementFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_TechnicalManagementServicesProvidedNumberOfVessels">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of vessels for which technical management services is provided.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_TechnicalManagementServicesProvidedNumberOfVessels</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 942<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(a))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 323<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481687/323-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingCostsAndExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingCostsAndExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount due from parties in nontrade transactions, classified as other.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Topic 280<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 55<br> -Paragraph 49<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482785/280-10-55-49<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-04(5)(a)(5))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3)(a)(4))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 944<br> -SubTopic 210<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 310<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 13<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481990/310-10-45-13<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(c)(2)(i))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(c)(2)(ii))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 946<br> -SubTopic 220<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.6-07(2)(g)(3))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_AngloArdmoreShipManagementLimitedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=asc_AngloArdmoreShipManagementLimitedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_CorporateJointVentureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_CorporateJointVentureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=asc_AngloArdmoreShipManagementLimitedMember">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=asc_AngloArdmoreShipManagementLimitedMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_RelatedPartyMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BalanceSheetLocationAxis=us-gaap_AccountsPayableMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BalanceSheetLocationAxis=asc_AccruedExpensesAndOtherLiabilitiesMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td></td>
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<DOCUMENT>
<TYPE>XML
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471548350736">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-based compensation - Stock appreciation rights - Changes in SARs (Details)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2024 </div>
<div>$ / shares </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross', window );">SARs granted during the year | shares</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice', window );">Weighted average exercise price granted during the year | $ / shares</a></td>
<td class="nump">$ 0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised', window );">SARs exercised during the year | shares</a></td>
<td class="num">(176,360)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice', window );">Weighted average exercise price exercised during the year | $ / shares</a></td>
<td class="num">$ (4.28)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_StockAppreciationRightsSARSMember', window );">Stock Appreciation Rights (SARs) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Balance, No. of Units (Beginning) | shares</a></td>
<td class="nump">176,360<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Balance, Weighted average exercise price (Beginning) | $ / shares</a></td>
<td class="nump">$ 4.28<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Balance, No. of Units (Ending) (none of which are exercisable or convertible) | shares</a></td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice', window );">Balance, Weighted average exercise price (Ending) | $ / shares</a></td>
<td class="nump">$ 0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Gross number of share options (or share units) granted during the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(01)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of options outstanding, including both vested and non-vested options.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(ii)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(ii)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average price at which option holders acquired shares when converting their stock options into shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(02)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Weighted average per share amount at which grantees can acquire shares of common stock by exercise of options.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(01)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of share options (or share units) exercised during the current period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -SubTopic 10<br> -Topic 505<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481112/505-10-50-2<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(1)(iv)(02)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>xbrli:sharesItemType</td>
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<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471556941024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-based compensation - Restricted stock units - Changes in TRSUs (Details) - $ / shares<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember', window );">Restricted stock units</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Balance as at the end (none of which are vested)</a></td>
<td class="nump">370,364<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=asc_TimeBasedRestrictedStockUnitsMember', window );">Time Restricted stock units</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Balance as at the beginning</a></td>
<td class="nump">677,739<span></span>
</td>
<td class="nump">908,209<span></span>
</td>
<td class="nump">546,935<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Balance as at the beginning, Weighted average fair value at grant date</a></td>
<td class="nump">$ 7.7<span></span>
</td>
<td class="nump">$ 5.31<span></span>
</td>
<td class="nump">$ 4.44<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">RSU granted (in shares)</a></td>
<td class="nump">134,175<span></span>
</td>
<td class="nump">172,034<span></span>
</td>
<td class="nump">760,810<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">RSUs Granted during the period, Weighted average fair value at grant date</a></td>
<td class="nump">$ 16.99<span></span>
</td>
<td class="nump">$ 14.7<span></span>
</td>
<td class="nump">$ 5.5<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod', window );">RSUs vested (in shares)</a></td>
<td class="num">(528,157)<span></span>
</td>
<td class="num">(402,504)<span></span>
</td>
<td class="num">(399,536)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue', window );">RSUs vested during the period, Weighted average fair value at grant date</a></td>
<td class="num">$ (7.19)<span></span>
</td>
<td class="num">$ (5.3)<span></span>
</td>
<td class="num">$ (4.47)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Balance as at the end (none of which are vested)</a></td>
<td class="nump">283,757<span></span>
</td>
<td class="nump">677,739<span></span>
</td>
<td class="nump">908,209<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue', window );">Balance as at the end (none of which are vested), Weighted average fair value at grant date</a></td>
<td class="nump">$ 13.04<span></span>
</td>
<td class="nump">$ 7.7<span></span>
</td>
<td class="nump">$ 5.31<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=asc_TimeBasedRestrictedStockUnitsMember', window );">Time Restricted stock units | Equity Incentive Plan 2013 [Member] | Officers And Directors [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">RSU granted (in shares)</a></td>
<td class="nump">2,017,203<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(01)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(01)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(ii)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Per share or unit weighted-average fair value of nonvested award under share-based payment arrangement. Excludes share and unit options.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(ii)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(02)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value as of grant date pertaining to an equity-based award plan other than a stock (or unit) option plan for which the grantee gained the right during the reporting period, by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash in accordance with the terms of the arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(02)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 35<br> -Paragraph 1D<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 35<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480483/718-10-35-3<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name 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-SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(02)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 19: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(03)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 20: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 21: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (d)(2)<br> -Publisher FASB<br> 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
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<td>xbrli:stringItemType</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockUnitsRSUMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=asc_TimeBasedRestrictedStockUnitsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=asc_EquityIncentivePlan2013Member</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<head>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471646517504">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Share-based compensation - Restricted stock units - Cost related to non-vested awards (Details) - Time Restricted stock units<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths', window );">2025</a></td>
<td class="nump">$ 1,272<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo', window );">2026</a></td>
<td class="nump">457<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree', window );">2027</a></td>
<td class="nump">67<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized', window );">Total</a></td>
<td class="nump">$ 1,796<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based compensation awards yet to be recognized in next twelve months.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based compensation awards yet to be recognized in year three.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based compensation awards yet to be recognized in current year.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>asc_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cost not yet recognized for nonvested award under share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 35<br> -Paragraph 1D<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 35<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480483/718-10-35-3<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name 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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471556257600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-based compensation - Performance-Based Restricted stock units - Changes in the PRSUs (Details)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>D </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2023 </div>
<div>shares</div>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardThresholdNumberOfTradingDaysToDetermineTotalShareholderReturn', window );">Number of trading days | D</a></td>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=asc_PerformanceBasedRestrictedStockUnitsMember', window );">PRSUs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Balance as at the beginning</a></td>
<td class="nump">38,713<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">PRSUs granted (in shares)</a></td>
<td class="nump">47,894<span></span>
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<td class="nump">38,713<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber', window );">Balance as at the end (none of which are vested)</a></td>
<td class="nump">86,607<span></span>
</td>
<td class="nump">38,713<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=asc_PerformanceBasedRestrictedStockUnitsMember', window );">PRSUs | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodPercentage', window );">Total quantity of PRSUs eligible to vest (as a percentage)</a></td>
<td class="nump">0.00%<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=asc_PerformanceBasedRestrictedStockUnitsMember', window );">PRSUs | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodPercentage', window );">Total quantity of PRSUs eligible to vest (as a percentage)</a></td>
<td class="nump">200.00%<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The percentage of equity-based payment instruments, excluding stock (or unit) options, that vested during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Threshold number of trading days taken to determine total shareholder return under a share based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (c)(2)(iii)(01)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471646732224">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Share-based compensation - Significant inputs used in the estimation of the fair value (Details) - $ / shares<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharePrice', window );">Closing share price of our common stock</a></td>
<td class="nump">$ 16.25<span></span>
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<td class="nump">$ 18.53<span></span>
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<td class="nump">4.27%<span></span>
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<td class="nump">4.56%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate', window );">Expected volatility of our common stock</a></td>
<td class="nump">52.11%<span></span>
</td>
<td class="nump">67.33%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions', window );">Holding period discount</a></td>
<td class="nump">0.00%<span></span>
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<td class="nump">0.00%<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1', window );">Simulation term (in years)</a></td>
<td class="text">3 years<span></span>
</td>
<td class="text">3 years<span></span>
</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Restrictions on equity-based instruments during the vesting period, such as the inability to transfer unvested awards, are not taken into account in estimating the fair value of the award. However, restrictions that remain in effect after an award is vested, such as the inability to transfer or hedge vested options or a prohibition on the sale of outstanding vested shares (or other type of equity) for a period of time, affect the estimate of an award's fair value.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(v)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(ii)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The risk-free interest rate assumption that is used in valuing an option on its own shares.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(iv)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate</td>
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<td><strong> Period Type:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Price of a single share of a number of saleable stocks of a company.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Expected term of award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (f)(2)(i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1</td>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471552887856">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Share-based compensation - Performance-Based Restricted stock units - Cost related to non-vested awards (Details) - PRSUs<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2024 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths', window );">2025</a></td>
<td class="nump">$ 412<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo', window );">2026</a></td>
<td class="nump">254<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree', window );">2027</a></td>
<td class="nump">37<span></span>
</td>
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<tr class="reu">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized', window );">Total</a></td>
<td class="nump">$ 703<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based compensation awards yet to be recognized in next twelve months.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInNextTwelveMonths</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based compensation awards yet to be recognized in year three.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearThree</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Unrecognized cost of unvested share-based compensation awards yet to be recognized in current year.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">asc_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostToBeRecognizedInYearTwo</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cost not yet recognized for nonvested award under share-based payment arrangement.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (i)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td style="white-space:nowrap;">us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 35<br> -Paragraph 1D<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 35<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480483/718-10-35-3<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)(1)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Topic 718<br> -SubTopic 10<br> -Name 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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471549055600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Repurchase of common stock (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
<th class="th"><div>Sep. 30, 2023</div></th>
<th class="th"><div>Dec. 31, 2022</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityClassOfTreasuryStockLineItems', window );"><strong>Equity, Class of Treasury Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TreasuryStockCommonShares', window );">Treasury stock repurchased (in shares)</a></td>
<td class="nump">3,576,256<span></span>
</td>
<td class="nump">2,020,053<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock, value</a></td>
<td class="nump">$ 33,524<span></span>
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<td class="nump">$ 15,636<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_RangeAxis=srt_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityClassOfTreasuryStockLineItems', window );"><strong>Equity, Class of Treasury Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_StockRepurchaseProgramAuthorizedAmount1', window );">Share repurchase plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 50,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_srt_ShareRepurchaseProgramAxis=asc_RepurchasePlanMember', window );">Repurchase Plan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityClassOfTreasuryStockLineItems', window );"><strong>Equity, Class of Treasury Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TreasuryStockCommonShares', window );">Treasury stock repurchased (in shares)</a></td>
<td class="nump">1,556,203<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_asc_TreasuryStockAcquiredFeesAndCommissionCostPerShare', window );">Fees and commission cost of shares repurchased</a></td>
<td class="nump">$ 0.03<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TreasuryStockAcquiredAverageCostPerShare', window );">Weighted average price per share</a></td>
<td class="nump">$ 11.49<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock, value</a></td>
<td class="nump">$ 17,900<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_EquityClassOfTreasuryStockLineItems', window );"><strong>Equity, Class of Treasury Stock [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_TreasuryStockCommonShares', window );">Treasury stock repurchased (in shares)</a></td>
<td class="text">&#160;<span></span>
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<td class="nump">0<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Fees and Commission cost of shares repurchased divided by the total number of shares repurchased.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount authorized for purchase of share under share repurchase plan. Includes, but is not limited to, repurchase of stock and unit of ownership.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Topic 505<br> -SubTopic 30<br> -Name Accounting Standards Codification<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481520/505-30-50-4<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total cost of shares repurchased divided by the total number of shares repurchased.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481549/505-30-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Number of previously issued common shares repurchased by the issuing entity and held in treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481549/505-30-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 210<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 50<br> -Paragraph 4<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481520/505-30-50-4<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147481549/505-30-45-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.25.0.1</span><table class="report" border="0" cellspacing="2" id="idm45471548692704">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Events (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">2 Months Ended</th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Mar. 14, 2025</div></th>
<th class="th"><div>Feb. 28, 2025</div></th>
<th class="th"><div>Feb. 13, 2025</div></th>
<th class="th"><div>Feb. 13, 2025</div></th>
<th class="th"><div>Dec. 31, 2024</div></th>
<th class="th"><div>Dec. 31, 2023</div></th>
</tr>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Cash dividend</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 45,079<span></span>
</td>
<td class="nump">$ 47,154<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent events | O 2024 Q4 Dividends</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_CommonStockDividendsPerShareDeclared', window );">Dividends declared (dollars per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.08<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear', window );">Dividends Payable, Date Declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Feb. 13,  2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear', window );">Dividends Payable, Date of Record</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Feb. 28,  2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_DividendPayableDateToBePaidDayMonthAndYear', window );">Dividends Payable, Date to be Paid</a></td>
<td class="text">Mar. 14,  2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent events | O 2024 Q4 Dividends | Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Cash dividend</a></td>
<td class="nump">$ 3,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends declared during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 505<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockDividendsPerShareDeclared</td>
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<td>us-gaap_</td>
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<td>dtr-types:perShareItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Date the declared dividend will be paid, in YYYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendPayableDateToBePaidDayMonthAndYear</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Date the dividend to be paid was declared, in YYYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482913/230-10-50-3<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableDateDeclaredDayMonthAndYear</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Date the holder must own the stock to be entitled to the dividend, in YYYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableDateOfRecordDayMonthAndYear</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Topic 230<br> -SubTopic 10<br> -Name Accounting Standards Codification<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -Publisher FASB<br> -URI https://asc.fasb.org/1943274/2147482740/230-10-45-15<br></p></div>
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      id="Tb_7YL4JWq3GEyGqeIfcQ4lsA">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;1.&#160;&#160;&#160;Overview&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;1.1.&#160;&#160;&#160;Background&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Ardmore Shipping Corporation (NYSE: ASC) (&#x201c;Ardmore&#x201d;), together with its subsidiaries (collectively the &#x201c;Company&#x201d;), provides seaborne transportation of petroleum products and chemicals worldwide to oil majors, national oil companies, oil and chemical traders, and chemical companies, with its modern, fuel-efficient fleet of mid-size product and chemical tankers and the Company operates its business in one operating segment, the transportation of refined petroleum products and chemicals. As of December&#160;31,&#160;2024, the Company had 22 owned vessels and four chartered-in vessels in operation. The average age of the Company&#x2019;s owned fleet as of December&#160;31,&#160;2024 was 10.3&#160;years.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;1.2.&#160;&#160;&#160;Management and organizational structure&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Ardmore was incorporated in the Republic of the Marshall Islands on May 14, 2013. Ardmore commenced business operations through its predecessor company, Ardmore Shipping LLC, on April 15, 2010.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;As of December&#160;31,&#160;2024, Ardmore had (a) 79 wholly owned subsidiaries, a significant number of which represent single ship-owning companies for Ardmore&#x2019;s fleet, (b) one 50%-owned joint venture, Anglo Ardmore Ship Management Limited ("AASML"), which provides technical management services to the Ardmore fleet, and (c) a 10% equity stake in Element 1 Corp. which is included in Investments and other assets, net in the consolidated balance sheet as of December&#160;31,&#160;2024. Equity investments are disclosed below in Note 4.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Ardmore Maritime Services (Asia) Pte. Limited, a wholly owned subsidiary incorporated in Singapore, carries out the Company&#x2019;s management services and associated functions. Ardmore Shipping Services (Ireland) Limited, a wholly owned subsidiary incorporated in Ireland, provides the Company&#x2019;s corporate, accounting, fleet administration and operations services. Each of Ardmore Shipping (Asia) Pte. Limited and Ardmore Shipping (Americas) LLC, wholly owned subsidiaries incorporated in Singapore and Delaware, respectively, performs commercial management and chartering services for the Company.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;1.3.&#160;&#160;&#160;Vessels&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;As of December&#160;31,&#160;2024, the Company owned and operated a modern fleet of 22 product/chemical vessels (21 with Marshall Island flags and one with a Singapore flag), with a combined carrying capacity of 973,181 deadweight tonnes (&#x201c;dwt&#x201d;) and an average age of approximately 10.3 years.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table 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style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Vessel Name&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New 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style="font-weight:bold;"&gt;Dwt&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;IMO&lt;/b&gt;&lt;sup style="font-size:6pt;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;"&gt;(1)&lt;/sup&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Built&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Country&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Specification&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Gibraltar&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New 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style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Apr-17&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seahawk&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,999&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Nov-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seawolf&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,999&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Aug-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seafox&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,999&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jun-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Sealion&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,999&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;May-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Engineer&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,420&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Mar-14&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seavanguard&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,998&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Feb-14&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Exporter&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,466&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Feb-14&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seavantage&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,997&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jan-14&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Encounter&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,478&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jan-14&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Explorer&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,494&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jan-14&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Endurance&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,466&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Dec-13&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Enterprise&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,453&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Sep-13&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Endeavour&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,997&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jul-13&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seaventure&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,998&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jun-13&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seavaliant&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,998&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Feb-13&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Defender&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 37,791&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 2&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Feb-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Dauntless&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 37,764&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 2&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Feb-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Chippewa&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 25,217&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 2&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Nov-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Japan&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Chinook&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 25,217&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 2&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jul-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Japan&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Cheyenne&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 25,217&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 2&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Mar-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Japan&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Cherokee&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 25,215&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 2&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jan-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Japan&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;22&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 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Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Vessel Name&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Type&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Dwt&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;IMO&lt;/b&gt;&lt;sup style="font-size:6pt;font-weight:bold;line-height:100%;top:0pt;vertical-align:top;"&gt;(1)&lt;/sup&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Built&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Country&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Specification&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Gibraltar&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,999&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Apr-17&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seahawk&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,999&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Nov-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seawolf&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,999&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Aug-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seafox&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,999&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jun-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Sealion&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,999&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;May-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Engineer&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,420&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Mar-14&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seavanguard&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,998&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Feb-14&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Exporter&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,466&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Feb-14&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seavantage&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,997&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jan-14&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Encounter&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,478&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jan-14&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Explorer&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,494&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jan-14&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Endurance&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,466&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Dec-13&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Enterprise&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,453&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Sep-13&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Endeavour&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,997&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jul-13&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seaventure&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,998&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jun-13&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Seavaliant&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 49,998&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;2/3&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Feb-13&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Defender&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 37,791&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 2&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Feb-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Dauntless&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 37,764&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 2&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Feb-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;S. Korea&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Chippewa&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 25,217&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 2&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Nov-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Japan&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Chinook&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 25,217&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 2&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jul-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Japan&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Cheyenne&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 25,217&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 2&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Mar-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Japan&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;Ardmore Cherokee&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Product/Chemical&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 25,215&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 2&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Jan-15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.25%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Japan&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.73%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Eco-Design&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:22.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:17.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;22&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.24%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 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      id="Tb_cRT-IpuhzEauUAtoawbmKQ">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.&#160;&#160;&#160;Significant Accounting Policies&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.1.&#160;&#160;&#160;Basis of preparation&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The accompanying consolidated financial statements, which include the accounts of Ardmore and its subsidiaries, have been prepared in accordance with accounting principles generally accepted in the United States of America (&#x201c;U.S. GAAP&#x201d;). All subsidiaries are 100% directly or indirectly owned by Ardmore. AASML, a joint venture in which the Company has a 50% interest, is accounted for using the equity method. The Company&#x2019;s 10% investment in Element 1 Corp. is also accounted for using the equity method as the Company is able to exercise significant influence. All intercompany balances and transactions have been eliminated on consolidation. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.2.&#160;&#160;&#160;Uses of estimates&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives for vessels, vessel valuations, residual value of vessels, expected future cash flows from vessels to support vessel impairment tests, provisions necessary for receivables from charterers, the selection of inputs used in the valuation model for share-based payment awards, provisions for legal disputes and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable. Actual results could differ from those estimates.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.3.&#160;&#160;&#160;Reporting currency&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The consolidated financial statements are stated in U.S. Dollars. The functional currency of the Company is U.S. Dollars because the Company operates in international shipping markets in which most transactions are denominated in the U.S. Dollar. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. Resulting gains and losses are included in the accompanying consolidated statements of operations.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.4.&#160;&#160;&#160;Recently issued accounting pronouncements&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;&lt;span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"&gt;Recently adopted&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;In November 2023 the FASB issued Accounting Standards Update 2023-07,&lt;i style="font-style:italic;"&gt; Improvements to Reportable Segment Disclosures&lt;/i&gt;, which amends the existing segment reporting guidance (Accounting Standards Codification Topic 280) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (&#x201c;CODM&#x201d;) and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.&lt;span style="font-size:12pt;"&gt; &lt;/span&gt;The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;&lt;span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"&gt;Issued but not yet effective&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;On December 14, 2023, the FASB issued&#160;Accounting Standards Update 2023-09,&#160;&lt;i style="font-style:italic;"&gt;Income Taxes (Topic 740): Improvements to Income Tax Disclosures&#160;(ASU 2023-09)&lt;/i&gt;. The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 largely follows the proposed ASU issued earlier in 2023 with several important modifications and clarifications discussed below. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 and effective for all other business entities one year later. Entities should adopt this guidance on a prospective basis, though retrospective application is permitted. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;On March 21, 2024, the FASB issued&#160;Accounting Standards Update 2024-01, &lt;i style="font-style:italic;"&gt;Compensation &#x2013; Stock Compensation (Topic 718)&lt;/i&gt; which clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718&#160;or (2) not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 is effective for public business entities for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;On November 4, 2024, the&#160;FASB&#160;issued&#160;Accounting Standards Update 2024-03, &lt;i style="font-style:italic;"&gt;Disaggregation of Income Statement Expenses&lt;/i&gt; (&lt;i style="font-style:italic;"&gt;ASU 2024-03&lt;/i&gt;), which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. On January 6, 2025, the FASB issued Accounting Standards Update 2025-01 which clarifies the effective date of ASU 2024-03 with respect to interim periods. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;The standard is effective for annual reporting periods beginning after 15 December 2026, and for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;On November 26, 2024, the FASB issued&#160;Accounting Standard Update 2024-04, Debt &#x2013; Debt with Conversion&#160;and Other Options (Subtopic 470-20), which amends ASC 470-202&#160;to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion.&#160;The amendments in this update are effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted if the entity has also adopted ASU 2020-06 &lt;i style="font-style:italic;background:#ffffff;"&gt;Accounting for Convertible Instruments and Contracts in an Entity&#x2019;s Own Equity&lt;/i&gt;&lt;span style="background:#ffffff;"&gt; &lt;/span&gt;for that period. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.5.&#160;&#160;&#160;Revenue, net&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Revenue is generated from spot charter arrangements and time charter arrangements, net of address commission and provisions for demurrage.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"&gt;Spot charter arrangements&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;In the Company&#x2019;s spot charter arrangements, the charterer hires a vessel to transport a specific agreed-upon cargo for a single voyage that are generally short in duration (less than two months), which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The contract generally has standard payment terms of freight paid within three to seven days after completion of loading. Revenue from voyage charters is recognized when (i) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (ii) we can identify each party&#x2019;s rights regarding the services to be transferred, (iii) we can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of our future cash flows is expected to change as a result of the contract) and (v) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the services that will be transferred to the charterer&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Spot charter arrangements do not contain a lease and are therefore considered service contracts that fall under the provisions of Accounting Standard Codification (&#x201c;ASC&#x201d;) 606 &lt;i style="font-style:italic;"&gt;Revenue from Contracts with Customers&lt;/i&gt;. Spot charter arrangements are considered service contracts which fall under the provisions of ASC 606 because the Company retain control over the operations of the vessel, including directing the routes taken and vessel speed. The Company determined that a spot charter arrangement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company have concluded that a contract for a spot charter arrangement meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company&#x2019;s performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The consideration that the Company expects to be entitled to receive includes estimates of revenue associated with the loading or discharging time that exceed the originally estimated duration of the voyage, which is referred to as &#x201c;demurrage revenue&#x201d;, when it is determined there will be incremental time required to complete the contracted voyage. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Demurrage revenue, which is earned during a voyage charter and represents variable consideration, which is estimated at contract inception based on estimates for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited. It is not considered a separate deliverable in accordance with ASC 606 as it is part of the single performance obligation in a spot charter arrangement, which is to provide cargo transportation services to the completion of a contracted voyage. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, in addition to any port expenses incurred prior to arrival at the load port. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The fuel consumption and any port expenses incurred prior to arrival at the load port during this period are deferred and recorded in Inventories as deferred contract costs in the consolidated balance sheets and are amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and are expensed as part of voyage expenses.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"&gt;Time charter arrangements&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;From time to time the Company enters into time charter arrangements, which are for a specified period of time, and key decisions concerning the use of the vessel during the duration of the time charter period reside with the charterer. In time charter arrangements, the Company is responsible for the crewing, maintenance and insurance of the vessel, and the charterer is generally responsible for voyage specific costs, which typically include bunkers and port/canal costs.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt; &lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;As the charterer holds sufficient latitude in its rights to determine how and when the vessel is used on voyages and the charterer is also responsible for costs incurred during the voyage, the charterer derives the economic benefits from the use of the vessel, as control over the right to use the vessel is transferred to the charterer during the specified time charter period. Accordingly, time charters are considered operating leases and the Company applies guidance for lessors in FASB Accounting Standards Codification 842 - &lt;i style="font-style:italic;"&gt;Leases&lt;/i&gt; (&#x201c;ASC 842&#x201d;). The Company has elected to apply the practical expedient under Accounting Standards Codification 842 &#x2013; &lt;i style="font-style:italic;"&gt;Leases &lt;/i&gt;(&#x201c;ASC 842&#x201d;), which allows lessors to account for lease and non-lease components as a single lease component when certain criteria are met. Revenue for time charters is recognized on a straight-line basis ratably over the term of the charter.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt; &#160;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.6.&#160;&#160;&#160;Voyage and vessel operating expenses&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"&gt;Voyage expenses&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Voyage expenses represent costs the Company is responsible to incur in charter arrangements during a voyage that are directly related to a voyage. Voyage expenses include bunkers and port/canal costs, which are expensed as incurred. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Voyage expenses also include contract fulfillment costs that are incurred by the Company prior to a voyage. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;These costs are from the later of when a vessel departed from its prior charter discharge port and when a vessel entered a new charter to the arrival at the loading port for the new charter and are deferred and amortized ratably over the new charter for charters accounted for in accordance with ASC 606. Such costs are typically comprised of bunkers. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"&gt;Vessel operating expenses&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Vessel operating expenses represent costs the Company incurs to operate its vessels that are not directly related to a voyage. Vessel operating expenses include costs for crew, repairs and maintenance, insurance, stores, lube oils, communications and technical management. Vessel operating expenses are expensed as incurred.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.7.&#160;&#160;&#160;Cash and cash equivalents&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="font-weight:normal;"&gt;The Company classifies investments with an original maturity date of three months or less as cash and cash equivalents. The Company is required to maintain a minimum cash balance in accordance with its long-term debt facility agreements (see Note 6) and finance lease facility agreements (see Note 7).&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.8.&#160;&#160;&#160;Receivables&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="font-weight:normal;"&gt;Receivables include amounts due from charterers for hire and other recoverable expenses due to the Company. As of the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate allowance for bad debt.&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.9.&#160;&#160;&#160;Prepaid expenses and other assets &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="font-weight:normal;"&gt;Prepaid expenses and other assets consist of payments made in advance for insurance or other expenses, and insurance claims outstanding and certain assets held by vessel managers. Insurance claims are recorded, net of any deductible amounts, for insured damages which are recognized when recovery is virtually certain under the related insurance policies and where the Company can make an estimate of the amount to be reimbursed following the insurance claim. As of the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate provision for doubtful accounts.&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.10.&#160;&#160;&#160;Advances and deposits&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="font-weight:normal;"&gt;Advances and deposits primarily include amounts advanced to AASML for expenses incurred by them in operating the vessels, together with other necessary deposits paid during the course of business.&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.11.&#160;&#160;&#160;Inventories&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="font-weight:normal;"&gt;Inventories consist of bunkers, lubricating oils and other consumables on board the Company&#x2019;s vessels. Inventories are valued at the lower of cost or net realizable value on a first-in first-out basis. Cost is based on the normal levels of cost and comprises the cost of purchase, being the suppliers&#x2019; invoice price with the addition of charges such as freight or duty where appropriate. Spares are expensed as incurred.&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; &lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.12.&#160;&#160;&#160;Vessel held for sale&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Assets are classified as held for sale when management, having the authority to approve the action, commits to a plan to sell the asset, the sale is probable within one year, and the asset is available for immediate sale in its present condition. Consideration is given to whether an active program to locate a buyer has been initiated, whether the asset is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When assets are classified as held for sale, they are measured at the lower of their carrying amount or fair value less cost to sell and they are tested for impairment. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;A gain is recognized when the carrying value of the asset is less than the estimated fair value, less transaction costs. A loss is recognized when the carrying value of the asset is greater than the estimated fair value, less transaction costs. Assets classified as held for sale are no longer depreciated.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.13.&#160;&#160;&#160;Vessels and vessel equipment&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Vessels and vessel equipment are recorded at their cost less accumulated depreciation.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Vessel cost comprises acquisition costs directly attributable to the vessel and the expenditures made to prepare the vessel for its initial voyage. Vessels are depreciated on a straight-line basis over their estimated useful economic life from the date of initial delivery from the shipyard. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The useful life of the Company&#x2019;s vessels is estimated at 25 years from the date of initial delivery from the shipyard. Depreciation is based on cost less the estimated residual scrap value of $400 per lightweight ton (&#x201c;lwt&#x201d;).&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Vessel equipment comprises the costs of significant replacements, renewals and upgrades to the Company&#x2019;s vessels. Vessel equipment is depreciated over the shorter of the vessel&#x2019;s remaining useful life or the life of the renewal or upgrade. The amount capitalized is based on management&#x2019;s judgment as to expenditures that extend a vessel&#x2019;s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.14.&#160;&#160;&#160;Deferred drydock expenditures&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The Company follows the deferral method of accounting for drydock expenditures whereby actual expenditures incurred are deferred and are amortized on a straight-line basis through to the date of the next scheduled drydocking, generally 30 to 60 months. Expenditures deferred as part of the drydock include direct costs that are incurred as part of the drydocking to meet regulatory requirements. Direct expenditures that are deferred include the shipyard costs, parts, inspection fees, steel, blasting and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Unamortized drydock expenditures of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels&#x2019; sale. Unamortized drydock expenditures are written off as drydock amortization if the vessels are drydocked before the expiration of the applicable amortization period.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.15.&#160;&#160;&#160;Advances for ballast water treatment systems&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The Company is in the process of installing ballast water treatment systems on each of its vessels that do not currently have the system installed. This is a requirement of the International Maritime Organization. The Company capitalizes and depreciates the costs of ballast water treatment systems, including installation costs, on each vessel from the date of completion of the system over the remaining useful life of the vessel.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.16.&#160;&#160;&#160;Vessel impairment&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Management regularly reviews the carrying amounts of the Company&#x2019;s vessels that are &#x201c;held and used&#x201d; for recoverability. &#160;Vessels are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. When such indicators are present, a vessel held and used is tested for recoverability by comparing the &lt;span style="background:#ffffff;"&gt;estimate of undiscounted future cash flows&lt;/span&gt; expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount together with the carrying value of deferred drydock expenditures and special survey costs related to the vessel. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;For purposes of testing for recoverability, undiscounted future&lt;span style="background:#ffffff;"&gt; cash flows are determined by applying various assumptions based on historical trends as well as future expectations. In estimating future revenue, the Company considers charter rates for each vessel class over the estimated remaining lives of the vessels using both historical average rates for the Company over the last five years, where available, and historical average one-year time charter rates for the industry over the last 10 years. &lt;/span&gt;Recognizing that rates tend to be cyclical and considering market volatility based on factors beyond the Company&#x2019;s control, management believes it is reasonable to use estimates based on a combination of more recent internally generated rates and the 10-year average historical average industry rates. &lt;span style="background:#ffffff;"&gt;Undiscounted future cash flows are determined by applying various assumptions regarding future revenue net of voyage expenses, vessel operating expenses, scheduled drydockings, expected off-hire and scrap values, and taking into account historical market and Company specific revenue data as discussed above, and also considering other external market sources, including analysts&#x2019; reports and freight forward agreement curves. &lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company will evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties. Management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company's vessels. The Company did not recognize a vessel impairment charge for the years ended December 31, 2024, 2023 or 2022.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2&lt;/b&gt;&lt;b style="font-weight:bold;"&gt;.17.&#160;&#160;&#160;Other non-current assets&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Other non-current assets relate to office equipment, fixtures and fittings and leasehold improvements. Office equipment and fixtures and fittings are recorded at their cost less accumulated depreciation and are depreciated based on an estimated useful life of five years. Leasehold improvements relate to fit-out costs for work completed on the Company&#x2019;s offices in Ireland and Singapore. Leasehold improvements are recorded at their cost less accumulated depreciation and are depreciated over the shorter of the useful life of those leasehold improvements and the remaining lease term.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.18.&#160;&#160;&#160;Operating leases &lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Under ASC 842, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The standard continues to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. For operating leases, ASC 842 requires recognition in an entity&#x2019;s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. Operating lease right-of-use assets are assessed for any potential impairment on each balance sheet date.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;At lease commencement, a lessee must determine a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. When determining the discount rate to be used at lease commencement, a lessee must use the rate implicit in the lease unless that rate cannot be readily determined. When the rate implicit in the lease cannot be readily determined, the lessee should use its incremental borrowing rate. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.19.&#160;&#160;&#160;Finance leases&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;From time to time the Company enters into finance leases, which relate to financing arrangements for vessels in operation. Interest costs are expensed to interest expense and finance costs in the consolidated statements of operations using the effective interest method over the life of the lease. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.20.&#160;&#160;&#160;Accounts payable&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Accounts payable include all financial obligations to vendors for goods or services that have been received.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.21.&#160;&#160;&#160;Accrued expenses and other liabilities&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Accrued expenses and other liabilities include all accrued liabilities in relation to the operating and running of the vessels, along with amounts accrued for interest as well as general and administrative expenses.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.22.&#160;&#160;&#160;Derivatives &lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;As required by FASB Accounting Standards Codification 815 - Derivatives and Hedging (&#x201c;ASC 815&#x201d;), the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The Company elected to classify settlement payments as operating activities within the statement of cash flows. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future SOFR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. &#160;The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.23.&#160;&#160;&#160;Equity method investments&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The Company&#x2019;s investments in AASML and Element 1 Corp. are accounted for, and until the Company sold its interest in the e1 Marine joint venture in May 2024, its investment in e1 Marine was accounted for using the equity method of accounting. Under the equity method of accounting, the Company initially recorded the investments in AASML, Element 1 Corp. and e1 Marine at cost and adjusts the carrying amounts of the investments to recognize their respective share of earnings or losses of the investee. As of December&#160;31,&#160;2024, the carrying value of the Company&#x2019;s total investment in Element 1 Corp. is $4.5 million. This consists of the carrying value of the Company&#x2019;s investment in the ordinary shares of $4.5 million. The carrying amount of the investment is adjusted to recognize the Company&#x2019;s share of earnings or losses of the investee. Dividends received from an investee reduce the carrying amount of the equity investments. The Company evaluates its equity method investment for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other than temporary decline in value below their carrying values. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company&#x2019;s consolidated statements of operations. &#160;During the year ended December&#160;31,&#160;2024, the Company recorded an impairment of $4.4 million in its investment in Element 1 Corp. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.24.&#160;&#160;&#160;Contingencies&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Claims, lawsuits and contingencies arise in the ordinary course of the Company&#x2019;s business. The Company provides for these contingencies when (i)&#160;it is probable that a liability has been incurred at the date of the financial statements and (ii)&#160;the amount of the loss can be reasonably estimated. Disclosure in the notes to the financial statements is required for contingencies that do not meet both these conditions if there is a reasonable possibility that a liability may have been incurred as of the balance sheet date.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.25.&#160;&#160;&#160;Distributions to shareholders&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Subject to the Board of Directors&#x2019; approval, distributions to common shareholders are applied first to accumulated surplus. When accumulated surplus is not sufficient, distributions are applied to the additional paid in capital account.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.26.&#160;&#160;&#160;Equity issuance costs&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Incremental costs incurred that are directly attributable to a proposed or actual offering of equity securities are deferred and deducted from the related proceeds of the offering, and the net amount is recorded as contributed shareholders&#x2019; equity in the period when such shares are issued. Other costs incurred that are not directly attributable, but are related, to a proposed or actual offering are expensed as incurred.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.27.&#160;&#160;&#160;Debt and finance lease issuance costs&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Financing charges which include fees, commissions and legal expenses associated with securing loan facilities are presented in the consolidated balance sheets as a direct deduction from the carrying amount of the debt liability or finance lease obligation. These costs are amortized to interest expense and finance costs in the consolidated statements of operations using the effective interest rate method over the life of the related debt or finance lease.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.28.&#160;&#160;&#160;Share-based compensation&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The Company may grant share-based payment awards, such as time-based restricted stock units (&#x201c;TRSUs&#x201d;), performance-based RSUs (&#x201c;PRSUs&#x201d;), which are subject to market conditions and service, and stock appreciation rights (&#x201c;SARs&#x201d;) as incentive-based compensation to certain employees and directors. The Company measures the cost of such awards, which are equity-settled transactions, using the grant date fair value of the award and recognizes that cost, over the requisite service period, which generally equals the vesting period. Once the fair value has been determined, the associated expense is recognized in the consolidated statements of operations over the requisite service period.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The SARs are settled through the delivery of Ardmore&#x2019;s shares, not cash. Hence, in accordance with the guidance in the FASB Accounting Standards Codification 718, &lt;i style="font-style:italic;"&gt;Compensation &#x2014; Stock Compensation&lt;/i&gt; (&#x201c;ASC 718&#x201d;), the Company has classified the plan as an equity settled share-based payment plan. The cost of each tranche of SARs is being recognized by the Company on a straight-line basis. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Under a TRSU award, the grantee is entitled to receive a share of Ardmore&#x2019;s common stock for each RSU at the end of the vesting period. Under a PRSU award, the grantee is entitled to receive a share of Ardmore&#x2019;s common stock for each earned PRSU. Payment under the TRSU and PRSU will be made in the form of shares of Ardmore&#x2019;s common stock. The cost of TRSUs and PRSUs is recognized by the Company on a straight-line basis over the vesting period. The Company&#x2019;s policy for issuing shares upon the vesting of the RSUs is to register and issue new common shares to the grantee.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.29.&#160;&#160;&#160;Treasury stock&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;When shares are acquired for a reason other than formal or constructive retirement, the shares are presented separately as a deduction from equity. If the shares are retired or subsequently sold, any gain would be allocated as an increase in additional paid in capital and cumulative losses as an increase to accumulated deficit.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.30.&#160;&#160;&#160;Financial instruments&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The carrying values of cash and cash equivalents, accounts receivable and accounts payable reported in the consolidated balance sheets are reasonable estimates of their fair values due to their short-term nature. The fair values of long-term debt approximate the recorded values due to the variable interest rates payable. The hierarchies of inputs used when determining fair value are described below:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"&gt;&lt;i style="font-style:italic;"&gt;Level 1: &lt;/i&gt;Valuations based on quotes prices in active markets for identical instruments that the Company is able to access. &#160;Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"&gt;&lt;i style="font-style:italic;"&gt;Level 2:&lt;/i&gt; Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"&gt;&lt;span style="font-style:italic;margin-bottom:12pt;margin-left:0pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"&gt;&lt;i style="font-style:italic;"&gt;Level 3: &lt;/i&gt;Valuations based on inputs that are unobservable and significant to the overall fair value measurement&lt;i style="font-style:italic;"&gt;.&lt;/i&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.31.&#160;&#160;&#160;Income taxes&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;Republic of the Marshall Islands&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Ardmore Shipping Corporation, Ardmore Shipping LLC, Ardmore Maritime Services LLC, and all vessel owning subsidiaries are incorporated in the Republic of the Marshall Islands with the exception of Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited, both of which are incorporated in Singapore. Ardmore Shipping Corporation believes that neither it, nor its subsidiaries, are subject to taxation under the laws of the Republic of the Marshall Islands and that distributions by its subsidiaries to Ardmore Shipping Corporation will not be subject to any taxes under the laws of the Republic of the Marshall Islands.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;Bermuda&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Ardmore Shipping (Bermuda) Limited is incorporated in Bermuda. Ardmore Shipping Corporation, Ardmore Shipping LLC and Ardmore Shipping (Bermuda) Limited are managed and controlled in Bermuda. Ardmore Shipping Corporation is subject to taxation under the laws of Bermuda and distributions by its subsidiaries to Ardmore Shipping Corporation will be subject to any taxes under the laws of Bermuda.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;Ireland&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Ardmore Shipping Services (Ireland) Limited and Ardmore E1 Marine Ventures Limited, which was established to act as the immediate parent company of e1 Marine, the joint venture jointly owned by Ardmore, Element 1 Corp. and Maritime Partners, are incorporated in Ireland. Trading profits are taxable at the standard corporation tax rate which is currently 12.5% based on generally accepted accounting principles in Ireland. Any non-trading / passive income is taxed at the higher corporation tax rate which is currently 25%.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;United States of America&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Ardmore Shipping (Americas) LLC (&#x201c;ASUSA&#x201d;) and Ardmore Trading (USA) LLC (&#x201c;ATUSA&#x201d;) are incorporated in Delaware and treated as corporations for U.S. tax purposes. ASUSA and ATUSA will be subject to U.S. tax on their worldwide net income.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;Singapore&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Ardmore Shipping (Asia) Pte. Limited, Ardmore Tanker Trading (Asia) Pte. Limited, Ardmore Maritime Services (Asia) Pte. Limited, Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited are incorporated in Singapore. Ardmore Shipping (Asia) Pte. Limited qualified as an &#x201c;Approved International Shipping Enterprise&#x201d; by the Singapore authorities with effect from August&#160;1, 2015. This entitles the Company to tax exemption on profits derived from ship operations for any vessels which are owned or chartered in by Ardmore Shipping (Asia) Pte. Limited. Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited are ship-owning companies and therefore exempt from taxes under the law of Singapore. Ardmore Tanker Trading (Asia) Pte. Limited and Ardmore Maritime Services (Asia) Pte. Limited are subject to Singapore tax on their worldwide profits.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;Deferred taxation&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statements and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. Deferred income tax balances included on the consolidated balance sheets reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future&#160;years. The recoverability of these future tax deductions is evaluated by assessing the adequacy of future taxable income, including the reversal of temporary differences and forecasted operating earnings. If it is deemed more likely than not that the deferred tax assets will not be realized, the Company provides for a valuation allowance. Income taxes have been provided for all items included in the consolidated statements of operations regardless of when such items were reported for tax purposes or when the taxes were actually paid or refunded. Deferred tax for the&#160;year ended December&#160;31, 2024 amounted to $Nil (2023: $Nil , 2022: $Nil).&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;Uncertainties related to income taxes&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Companies are to determine whether it is more-likely-than-not that the tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not threshold it is measured to determine the amount of benefit to recognize in the financial statements. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Uncertainties related to income taxes recognized for the&#160;year ended December&#160;31, 2024 amounted to $Nil (2023: $Nil, 2022: $Nil).&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.32.&#160;&#160;&#160;Concentration of credit risk&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable due from charterers and cash and cash equivalents.&#160; There is a concentration of credit risk with respect to the Company&#x2019;s cash and cash equivalents to the extent that substantially all of the amounts are held in several institutions and are generally not covered by insurance in the event of default by these financial institutions. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers&#x2019; financial condition. &#160;The Company may be exposed to a credit risk in relation to vessel employment and at times may have multiple vessels employed by one charterer. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The following table presents consolidated revenues for charterers that accounted for more than 10% of the Company&#x2019;s consolidated revenues during the years presented:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Charterer A&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 28,132&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;*&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 55,626&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Charterer B&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;*&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;*&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 53,345&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;* None over 10%&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td 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      id="Tb_BX_7A_PvAUC6QUJQMOvqvQ">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.2.&#160;&#160;&#160;Uses of estimates&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. On an on-going basis, management evaluates the estimates and judgments, including those related to uncompleted voyages, future drydock dates, the selection of useful lives for vessels, vessel valuations, residual value of vessels, expected future cash flows from vessels to support vessel impairment tests, provisions necessary for receivables from charterers, the selection of inputs used in the valuation model for share-based payment awards, provisions for legal disputes and contingencies. Management bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable. Actual results could differ from those estimates.&lt;/p&gt;</us-gaap:UseOfEstimates>
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      id="Tb_rzfEGzmzbUqfZurbopCgEA">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.4.&#160;&#160;&#160;Recently issued accounting pronouncements&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;&lt;span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"&gt;Recently adopted&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;In November 2023 the FASB issued Accounting Standards Update 2023-07,&lt;i style="font-style:italic;"&gt; Improvements to Reportable Segment Disclosures&lt;/i&gt;, which amends the existing segment reporting guidance (Accounting Standards Codification Topic 280) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker (&#x201c;CODM&#x201d;) and included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources.&lt;span style="font-size:12pt;"&gt; &lt;/span&gt;The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;&lt;span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"&gt;Issued but not yet effective&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;On December 14, 2023, the FASB issued&#160;Accounting Standards Update 2023-09,&#160;&lt;i style="font-style:italic;"&gt;Income Taxes (Topic 740): Improvements to Income Tax Disclosures&#160;(ASU 2023-09)&lt;/i&gt;. The ASU focuses on income tax disclosures around effective tax rates and cash income taxes paid. ASU 2023-09 largely follows the proposed ASU issued earlier in 2023 with several important modifications and clarifications discussed below. ASU 2023-09 is effective for public business entities for annual periods beginning after December 15, 2024 and effective for all other business entities one year later. Entities should adopt this guidance on a prospective basis, though retrospective application is permitted. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;On March 21, 2024, the FASB issued&#160;Accounting Standards Update 2024-01, &lt;i style="font-style:italic;"&gt;Compensation &#x2013; Stock Compensation (Topic 718)&lt;/i&gt; which clarifies how an entity determines whether a profits interest or similar award is (1) within the scope of ASC 718&#160;or (2) not a share-based payment arrangement and therefore within the scope of other guidance. ASU 2024-01 is effective for public business entities for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;On November 4, 2024, the&#160;FASB&#160;issued&#160;Accounting Standards Update 2024-03, &lt;i style="font-style:italic;"&gt;Disaggregation of Income Statement Expenses&lt;/i&gt; (&lt;i style="font-style:italic;"&gt;ASU 2024-03&lt;/i&gt;), which requires disaggregated disclosure of income statement expenses for public business entities. The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. On January 6, 2025, the FASB issued Accounting Standards Update 2025-01 which clarifies the effective date of ASU 2024-03 with respect to interim periods. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;The standard is effective for annual reporting periods beginning after 15 December 2026, and for interim reporting periods within annual reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;On November 26, 2024, the FASB issued&#160;Accounting Standard Update 2024-04, Debt &#x2013; Debt with Conversion&#160;and Other Options (Subtopic 470-20), which amends ASC 470-202&#160;to clarify the requirements related to accounting for the settlement of a debt instrument as an induced conversion.&#160;The amendments in this update are effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted if the entity has also adopted ASU 2020-06 &lt;i style="font-style:italic;background:#ffffff;"&gt;Accounting for Convertible Instruments and Contracts in an Entity&#x2019;s Own Equity&lt;/i&gt;&lt;span style="background:#ffffff;"&gt; &lt;/span&gt;for that period. The Company is currently evaluating the impact of its pending adoption of this standard on its financial statement disclosures.&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
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      id="Tb_nKDvsi_n00uHG2PRSTPNag">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.5.&#160;&#160;&#160;Revenue, net&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Revenue is generated from spot charter arrangements and time charter arrangements, net of address commission and provisions for demurrage.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"&gt;Spot charter arrangements&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;In the Company&#x2019;s spot charter arrangements, the charterer hires a vessel to transport a specific agreed-upon cargo for a single voyage that are generally short in duration (less than two months), which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The contract generally has standard payment terms of freight paid within three to seven days after completion of loading. Revenue from voyage charters is recognized when (i) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (ii) we can identify each party&#x2019;s rights regarding the services to be transferred, (iii) we can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of our future cash flows is expected to change as a result of the contract) and (v) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the services that will be transferred to the charterer&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Spot charter arrangements do not contain a lease and are therefore considered service contracts that fall under the provisions of Accounting Standard Codification (&#x201c;ASC&#x201d;) 606 &lt;i style="font-style:italic;"&gt;Revenue from Contracts with Customers&lt;/i&gt;. Spot charter arrangements are considered service contracts which fall under the provisions of ASC 606 because the Company retain control over the operations of the vessel, including directing the routes taken and vessel speed. The Company determined that a spot charter arrangement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, the Company have concluded that a contract for a spot charter arrangement meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the Company&#x2019;s performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The consideration that the Company expects to be entitled to receive includes estimates of revenue associated with the loading or discharging time that exceed the originally estimated duration of the voyage, which is referred to as &#x201c;demurrage revenue&#x201d;, when it is determined there will be incremental time required to complete the contracted voyage. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Demurrage revenue, which is earned during a voyage charter and represents variable consideration, which is estimated at contract inception based on estimates for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited. It is not considered a separate deliverable in accordance with ASC 606 as it is part of the single performance obligation in a spot charter arrangement, which is to provide cargo transportation services to the completion of a contracted voyage. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Additionally, the Company has identified that the contract fulfillment costs of spot market voyage charters consist primarily of the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, in addition to any port expenses incurred prior to arrival at the load port. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The fuel consumption and any port expenses incurred prior to arrival at the load port during this period are deferred and recorded in Inventories as deferred contract costs in the consolidated balance sheets and are amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and are expensed as part of voyage expenses.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"&gt;Time charter arrangements&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;From time to time the Company enters into time charter arrangements, which are for a specified period of time, and key decisions concerning the use of the vessel during the duration of the time charter period reside with the charterer. In time charter arrangements, the Company is responsible for the crewing, maintenance and insurance of the vessel, and the charterer is generally responsible for voyage specific costs, which typically include bunkers and port/canal costs.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt; &lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;As the charterer holds sufficient latitude in its rights to determine how and when the vessel is used on voyages and the charterer is also responsible for costs incurred during the voyage, the charterer derives the economic benefits from the use of the vessel, as control over the right to use the vessel is transferred to the charterer during the specified time charter period. Accordingly, time charters are considered operating leases and the Company applies guidance for lessors in FASB Accounting Standards Codification 842 - &lt;i style="font-style:italic;"&gt;Leases&lt;/i&gt; (&#x201c;ASC 842&#x201d;). The Company has elected to apply the practical expedient under Accounting Standards Codification 842 &#x2013; &lt;i style="font-style:italic;"&gt;Leases &lt;/i&gt;(&#x201c;ASC 842&#x201d;), which allows lessors to account for lease and non-lease components as a single lease component when certain criteria are met. Revenue for time charters is recognized on a straight-line basis ratably over the term of the charter.&lt;/p&gt;</us-gaap:RevenueFromContractWithCustomerPolicyTextBlock>
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      id="Tb_tMZENv6udUu2b9chW2KrQg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.6.&#160;&#160;&#160;Voyage and vessel operating expenses&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"&gt;Voyage expenses&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Voyage expenses represent costs the Company is responsible to incur in charter arrangements during a voyage that are directly related to a voyage. Voyage expenses include bunkers and port/canal costs, which are expensed as incurred. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Voyage expenses also include contract fulfillment costs that are incurred by the Company prior to a voyage. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;These costs are from the later of when a vessel departed from its prior charter discharge port and when a vessel entered a new charter to the arrival at the loading port for the new charter and are deferred and amortized ratably over the new charter for charters accounted for in accordance with ASC 606. Such costs are typically comprised of bunkers. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"&gt;Vessel operating expenses&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Vessel operating expenses represent costs the Company incurs to operate its vessels that are not directly related to a voyage. Vessel operating expenses include costs for crew, repairs and maintenance, insurance, stores, lube oils, communications and technical management. Vessel operating expenses are expensed as incurred.&lt;/p&gt;</asc:VoyageAndVesselOperatingExpenses>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock
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      id="Tb_Uv-VkoUP402X20KZfXiAkg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.7.&#160;&#160;&#160;Cash and cash equivalents&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="font-weight:normal;"&gt;The Company classifies investments with an original maturity date of three months or less as cash and cash equivalents. The Company is required to maintain a minimum cash balance in accordance with its long-term debt facility agreements (see Note 6) and finance lease facility agreements (see Note 7).&lt;/span&gt;&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <us-gaap:TradeAndOtherAccountsReceivablePolicy
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      id="Tb_yBfXBofZkk6pMBrE5b0EVg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.8.&#160;&#160;&#160;Receivables&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="font-weight:normal;"&gt;Receivables include amounts due from charterers for hire and other recoverable expenses due to the Company. As of the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate allowance for bad debt.&lt;/span&gt;&lt;/p&gt;</us-gaap:TradeAndOtherAccountsReceivablePolicy>
    <asc:PrepaidExpensesAndOtherAssetsPolicyTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_be31KlvphU2eOHv8EHVyWQ">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.9.&#160;&#160;&#160;Prepaid expenses and other assets &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="font-weight:normal;"&gt;Prepaid expenses and other assets consist of payments made in advance for insurance or other expenses, and insurance claims outstanding and certain assets held by vessel managers. Insurance claims are recorded, net of any deductible amounts, for insured damages which are recognized when recovery is virtually certain under the related insurance policies and where the Company can make an estimate of the amount to be reimbursed following the insurance claim. As of the balance sheet date, all potentially uncollectible accounts are assessed individually for the purposes of determining the appropriate provision for doubtful accounts.&lt;/span&gt;&lt;/p&gt;</asc:PrepaidExpensesAndOtherAssetsPolicyTextBlock>
    <asc:AdvancesAndDepositsPolicyTextBlock
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      id="Tb_OhX_AzTBJkSuHa5oOygdRQ">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.10.&#160;&#160;&#160;Advances and deposits&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="font-weight:normal;"&gt;Advances and deposits primarily include amounts advanced to AASML for expenses incurred by them in operating the vessels, together with other necessary deposits paid during the course of business.&lt;/span&gt;&lt;/p&gt;</asc:AdvancesAndDepositsPolicyTextBlock>
    <us-gaap:InventoryPolicyTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_V7oWnJrb-kiFAApvCVr9HQ">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.11.&#160;&#160;&#160;Inventories&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="font-weight:normal;"&gt;Inventories consist of bunkers, lubricating oils and other consumables on board the Company&#x2019;s vessels. Inventories are valued at the lower of cost or net realizable value on a first-in first-out basis. Cost is based on the normal levels of cost and comprises the cost of purchase, being the suppliers&#x2019; invoice price with the addition of charges such as freight or duty where appropriate. Spares are expensed as incurred.&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; &lt;/span&gt;&lt;/p&gt;</us-gaap:InventoryPolicyTextBlock>
    <asc:VesselsHeldForSalePolicyTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_zEbfYDGNtUWMnqfpoNarCg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.12.&#160;&#160;&#160;Vessel held for sale&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Assets are classified as held for sale when management, having the authority to approve the action, commits to a plan to sell the asset, the sale is probable within one year, and the asset is available for immediate sale in its present condition. Consideration is given to whether an active program to locate a buyer has been initiated, whether the asset is marketed actively for sale at a price that is reasonable in relation to its current fair value, and whether actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. When assets are classified as held for sale, they are measured at the lower of their carrying amount or fair value less cost to sell and they are tested for impairment. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;A gain is recognized when the carrying value of the asset is less than the estimated fair value, less transaction costs. A loss is recognized when the carrying value of the asset is greater than the estimated fair value, less transaction costs. Assets classified as held for sale are no longer depreciated.&lt;/p&gt;</asc:VesselsHeldForSalePolicyTextBlock>
    <us-gaap:PropertyPlantAndEquipmentPolicyTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_W2pt1l2Y50usypEyjrqahA">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.13.&#160;&#160;&#160;Vessels and vessel equipment&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Vessels and vessel equipment are recorded at their cost less accumulated depreciation.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Vessel cost comprises acquisition costs directly attributable to the vessel and the expenditures made to prepare the vessel for its initial voyage. Vessels are depreciated on a straight-line basis over their estimated useful economic life from the date of initial delivery from the shipyard. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The useful life of the Company&#x2019;s vessels is estimated at 25 years from the date of initial delivery from the shipyard. Depreciation is based on cost less the estimated residual scrap value of $400 per lightweight ton (&#x201c;lwt&#x201d;).&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Vessel equipment comprises the costs of significant replacements, renewals and upgrades to the Company&#x2019;s vessels. Vessel equipment is depreciated over the shorter of the vessel&#x2019;s remaining useful life or the life of the renewal or upgrade. The amount capitalized is based on management&#x2019;s judgment as to expenditures that extend a vessel&#x2019;s useful life or increase the operational efficiency of a vessel. Costs that are not capitalized are recorded as a component of direct vessel operating expenses during the period incurred. Expenses for routine maintenance and repairs are expensed as incurred.&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentPolicyTextBlock>
    <us-gaap:PropertyPlantAndEquipmentUsefulLife
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      id="Narr_LIeTh5_mi0KcZ0Fqt8J2Tg">P25Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
    <asc:VesselsScrapValuePerLightweightTon
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      unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig">400</asc:VesselsScrapValuePerLightweightTon>
    <asc:DeferredDrydockExpendituresPolicyTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_NbRqGGKU6kq35tfJu-OlFw">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.14.&#160;&#160;&#160;Deferred drydock expenditures&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The Company follows the deferral method of accounting for drydock expenditures whereby actual expenditures incurred are deferred and are amortized on a straight-line basis through to the date of the next scheduled drydocking, generally 30 to 60 months. Expenditures deferred as part of the drydock include direct costs that are incurred as part of the drydocking to meet regulatory requirements. Direct expenditures that are deferred include the shipyard costs, parts, inspection fees, steel, blasting and painting. Expenditures for normal maintenance and repairs, whether incurred as part of the drydocking or not, are expensed as incurred. Unamortized drydock expenditures of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels&#x2019; sale. Unamortized drydock expenditures are written off as drydock amortization if the vessels are drydocked before the expiration of the applicable amortization period.&lt;/p&gt;</asc:DeferredDrydockExpendituresPolicyTextBlock>
    <asc:VesselsScheduledDrydockingPeriod
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      id="Narr_oUHbQ1lBX0e7abkhgOIBAw">P30M</asc:VesselsScheduledDrydockingPeriod>
    <asc:VesselsScheduledDrydockingPeriod
      contextRef="Duration_1_1_2024_To_12_31_2024_srt_RangeAxis_srt_MaximumMember_JmB9cdnk502FOOiNnOg-aA"
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    <asc:WaterTreatmentSystemPolicyTextBlock
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      id="Tb_l9o8oM21cU6YkPkNhCTueA">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.15.&#160;&#160;&#160;Advances for ballast water treatment systems&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The Company is in the process of installing ballast water treatment systems on each of its vessels that do not currently have the system installed. This is a requirement of the International Maritime Organization. The Company capitalizes and depreciates the costs of ballast water treatment systems, including installation costs, on each vessel from the date of completion of the system over the remaining useful life of the vessel.&lt;/p&gt;</asc:WaterTreatmentSystemPolicyTextBlock>
    <us-gaap:PropertyPlantAndEquipmentImpairment
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_yVTYeImte0OiO-QMS_CfzA">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.16.&#160;&#160;&#160;Vessel impairment&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Management regularly reviews the carrying amounts of the Company&#x2019;s vessels that are &#x201c;held and used&#x201d; for recoverability. &#160;Vessels are assessed for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. When such indicators are present, a vessel held and used is tested for recoverability by comparing the &lt;span style="background:#ffffff;"&gt;estimate of undiscounted future cash flows&lt;/span&gt; expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount together with the carrying value of deferred drydock expenditures and special survey costs related to the vessel. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;For purposes of testing for recoverability, undiscounted future&lt;span style="background:#ffffff;"&gt; cash flows are determined by applying various assumptions based on historical trends as well as future expectations. In estimating future revenue, the Company considers charter rates for each vessel class over the estimated remaining lives of the vessels using both historical average rates for the Company over the last five years, where available, and historical average one-year time charter rates for the industry over the last 10 years. &lt;/span&gt;Recognizing that rates tend to be cyclical and considering market volatility based on factors beyond the Company&#x2019;s control, management believes it is reasonable to use estimates based on a combination of more recent internally generated rates and the 10-year average historical average industry rates. &lt;span style="background:#ffffff;"&gt;Undiscounted future cash flows are determined by applying various assumptions regarding future revenue net of voyage expenses, vessel operating expenses, scheduled drydockings, expected off-hire and scrap values, and taking into account historical market and Company specific revenue data as discussed above, and also considering other external market sources, including analysts&#x2019; reports and freight forward agreement curves. &lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company will evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset as provided by third parties. Management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company's vessels. The Company did not recognize a vessel impairment charge for the years ended December 31, 2024, 2023 or 2022.&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentImpairment>
    <asc:OtherNonCurrentAssetsPolicyTextBlock
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      id="Tb_m1i-TBS4nkWTlTjywUEdHw">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2&lt;/b&gt;&lt;b style="font-weight:bold;"&gt;.17.&#160;&#160;&#160;Other non-current assets&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Other non-current assets relate to office equipment, fixtures and fittings and leasehold improvements. Office equipment and fixtures and fittings are recorded at their cost less accumulated depreciation and are depreciated based on an estimated useful life of five years. Leasehold improvements relate to fit-out costs for work completed on the Company&#x2019;s offices in Ireland and Singapore. Leasehold improvements are recorded at their cost less accumulated depreciation and are depreciated over the shorter of the useful life of those leasehold improvements and the remaining lease term.&lt;/p&gt;</asc:OtherNonCurrentAssetsPolicyTextBlock>
    <us-gaap:PropertyPlantAndEquipmentUsefulLife
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    <asc:RevenueRecognitionLeasesOperatingPolicyTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_ZSFg5QSWuEKgp7bb6sCntQ">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.18.&#160;&#160;&#160;Operating leases &lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Under ASC 842, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The standard continues to classify leases as either financing or operating, with classification affecting the pattern of expense recognition. For operating leases, ASC 842 requires recognition in an entity&#x2019;s income statement of a single lease expense, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. Right-of-use assets represent a right to use an underlying asset for the lease term and the related lease liability represents an obligation to make lease payments pursuant to the contractual terms of the lease agreement. Operating lease right-of-use assets are assessed for any potential impairment on each balance sheet date.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;At lease commencement, a lessee must determine a discount rate to calculate the present value of the lease payments so that it can determine lease classification and measure the lease liability. When determining the discount rate to be used at lease commencement, a lessee must use the rate implicit in the lease unless that rate cannot be readily determined. When the rate implicit in the lease cannot be readily determined, the lessee should use its incremental borrowing rate. The incremental borrowing rate is the rate that reflects the interest a lessee would have to pay to borrow funds on a collateralized basis over a similar term and in a similar economic environment.&lt;/p&gt;</asc:RevenueRecognitionLeasesOperatingPolicyTextBlock>
    <asc:FinanceLeasesPolicyTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_33sL99AtTkSEu4e8EVa5nQ">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.19.&#160;&#160;&#160;Finance leases&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;From time to time the Company enters into finance leases, which relate to financing arrangements for vessels in operation. Interest costs are expensed to interest expense and finance costs in the consolidated statements of operations using the effective interest method over the life of the lease. &lt;/p&gt;</asc:FinanceLeasesPolicyTextBlock>
    <asc:PayablesTradePolicyTextBlock
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      id="Tb_VjOjlUmX50ePPOJRu2JH4g">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.20.&#160;&#160;&#160;Accounts payable&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Accounts payable include all financial obligations to vendors for goods or services that have been received.&lt;/p&gt;</asc:PayablesTradePolicyTextBlock>
    <asc:AccruedExpensesAndOtherLiabilitiesPolicyTextBlock
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      id="Tb_1X9dgP4Sd0-AVuMeoiANXw">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.21.&#160;&#160;&#160;Accrued expenses and other liabilities&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Accrued expenses and other liabilities include all accrued liabilities in relation to the operating and running of the vessels, along with amounts accrued for interest as well as general and administrative expenses.&lt;/p&gt;</asc:AccruedExpensesAndOtherLiabilitiesPolicyTextBlock>
    <us-gaap:DerivativesPolicyTextBlock
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      id="Tb_5PZAPSLxGk-3DDPO7u4xRA">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2.22.&#160;&#160;&#160;Derivatives &lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;As required by FASB Accounting Standards Codification 815 - Derivatives and Hedging (&#x201c;ASC 815&#x201d;), the Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply, or the Company elects not to apply hedge accounting.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The Company elected to classify settlement payments as operating activities within the statement of cash flows. The Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future SOFR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. &#160;The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;</us-gaap:DerivativesPolicyTextBlock>
    <us-gaap:EquityMethodInvestmentsPolicy
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      id="Tb_GirnovxCdUe9o5Y-ZvpdYA">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.23.&#160;&#160;&#160;Equity method investments&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The Company&#x2019;s investments in AASML and Element 1 Corp. are accounted for, and until the Company sold its interest in the e1 Marine joint venture in May 2024, its investment in e1 Marine was accounted for using the equity method of accounting. Under the equity method of accounting, the Company initially recorded the investments in AASML, Element 1 Corp. and e1 Marine at cost and adjusts the carrying amounts of the investments to recognize their respective share of earnings or losses of the investee. As of December&#160;31,&#160;2024, the carrying value of the Company&#x2019;s total investment in Element 1 Corp. is $4.5 million. This consists of the carrying value of the Company&#x2019;s investment in the ordinary shares of $4.5 million. The carrying amount of the investment is adjusted to recognize the Company&#x2019;s share of earnings or losses of the investee. Dividends received from an investee reduce the carrying amount of the equity investments. The Company evaluates its equity method investment for impairment when events or circumstances indicate that the carrying value of such investments may have experienced an other than temporary decline in value below their carrying values. If the estimated fair value is less than the carrying value, the carrying value is written down to its estimated fair value and the resulting impairment is recorded in the Company&#x2019;s consolidated statements of operations. &#160;During the year ended December&#160;31,&#160;2024, the Company recorded an impairment of $4.4 million in its investment in Element 1 Corp. &lt;/p&gt;</us-gaap:EquityMethodInvestmentsPolicy>
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    <us-gaap:CommitmentsAndContingenciesPolicyTextBlock
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      id="Tb_DFy2Up04W0usIWayfk3CrA">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.24.&#160;&#160;&#160;Contingencies&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Claims, lawsuits and contingencies arise in the ordinary course of the Company&#x2019;s business. The Company provides for these contingencies when (i)&#160;it is probable that a liability has been incurred at the date of the financial statements and (ii)&#160;the amount of the loss can be reasonably estimated. Disclosure in the notes to the financial statements is required for contingencies that do not meet both these conditions if there is a reasonable possibility that a liability may have been incurred as of the balance sheet date.&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesPolicyTextBlock>
    <asc:DistributionsToShareholderPolicyTextBlock
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      id="Tb_PkiPZur6b0ej33MaSyLiiQ">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.25.&#160;&#160;&#160;Distributions to shareholders&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Subject to the Board of Directors&#x2019; approval, distributions to common shareholders are applied first to accumulated surplus. When accumulated surplus is not sufficient, distributions are applied to the additional paid in capital account.&lt;/p&gt;</asc:DistributionsToShareholderPolicyTextBlock>
    <asc:EquityIssuanceCostsPolicyTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_nlUIbo-PAk-04a5yBVm3pg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.26.&#160;&#160;&#160;Equity issuance costs&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Incremental costs incurred that are directly attributable to a proposed or actual offering of equity securities are deferred and deducted from the related proceeds of the offering, and the net amount is recorded as contributed shareholders&#x2019; equity in the period when such shares are issued. Other costs incurred that are not directly attributable, but are related, to a proposed or actual offering are expensed as incurred.&lt;/p&gt;</asc:EquityIssuanceCostsPolicyTextBlock>
    <us-gaap:DebtPolicyTextBlock
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      id="Tb_vkY8n4MXr0yyzh-Y0DI-hg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.27.&#160;&#160;&#160;Debt and finance lease issuance costs&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Financing charges which include fees, commissions and legal expenses associated with securing loan facilities are presented in the consolidated balance sheets as a direct deduction from the carrying amount of the debt liability or finance lease obligation. These costs are amortized to interest expense and finance costs in the consolidated statements of operations using the effective interest rate method over the life of the related debt or finance lease.&lt;/p&gt;</us-gaap:DebtPolicyTextBlock>
    <us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy
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      id="Tb_OCrTsfEE5kSg75mAA2COGg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.28.&#160;&#160;&#160;Share-based compensation&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The Company may grant share-based payment awards, such as time-based restricted stock units (&#x201c;TRSUs&#x201d;), performance-based RSUs (&#x201c;PRSUs&#x201d;), which are subject to market conditions and service, and stock appreciation rights (&#x201c;SARs&#x201d;) as incentive-based compensation to certain employees and directors. The Company measures the cost of such awards, which are equity-settled transactions, using the grant date fair value of the award and recognizes that cost, over the requisite service period, which generally equals the vesting period. Once the fair value has been determined, the associated expense is recognized in the consolidated statements of operations over the requisite service period.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The SARs are settled through the delivery of Ardmore&#x2019;s shares, not cash. Hence, in accordance with the guidance in the FASB Accounting Standards Codification 718, &lt;i style="font-style:italic;"&gt;Compensation &#x2014; Stock Compensation&lt;/i&gt; (&#x201c;ASC 718&#x201d;), the Company has classified the plan as an equity settled share-based payment plan. The cost of each tranche of SARs is being recognized by the Company on a straight-line basis. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Under a TRSU award, the grantee is entitled to receive a share of Ardmore&#x2019;s common stock for each RSU at the end of the vesting period. Under a PRSU award, the grantee is entitled to receive a share of Ardmore&#x2019;s common stock for each earned PRSU. Payment under the TRSU and PRSU will be made in the form of shares of Ardmore&#x2019;s common stock. The cost of TRSUs and PRSUs is recognized by the Company on a straight-line basis over the vesting period. The Company&#x2019;s policy for issuing shares upon the vesting of the RSUs is to register and issue new common shares to the grantee.&lt;/p&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
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      id="Tb_c4uwQAA6FkiDPJfLTokTVg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.29.&#160;&#160;&#160;Treasury stock&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;When shares are acquired for a reason other than formal or constructive retirement, the shares are presented separately as a deduction from equity. If the shares are retired or subsequently sold, any gain would be allocated as an increase in additional paid in capital and cumulative losses as an increase to accumulated deficit.&lt;/p&gt;</us-gaap:StockholdersEquityPolicyTextBlock>
    <us-gaap:FairValueOfFinancialInstrumentsPolicy
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_mAXnWP6fuUS4kDZoN37KHg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.30.&#160;&#160;&#160;Financial instruments&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The carrying values of cash and cash equivalents, accounts receivable and accounts payable reported in the consolidated balance sheets are reasonable estimates of their fair values due to their short-term nature. The fair values of long-term debt approximate the recorded values due to the variable interest rates payable. The hierarchies of inputs used when determining fair value are described below:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"&gt;&lt;i style="font-style:italic;"&gt;Level 1: &lt;/i&gt;Valuations based on quotes prices in active markets for identical instruments that the Company is able to access. &#160;Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these instruments does not entail a significant degree of judgment.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"&gt;&lt;i style="font-style:italic;"&gt;Level 2:&lt;/i&gt; Valuations based on quoted prices in active markets for instruments that are similar, or quoted prices in markets that are not active for identical or similar instruments, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"&gt;&lt;span style="font-style:italic;margin-bottom:12pt;margin-left:0pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"&gt;&lt;i style="font-style:italic;"&gt;Level 3: &lt;/i&gt;Valuations based on inputs that are unobservable and significant to the overall fair value measurement&lt;i style="font-style:italic;"&gt;.&lt;/i&gt;&lt;/p&gt;</us-gaap:FairValueOfFinancialInstrumentsPolicy>
    <us-gaap:IncomeTaxPolicyTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_KN1X4mOpM0uwnasKWv8-hw">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.31.&#160;&#160;&#160;Income taxes&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;Republic of the Marshall Islands&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Ardmore Shipping Corporation, Ardmore Shipping LLC, Ardmore Maritime Services LLC, and all vessel owning subsidiaries are incorporated in the Republic of the Marshall Islands with the exception of Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited, both of which are incorporated in Singapore. Ardmore Shipping Corporation believes that neither it, nor its subsidiaries, are subject to taxation under the laws of the Republic of the Marshall Islands and that distributions by its subsidiaries to Ardmore Shipping Corporation will not be subject to any taxes under the laws of the Republic of the Marshall Islands.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;Bermuda&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Ardmore Shipping (Bermuda) Limited is incorporated in Bermuda. Ardmore Shipping Corporation, Ardmore Shipping LLC and Ardmore Shipping (Bermuda) Limited are managed and controlled in Bermuda. Ardmore Shipping Corporation is subject to taxation under the laws of Bermuda and distributions by its subsidiaries to Ardmore Shipping Corporation will be subject to any taxes under the laws of Bermuda.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;Ireland&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Ardmore Shipping Services (Ireland) Limited and Ardmore E1 Marine Ventures Limited, which was established to act as the immediate parent company of e1 Marine, the joint venture jointly owned by Ardmore, Element 1 Corp. and Maritime Partners, are incorporated in Ireland. Trading profits are taxable at the standard corporation tax rate which is currently 12.5% based on generally accepted accounting principles in Ireland. Any non-trading / passive income is taxed at the higher corporation tax rate which is currently 25%.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;United States of America&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Ardmore Shipping (Americas) LLC (&#x201c;ASUSA&#x201d;) and Ardmore Trading (USA) LLC (&#x201c;ATUSA&#x201d;) are incorporated in Delaware and treated as corporations for U.S. tax purposes. ASUSA and ATUSA will be subject to U.S. tax on their worldwide net income.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;Singapore&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Ardmore Shipping (Asia) Pte. Limited, Ardmore Tanker Trading (Asia) Pte. Limited, Ardmore Maritime Services (Asia) Pte. Limited, Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited are incorporated in Singapore. Ardmore Shipping (Asia) Pte. Limited qualified as an &#x201c;Approved International Shipping Enterprise&#x201d; by the Singapore authorities with effect from August&#160;1, 2015. This entitles the Company to tax exemption on profits derived from ship operations for any vessels which are owned or chartered in by Ardmore Shipping (Asia) Pte. Limited. Lahinch Shipco (Pte.) Limited and Esperanza Shipco (Pte.) Limited are ship-owning companies and therefore exempt from taxes under the law of Singapore. Ardmore Tanker Trading (Asia) Pte. Limited and Ardmore Maritime Services (Asia) Pte. Limited are subject to Singapore tax on their worldwide profits.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;Deferred taxation&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;Deferred income tax assets and liabilities are recognized for the future tax consequences attributed to differences between the financial statements and tax basis of existing assets and liabilities using enacted rates applicable to the periods in which the differences are expected to affect taxable income. Deferred income tax balances included on the consolidated balance sheets reflect the effects of temporary differences between the carrying amounts of assets and liabilities and their tax basis and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. Deferred income tax assets represent amounts available to reduce income taxes payable on taxable income in future&#160;years. The recoverability of these future tax deductions is evaluated by assessing the adequacy of future taxable income, including the reversal of temporary differences and forecasted operating earnings. If it is deemed more likely than not that the deferred tax assets will not be realized, the Company provides for a valuation allowance. Income taxes have been provided for all items included in the consolidated statements of operations regardless of when such items were reported for tax purposes or when the taxes were actually paid or refunded. Deferred tax for the&#160;year ended December&#160;31, 2024 amounted to $Nil (2023: $Nil , 2022: $Nil).&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"&gt;Uncertainties related to income taxes&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Companies are to determine whether it is more-likely-than-not that the tax position taken or expected to be taken in a tax return will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. If a tax position meets the more-likely-than-not threshold it is measured to determine the amount of benefit to recognize in the financial statements. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. Uncertainties related to income taxes recognized for the&#160;year ended December&#160;31, 2024 amounted to $Nil (2023: $Nil, 2022: $Nil).&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;2.32.&#160;&#160;&#160;Concentration of credit risk&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Financial instruments that potentially subject the Company to concentrations of credit risk are accounts receivable due from charterers and cash and cash equivalents.&#160; There is a concentration of credit risk with respect to the Company&#x2019;s cash and cash equivalents to the extent that substantially all of the amounts are held in several institutions and are generally not covered by insurance in the event of default by these financial institutions. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The Company limits its credit risk with trade accounts receivable by performing ongoing credit evaluations of its customers&#x2019; financial condition. &#160;The Company may be exposed to a credit risk in relation to vessel employment and at times may have multiple vessels employed by one charterer. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The following table presents consolidated revenues for charterers that accounted for more than 10% of the Company&#x2019;s consolidated revenues during the years presented:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Charterer A&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 28,132&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;*&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 55,626&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Charterer B&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;*&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;*&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 53,345&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;* None over 10%&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td 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0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Charterer A&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 28,132&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;*&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 55,626&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Charterer B&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;*&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;*&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 53,345&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;* None over 10%&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ConcentrationRiskCreditRisk>
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      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_PbneovnYuEqmeDYQTo9ZqA">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:45.34%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Charterer A&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 28,132&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;*&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 55,626&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Charterer B&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;*&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;*&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 53,345&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:51.26%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;* None over 10%&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.84%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.86%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:SchedulesOfConcentrationOfRiskByRiskFactorTextBlock>
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      id="Tb_6vV1beBW2Uyhxk2BT7JuUw">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;3.&#160;&#160;&#160;Business and Segment Reporting &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The Company primarily engages in the ocean transportation of petroleum and chemical products internationally through its fleet of tankers. These tankers are not bound to specific ports or schedules, allowing them to respond to market opportunities by moving between trade lanes and geographical areas. The Company charters its vessels to its customers through a combination of spot and time-charter arrangements, with the majority of its revenue generated from spot voyages, which typically last less than three months.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The CODM reviews overall operating results on a fleet-wide basis using time charter equivalent rates (&#x201c;TCE&#x201d;) and consolidated expenses. When the Company charters-out a vessel, the charterer is free to trade the vessel worldwide (subject to certain sanctions-related restrictions and certain operational-related constraints), making the disclosure of geographic information impracticable. The Company operates under one reportable segment for its vessel operations, based on how internally reported financial information is reviewed by the CODM to analyze performance, make decisions and allocate resources.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The accounting policies of the vessel operations segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the vessel operations segment and decides how to allocate resources based on consolidated net income. The Company does not have intra-entity sales or transfers.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The Company&#x2019;s CODM is the senior management team that includes the chief executive officer, president and chief financial officer, chief operating officer, senior vice president of commercial and the senior director of corporate services.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The CODM uses consolidated net income to analyze income generated by the Company&#x2019;s assets and how to allocate the corresponding cash flow according to the Company&#x2019;s capital and resources focusing on maintaining the Company&#x2019;s fleet, deleveraging, pursuing accretive growth opportunities, and returning capital to shareholders.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"&gt;&lt;/span&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The CODM monitors budget versus actual results and the results of publicly reported competitors to assess the performance of the segment and establish a basis for management&#x2019;s discretionary compensation. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="font-weight:normal;"&gt;The following table presents the Company&#x2019;s revenue contributions by nature of vessel employment.&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"&gt;&lt;span style="font-size:0pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:44.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Spot charters &lt;sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;"&gt;(1)&lt;/sup&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 392,107&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 395,577&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.74%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 437,189&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Time charters &lt;sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;"&gt;(2)&lt;/sup&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 13,635&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 7,917&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Pooling arrangements&lt;sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;"&gt; (3)&lt;/sup&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.74%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 3&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Other revenue &lt;sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;"&gt;(4)&lt;/sup&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 42&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 401&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 632&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 405,784&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b 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style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.74%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:44.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.7%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&#160;&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td 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style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.89%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:34.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;As of December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:61.23%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"&gt;Accrued vessel operating expenses and voyage expenses&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 11,794&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 12,961&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"&gt;Other accrued expenses&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 6,519&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 5,304&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:61.23%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total accrued expenses&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 18,313&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 18,265&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;</asc:AccruedExpensesAndOtherLiabilitiesDisclosureTextBlock>
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style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.89%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:34.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;As of December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:61.23%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"&gt;Accrued vessel operating expenses and voyage expenses&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 11,794&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 12,961&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:61.23%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"&gt;Other accrued expenses&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 6,519&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.89%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 5,304&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:61.23%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total accrued expenses&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 18,313&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.89%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 18,265&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;</us-gaap:ScheduleOfAccruedLiabilitiesTableTextBlock>
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      id="Tb_KZpoyTi8s0i4vR3U6QQgKQ">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;6.&#160;&#160;&#160;Debt&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;As of &#160;December&#160;31,&#160;2024, the Company had three loan facilities, which it has used primarily to finance vessel acquisitions or vessels under construction, or to refinance such original financings, and also for working capital. The Company&#x2019;s applicable ship-owning subsidiaries have granted first-priority mortgages against the relevant vessels in favor of the lenders as security for the Company&#x2019;s obligations under the loan facilities, which totaled 19 vessels as of December&#160;31,&#160;2024. Ardmore and its subsidiary Ardmore Shipping LLC have provided guarantees in respect of the loan facilities and Ardmore has granted a guarantee over its trade receivables in respect of the ABN AMRO Revolving Facility. These guarantees can be called upon following a payment default. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The outstanding principal balances in the table below approximate the fair value for the Company&#x2019;s variable-rate debt, which is considered to be a Level 2 item for fair value purposes as the Company considers the estimate of rates it could obtain for similar debt. &#160;The fair value of an asset or liability is based on assumptions that market participants would use in pricing the asset or liability. &#160;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The outstanding principal balances on each loan facility as of December&#160;31,&#160;2024 and 2023 were as follows:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:37.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;As&#160;of&#160;December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Nordea/SEB Revolving Facility&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 37,500&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;ABN/CACIB Joint Bank Facility&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 45,872&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;ABN/CACIB Revolving Facility&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;ABN AMRO Revolving Facility&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,296&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 932&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total debt&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 38,796&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 46,804&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Deferred finance fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (778)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Net total debt&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 38,796&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 46,026&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Current portion of long-term debt&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 6,713&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Current portion of deferred finance fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (277)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Total current portion of long-term debt&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; &#x2014;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 6,436&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Non-current portion of long-term debt&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 38,796&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 39,590&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Future minimum scheduled repayments under the Company&#x2019;s loan facilities for each&#160;year are as follows:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;As&#160;of&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;2025&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;2026&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 1,296&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;2027&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 37,500&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;2028&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 38,796&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Nordea / SEB Revolving Facility&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="font-weight:bold;margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;On August 5, 2022, 12 of Ardmore&#x2019;s subsidiaries entered into a $185.5 million sustainability-linked revolving credit facility with Nordea and SEB (the &#x201c;Nordea / SEB Revolving Facility&#x201d;), the proceeds of which were used to refinance 12 vessels, including six vessels previously financed under lease arrangements. Interest is calculated at a rate of SOFR plus 2.5% (Adjusted SOFR, equivalent to LIBOR, plus a margin of 2.25%). The revolving credit facility may be drawn down or repaid with five days&#x2018; notice. The revolving credit facility matures in June 2027. As of December&#160;31,&#160;2024, $37.5 million of the revolving credit facility was drawn down and $104.4 million was available and undrawn.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;"&gt;ABN/CACIB Joint Bank Term Loan and Revolving Credit Facility&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;On August 5, 2022, seven of Ardmore&#x2019;s subsidiaries entered into a $108 million sustainability-linked long-term loan facility with ABN AMRO Bank N.V (&#x201c;ABN AMRO&#x201d;) and Credit Agricole Corporate and Investment Bank (&#x201c;CACIB&#x201d;) (the &#x201c;ABN/CACIB Joint Bank Facility&#x201d;), the proceeds of which were used to finance seven vessels, including three vessels financed under lease arrangements. Interest is calculated at SOFR plus 2.5%. Principal repayments on the term loans are made on a quarterly basis, with a balloon payment payable with the final installment. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;On June 15, 2023, this credit facility was amended to convert 50% of the outstanding balance under the facility into a revolving credit facility with the remaining 50% of the outstanding balance, or $49.2 million, continuing as a term loan facility. On March 14, 2024, the credit facility was further amended to convert the entire term loan outstanding balance under the facility into the revolving credit facility. The revolving credit facility matures in August 2027. As of December&#160;31,&#160;2024, none of the revolving credit facility was drawn down and $78.3 million was undrawn.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;"&gt;ABN AMRO Revolving Facility&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;On August 9, 2022, the Company entered into a new sustainability-linked $15 million revolving credit facility with ABN AMRO to fund working capital. Interest under this facility is calculated at a rate of SOFR plus 3.9%. Interest payments are payable on a quarterly basis. The facility matures in August 2026. As of December&#160;31,&#160;2024, $1.3 million of the revolving credit facility was drawn down and $13.7 million was undrawn.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;"&gt;Long-term debt financial covenants&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;"&gt;The Company&#x2019;s existing long-term debt facilities described above include certain covenants. The financial covenants require that the Company:&lt;/p&gt;&lt;table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;/td&gt;&lt;td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"&gt;&#x25cf;&lt;/td&gt;&lt;td style="padding:0pt;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;maintain minimum solvency of not less than &lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;30%&lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;/td&gt;&lt;td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"&gt;&#x25cf;&lt;/td&gt;&lt;td style="padding:0pt;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;maintain minimum cash and cash equivalents (of which at least &lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;60%&lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; of such minimum amount is held in cash; the remaining &lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;40%&lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; can include cash and cash equivalents undrawn under the revolving facilities), based on the number of vessels owned and chartered-in and &lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;5%&lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; of outstanding debt; the required minimum cash and cash equivalents as of December&#160;31,&#160;2024, was &lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;$18.75&lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; million;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;/td&gt;&lt;td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"&gt;&#x25cf;&lt;/td&gt;&lt;td style="padding:0pt;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;ensure that the aggregate fair market value of the applicable vessels plus any additional collateral is, depending on the facility, no less than &lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;130%&lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; of the debt outstanding for the applicable facility;&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;/td&gt;&lt;td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"&gt;&#x25cf;&lt;/td&gt;&lt;td style="padding:0pt;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;maintain an adjusted net worth of not less than &lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;$200&lt;/span&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; million; and&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"&gt;&lt;tr&gt;&lt;td style="width:18pt;"&gt;&lt;/td&gt;&lt;td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"&gt;&#x25cf;&lt;/td&gt;&lt;td style="padding:0pt;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;maintain positive working capital, excluding current portion of debt and leases, balloon repayments and amounts outstanding under the ABN AMRO Revolving Facility, provided that the facility has a remaining maturity of more than three months.&lt;/span&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;div style="margin-top:6pt;"&gt;&lt;/div&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The Company was in full compliance with all of its long-term debt financial covenants as of December&#160;31,&#160;2024 and 2023.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;"&gt;Interest rates&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-family:'Aptos';font-size:9pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The following tables set forth the effective interest rate associated with the interest expense for the Company&#x2019;s debt facilities noted above. The effective interest rate below does not include the effect of any interest rate swap agreements, which the Company may enter into from time to time. The following tables also include the range of interest rates on the debt, excluding the impact of commitment fees, if applicable:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-style:italic;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Effective interest rate, excluding commitment fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;7.54%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;7.83%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;4.38%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:42.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Range of interest rates (SOFR)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.71%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;4.69 % to 5.37%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;4.50 % to 5.36%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;0.10 % to 4.50%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The following table presents the weighted average effective interest rate on the Company&#x2019;s debt obligations, including the impact on interest from interest rate swap agreements designated as hedging instruments and excluding commitment fees, if applicable, for the years ended December&#160;31,&#160;2024, 2023 and 2022.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.07%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:8.66%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.57%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:8.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.1%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Effective interest rate, excluding commitment fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.62%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.07%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;7.54%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.97%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:8.66%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;5.80%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.97%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.57%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;1.61%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;</us-gaap:DebtDisclosureTextBlock>
    <asc:NumberOfFinanceLeaseFacility
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      id="Tb_-XNloV2IYU6xOZt4X7Zcwg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:37.39%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;As&#160;of&#160;December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Nordea/SEB Revolving Facility&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 37,500&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;ABN/CACIB Joint Bank Facility&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 45,872&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;ABN/CACIB Revolving Facility&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;ABN AMRO Revolving Facility&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,296&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 932&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total debt&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 38,796&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 46,804&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Deferred finance fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (778)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Net total debt&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 38,796&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 46,026&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Current portion of long-term debt&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 6,713&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Current portion of deferred finance fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (277)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Total current portion of long-term debt&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; &#x2014;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 6,436&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:58.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Non-current portion of long-term debt&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 38,796&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.05%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 39,590&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
    <us-gaap:DebtInstrumentCarryingAmount
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style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;As&#160;of&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;2025&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;2026&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 1,296&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.16%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;2027&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.43%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:26.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New 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      unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig">200000000</asc:MinimumNetWorthRequired>
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      id="Tb_jL___RFFBkCBIqDhYfnCow">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-style:italic;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:42.21%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Effective interest rate, excluding commitment fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.71%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;7.54%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;7.83%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;4.38%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:42.21%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Range of interest rates (SOFR)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.71%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;4.69 % to 5.37%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;4.50 % to 5.36%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.76%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.51%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;0.10 % to 4.50%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</asc:ScheduleOfEffectiveInterestRateAssociatedWithInterestExpenseForCompanysDebtTableTextBlock>
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      unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ">0.045</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>
    <asc:ScheduleOfWeightedAverageEffectiveInterestRateOnCompanysDebtObligationsTableTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_1O8XT0XvD0K27W_pdh5y8Q">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.07%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:8.66%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.57%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:40.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:46.1%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.62%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:8.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.97%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.57%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.1%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Effective interest rate, excluding commitment fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.62%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.07%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;7.54%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.97%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:8.66%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;5.80%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.97%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.57%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;1.61%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;</asc:ScheduleOfWeightedAverageEffectiveInterestRateOnCompanysDebtObligationsTableTextBlock>
    <us-gaap:DebtWeightedAverageInterestRate
      contextRef="As_Of_12_31_2024_coexNaiClU6Q_NMwxc8S4A"
      decimals="4"
      id="Tc_1emaE78WBUmOPEEZuXRgIQ_3_2"
      unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ">0.0754</us-gaap:DebtWeightedAverageInterestRate>
    <us-gaap:DebtWeightedAverageInterestRate
      contextRef="As_Of_12_31_2023_EY6PcIrJ6UaCu59fttswig"
      decimals="4"
      id="Tc_gkfwhj8BIU2o50trQ5elGQ_3_4"
      unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ">0.058</us-gaap:DebtWeightedAverageInterestRate>
    <us-gaap:DebtWeightedAverageInterestRate
      contextRef="As_Of_12_31_2022_X3pOdAfiVUOFTzfN4wGvFg"
      decimals="4"
      id="Tc_x75tz7SfZEKqJyJBlyEzYA_3_6"
      unitRef="Unit_Standard_pure_wG5Ze4RqnEi_SCRemn2fhQ">0.0161</us-gaap:DebtWeightedAverageInterestRate>
    <us-gaap:LesseeFinanceLeasesTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_vGuLB5-Ax0eCB6ynpos7fw">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;7.&#160;&#160;&#160;Finance lease&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;On June 25,&lt;b style="font-weight:bold;"&gt; &lt;/b&gt;2021, two of Ardmore&#x2019;s subsidiaries entered into an agreement for the sale and leaseback (under a finance lease arrangement) of the &lt;i style="font-style:italic;"&gt;Ardmore Seawolf&lt;/i&gt; and &lt;i style="font-style:italic;"&gt;Ardmore Seahawk&lt;/i&gt; with CMB Financial Leasing Co., Ltd (&#x201c;CMBFL&#x201d;) / Shandong, resulting in gross proceeds of $49.0 million less fees of $1.0 million. The facility was drawn down in June 2021. Principal repayments on the leases were made on a monthly basis. The finance leases were scheduled to expire in 2026, with options to extend up to 2029. On February 14, 2024, the Company gave notice to exercise its purchase options, for both the &lt;i style="font-style:italic;"&gt;Ardmore Seawolf&lt;/i&gt; and &lt;i style="font-style:italic;"&gt;Ardmore Seahawk&lt;/i&gt;, which were under sale-leaseback arrangements. The vessel purchases, which were effectively refinancings, concluded on June 25, 2024, with the Company repaying the remaining $41.0 million outstanding under the finance lease facility associated with those two vessels.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The outstanding principal balances pertaining to the finance lease facility as of December&#160;31,&#160;2024 and 2023 were as follows:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:31.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;As&#160;of&#160;December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;CMBFL / Shandong&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 54,237&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Finance lease obligations&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; &#x2014;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 54,237&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Amounts representing interest and deferred finance fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (10,594)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Finance lease obligations, net of interest and deferred finance fees&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; &#x2014;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 43,643&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Current portion of finance lease obligations&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 2,151&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Current portion of deferred finance fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (122)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Non-current portion of finance lease obligations&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 42,177&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Non-current portion of deferred finance fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (563)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total finance lease obligations, net of deferred finance fees&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; &#x2014;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 43,643&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt; &lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;</us-gaap:LesseeFinanceLeasesTextBlock>
    <asc:NumberOfSubsidiaries
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      id="Tb_8e6CGo3Ji0OVVIewH4Bdzw">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:31.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;As&#160;of&#160;December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;CMBFL / Shandong&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 54,237&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Finance lease obligations&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; &#x2014;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 54,237&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Amounts representing interest and deferred finance fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (10,594)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Finance lease obligations, net of interest and deferred finance fees&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; &#x2014;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 43,643&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Current portion of finance lease obligations&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 2,151&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Current portion of deferred finance fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (122)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Non-current portion of finance lease obligations&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 42,177&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Non-current portion of deferred finance fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (563)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:65.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total finance lease obligations, net of deferred finance fees&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; &#x2014;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.39%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 43,643&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfComponentsOfLeveragedLeaseInvestmentsTableTextBlock>
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      unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig">43643000</asc:FinanceLeaseLiabilityGross>
    <us-gaap:LesseeOperatingLeasesTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_0hZlsW0FEkyqEjh6hNmlOg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;8.&#160;&#160;&#160;Operating leases&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The following are the types of contracts the Company has, which are accounted for under lease guidance, ASC 842:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;Time charter-in contracts: Long term operating leases&lt;/i&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The Company sold the &lt;i style="font-style:italic;"&gt;Ardmore Sealeader&lt;/i&gt;, the &lt;i style="font-style:italic;"&gt;Ardmore Sealifter&lt;/i&gt; and &lt;i style="font-style:italic;"&gt;Ardmore Sealancer&lt;/i&gt; on June 5, 2022, July 16, 2022 and July 31, 2022, respectively and subsequently chartered the vessels back from the buyer for a period of 24 months, with an option to extend for a further 12 months. On March 8, 2024, the Company exercised its option to extend the charter-in period for the renamed &lt;i style="font-style:italic;"&gt;Hansa Sealeader&lt;/i&gt; by an additional 12 months, starting from July 5, 2024. In April 2024, the Company exercised its options to extend the charter-in period for the renamed &lt;i style="font-style:italic;"&gt;Hansa Sealifter&lt;/i&gt; and &lt;i style="font-style:italic;"&gt;Hansa Sealancer&lt;/i&gt; by an additional 12 months, starting from August 17, 2024 and September 1, 2024 respectively. Chartered-in vessels include both lease and non-lease components. &#160;The lease component relates to the cost to a lessee to control the use of the vessel and the non-lease components relate to the cost to the lessee for the lessor to operate the vessel. &#160;For time charters-in, the Company has elected to separate lease and non-lease components. During the year ended December&#160;31,&#160;2024, revenue recognized on vessels that have been time-chartered in was $50.0 million (2023: $43.6 million)&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt; &lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Operating leases are included in operating lease, right-of-use (&#x201c;ROU&#x201d;) asset, current portion of operating lease obligations, and non-current portion of operating lease obligations in the Company&#x2019;s consolidated balance sheets. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The ROU asset represents our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. &#160;Lease expense for lease payments is recognized on a straight-line basis over the lease term.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate used by the Company of 4.5% is obtained independently and is comparable with what the Company would have had to borrow at the time of the transactions to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term. The weighted average remaining lease term for the chartered-in vessels is 0.6 years.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The Company makes significant judgments and assumptions to separate the lease component from the non-lease component of its time chartered-in vessels. The Company uses readily determinable and observable data for the purposes of determining the standalone cost of the vessel lease and operating service components of the Company&#x2019;s time charters. &#160;The Company proportionately allocates the consideration of the contract to lease and non-lease components based on their relative standalone prices.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;Time charter-in contracts: Short term operating leases&lt;/i&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The Company entered into a short term lease agreement in September 2023 to charter-in a vessel for a period of 12 months with the option to extend for a further six months. The Company elected the practical expedient of FASB Accounting Standards Codification 842- &lt;i style="font-style:italic;"&gt;Leases&lt;/i&gt; (&#x201c;ASC 842&#x201d;), which allows for leases with an initial lease term of 12 months or less to be excluded from the operating lease right-of-use assets and lease liabilities. The Company recognizes the lease costs for all vessel-related operating leases as charter hire expenses, split between lease and non-lease components, on the consolidated statements of operations on a straight-line basis over the lease term. For office operating leases, the Company has elected to combine lease and non-lease components on the consolidated balance sheets.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="font-style:italic;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;Office leases&lt;/i&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The Company&#x2019;s consolidated balance sheets include a right-of-use asset and a corresponding liability for operating lease contracts for the Company&#x2019;s offices in Cork, Ireland, Singapore and Houston, Texas. For office operating leases, the Company has elected to combine lease and non-lease components on the consolidated balance sheets. The discount rate used to measure the lease liability is the incremental cost of borrowing since the rate implicit in the lease cannot be determined. The Company has used a weighted average discount rate of 4% as a basis for determining the lease liability. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;Lease costs recorded in the consolidated statement of operations &lt;/i&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;There was $15.1 million of operating lease costs and $8.2 million of short-term lease costs recorded during the year ended December 31, 2024 (2023: $13.4 million and $6.8 million respectively and 2022: $6.5 million and $9.0 million respectively). Of this, $22.7 million was recorded in charter-hire costs (2023: $19.6 million and 2022: $15.0 million), and $0.6 million was recorded in General and administrative expenses (2023: $0.6 million and 2022: $0.5 million) in the consolidated statements of operations. &lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="font-style:italic;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The liabilities described below are denominated in various currencies. The weighted average remaining term of the office leases as of December&#160;31,&#160;2024 was &lt;span style="-sec-ix-hidden:Hidden_2aqG_CdYjEKAq7aO_W7a_Q;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;2.6&lt;/span&gt;&lt;/span&gt;&#160;years. Under ASC 842, the right-of-use asset is a nonmonetary asset and is remeasured using the exchange rate as of the commencement date of the lease. The operating lease liability is a monetary liability and is remeasured quarterly using the current exchange rates, with changes recognized in a manner consistent with other foreign-currency-denominated liabilities in general and administrative expenses in the consolidated statements of operations.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;As&#160;of&#160;December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-style:italic;font-weight:bold;"&gt;Non-Current Assets&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Operating lease, right-of-use asset - Time Charter in Vessels&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 4,418&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 3,492&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Operating lease, right-of-use asset - Offices&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,159&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,007&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-style:italic;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 5,577&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 4,499&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-style:italic;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-style:italic;font-weight:bold;"&gt;Lease liabilities - Current portion&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Current portion of lease liabilities - Time Charter in Vessels&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 4,418&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 3,492&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Current portion of lease liabilities - Offices&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 547&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 315&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 4,965&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 3,807&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-style:italic;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-style:italic;font-weight:bold;"&gt;Lease liabilities - Non-current portion&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Non-current portion of lease liabilities - Time Charter in Vessels&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Non-current portion of lease liabilities - Offices&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 476&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 510&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 476&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 510&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total operating lease, right of use assets&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 5,577&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 4,499&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total lease liabilities&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 5,441&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 4,317&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;As of December 31, 2024, the Company had the following maturity of operating lease obligations:&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;As of&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2025&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 5,032&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2026&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 348&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2027&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 59&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2028&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 37&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2029 - 2030&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 77&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Total lease payments&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 5,553&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Less imputed interest&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (112)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Present value of lease liabilities&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 5,441&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;</us-gaap:LesseeOperatingLeasesTextBlock>
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      id="Tb_9_fq4Hllxki7MNZEGEfXPQ">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:33.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;As&#160;of&#160;December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-style:italic;font-weight:bold;"&gt;Non-Current Assets&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Operating lease, right-of-use asset - Time Charter in Vessels&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 4,418&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 3,492&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Operating lease, right-of-use asset - Offices&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,159&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,007&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-style:italic;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 5,577&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 4,499&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-style:italic;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-style:italic;font-weight:bold;"&gt;Lease liabilities - Current portion&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Current portion of lease liabilities - Time Charter in Vessels&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 4,418&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 3,492&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Current portion of lease liabilities - Offices&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 547&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 315&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 4,965&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 3,807&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-style:italic;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-style:italic;font-weight:bold;"&gt;Lease liabilities - Non-current portion&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Non-current portion of lease liabilities - Time Charter in Vessels&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Non-current portion of lease liabilities - Offices&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 476&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 510&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 476&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 510&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total operating lease, right of use assets&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 5,577&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 4,499&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:62.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:62.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total lease liabilities&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.61%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 5,441&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.22%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.64%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 4,317&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;</asc:LeaseBalanceSheetDisclosureTableTextBlock>
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      unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig">4317000</us-gaap:OperatingLeaseLiability>
    <us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock
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      id="Tb_RZoycuHGuECMgufEBTJmkA">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;As of December 31, 2024, the Company had the following maturity of operating lease obligations:&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;As of&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2025&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 5,032&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2026&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 348&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2027&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 59&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2028&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 37&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2029 - 2030&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 77&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Total lease payments&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 5,553&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Less imputed interest&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (112)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:74.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Present value of lease liabilities&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.43%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 5,441&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;</us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock>
    <us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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    <us-gaap:OperatingLeaseLiability
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    <asc:TemporaryEquityDisclosureTextBlock
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      id="Tb_Gstjl5QKrEOViKvxVoZa1A">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;9. Preferred Stock&lt;span style="font-weight:normal;"&gt; &lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"&gt;&lt;span style="font-weight:normal;"&gt;On June 17, 2021 and on December 3, 2021, Ardmore issued &lt;/span&gt;&lt;span style="font-weight:normal;"&gt;25,000&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; shares and &lt;/span&gt;&lt;span style="font-weight:normal;"&gt;15,000&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; shares, respectively, of Series A Cumulative Redeemable Perpetual Preferred Shares (&#x201c;Series A Preferred Stock&#x201d;) to an affiliate of Maritime Partners LLC. The liquidation preference of the Series A Preferred Stock is &lt;/span&gt;&lt;span style="font-weight:normal;"&gt;$1,000.00&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; per share. The shares of Series A Preferred Stock accrue cumulative dividends, whether or not declared, at an initial annual rate of &lt;/span&gt;&lt;span style="font-weight:normal;"&gt;8.5%&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; per &lt;/span&gt;&lt;span style="font-weight:normal;"&gt;$1,000.00&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; of liquidation preference per share, which rate may change based on certain matters. Dividends are payable on January 30, April 30, July 30 and October 30 of each year, commencing July 30, 2021. So long as any share of the Series A Preferred Stock remains outstanding, &lt;/span&gt;&lt;span style="font-weight:normal;"&gt;no&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; cash dividend may be declared or paid on Ardmore&#x2019;s common stock unless, among other things, all accrued and unpaid dividends have been paid on the Series A Preferred Stock. The Company may redeem, in whole or in part, the shares of Series A Preferred Stock outstanding, at a cash redemption price equal to (a) &lt;/span&gt;&lt;span style="font-weight:normal;"&gt;103%&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; of the liquidation preference per share plus any accumulated and unpaid dividends on or after the third anniversary of the original issuance date of the Series A Preferred Stock and prior to the fourth anniversary, (b) &lt;/span&gt;&lt;span style="font-weight:normal;"&gt;102%&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; of the liquidation preference per share plus any accumulated and unpaid dividends after such fourth anniversary and prior to the fifth anniversary and (c) &lt;/span&gt;&lt;span style="font-weight:normal;"&gt;100%&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; of the liquidated preference per share plus any accumulated and unpaid dividends after such fifth anniversary. &lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"&gt;&lt;span style="font-weight:normal;margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"&gt;&lt;span style="font-weight:normal;"&gt;The Series A Preferred Stock is redeemable, in whole or in part, upon the election of the Company or the holder of shares of Series A Preferred Stock, upon the occurrence of certain change of control events, including if a person or group becomes the beneficial owner of a majority of Ardmore&#x2019;s total voting power. As it is possible, regardless of the probability of such occurrence, that a person or group could acquire beneficial ownership of a majority of the voting power of Ardmore&#x2019;s outstanding common stock without Company approval and thereby trigger a &#x201c;change of control,&#x201d; the Series A Preferred Stock is classified as temporary equity for accounting purposes. The Company&#x2019;s obligations to the holder of shares of Series A Preferred Stock are secured by a pledge of the Company&#x2019;s stake in E1. The Series A Preferred Stock is presented in the Company&#x2019;s financial statements net of the related stock issuance costs.&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt;"&gt;&lt;span style="font-weight:normal;margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="font-weight:normal;"&gt;As part of the issuance of the Preferred Stock to Maritime Partners, the Company agreed that Maritime Partners shall have the right to a profits interest of &lt;/span&gt;&lt;span style="font-weight:normal;"&gt;20%&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; of all cash or in-kind distributions and proceeds received in respect of the E1 investment which can only be distributed after the Company receives its return of its initial investment of &lt;/span&gt;&lt;span style="font-weight:normal;"&gt;$9.3&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; million.&#160; As the agreement includes a mandatory redemption date for the profits interest that is the 10th anniversary of the date of the agreement, it renders the profits interest as a liability which is required to be marked to fair value each period with changes in the fair value recorded directly in earnings.&#160; The Company recorded a liability of &lt;/span&gt;&lt;span style="font-weight:normal;"&gt;$&lt;/span&gt;&lt;span style="font-weight:normal;"&gt;0.3&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; million, which is included in non-current liabilities in the consolidated balance sheet as of December&#160;31,&#160;2024 (December&#160;31,&#160;2023 &lt;/span&gt;&lt;span style="font-weight:normal;"&gt;$1.0&lt;/span&gt;&lt;span style="font-weight:normal;"&gt; million).&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;On December 10, 2024, the Company completed the redemption of 10,000 shares of its Series A Preferred Stock at a redemption value of $10.3 million. This equates to 103% of the liquidation preference per share, plus any accumulated and unpaid dividends, which was recorded in Preferred dividends in the consolidated statements of operations. The redemption of 10,000 shares equates to 25% of the Company&#x2019;s outstanding Series A Preferred Stock. As the fair value of the preferred stock redemption was greater than the carrying amount, a loss on extinguishment of $0.7 million was recognized during the year ended December&#160;31,&#160;2024, which was recorded in Extinguishment of Preferred Stock in the consolidated statements of operations. No corresponding extinguishment of preferred stock was recorded during the year ended December&#160;31,&#160;2023.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The Company paid $3.8 million, including $0.3 million in premium on the redemption of 10,000 shares of its Series A Preferred Stock during the year ended December&#160;31,&#160;2024. The Company paid $3.4 million in preferred stock dividends during the year ended December&#160;31,&#160;2023. The Company accrued $0.4 million and $0.6 million of preferred stock dividends as of December&#160;31,&#160;2024 and December&#160;31,&#160;2023 respectively.&lt;/p&gt;</asc:TemporaryEquityDisclosureTextBlock>
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      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_qNRe40fm60KJ4yvaKsWSww">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;10. Gain / (loss) on sale of vessels&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;In February 2024, the Company agreed to sell the 2010-built &lt;i style="font-style:italic;"&gt;Ardmore Seafarer &lt;/i&gt;for $27.1 million. Effective February 14, 2024, the Company reclassified the vessel as held for sale and ceased to depreciate it. A gain of $12.3 million was recognized when the vessel was delivered to the buyer in April 2024.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The gain on the sale of the &lt;i style="font-style:italic;"&gt;Ardmore Seafarer &lt;/i&gt;for the year ended December&#160;31,&#160;2024 is calculated as follows:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.29%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Seafarer&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:79.83%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Sales proceeds&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 27,100&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Net book value of vessel&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (14,583)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:79.83%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Sales related costs&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.29%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (195)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Gain on sale of vessel&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 12,322&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;In March 2022, the Company agreed to terms for the sale of the &lt;i style="font-style:italic;"&gt;Ardmore Sealeader, Ardmore Sealifter &lt;/i&gt;and &lt;i style="font-style:italic;"&gt;Ardmore Sealancer&lt;/i&gt;. Effective March 28, 2022, the Company reclassified the vessels as held for sale and ceased to depreciate them. The Company repaid the outstanding lease facilities on the &lt;i style="font-style:italic;"&gt;Ardmore Sealeader &lt;/i&gt;and &lt;i style="font-style:italic;"&gt;Ardmore Sealifter &lt;/i&gt;in May 2022 and on the &lt;i style="font-style:italic;"&gt;Ardmore Sealancer &lt;/i&gt;in July 2022. The sales proceeds received for the vessels were $40.7 million, in aggregate, resulting in a loss of $6.9 million when the vessels were delivered to the buyer in June 2022 and July 2022.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The loss on the sale of vessels for the&#160;year ended December 31, 2022 is calculated as follows:&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.67%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Sealeader&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Sealifter&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Sealancer&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:47.07%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Sales proceeds&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.68%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.67%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 13,239&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 13,239&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 14,249&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 40,727&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Net book value of vessels&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.67%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (16,251)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (15,886)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (14,692)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (46,829)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:47.07%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Sales related costs&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.68%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (265)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (265)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (285)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (815)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Loss on sale of vessels&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; (3,277)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; (2,912)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; (728)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; (6,917)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;</asc:LongLivedAssetsHeldForSaleDisclosureTextBlock>
    <us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment
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      decimals="-5"
      id="Narr_Vpga60FQgkaCxFE6xRpoFw"
      unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig">27100000</us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment>
    <us-gaap:GainLossOnSaleOfPropertyPlantEquipment
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      decimals="-5"
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      unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig">12300000</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
    <us-gaap:DisclosureOfLongLivedAssetsHeldForSaleTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_dei_LegalEntityAxis_asc_ArdmoreSeafarerMember_3H-5D8iPdEiB2oywwI4k1w"
      id="Tb_32EWyR2Rake9FF_WPMihWA">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The gain on the sale of the &lt;i style="font-style:italic;"&gt;Ardmore Seafarer &lt;/i&gt;for the year ended December&#160;31,&#160;2024 is calculated as follows:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.29%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Seafarer&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:79.83%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Sales proceeds&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 27,100&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Net book value of vessel&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (14,583)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:79.83%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Sales related costs&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.86%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.29%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (195)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:79.83%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Gain on sale of vessel&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.86%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:15.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 12,322&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:DisclosureOfLongLivedAssetsHeldForSaleTextBlock>
    <asc:IncomeOnSaleOfPropertyPlantEquipmentGross
      contextRef="Duration_1_1_2024_To_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSeafarerMember__dZJwgI8iUC35NBbZpg5iw"
      decimals="-3"
      id="Tc_9yIkb8G0D0OYEmzo_H5hww_2_2"
      unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig">27100000</asc:IncomeOnSaleOfPropertyPlantEquipmentGross>
    <asc:ValueOfVessels
      contextRef="Duration_1_1_2024_To_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSeafarerMember__dZJwgI8iUC35NBbZpg5iw"
      decimals="-3"
      id="Tc_thCyzH-1tkyjj1x-V9FldQ_3_2"
      unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig">14583000</asc:ValueOfVessels>
    <us-gaap:SellingExpense
      contextRef="Duration_1_1_2024_To_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSeafarerMember__dZJwgI8iUC35NBbZpg5iw"
      decimals="-3"
      id="Tc_dHJmcFm82kqsN4YrQaEp-Q_4_2"
      unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig">195000</us-gaap:SellingExpense>
    <us-gaap:GainLossOnSaleOfPropertyPlantEquipment
      contextRef="Duration_1_1_2024_To_12_31_2024_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSeafarerMember__dZJwgI8iUC35NBbZpg5iw"
      decimals="-3"
      id="Tc_3Uwd6xVlXkuh7WSUK5Y9Cw_5_2"
      unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig">12322000</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
    <us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment
      contextRef="Duration_6_1_2022_To_6_30_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealeaderArdmoreSealifterMember_CI4Q9voxj02LMHGUWk6fJw"
      decimals="-3"
      id="Narr_cQeOdSQt7Eux1mpB9y6vLQ"
      unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig">40700000</us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment>
    <us-gaap:GainLossOnSaleOfPropertyPlantEquipment
      contextRef="Duration_6_1_2022_To_6_30_2022_srt_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_asc_ArdmoreSealeaderArdmoreSealifterMember_CI4Q9voxj02LMHGUWk6fJw"
      decimals="-3"
      id="Narr_39xf0Hj2zEyz0LCOnrjL0w"
      unitRef="Unit_Standard_USD_R-pBTU4K0EaiRnYmWrtnig">-6900000</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
    <us-gaap:DisclosureOfLongLivedAssetsHeldForSaleTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_TiC8luftNE-93_qKzXdshw">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;The loss on the sale of vessels for the&#160;year ended December 31, 2022 is calculated as follows:&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.67%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Sealeader&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Sealifter&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Sealancer&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Total&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:47.07%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Sales proceeds&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.68%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.67%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 13,239&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 13,239&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 14,249&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 40,727&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Net book value of vessels&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.67%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (16,251)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (15,886)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (14,692)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.62%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (46,829)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:47.07%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Sales related costs&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.68%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.67%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (265)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (265)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (285)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.62%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt; (815)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:47.07%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Loss on sale of vessels&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.67%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; (3,277)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.68%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New 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style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Interest incurred &#x2013; debt&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 4,140&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 8,033&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 6,245&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Interest incurred &#x2013; finance leases&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,500&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 3,718&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 11,239&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Amortization of deferred finance fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,138&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,237&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,461&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Interest rate swaps&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (1,580)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (3,408)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 6,778&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 11,408&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 15,537&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.8%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;(Gain) / loss on extinguishment&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (1,432)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,576&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt; (1,432)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; &#x2014;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 1,576&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;</asc:InterestAndFinanceCostTextBlockTextBlock>
    <asc:InterestAndFinanceCostsTableTextBlock
      contextRef="Duration_1_1_2024_To_12_31_2024_W8gKhMzFI0mAFHJFLyMJDw"
      id="Tb_t4VhCj8WrkCkCFKyNjuNbg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Interest incurred &#x2013; debt&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 4,140&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 8,033&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 6,245&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Interest incurred &#x2013; finance leases&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,500&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 3,718&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 11,239&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Amortization of deferred finance fees&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,138&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,237&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,461&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Interest rate swaps&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (1,580)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (3,408)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 6,778&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 11,408&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid 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style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.8%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;(Gain) / loss on extinguishment&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (1,432)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt; 1,576&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt; (1,432)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.29%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:12.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; &#x2014;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td 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      id="Tb_se0d1JzTskqlksbQ0-Tlqg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;12.&#160;&#160;&#160;Income taxes&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The components of income tax are as follows:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.78%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Current tax expenses&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (215)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (435)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (207)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Income tax expense for year&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt; (215)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt; (435)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt; (207)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The differences between income taxes expected at the Marshall Islands statutory income tax rate for non-resident companies of zero percent and the reported income tax expense are summarized as follows.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"&gt;Marshall Islands statutory income tax rate&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 0.00&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;%&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 0.00&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;%&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 0.00&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"&gt;Income subject to tax in other jurisdictions&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 0.16&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;%&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 0.37&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;%&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 0.15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Effective tax rate&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 0.16&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;%&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 0.37&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;%&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 0.15&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;%&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
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      id="Tb_-b5KPcd9B0iBouQ-axlaKg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The components of income tax are as follows:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.96%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:43.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.78%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Current tax expenses&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (215)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (435)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.96%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (207)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:52.78%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Income tax expense for year&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt; (215)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt; (435)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.79%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:11.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 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      id="Tb_IxqV8eGYGkGNqiawbN8aZg">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The differences between income taxes expected at the Marshall Islands statutory income tax rate for non-resident companies of zero percent and the reported income tax expense are summarized as follows.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:47.49%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"&gt;Marshall Islands statutory income tax rate&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 0.00&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;%&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 0.00&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;%&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 0.00&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.16%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"&gt;Income subject to tax in other jurisdictions&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 0.16&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;%&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 0.37&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;%&#160;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 0.15&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.16%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Effective tax rate&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 0.16&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;%&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 0.37&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;%&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 0.15&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td 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      id="Tb_nnPXpT0tb0a_U_6YH8GrgA">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"&gt;13.&#160;&#160;&#160;Net income per share and common dividends&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Basic and diluted net income per share is calculated by dividing the net income available to common shareholders by the average number of common shares outstanding during the periods. Diluted net income per share is calculated by adjusting the net income available to common shareholders and the weighted average number of common shares used for calculating basic income per share for the effects of all potentially dilutive shares. Such dilutive common shares are excluded when the effect would be to increase earnings per share or reduce a loss per share.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:46.94%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:49.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars and shares, except per share amount&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Net income attributable to common stockholders&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 128,607&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 113,408&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 135,054&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Weighted average shares - Basic&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;span style="-sec-ix-hidden:Hidden_XMuYebGRhEG8Rb2LhEQa4w;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; 41,656&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;span style="-sec-ix-hidden:Hidden_023EhiTtW0CgmHldx93Clw;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; 41,130&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;span style="-sec-ix-hidden:Hidden_gAuc65Vo_ESgLXSrZ0yqxw;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; 37,236&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Weighted average shares - Diluted&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;span style="-sec-ix-hidden:Hidden_EhEnQvs1aU2FqDDq1XLbpQ;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; 42,042&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;span style="-sec-ix-hidden:Hidden_1L6w_0NOHE6MO3ENONoePg;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; 41,822&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;span style="-sec-ix-hidden:Hidden_vayokac8-kKgy5VV7caCFA;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; 38,360&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Basic net income per share&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 3.09&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 2.76&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 3.63&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Diluted net income per share&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 3.06&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 2.71&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 3.52&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;For the&#160;year ended December&#160;31,&#160;2024, no SARs were outstanding (2023: 176,360, 2022: 532,642) and 370,364 RSUs (2023: 716,452, 2022: 908,209) were outstanding. For the year ended December&#160;31,&#160;2024, there were no &lt;span style="-sec-ix-hidden:Hidden_jVNE0Sb-00W1dHXzRnAOjw;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt;anti-dilutive &lt;/span&gt;&lt;/span&gt;SARs and RSUs. 131,895 SARs at an exercise price of $9.20 and 89,042 RSUs were not included in the computation of the net income per share for the year ended December 31, 2022 as their impact was anti-dilutive. &#160;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"&gt;During the year ended December&#160;31,&#160;2024, the Company paid cash dividends on its outstanding shares of common stock aggregating $45.1 million (2023: $47.2 million).&lt;/p&gt;</us-gaap:EarningsPerShareTextBlock>
    <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
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      id="Tb_9g6RUZZQ4kOnKParj3MQgw">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:46.94%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="5" style="vertical-align:bottom;white-space:nowrap;width:49.43%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars and shares, except per share amount&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Net income attributable to common stockholders&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 128,607&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 113,408&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 135,054&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Weighted average shares - Basic&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;span style="-sec-ix-hidden:Hidden_XMuYebGRhEG8Rb2LhEQa4w;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; 41,656&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;span style="-sec-ix-hidden:Hidden_023EhiTtW0CgmHldx93Clw;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; 41,130&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;span style="-sec-ix-hidden:Hidden_gAuc65Vo_ESgLXSrZ0yqxw;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; 37,236&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Weighted average shares - Diluted&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;span style="-sec-ix-hidden:Hidden_EhEnQvs1aU2FqDDq1XLbpQ;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; 42,042&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;span style="-sec-ix-hidden:Hidden_1L6w_0NOHE6MO3ENONoePg;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; 41,822&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt;&lt;span style="-sec-ix-hidden:Hidden_vayokac8-kKgy5VV7caCFA;"&gt;&lt;span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;"&gt; 38,360&lt;/span&gt;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.94%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Basic net income per share&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 3.09&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 2.76&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 3.63&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:46.94%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0.05pt 0pt;"&gt;Diluted net income per share&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.32%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 3.06&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.59%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 2.71&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:3.61%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 0.05pt 0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.28%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3.5pt 0.05pt 0pt;"&gt; 3.52&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
    <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic
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    <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic
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    <us-gaap:EarningsPerShareBasic
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style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.74%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Weighted&#160;average&lt;/b&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;No.&#160;of&lt;/b&gt;&lt;b style="font-family:'Calibri','Helvetica','sans-serif';font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;b style="font-weight:bold;"&gt;SARs&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.6%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;exercise&#160;price&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.7%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Balance as of January 1, 2024&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;176,360&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.74%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 4.28&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;SARs granted during the year ended December&#160;31,&#160;2024&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.74%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.7%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;SARs exercised during the year ended December&#160;31,&#160;2024&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (176,360)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.74%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (4.28)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Balance as of December&#160;31,&#160;2024 (none of which are exercisable or convertible)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; &#x2014;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;$&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; -&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="margin-bottom:12pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Time Restricted stock units&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;As of December&#160;31,&#160;2024, the Company has granted 2,017,203 TRSUs to certain of its officers and directors under its 2013 Equity Incentive Plan, that will vest in three equal annual tranches from the date of grant. Changes in the TRSUs for the year ended December&#160;31,&#160;2024 is set forth below:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.72%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.77%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.78%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Weighted&#160;average&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Weighted&#160;average&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Weighted&#160;average&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Number of&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;fair&#160;value&#160;at&#160;grant&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Number of&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;fair&#160;value&#160;at&#160;grant&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Number of&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;fair&#160;value&#160;at&#160;grant&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;TRSUs&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;date&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;TRSUs&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;date&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;TRSUs&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;date&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Balance as of January 1&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 677,739&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 7.70&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 908,209&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 5.31&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 546,935&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 4.44&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;TRSUs granted during the year &lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 134,175&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 16.99&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 172,034&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 14.70&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 760,810&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 5.50&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;TRSUs vested during the year &lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (528,157)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (7.19)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (402,504)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (5.30)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (399,536)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (4.47)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Balance as of December&#160;31,&#160;2024 &lt;/b&gt;&lt;b style="font-weight:bold;"&gt;&lt;br/&gt;&lt;/b&gt;&lt;b style="font-weight:bold;"&gt;(none of which are vested)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 283,757&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;$&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 13.04&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 677,739&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;$&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 7.70&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 908,209&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;$&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 5.31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The total cost related to non-vested awards expected to be recognized through 2027 is set forth below:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"&gt;&lt;span style="font-size:0pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:18.48%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:18.48%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:76.2%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Period&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:18.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;TOTAL&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:76.2%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2025&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:18.48%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 1,272&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2026&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:18.48%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 457&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:76.2%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2027&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.31%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:18.48%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 67&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:76.2%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:5.31%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:18.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 1,796&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:0.0pt;margin:0pt;"&gt;&lt;span style="font-size:0pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Performance-Based Restricted stock units&lt;/b&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;As of December&#160;31,&#160;2024, the Company has granted 86,607 PRSUs to certain of its officers and directors under its 2013 Equity Incentive Plan, that will vest in one tranche to the extent earned which are contingent upon the Company&#x2019;s relative total shareholder return (&#x201c;TSR&#x201d;), which represents a market condition, and the grantee&#x2019;s continued employment with the Company through the vesting date.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The TSR is calculated based on the Company&#x2019;s total shareholder return compared to that of certain peer companies specified in the award agreements over the performance period and is calculated based on the change in the average daily closing stock price over a 30 trading-day period from the beginning to the end of the performance period, including reinvested dividends. The total quantity of PRSUs eligible to vest under these awards range from zero to 200% of the target based on actual relative TSR performance during the performance period. The grant date fair value of the TSR awards was estimated using a Monte Carlo simulation model. &#160;Compensation for these awards is being amortized over the service period.&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Changes in the PRSUs for the year ended December&#160;31,&#160;2024 is set forth below:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.54%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.52%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:43.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Number of PRSUs&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:4.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Number of PRSUs&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Outstanding as of January 1&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 38,713&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; -&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Granted&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 47,894&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:4.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 38,713&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Vested&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; -&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; -&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.52%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Balance as of December&#160;31,&#160;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.54%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 86,607&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.52%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 38,713&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;Significant inputs used in the estimation of the fair value of these awards granted during 2024 and 2023 are as follows:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Closing share price of our common stock&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.11%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;$16.25 &lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;$18.53 &lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Risk-free rate of return&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;4.27%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;4.56%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Expected volatility of our common stock&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.11%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;52.11%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;67.33%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Holding period discount&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;0.00%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;0.00%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Simulation term (in years)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.11%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;3.00&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;3.00&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;The total cost related to non-vested awards expected to be recognized through 2027 is set forth below:&lt;/p&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.84%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;i style="font-style:italic;"&gt;In thousands of U.S. Dollars&lt;/i&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.84%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-family:'Calibri','Helvetica','sans-serif';font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:72.97%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Period&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;TOTAL&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:72.97%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2025&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.18%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.84%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 412&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2026&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.84%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 254&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:72.97%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;2027&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.18%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.84%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 37&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:72.97%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:6.18%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:20.84%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 703&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
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style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:15.6%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p 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style="font-weight:bold;"&gt;Weighted&#160;average&lt;/b&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;No.&#160;of&lt;/b&gt;&lt;b 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2024&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;176,360&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New 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New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.86%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.74%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; &#x2014;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.7%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;SARs exercised during the year ended December&#160;31,&#160;2024&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (176,360)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:2.93%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.86%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:13.74%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (4.28)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:67.7%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Balance as of December&#160;31,&#160;2024 (none of which are exercisable or 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style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.72%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.77%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="4" style="vertical-align:bottom;white-space:nowrap;width:23.78%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2022&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Weighted&#160;average&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Weighted&#160;average&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&#160;&#160;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Weighted&#160;average&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Number of&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;fair&#160;value&#160;at&#160;grant&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Number of&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;fair&#160;value&#160;at&#160;grant&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Number of&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;fair&#160;value&#160;at&#160;grant&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;TRSUs&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;date&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;TRSUs&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;date&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;TRSUs&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="2" style="vertical-align:bottom;white-space:nowrap;width:12.76%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;date&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Balance as of January 1&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 677,739&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&#160;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 7.70&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 908,209&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 5.31&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 546,935&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 4.44&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;TRSUs granted during the year &lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 134,175&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 16.99&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 172,034&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 14.70&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 760,810&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 5.50&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;TRSUs vested during the year &lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (528,157)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (7.19)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (402,504)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (5.30)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (399,536)&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;$&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"&gt; (4.47)&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:24.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Balance as of December&#160;31,&#160;2024 &lt;/b&gt;&lt;b style="font-weight:bold;"&gt;&lt;br/&gt;&lt;/b&gt;&lt;b style="font-weight:bold;"&gt;(none of which are vested)&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.68%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;&#160;&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 283,757&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.64%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;$&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 13.04&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.44%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 677,739&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;$&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 7.70&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:9.31%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 908,209&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.69%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:1.95%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;$&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:10.81%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt;&lt;b style="font-weight:bold;"&gt; 5.31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</asc:ShareBasedCompensationIssueNewCommonSharesTableTextBlock>
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style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.52%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:11pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:43.1%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;For&#160;the&#160;years ended December&#160;31&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="font-size:8pt;font-weight:bold;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Number of PRSUs&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:4.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;Number of PRSUs&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Outstanding as of January 1&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 38,713&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; -&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Granted&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.54%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 47,894&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:4.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.52%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 38,713&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Vested&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.54%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; -&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;width:19.52%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; -&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:56.89%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.54%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.52%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;width:56.89%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;Balance as of December&#160;31,&#160;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.54%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 86,607&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:19.52%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"&gt; 38,713&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</asc:ShareBasedCompensationIssueNewCommonSharesTableTextBlock>
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      id="Tb_3_7TVWFGhU-qrk091wEIrQ">&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"&gt;&lt;tr style="height:1pt;"&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"&gt;&lt;div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"&gt;&lt;div style="bottom:0pt;position:absolute;width:100%;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="font-size:1pt;visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/div&gt;&lt;/div&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2024&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;&lt;b style="font-weight:bold;"&gt;2023&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Closing share price of our common stock&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.11%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;$16.25 &lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;$18.53 &lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Risk-free rate of return&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;4.27%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;4.56%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Expected volatility of our common stock&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.11%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;52.11%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:16.55%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;67.33%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Holding period discount&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:14.11%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;&lt;span style="visibility:hidden;"&gt;&#x200b;&lt;/span&gt;&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;0.00%&lt;/p&gt;&lt;/td&gt;&lt;td style="vertical-align:middle;white-space:nowrap;width:16.55%;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"&gt;0.00%&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&lt;tr&gt;&lt;td style="vertical-align:bottom;white-space:nowrap;width:52.77%;background:#cceeff;margin:0pt;padding:0pt;"&gt;&lt;p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"&gt;Simulation term 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